Hong Kong stocks closed | The technology and semiconductor sectors led the gains, with the Tech Index rising nearly 3%; Alibaba rose 4.1%, and Hua Hong Semiconductor rose 9.05%

LB Select
2025.11.06 08:26
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The three major indices of the Hong Kong stock market rebounded across the board, with the Hang Seng Tech Index soaring 2.74%, led by strong gains in the semiconductor and technology sectors. Consumer and internet leaders performed prominently, driven by institutional buying and policy expectations, with Alibaba and Hua Hong Semiconductor leading the gains. Southbound capital accelerated inflows, maintaining high trading volumes, and growth sectors saw increased capital allocation. The Federal Reserve's easing expectations and the stabilization of the RMB exchange rate continued to boost market risk appetite

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI.HK): Up 2.12%, closing at 26,485.90 points
  • Hang Seng China Enterprises Index (HSCEI.HK): Up 2.10%, closing at 9,355.97 points
  • Hang Seng Tech Index (HSTECH.HK): Up 2.74%, closing at 5,944.22 points

Individual stock closing performance: 1,183 up, 711 down, 826 flat.

Sector Performance

Retail and Consumer Sector

Driven by consumption recovery and growth in "Double 11" orders, mainstream e-commerce leaders are active, with continuous capital inflow into the sector.

  • Alibaba (9988.HK): Up 4.10%, trading volume of HKD 13.601 billion. The significant increase in "Double Eleven" orders on Tmall and Taobao boosted market sentiment, and the growth expectations for the second quarter financial report attracted incremental allocation, with a block trade of 520,000 shares reflecting continued institutional buying.
  • JD.com (9618.HK): Up 3.34%, trading volume of HKD 1.165 billion. The broad rise of tech stocks and continuous institutional buying increased enthusiasm, with a deep layout overseas for the first time during Double Eleven accelerating internationalization, and Q3 financial report outlook upgraded.
  • MINISO (9896.HK): Down 1.11%, trading volume of HKD 190 million. The new MINISO LAND opened in Bangkok expands Southeast Asian channels, with global trendy toys and cultural creativity strategies driving new growth points, but overall performance was weaker than the sector due to short-term thematic rotation.

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Semiconductor and Chip Sector

Policy support and expectations for domestic substitution have heated up, with significant capital chasing, leading to a noticeable increase in trading volume in the sector.

  • Hua Hong Semiconductor (1347.HK): Up 9.05%, trading volume of HKD 4.829 billion. Favorable policies combined with upward revisions in industry expectations attracted risk-seeking funds for short-term speculation, with strong southbound capital accumulation and trading volume hitting new highs.
  • SMIC (981.HK): Up 7.32%, trading volume of HKD 8.930 billion. Benefiting from core semiconductor business and technology policy boosts, the recovery of the tech index led to a rebound in the sector, with active trading and continued inflow of main funds.
  • Innovent Biologics (2577.HK): Up 5.93%, trading volume of HKD 332 million. The introduction of an equity incentive plan strengthened market confidence, and analysts continued to rate it as "buy," optimistic about its innovation capability, with sector hotspots stimulating short-term recovery.

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Internet Content and Information Sector

Performance of leading stocks boosted by earnings and institutional buying, with the heat of the tech market supporting increased trading volume.

  • Tencent Holdings (700.HK): Up 2.38%, trading volume of HKD 8.382 billion. Large transactions occurred multiple times, with institutions generally optimistic, leading the tech sector's valuation recovery and continuous strengthening of capital flow.
  • Baidu (9888.HK): Up 1.89%, trading volume of HKD 1.710 billion. The market recognized the growth potential of technology, with optimism driven by the upcoming Q2 financial report, increasing institutional allocation willingness and setting it as a primary target
  • Kuaishou (1024.HK): Up 2.26%, turnover of HKD 1.417 billion. The growth logic of new businesses attracts attention, the short video sector remains active, and the sector's market trend drives funds to increase positions during the day.

Market Focus

1. Core Macro and Industry Focus: Recently, the Federal Reserve has cut interest rates twice in a row, leading to improved global liquidity and a rebound in risk appetite in Asian emerging markets. The RMB exchange rate is stabilizing, and the China-U.S. interest rate spread has narrowed in October, enhancing the attractiveness of A-shares and Hong Kong stocks. China's latest announcement shows CPI rose 0.2% year-on-year and PMI rebounded to 50.2, boosting confidence in Hong Kong stocks through economic recovery.

2. Fund Flows: As of now, net inflow of southbound funds has reached HKD 1.16 trillion, with a record high inflow in October. Today's main board turnover exceeded HKD 110 billion. Alibaba and SMIC received net inflows of over HKD 5 billion each, while Hua Hong Semiconductor reached a historical high, with a significant inclination towards technology and growth leaders in fund allocation.

Top Ten Stocks by Turnover

  1. Alibaba (9988.HK), trading price HKD 165.00, up 4.10%, turnover HKD 13.601 billion
  2. SMIC (981.HK), trading price HKD 76.95, up 7.32%, turnover HKD 8.930 billion
  3. Tencent (700.HK), trading price HKD 644.00, up 2.38%, turnover HKD 8.382 billion
  4. Xiaomi Group (1810.HK), trading price HKD 14.23, up 0.28%, turnover HKD 5.293 billion
  5. Hua Hong Semiconductor (1347.HK), trading price HKD 41.95, up 9.05%, turnover HKD 4.829 billion
  6. Meituan (3690.HK), trading price HKD 102.90, up 2.08%, turnover HKD 4.414 billion
  7. XPeng (9868.HK), trading price HKD 56.00, up 1.94%, turnover HKD 4.173 billion
  8. Pop Mart (9992.HK), trading price HKD 28.00, up 0.09%, turnover HKD 3.237 billion
  9. Ping An Insurance (2318.HK), trading price HKD 36.32, up 3.11%, turnover HKD 3.113 billion
  10. BYD Company (1211.HK), trading price HKD 221.40, up 2.36%, turnover HKD 3.038 billion
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