[Zhenzhuo Hong Kong Stock Market Expert] U.S. stocks showed mixed performance, with no new catalysts for Hong Kong stocks in the short term, and limited room for upward breakthroughs expected.
Hong Kong Stock Market Trends and Analysis
U.S. stocks showed mixed performance, with tech stocks standing out. The three major indices closed with varied results. The U.S. dollar performed well, and the 10-year Treasury yield rebounded to 4.11%. Gold prices stabilized amid fluctuations, while OPEC+ announced a pause in production increases for the first quarter of next year, leading to a slight improvement in oil prices. Hong Kong stocks are expected to show mixed performance, with the market likely lacking direction in early trading. Mainland stocks rose yesterday, with the Shanghai Composite Index opening lower but closing 0.6% higher. Trading volume in Shanghai and Shenzhen markets decreased slightly. Hong Kong stocks performed well yesterday, with blue-chip stocks generally rising, and the index regained the 26,000-point level, though overall trading volume declined. In the short term, the market lacks new catalysts, and upward momentum is expected to be limited, with the index likely to fluctuate between 25,500 and 26,500 points.
Industry News
The National Bureau of Statistics recently announced that in the first nine months of this year, industrial enterprises above designated size achieved a total profit of 5.37 trillion yuan, a year-on-year increase of 3.2%. In the first nine months, profits of industrial enterprises above designated size grew by 21.6%, reaching a new high since November 2023. State-controlled enterprises reported a total profit of 1.7 trillion yuan, down 0.3% year-on-year; joint-stock enterprises achieved a total profit of 3.99 trillion yuan, up 2.8%; foreign-funded and Hong Kong/Macau/Taiwan-funded enterprises recorded a total profit of 1.35 trillion yuan, up 4.9%; and private enterprises posted a total profit of 1.51 trillion yuan, up 5.1%. During this period, the mining sector reported a total profit of 636.92 billion yuan, down 29.3% year-on-year; the manufacturing sector achieved a total profit of 4.07 trillion yuan, up 9.9%; and the electricity, heat, gas, and water production and supply sector recorded a total profit of 669.1 billion yuan, up 10.3%. In the first nine months, industrial enterprises above designated size generated operating revenue of 102.08 trillion yuan, up 2.4% year-on-year, with an operating profit margin of 5.26%, an increase of 0.04 percentage points. By the end of September, the total assets of industrial enterprises above designated size reached 186.27 trillion yuan, up 5% year-on-year, while total liabilities stood at 107.96 trillion yuan, up 5.2%. The asset-liability ratio was 58%, up 0.1 percentage points. The National Bureau of Statistics noted that profits of industrial enterprises above designated size are recovering at a faster pace, driven by growth in high-tech manufacturing, equipment manufacturing, and other new productive forces, along with the low-base effect. In the next phase, amid a complex external environment and ongoing economic pressures, efforts will focus on expanding domestic demand, strengthening the domestic economic cycle, promoting dual circulation, further stimulating market vitality, boosting development expectations, and ensuring stable and healthy industrial growth. Overall industrial profit performance is favorable, which should help improve market sentiment.
Harbor Family Office Business Development Director, Kwok Ka Yiu, CFA
Date: Tuesday, November 4, 2025
(The author is a licensed person of the SFC and does not hold the aforementioned stocks.)
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