Futu News reported on September 30th that the market sentiment was bullish, with Hong Kong stocks surging again. The Hang Seng Index rose by over 2%, with a turnover of 500 billion, hitting a new historical high. The NASDAQ-like HSI increased by nearly 7%, with an intraday gain approaching 9%, accumulating a growth rate of over 34% in September; the Hang Seng Index surged over 2%, reaching a transaction volume of 500 billion, setting a new high; the CSI gained nearly 3%, reaching a nearly one-year high.

At the close, 1803 stocks in Hong Kong rose, 587 fell, and 675 remained unchanged.

The specific industry performance is shown in the following figure:

In terms of sectors, most of the network technology stocks saw significant gains, with SenseTime-W up by 17.81%, JD.com-SW up by 9.93%, Kuaishou-W up by 7.97%, Alibaba-W up by 7.32%, Meituan-W up by 4.50%, NetEase-S up by 3.22%, Xiaomi-SW up by 2.51%, and Tencent Holdings up by 1.55%.

Mainland real estate stocks rose strongly, with Sunac surging over 55%, R&F Properties up by over 34%, Longfor Group up by nearly 10%, Logan Group up by nearly 11%, CIFI Holdings Group up by nearly 19%, Shimao Group up by over 23%, and China Jinmao up by over 19%.

Securities and brokerage stocks rose across the board, with Guotai Junan International up by 25.71%, China Merchants Securities up by 24.66%, China Galaxy up by 21.20%, GF Securities up by 18.59%, CSC Securities up by 17.24%, Swhy up by 14.53%, HTSC up by 13.41%, and China International Capital Corporation up by 11.02%.

Semiconductor stocks rose across the board, with Shanghai Fudan up by 18.82%, SMIC up by 12.34%, ingdan up by 10.94%, Hua Hong Semiconductor up by 9.88%, Solomon Systech up by 9.33%, CE Huada Tech up by 7.83%, Baker Micro up by 3.51%, and HG Semi up by 1.30%.

Dining stocks collectively surged, with Xiabu Xiabu up by nearly 34%, Helen's Kitchen up by nearly 32%, Jiumaojiu up by over 29%, Haidilao up by nearly 9%, and Nayuki Tea up by over 4%.

Auto stocks strengthened, with NIO up nearly 17%, Evergrande Auto up over 12%, Xpeng up over 12%, Guangzhou Automobile Group up nearly 7%, and Leapmotor up over 12%.

Internet healthcare stocks rose together, with Ali Health up 29.85%, Dingdong Health up 22.64%, Za Online up 20.15%, PA Gooddoctor up 12.58%, JD Health up 10.76%, and Maidiweikang down 4.17%.

Building materials stocks rose, with CNBM up 16.72%, BBMG Corporation up 14.29%, CR Building Materials Technology up 13.99%, West China Cement up 12.75%, China Lesso up 6.76%, Asia Cement (China) up 4.62%, Conch Cement up 4.10%, Huaxin Cement up 4.00%.

Photovoltaic power stocks surged, with Xinyi Solar up 12.23%, GCL Tech up 9.37%, Flat Glass up 8.10%, Xinte Energy up 6.56%, Xinyi Glass up 5.95%, Fuyao Glass up 5.88%, Xinyi Energy up 4.35%, and Concord NE up 1.79%.

In terms of individual stocks,$JD-SW (09618.HK)$ Up nearly 10%, Haitong International mentioned a rebound in the e-commerce sector, with JD and Meituan being top choices.

$BEKE-W (02423.HK)$ Rising nearly 13%, Nomura pointed out that the mainland economy is shifting towards more focus on growth and intensive policy implementation, leading to a brief rebound in mainland real estate sales sentiment.

$ALI HEALTH (00241.HK)$Soaring nearly 30%, the company's advantage in online penetration of prescription drugs is highlighted, with institutions expecting strong demand for health products.

$LI AUTO-W (02015.HK)$ Surging over 8%, automotive stocks collectively surged, as Cui Dongshu predicts a 34% year-on-year increase in domestic new energy passenger vehicle retail sales.

$CTG DUTY-FREE (01880.HK)$ Rising more than 28%, China Tourism Group Duty Free Corporation saw a significant increase in block orders on September 30, with a 0.175 billion yuan increase compared to the previous period, up 254.79%.

$CHINA FEIHE (06186.HK)$Up more than 11%, policies promoting milk consumption, company's overall market share expected to continue to increase.

$HELENS (09869.HK)$Surging nearly 32%, leading the dining sector, as consumption promotion policies continue to strengthen, multiple dining companies prepare for the National Day golden week.

$HKEX (00388.HK)$Rising nearly 6% in the afternoon, accumulating more than 30% growth in the past half month, Goldman Sachs bullish on the market rebound continuing.

$ZJLD (06979.HK)$Surging over 13%, industry valuation expected to be the first to recover under stimulus policies.

$ALPHAMAB-B (09966.HK)$ Surged over 54%, CSPC Pharma was authorized for HER2 dual antibody ADC.

TOP 10 trading volume today

Hong Kong Stock Connect Fund

Regarding the Hong Kong Stock Connect, the net inflow of Hong Kong Stock Connect (Southbound) today was 12.143 billion Hong Kong dollars.

Institutional perspective:

• Goldman Sachs: Preferring e-commerce and gaming sectors the most in the mainland internet industry, raised target prices for Tencent, Alibaba, JD.com, Meituan, and Pinduoduo.

Goldman Sachs aligns e-commerce and gaming stocks, considered as the most favored sectors in the mainland internet industry. The bank raised the target PEs for Tencent's advertising and fintech to 22 times and 18 times respectively, Meituan's in-store, hotel, and travel departments to 20 times, Alibaba Taotian Group to 10 times, JD.com Retail to 10 times, and maintained Pinduoduo's local platform target PE at 13 times. $TENCENT (00700.HK)$ The target price has been raised from HKD 464 to HKD 521. $BABA-W (09988.HK)$ The target price has been raised from HKD 105 to HKD 131. $JD-SW (09618.HK)$ The target price has been raised from HKD 157 to HKD 178. $MEITUAN-W (03690.HK)$ The target price has been raised from HKD 157 to HKD 194. $PDD Holdings (PDD.US)$ The target price has been raised from $165 to $169, with a rating of "buy".

• Jefferies: Maintains a "buy" rating on Ctrip and is bullish on its long-term development.

Jefferies released a report, forecasting $TRIP.COM-S (09961.HK)$ Third-quarter revenue and profit are expected to align with the bank's forecasts. The integration of artificial intelligence enhances content delivery, passenger experiences, and operations. Outbound and inbound tourism, as well as penetration into overseas and lower-tier cities, present future opportunities. The bank maintains a "buy" rating on Ctrip, optimistic about its long-term development. The bank expects Ctrip's total revenue in the third quarter to grow by about 13% to 15.6 billion yuan on an annual basis, with a gross margin reaching approximately 83%. Non-GAAP operating profit is expected to be 5.1 billion yuan, with a non-GAAP operating gross margin of 33%, similar to the second quarter.

• Citigroup: Lowered Man Wah Holdings' target price to HK$9, maintaining a "buy" rating.

Citigroup released a report, downgrading $MAN WAH HLDGS (01999.HK)$ The earnings per share forecast for the 2025-2027 fiscal years is expected to be between 12% and 14%, based on the softer-than-expected conditions in the Chinese market. The target price for the stock has been revised down from 10.5 Hong Kong dollars to 9 Hong Kong dollars, while maintaining a "buy" rating. The bank expects the company's sales in China in the first half of the 2025 fiscal year to drop by about 10%, while overseas sales are expected to increase by over 10%. The bank anticipates strong growth in overseas markets in the 2025 fiscal year and beyond, benefiting from rate cuts in Europe and the United States. The bank only gives a "buy" rating to Minhua in the furniture supply chain, based on existing home demand support, reasonable valuation, and a 5% dividend yield.

编辑/Wade