In early trading today, the volatility in the Hong Kong stock market continued to increase, with a significant decline at the opening, but was quickly pulled up later. Looking at the market, there are continuous unexpected occurrences. As of the time of writing, the Hong Kong stock market continues to rise, with the Hang Seng Tech Index expanding by 4.53%, previously down nearly 2%; the Hang Seng Index is up by 2.4%, previously down over 1%.

Firstly, Meituan revealed a shareholding reduction. According to the latest disclosure from the Hong Kong Stock Exchange, Meituan's co-founder, executive director, and senior vice president Mu Rong reduced 2 million shares of Meituan stock on September 30 at a price of 171.8055 yuan per share, cashing out approximately 0.344 billion yuan. After the shareholding reduction, the stake decreased from 1.06% to 1.02%, still holding approximately 56.312 million shares.

Next, unexpectedly, there was a surge in oil and gas sector stocks.$SINO OIL & GAS (00702.HK)$up 52.08%,$YANCHANG PETRO (00346.HK)$up 6.33%,$CHINA OILFIELD (02883.HK)$Rise by 2.71%,$CNOOC (00883.HK)$Rise by 1.91%. Overnight, due to tensions in the Middle East, international oil prices also surged.

Third, popular real estate properties emerged. The new project "Tiansi Tian" in the Qide area has concluded its first round of sales yesterday (3rd). A preliminary estimate shows that over 0.029 million registrations of purchase intentions were received. Calculated based on the first-round price, 204 units were sold with an oversubscription rate of over 141 times.

Fourth, as reported by the Financial Times of the United Kingdom, under the progress of the American Biosafety Act,$WUXI APPTEC (02359.HK)$WuXi Advanced Therapies, the cell and gene therapy manufacturing division, has been sold. The company operates 4 labs and production facilities in Philadelphia. In addition, sources reveal,$WUXI BIO (02269.HK)$Currently collaborating with consultants to evaluate the market interest in some of its European production facilities. Wuxi Apptec and Wuxi Bio also surged.

Hong Kong stocks take off again with both wings.

This morning, Hong Kong stocks initially weakened at the opening, but then both wings of Hong Kong stocks soared: brokerages and real estate took off again.

China-affiliated brokerage stocks in Hong Kong continue to rise. $CC SECURITIES (01375.HK)$ Surging over 30%. $SWHY (06806.HK)$ Rose by 22%, $CMSC (06099.HK)$Please use your Futubull account to access the feature.$EB SECURITIES (06178.HK)$Please use your Futubull account to access the feature.$CGS (06881.HK)$Please use your Futubull account to access the feature.$GUOLIAN SEC (01456.HK)$ All rose by over 15%.

Mainland real estate sector in Hong Kong stocks rose, Country Garden, $SHIMAO GROUP (00813.HK)$and$KAISA GROUP (01638.HK)$N/A.$CHINA AOYUAN (03883.HK)$rose more than 10%,$SUNAC (01918.HK)$Rising more than 8%. As a result, the three major indexes have strengthened once again.

Mainland real estate sector in Hong Kong stocks rose, Country Garden, $SHIMAO GROUP (00813.HK)$and$KAISA GROUP (01638.HK)$N/A.$CHINA AOYUAN (03883.HK)$rose more than 10%,$SUNAC (01918.HK)$Rising more than 8%. As a result, the three major indexes have strengthened once again.

In addition, semiconductor stocks collectively surged higher, $SOLOMON SYSTECH (02878.HK)$ rising more than 33%, $SMIC (00981.HK)$,$SHANGHAI FUDAN (01385.HK)$ Rising more than 19%, $HUA HONG SEMI (01347.HK)$ up nearly 18%.

Biotechnology stocks also rose strongly, $WUXI BIO (02269.HK)$Please use your Futubull account to access the feature.$WUXI APPTEC (02359.HK)$ Rising more than 11%.

It is noteworthy that this trend occurred against the background of most Chinese concept stocks falling last night, with the Nasdaq Golden Dragon China Index falling by 2.4%, departing from its highest level since February last year. $Invesco China Technology ETF (CQQQ.US)$ Falling by 2.9%, $KraneShares CSI China Internet ETF (KWEB.US)$ Falling by 3.1%, $Direxion Daily FTSE China Bull 3X Shares ETF (YINN.US)$ Dropping by 7.4%, $Direxion Daily FTSE China Bear 3X Shares ETF (YANG.US)$ 涨超7%。富时A50期指夜盘一度杀跌2%，后收跌0.41%，报14928.00点。值得注意的是， $Roundhill China Dragons ETF (DRAG.US)$ 美国上市首日小幅收涨0.60%。

分析人士认为，当前这种震荡可能才是真正走向反转的开始。首先，海外仍有很多资金需要建仓，但他们也在等待回调时机；其次，极度的情绪亢奋显然也不可持续，这是常识；第三，若没有基本面的支撑，股市快速泡沫化之后，大多数情况下会一地鸡毛。因此，此处调整也是健康上涨，持续上涨的开始。

四大突发

从市场层面来看，也有四大突发值得关注。

首先就是减持。据联交所最新披露，美团联合创办人、执董兼高级副总裁穆荣均在9月30日以每股171.8055元减持2 million股美团股份，套现约0.344 billion元。减持后，其持股由1.06%降至1.02%，仍持有约56.312 million股。其实，最近无论是港股还是A股，减持的公告也多了起来。美团今天早盘一度杀跌近4%，这可能是恒生科技早盘杀跌之主力。后跌幅收窄，也显示出当前市场的承接力依然不弱。

Next is oil. Due to concerns about escalating conflict in the Middle East leading to supply disruptions, especially fears of Israel striking Iran's oil infrastructure, oil prices have risen for three consecutive days, marking the longest period since August. U.S. oil briefly rose by 5.5% to nearly $74, Brent crude rose by 5% to surpass $77, both hitting multi-week highs. In early trading today, Sino Oil & Gas surged by 52.08%, Yanchang Petro International by 6.33%, China Oilfield Service by 2.71%, China Ocean Gp Oil by 1.91%. If the situation remains tense, when A shares open next week, previously lagging oil and gas stocks may become sought-after.

Third is the real estate sector. Henderson Land's new project, 'The Vational • Sky' in Kowloon East, concluded its first round of sales cutoff yesterday (3rd). Preliminary estimates show over 290,000 expressions of interest in buying homes. Calculated based on the offering of 204 units, oversubscription was over 141 times. According to some reports from mainland China, the traditional high season for property sales ('Golden September and Silver October') is picking up quickly, with Shenzhen seeing a resurgence in 'daylight plate' developments.

Fourth is a significant change in the pharmaceutical sector's leading indicator 'WuXi Series'. According to sources cited by the Financial Times, under the U.S. 'Biosecurity Act', Wuxi Apptec has sold its WuXi Advanced Therapies cell and gene therapy manufacturing division, which operates 4 labs and production facilities in Philadelphia. In addition, sources reveal that Wuxi Bio is working with advisors to assess market interest in some of its European production facilities. Shares of Wuxi Apptec and Wuxi Bio continued to rise today.

Lastly, analyzing the overall trend of the broader market, attention must turn to the brokerage sector, which has already become a major outperformer during the National Day holiday and serves as a barometer of the bull market. It can be said that if this sector starts to consolidate, a true correction may be on the horizon. The A-share market is similar in this regard, if China Citic Securities and East Money Information show signs of fatigue in the future, the market may be heading towards a consolidation phase.

Editor/Somer