Progress in China-U.S. trade has boosted market sentiment, with Hong Kong's three major indexes trending higher throughout the day. The Hang Seng Tech Index once surged over 2%.
According to Zhitong Finance APP, the progress in Sino-US trade boosted market sentiment. Hong Kong's three major indices trended higher throughout the day, with the Hang Seng Tech Index rising more than 2% at one point. At the close, the Hang Seng Index was up 1.05%, or 273.55 points, to 26,433.7, with a total turnover of HKD 267.077 billion for the day; the Hang Seng China Enterprises Index rose 1.1% to 9,467.22 points; and the Hang Seng Tech Index gained 1.83% to 6,171.08 points.
CMBI pointed out that Hong Kong stocks have recently been hit hard by external shocks, and the institution believes that the market reaction has been excessive. With the easing of the trade war and incremental policies releasing marginal positive developments, this will be sufficient to support a rebound in Hong Kong stocks. For the entire fourth quarter, the firm reiterated its view on the broader trend of 'initial suppression followed by a rise.' It is expected that as market risk appetite improves, growth style will remain the main theme for some time to come.
Performance of Blue-Chip Stocks
Wuxi Apptec (02359) surged post-earnings. At the close, it was up 4.07% to HKD 115, with a turnover of HKD 1.458 billion, contributing 3.09 points to the Hang Seng Index. Wuxi Apptec announced that it achieved revenue of RMB 32.86 billion in the first three quarters of 2025, representing an increase of 18.6% year-on-year, with net profit attributable to shareholders amounting to RMB 12.076 billion, up 84.84% year-on-year. The company expects revenue from continuing operations in 2025 to return to double-digit growth, revising its growth rate upward from 13-17% to 17-18%. Full-year overall revenue is expected to increase from RMB 42.5-43.5 billion to RMB 43.5-44.0 billion.
Among other blue-chip stocks, Baidu Group-SW (09888) rose 6.2% to HKD 125.1, contributing 14.59 points to the Hang Seng Index; SMIC (00981) rose 3.5% to HKD 82.8, contributing 19.78 points to the Hang Seng Index; Li Auto-W (02015) fell 1.76% to HKD 83.6, dragging down the Hang Seng Index by 3.27 points; CSPC Pharma (01093) fell 1.39% to HKD 7.78, dragging down the Hang Seng Index by 1.39 points.
In popular sectors,
On the market front, large-cap tech stocks were all up, with Baidu surging over 6%, Alibaba rising more than 3%, and Tencent gaining 2.9%. Preliminary consensus between China and the US on multiple issues, including tariffs, stimulated a surge in the cryptocurrency market, with related concept stocks leading gains; the development prospects of nuclear fusion gradually became clearer, driving strong performance in nuclear power-related stocks; Wuxi Apptec's Q3 results exceeded expectations, boosting widespread gains among CRO concept stocks; chip stocks, copper stocks, cement stocks, and Apple-related stocks also performed well. On the other hand, sports goods and telecom stocks were among the top decliners.
1. Cryptocurrency concept stocks led gains. At the close, Sinohope Tech (01611) rose 17.81% to HKD 5.16; Blue港 Interactive (08267) rose 11.54% to HKD 0.58; OKG Group (01499) rose 9.43% to HKD 0.29; and Boyaa Interactive (00434) rose 6.91% to HKD 6.03.
On October 27, Bitcoin surged above $115,000, with a daily increase exceeding 3%. Other mainstream cryptocurrencies also experienced upward trends, among which Ethereum's price once broke through $4,200. According to Huanqiu Net, Bessent stated in an interview with U.S. media that after two days of talks in Kuala Lumpur, both parties reached a 'very substantial framework agreement,' and the U.S. side 'no longer considers' imposing a 100% tariff on China. Additionally, the overall U.S. September CPI was lower than market expectations, indicating further signs of cooling inflation.
2. Semiconductor stocks rallied again. At the close of trading, Innoscience (02577) rose by 12.73%, reaching HKD 79.25; Baker Micro (02149) increased by 5.74%, at HKD 52.85; Huahong Semiconductor (01347) gained 4.98%, closing at HKD 86.5; SMIC (00981) climbed 3.5%, ending at HKD 82.8.
The communiqué and press conference of the Fourth Plenary Session clarified that the main goals for economic and social development during the 'Fifteenth Five-Year Plan' period are significant achievements in high-quality development and a substantial improvement in self-reliance and strength in science and technology. Additionally, the global memory market continued its upward trend. Reports indicate that Samsung and SK Hynix, the two major giants, have notified their clients that contract prices for DRAM and NAND in the fourth quarter will be raised by up to 30%. Galaxy Securities believes that in the short term, demand for AI computing power is driving both domestic and international logic and memory manufacturers to expand production, with strong demand for etching and thin-film deposition equipment; in the long term, the logic of domestic substitution becomes more solid under the 'Fifteenth Five-Year Plan' strategy for technological self-reliance.
3. Pharmaceutical stocks performed impressively. At the close of trading, JOINN Laboratories (06127) rose by 8.66%, closing at HKD 19.83; Wuxi Apptec (02359) increased by 4.07%, at HKD 115; Harbour BioMed-B (02142) gained 6.43%, closing at HKD 13.24; RemeGen (09995) rose by 5.2%, at HKD 88.95.
Wuxi Apptec’s third-quarter results exceeded expectations, reflecting robust growth momentum in the CXO sector. The company expects the revenue growth rate for its ongoing business in 2025 to rise from 13-17% to 17-18%; total revenue will increase from RMB 42-43.5 billion to RMB 43.5-44 billion. Zhongtai Securities believes that as we enter the peak season for third-quarter earnings reports, performance-driven trading has brought some catalysts, leading to certain shifts within the pharmaceutical sector. Moreover, from a fundamental perspective, innovation in pharmaceuticals remains strong, still representing the most prosperous and growth-oriented area in the pharmaceutical industry. Current fluctuations are primarily due to amplified sentiment-driven price swings, along with sector rotation effects.
4. Nuclear power concept stocks showed strong performance. At the close of trading, Harbin Electric (01133) rose by 11.44%, closing at HKD 13.25; CNNC International (02302) increased by 10.53%, at HKD 6.3; Dongfang Electric (01072) gained 9.5%, closing at HKD 20.06; Shanghai Electric (02727) climbed 4.69%, ending at HKD 4.91.
The Proposal of the Central Committee of the Communist Party of China on Formulating the Fifteenth Five-Year Plan for National Economic and Social Development suggests proactively planning for future industries and promoting nuclear fusion energy as a new driver of economic growth. Additionally, Foreign Ministry spokesperson Mao Ning introduced to the international community the compact fusion energy experimental facility located in Hefei, Anhui Province, which is expected to be completed by 2027 and could become the first device in human history to achieve fusion power generation. Everbright Securities pointed out that looking ahead, multiple technical routes including HL-4, Spark-1, and the laser fusion power station led by Academician Zhang Jie are advancing in parallel. China is gradually entering a phase of accelerated release of tenders and construction for controlled nuclear fusion projects, with promising long-term development.
5. Copper stocks generally rose today. At the close of trading, China Daye Nonferrous Metals (00661) increased by 11.11%, closing at HKD 0.1; Luoyang Molybdenum (03993) rose by 5.19%, at HKD 17.04; Jiangxi Copper Corporation (00358) gained 4.35%, closing at HKD 35.06; Minmetals Resources (01208) climbed 3%, ending at HKD 7.21.
China Merchants Securities released a research report stating that downstream acceptance of copper prices is gradually improving, with procurement showing improvement this week. The second 90-day exemption between China and the U.S. is about to end, and the China-U.S. tariff negotiations are dominating macro sentiment and copper prices. Codelco plans to raise the copper premium for the European market in 2026 to USD 345/ton, setting a new historical high. This reflects market concerns about tight copper supply next year. The firm maintains its positive outlook on copper prices in the medium to long term, considering the sector’s valuation to be at historically low levels, suggesting adjustments for buying opportunities.
Popular movers
Huaxin Cement (06655) performed strongly throughout the day. By the close, it had risen by 10.23% to HKD 17.89.
Huaxin Cement announced that in the first three quarters of 2025, its revenue reached RMB 25.033 billion, an increase of 1.27% year-on-year; net profit attributable to shareholders of the listed company amounted to RMB 2.004 billion, increasing by 76.01% year-on-year; basic earnings per share were RMB 0.97.
Baidu Group-SW (09888) delivered a standout performance. By the close, it had surged by 6.2% to HKD 125.1.
CMB International previously noted that Baidu's core valuation logic is shifting towards AI enhancement. Considering the valuation range of 6-10 times price-to-sales ratio for cloud services, AI applications, and autonomous driving industries, the current price reflects a valuation for Baidu’s search business of less than 1 time price-to-earnings ratio, corresponding to approximately RMB 60 billion in revenue and RMB 10 billion in profit. As Baidu transitions fully into AI, its valuation logic will gradually shift towards a long-term value reassessment driven by AI technology.
Conant Optics (02276) continued its upward trend. By the close, it had increased by 4.34% to HKD 43.76.
According to a report by 21st Century Business Herald, Alibaba's first self-developed AI glasses — Quark AI Glasses — went on pre-sale on Tmall at midnight on October 24, 2025. Just 10 hours later, they ranked No.1 in sales within the smart glasses category during the Double 11 shopping event. According to Conant Optics’ official WeChat account, the company is the exclusive lens supplier for Quark AI Glasses, marking another milestone in its domestic market expansion.
Guangzhou Automobile Group (02238) declined after its earnings release. By the close, it had fallen by 3.77% to HKD 3.32.
Guangzhou Automobile Group announced its financial results for the first three quarters of 2025, with revenue of approximately RMB 66.272 billion, representing a year-on-year decrease of 10.49%; net loss attributable to parent company shareholders was approximately RMB 4.312 billion, turning from profit to loss compared with the same period last year. In the third quarter, Guangzhou Automobile Group recorded revenue of RMB 24.106 billion, down 14.62% year-on-year, with a net loss attributable to parent company shareholders of RMB 1.774 billion.
