Hong Kong stocks closed (09.11) | The Hang Seng Index closed down 0.6%, and copper stocks fell more than 7% after Sun Hung Kai Properties (00016) results

The Zhitong Finance App learned that the market's bets on the Federal Reserve's interest rate hike in September are heating up, compounded by higher oil prices to heighten concerns about inflation. The Asia-Pacific stock market is under pressure today, and the market is waiting for the CPI data to be released tonight. At the close, the Hang Seng Index fell 0.60% or 148.84 points to 24805.63 points, with a full-day turnover of HK$228.431 billion; the Hang Seng State-owned Enterprises Index fell 0.34% to 8246.33 points; and the Hang Seng Technology Index fell 0.23% to 4320.57 points. Looking at the whole week, the Hang Seng Index fell 3.3%, the National Index fell 3.61%, and the Hang Seng Technology Index fell 5.45%.

Zhang Yidong, chief economist at Haitong International, believes that overseas capital is expected to be strong in September, and the 10-year yield on US bonds is expected to fall after rushing to around 5%. China's policy side, especially the stock market policy, is expected to be more active. September will reverse upward, and it is recommended to lay out the fall market with dips; however, the market in the next few months will focus more on the orderly spread of investment logic that generated growth within performance or epitaxial growth, rather than the sharp rise in the past where valuation repair was the main focus.

Blue-chip stock performance

Sun Hung Kai Properties (00016) plummeted after the results. At the close, it was down 7.28% to HK$108.2, with a turnover of HK$1,729 billion. According to Morgan Stanley, Sun Hung Kai Properties' earnings per share for the 2026 fiscal year were HK$7.89, up 5% year over year, 4% lower than the bank's forecast and 2% lower than market expectations. Considering that recent regulatory developments and concerns about interest rate hikes constitute short-term adverse factors, and that the dividend also brings uncertainty due to fluctuations in property sales profits, it maintains its “in sync with the market” rating, and the target price is HK$121.

In terms of other blue-chip stocks, Orient Overseas International (00316) rose 2.27% to HK$148.9; Galaxy Entertainment (00027) rose 2.18% to HK$32.78; Luoyang Molybdenum (03993) fell 7.73% to HK$16.00; and Zijin Mining (02899) fell 6.75% to HK$34.82.

Popular sector aspects

On the market, the performance of Kewang stocks picked up. Xiaomi rose 1.7%, Tencent rose 0.66%, and Ali rose 0.56%; non-ferrous metals stocks became the main force in today's decline. The White House copper tariff plan was revealed to have come to a standstill. Jiangxi Copper shares fell 9.19% and Minmetals Resources fell 8.20%; gold stocks and domestic housing stocks declined across the board; and lithium and pharmaceutical stocks were sluggish. On the other side, robot concept trends diverged, and Huayan robots surged 25%.

Copper stocks had the highest decline. At the close, Jiangxi Copper (00358) fell 9.19% to HK$34.96; Minmetals Resources (01208) fell 8.20% to HK$9.07; and Luoyang Molybdenum (03993) fell 7.73% to HK$16.00.

International copper prices dived sharply on Thursday. LME and COMEX copper prices fell by about 3.5% and 4.8%, respectively. According to media reports, two people familiar with the matter said that the White House has yet to decide whether to levy tariffs on refined copper, and officials are weighing the gains and losses on both fronts: rising copper prices may drive up manufacturing costs, but encouraging more domestic mining can also bring benefits. Previously, due to market expectations that Trump would impose tariffs on refined copper products such as cathode copper and copper concentrates, traders and industrial buyers were hoarding inventory in the US, pushing copper prices to historic highs.

The decline in gold stocks narrowed in the afternoon, and oil stocks fluctuated lower. At the close, China Gold International (02099) fell 1.62% to HK$266.6; Shandong Gold (01787) fell 1.37% to HK$24.4; CNOOC (00883) fell 2.56% to HK$24.38; and CNOOC Oilfield Services (02883) fell 3.00% to HK$7.61.

The year-on-year increase in US PPI in August exceeded expectations, and the market's bet on the Federal Reserve's interest rate hike in September rose to about 70%. Expectations of interest rate hikes heated up and real interest rates suppressed gold prices in early trading. In the afternoon, as international oil prices dived and gold and silver prices rebounded in a V-shape. Geographically, it was reported this afternoon that the Supreme Political Council of the Houthis in Yemen issued a statement saying that the exchange of fire in the provinces on the west coast of the Red Sea had stopped, and that the armed forces previously mobilized by Saudi Arabia to threaten the relevant regions of Yemen had been expelled.

Optical communication concept stocks were active against the market. At the close, Zhongji Innox (03308) rose 4.37% to HK$1,170; Changfei Optical Fiber Cable (06869) rose 3.44% to HK$183.5.

On September 11, the relevant final rules of the US Federal Communications Commission (FCC) were officially implemented. Among them, the new FCC regulations have penetrated into upstream components, but many optical module companies such as Zhongji Xuchuang and Xinyisheng are not on the list yet. The analysis points out that for the current sector, this means that the extreme pessimistic assumptions surrounding the FCC have basically not been implemented. In particular, the passive sector's policy certainty is higher, and the overall risk appetite for optical communication is positive.

MLCC concept stocks strengthened in the afternoon. At the close, Tianli Holdings Group (00117) rose 8.31% to HK$3.52; Sanhuan Group (06951) rose 4.01% to HK$124.4.

MLCC leader Murata Manufacturing Co., Ltd. recently officially issued an official notice announcing the launch of product line optimization in the 2026 fiscal year, which will discontinue production of some MLCC products and expand other production capacity. The scope of this discontinuation covers specific material numbers in consumer-grade conventional series and automotive specification series. According to market analysis, the company aims to free up production capacity to fully expand the advanced high-end product line by terminating production of low-margin mature products. The delivery period for Murata's high-value-added MLCC has been drastically extended from 8 to 10 weeks to 20 to 26 weeks.

The trend of robot concept stocks is divided. At the close, Huayan Robotics (01021) rose 25.62% to HK$11.89; Mecamand Robotics (09615) rose 6.2% to HK$95; and Yuejiang (02432) fell 2.86% to HK$21.04.

A-share humanoid robot leader Yushu Technology fell 4.3% to 477.12 yuan today, continuing to set a new low since listing. Since the August 19 high, it has accumulated a cumulative retracement of more than 55%, and the total market value evaporated about 240 billion yuan from a high point. The secondary market's doubts about the future of commercialization of physical intelligence are heating up. Notably, Shao Tianlan, the founder of Mecamand, recently drew attention by posting an article in his circle of friends questioning the current state of the industry. He bluntly pointed out that in the current intelligent industry, there is a phenomenon where “saving” companies use digital collection centers and related transactions to generate false income, and named Galaxy GM; Galaxy GM responded that it “does not participate in a war of words; it is only a race against time.”

Popular exotic stocks

Huayan robot (01021) increased in volume. At the close, it was up 25.62% to HK$11.89.

Huayan Robotics has been included in the Hong Kong Stock Exchange since September 7, officially unlocking the southbound capital channel. According to the BOC International Research Report, Huayan has grown into a platform-based robot company based on collaborative robots and with core motion components and motion control capabilities as the core of growth. This is one of the biggest gaps in current market expectations.

Quanfeng Holdings (02285) was strong throughout the day. At the close, it was up 23.00% to HK$24.6.

Quanfeng Holdings announced on the evening of September 10th that Joseph Galli Jr. He has been appointed as Chief Executive Officer with effect from September 10. On the effective date, Pan Longquan, founder of the company, will no longer serve as CEO, but will continue to serve as Executive Director and Chairman. Galli was the CEO of Chuangke Electric and served as CEO and Executive Director of Chuangke Industrial from February 2008 to May 2024.

Tongyuankang Pharmaceutical-B (02410) rose significantly. At the close, it was up 11.38% to HK$2.985.

Tongyuankang Pharmaceutical announced that Chairman, Executive Director and CEO Wu Yusheng purchased 635,000 H shares on the open market from September 8 to 10, accounting for about 0.17% of the issued share capital and a total cost of about HK$2.09 million, and promised to lock in for six months. The company said that Wu Yusheng has indicated that it may continue to buy shares in the future according to market conditions.

Daikin Heavy Industries (01081) continues to rise. At the close, it was up 10.78% to HK$31.66.

Huaxi Securities pointed out that the company has fully benefited from the development of offshore wind power construction in Europe, and with the subsequent release of multiple rounds of seabreeze tenders, the incremental space for overseas business is expected to open up; with the gradual commissioning of its own fleet, comprehensive upgrading of export offshore production capacity, and continuous improvement of overseas home port layout, the company's competitive barriers are being upgraded from a “single manufacturing capacity” to an integrated “manufacturing+transport+delivery” chain.