Hong Kong stocks closed (09.15) | The Hang Seng Index closed down 1%, with non-ferrous metals stocks leading the decline, and memory chip and PCB concepts rose

The Zhitong Finance App learned that the yield on US 10-year treasury bonds has risen to the highest level in nearly 20 years, and the market's expectations for the Fed's interest rate hike this week are heating up. The three major indices of Hong Kong stocks accelerated their decline in the afternoon. At the close, the Hang Seng Index fell 1.00% or 250.36 points to 24667.24 points, with a full-day turnover of HK$187.201 billion; the Hang Seng State-owned Enterprises Index fell 0.96% to 8204.91 points; and the Hang Seng Technology Index fell 0.62% to 4291.34 points.

Dongwu Securities pointed out that judging from the data, there is a possibility that the Federal Reserve will not raise interest rates, but the market is already full of interest rate hike deals. If the Federal Reserve remains on hold, the market will not buy; if 25 basis points are added as scheduled, it is expected to be fulfilled. Regardless of the situation, if there is no significant decline in the long term, Hong Kong stocks will be under pressure.

Blue-chip stock performance

The Ningde Era (03750) led the blue chip decline. At the close, it was down 6.01% to HK$516.0, with a turnover of HK$3.09 billion. Lyon pointed out that at present, investors are generally concerned that the Ningde era may be affected by negative news such as demand from rising energy storage system (ESS) prices, and that customers such as Xiaomi Group and Ideal Auto may switch to other battery manufacturers. There was no positive catalyst in the short term, but the bank believes that its stock price already reflects pessimistic expectations.

In terms of other blue-chip stocks, NetEase (09999) rose 2.75% to HK$187.1; Chuangke Industries (00669) rose 2.53% to HK$129.6; Tencent Holdings (00700) rose 1.90% to HK$438.8; and BOCHK (02388) fell 4.57% to HK$51.2.

Popular sector aspects

On the market, large tech stocks bucked the trend. Tencent rose nearly 2%, and Alibaba rose more than 1%; yesterday, storage semiconductor stocks, which were heavily thwarted by AI slowing down, experienced a rebound. Lanqi Technology and GigaYi innovation performed brilliantly, and PCB concept stocks also had the highest gains; some AI concept stocks rose, and Haiqing Zhiyuan climbed 45% over the two days. On the other hand, US bond yields continued to rise, and expectations of interest rate hikes put pressure on non-ferrous metals; Hong Kong bank stocks, pharmaceuticals, and domestic housing stocks weakened.

PCB concept stocks had the highest gains. At the close, Jiantao Laminate (01888) rose 3.12% to HK$47.6; Jiantao Group (00148) rose 2.41% to HK$55.25; Guanghe Technology (01989) rose 1.94% to HK$121.0; and Shenghong Technology (02476) rose 1.93% to HK$195.2.

Recently, the copper foil industry chain has been catalyzed by intensive price increases. At the end of August, the leading copper-clad plate company, Jiantao Laminated Board issued its seventh price increase letter of the year. The price increase for all FR-4 copper clad plates was uniformly increased by 10%, and the cumulative increase in FR-4 sheet specifications within 4 years has exceeded 100%; Japan's Panasonic has increased ordinary multi-layer copper clad plates and semi-cured sheets by up to 30% since September 1, simultaneously increasing low-loss high-speed materials. The Zheshang Securities Research Report shows that as the price of upstream PCB materials continues to rise, price increases will begin to spread to some PCB categories, and the effects of price increases will gradually be reflected from the third quarter of 2026.

Storage concept stocks are picking up. At the close, Lanqi Technology (06809) rose 5.43% to HK$256.2; GigaYi Innovation (03986) rose 4.00% to HK$436.8.

According to Interface News, we have learned exclusively from the industry chain that Apple has accepted Samsung Electronics' offer for memory chips for the first quarter of 2027: DRAM (dynamic random access memory) is close to $2.0/Gb, and NAND flash memory is close to $0.33/GB, up 30%-40% from the price in the third quarter of this year. On the policy side, the Ministry of Industry and Information Technology and the National Development and Reform Commission issued the “Fifteenth Five-Year Plan for the Development of the Electronic Information Manufacturing Industry”, which proposes speeding up the development of advanced memory and developing new storage products such as high-bandwidth flash memory and high-bandwidth memory.

Non-ferrous metal stocks such as gold declined the most. At the close, Chifeng Gold (06693) fell 5.33% to HK$36.58; Shandong Gold (01787) fell 4.65% to HK$23.36; Zijin Mining (02899) fell 3.81% to HK$33.3.

The US dollar index rose sharply to around 99.6 due to the geographical conflict in the Middle East, which boosted oil prices and the yield on US 10-year treasury bonds exceeded 5%, and spot gold fell below the 4,300 US dollar mark. The US PPI and CPI data for August released last week showed that US inflationary pressure was still high. The core CPI exceeded expectations, and the probability that the market is betting that the Fed will raise interest rates by 25 basis points this week has risen to about 87%.

Bank of China Securities pointed out that for non-ferrous metals, the restart of interest rate hikes and energy shocks formed a double suppression. Precious metals or high-level shocks and even phased pullbacks before the FOMC in September. High-energy varieties such as aluminum were supported by rising costs, and copper was torn between interest rate hikes, tariffs, and hard restrictions on the mine side, and downward space was limited.

Popular exotic stocks

True Health Medical-B (02697) has risen sharply. At the close, it was up 30.34% to HK$340.2.

True Healthcare has signed a sales contract with an independent third party to sell puncture navigation and positioning systems to the buyer. The total contract amount is close to RMB 100 million, and related products will be delivered one after another in the near future. The board of directors believes that the conclusion and subsequent delivery of this contract is expected to further expand the company's installed base and drive equipment revenue growth.

Haiqing Zhiyuan (01392) continued to rise. At the close, it was up 11.83% to HK$27.6.

Recently, the Shenzhen Bureau of Industry and Information Technology announced that 2026 model service agencies plan to add to the inventory list. Haiqing Zhiyuan was successfully selected with the self-developed “Zhiyuan Origin Big Model”. With the proposed entry into the warehouse, eligible local enterprises in Shenzhen can enjoy policy subsidies when purchasing their multi-spectral AI services, which is conducive to reducing customer procurement costs, expanding orders for more industrial scenarios, and accelerating the commercialization and penetration of large vertical models.

Daikin Heavy Industries (01081) rose sharply. At the close, it was up 10.90% to HK$33.78.

According to a recent analysis by Norwegian consulting agency Rystad Energy, the expansion of offshore wind power in Europe is facing structural supply constraints. Since 2020, the sales price of complete offshore fans (in MW) has risen by 40% to 45%, far exceeding the 20% to 25% increase in manufacturing costs during the same period.

Jiaxin International Resources (03858) performed well. At the close, it was up 4.05% to HK$55.2.

On Monday, American tungsten metal producer The Elmet Group Co. It was announced that the US Department of War pledged to invest $450 million in the company to accelerate ELMT's manufacturing capacity. According to CCTV Finance, in two years, the price of intermediate products in the tungsten industry chain has increased about 9 times in the international market. Recently, the United States, Britain, Vietnam, Zimbabwe and other countries have successively adjusted their tungsten-related policies, and the global competition for tungsten resources is heating up.

GAC Group (02238) resumed trading. At the close, it was up 2.58% to HK$2.385.

On September 14, the company signed an “Intent Agreement” with China First Automobile Co., Ltd. to plan to purchase part of the shares of a vehicle joint venture held by FAW Co., Ltd. by issuing shares and raise supporting capital. According to preliminary estimates, after the transaction is completed, FAW Co., Ltd. will become the company's second-largest and strategically influential shareholder.