Zhitong Hong Kong stocks have long been known | US CPI inflation once again exceeded expectations in October Zhi Spectrum (02513) plans to spend no more than HK$4 billion to buy back H shares

[Today's headlines]

US CPI inflation in October once again exceeded expectations, and the market is betting that the Federal Reserve's interest rate hike in December is a foregone conclusion

Despite the slowdown in gasoline price increases, food, housing and service prices continued to rise, driving the US CPI increase in October beyond expectations. Stubborn inflation not only made it more difficult for the Federal Reserve to reduce inflation, but also made the Trump administration continue to put pressure on the cost of living after losing the midterm elections. According to data released by the US Department of Labor on Tuesday, the CPI rose 0.4% month-on-month in October, down from 0.6% in September, but higher than the 0.3% expected by economists. Excluding volatile food and energy prices, the core CPI rose 0.3% month-on-month in October, the same as the previous month, and also higher than market expectations of 0.2%.

This CPI report further strengthened hawkish policy expectations. Economists believe that unless there is a sharp sell-off in the US stock market or credit spreads widen significantly, it may be difficult for the Federal Reserve to avoid tightening monetary policy again in December. Analysts pointed out that the financial market has basically fully taken into account the possibility that the Federal Reserve will raise interest rates by 25 basis points in December, and has begun to take into account the slight possibility of a sharp 50 basis point increase in interest rates in December.

Federal Reserve Governor Waller warned that even if CPI improves, he will tend to support a 25 basis point increase in interest rates in December. But if the core CPI continues to be at 0.3% or higher, then the Federal Reserve should consider stronger action, including a one-time 50 basis point rate hike.

[General outlook]

Overnight, the Dow Jones Industrial Average fell 157.86 points to close at 52231.89 points, or 0.3%; the S&P 500 stock index fell 29.01 points to close at 7520.93 points, or 0.38%; and the Nasdaq Composite Index fell 187.27 points to close at 25065.87 points, or 0.74%.

The “Big Seven Tech” had mixed ups and downs. Amazon rose 1.48%, Tesla rose 0.46%, and Meta remained flat; Google-A fell 0.27%, Apple fell 0.62%, Microsoft fell 2.20%, and Nvidia fell 5.47%. The trend of chip stocks is divided, and the performance of the storage sector is weak. In terms of individual stocks, Broadcom rose 3.91%, and TSMC rose 2.02%. SK Hynix fell 3.51%, while SanDisk fell 2.99%.

There was an overall correction in China Securities. The Nasdaq China Golden Dragon Index fell 1.21% to 5696.50 points, and e-commerce and internet platform stocks collectively weakened. The Hang Seng Index ADR declined. On a proportional basis, it closed at 24285.63 points, down 271.41 points or 1.11% from the Hong Kong closing.

WTI crude oil futures on the New York Mercantile Exchange fell 0.56 US dollars in the same month to 86.29 US dollars per barrel, a decrease of 0.64%. COMEX gold futures fell $75.70 for the month's consecutive contracts, or 1.84%, to $4038.8 per ounce.

[Hot Topics Preview]

Smart Spectrum (02513): Plans to spend no more than HK$4 billion to buy back H shares

On November 10, Smart Spectrum announced that the company plans to implement a share repurchase plan in accordance with the general authorization to repurchase H shares granted by the annual shareholders' meeting on June 22, 2026. The expected maximum repurchase amount is HK$4 billion, and the total number of H shares purchased will not exceed 1% of the total number of shares issued by the company on the date of this announcement.

Chow Tai Fook Foundations (00659) plans to sell 100% of Wanjue's shares, 25% of Jingzhu's shares, and 25% of Guangdong's shares

Chow Tai Fook Foundations (00659) announced that on November 10, 2026, Seller A (an indirect wholly-owned subsidiary of the Company, as the seller) entered into a Wanjue share transfer agreement with Buyer A (as the buyer). Seller A conditionally agreed to sell, and Buyer A conditionally agreed to buy 100% of Manjue's shares at a cash cost of RMB 542 million. Wanjue is mainly engaged in investment holding and indirectly holds about 38.5% of the actual shares of Huishen (Yantian) Expressway Huizhou Co., Ltd., while Huishen (Yantian) Expressway Huizhou Co., Ltd. is mainly engaged in the operation of the Shenzhen-Huizhou Expressway (Huizhou section) in China.

CGN Power (01816) Cangnan Unit 4 begins full construction

CGN Power (01816) announced that Cangnan Unit 4 of CGN Cangnan Second Nuclear Power Co., Ltd., a subsidiary of the Company, carried out the first concrete tank on the nuclear island (FCD) on November 10, 2026. That is, full construction of Cangnan Unit 4 began on that day and entered the civil construction phase. Cangnan Unit 4 uses Hualong No. 1 nuclear power technology, and the capacity of the single unit is 1215MW.

Lenovo launches its first hybrid etymology factory

On November 10, Lenovo Group launched the “Wanquan Hybrid Etymology Factory” brand in Zhangjiakou, Hebei. The first parent factory officially landed at the local Beijing-Tianjin-Hebei computing power hub. According to Yao Zhenyu, vice president of Lenovo Group and general manager of global infrastructure and smart cloud, the “blending” of the hybrid word element factory is reflected in three levels: mixing the deployment of private term pools with public domain elements, the selection and mixing of open source weight models with closed source business models, and the mixing of the computing power of heterogeneous chips. Its core scheduling mechanism is model intelligent routing. According to the request scenario, the system assigns complex tasks to large parameter models and simple interactive distribution to small models, thereby improving overall term production efficiency.

Bank of China Gold Rental (01606) plans to purchase information technology computer equipment for 3,674 billion yuan

Information technology computer equipment under this product purchase agreement is mainly used for large-scale data processing, cloud computing, and other tasks requiring high-performance computing.

Huahong Hongli (01347): Remains the controlling shareholder of Wuxi Huahong Hongli Phase III Semiconductor and will continue to be responsible for the daily operation of the Wuxi Phase III project

Some investors asked Huahong Hongli. Recently, Wuxi Huahong Hongli Phase III Semiconductor Co., Ltd. underwent commercial changes, and the registered capital increased from 6.68 million yuan to 4.17 billion US dollars.

Cambridge Technology (06166): Production lines related to the Vietnamese production base have passed customer audits and certification, and production capacity has been successfully implemented overseas

Some investors asked Cambridge Technology, how is the company's production base in Vietnam progressing, and when is it expected to start high-speed optical module production? On November 10, the company answered that the production line related to the Vietnamese production base has passed customer review and certification, and production capacity has been successfully implemented overseas. Some investors asked Cambridge Technology, when will the company's Mexican factory start producing high-speed optical module products? On November 10, the company replied that in the first half of 2026, CIG America will cooperate with the company's business strategy and actively promote the expansion of supply chains and production capacity in Mexico and the US. The trial production of broadband products in Mexico was completed in the first half of 2026, and can be delivered in batches once customer certification is completed. The clean plant required for the production of optical module products has been planned and designed, and construction is expected to be completed and put into operation in early 2027. All major business developments of the company are subject to announcements published in designated information disclosure media. Investors are kindly requested to invest rationally and pay attention to investment risks.

Shanghai Fudan (01385) released GREVO, an intelligent development platform for programmable logic devices

Fudan Microelectronics officially released GREVO — an end-to-end full-process natural language demand-driven development agent for programmable logic chips. Using natural language requirements as input, the platform focuses on actual project implementation goals, opens up original technology accumulation, user engineering assets, R&D tool chains, and FAE technical service support, and can output complex development tasks as reviewable, verifiable, and sustainable iterative engineering results.

Qingdao Port (06198) plans to participate in a bid to acquire 70% of the shares in Dongjiakou Ore Terminal in Qingdao Port

The target company has 4 large-scale ore berths, with a capacity of more than 100 million tons, and is equipped with core strategic resources such as a specialized storage yard of about 2.4 million square meters, and is the main operator of bulk cargo business for the Dongjiakou Port area of Qingdao Port.

IPO Dark Market | New Lotus (02206) Dark Market closed up 23% and earned HK$467 per lot

New Lotus (02206) will be listed in Hong Kong on November 11 (Wednesday). Today's dark market closed. Livermore Securities undercover trading showed a price of HK$49.54, up 23.23% from the offering price of HK$40.2. Each lot earned HK$467, 50 shares per lot without handling fees. New Lotus (02206) announced the allotment results. The stock company sold 6.517,300 H shares globally, with the Hong Kong public offering accounting for 10% and the international offering accounting for 90%. The final sale price was HK$40.2 per share, and the global sale raised HK$262 million.

Each trading unit is 50 shares. Among them, the Hong Kong public sale received 2190.99 times the subscription, and the international sale received 1.25 times the subscription.

[Individual stock prices are clear]

Junda Co., Ltd. (02865): Accelerating the industrialization of space computing power, the company's commercial aerospace layout continues to advance

On November 9, the 2026 Space Cloud Industry Ecology Conference announced the “Nebula Constellation Project”, a full-stack localized space computing power network, to integrate multiple types of satellites into intelligent space-based information service systems and promote space computing power from concept to implementation. Overseas, the StarMind space computing constellation jointly created by SpaceX and Nvidia is expected to be launched in the third quarter of 2027. The plan is to reach 1TW computing power scale in the long term. At the same time, Starlink V4 will be equipped with a 10Tbps interstellar laser link to provide high-speed transmission support for space computing power networks.

It is worth mentioning that StarHub Tianxu, which is indirectly controlled by Junda Co., Ltd., is leading the construction of the “Star Hub Project” 1,000 computing power constellations. The team originated from the entire construction team of the Eighth Aerospace Academy. It has developed nearly 100 commercial satellite development experience. The satellite platform self-development rate is about 70%, and it has built a closed loop of the “space energy+whole star manufacturing+constellation operation and data service”.