Hong Kong stocks closed (09.16) | Hang Seng Index rose 0.19%, gold stocks, computing power hardware stocks strengthened, Lenovo Group (00992) surged more than 8%
The Zhitong Finance App learned that the market believes that tonight's interest rate hike by the Federal Reserve is almost a foregone conclusion. Walsh's press conference speech became the biggest suspense, and the three major indices of Hong Kong stocks rose collectively today. At the close, the Hang Seng Index rose 0.19% or 46.54 points to 24713.78 points, with a full-day turnover of HK$181,085 billion; the Hang Seng State-owned Enterprises Index rose 0.02% to 8206.37 points; and the Hang Seng Technology Index rose 0.79% to 4325.45 points.
Guoyuan International believes that the current adjustment of Hong Kong stocks is mainly affected by external factors such as rising oil prices, inflation, and overseas interest rates, and the short-term situation is still based on “index fluctuations, industry differentiation, and rotation.” However, southbound capital continues to flow in, and the technology sector has shown a certain left-side layout during the adjustment process, and the fundamentals and capital aspects of Hong Kong stocks themselves have not deteriorated significantly.
Blue-chip stock performance
Lenovo Group (00992) led the blue chip increase. At the close, it rose 8.33% to HK$33.8, with a turnover of HK$3,518 billion. On September 16, Zheng Xiaoming, senior vice president and CFO of Lenovo Group, said that in the long run, the company's net profit margin is expected to reach 5% to 8%, reaching Dell's level. “Our current market value is only one-seventh of Dell's, but judging from our size and net profit, we are completely underestimated by the market.”
In terms of other blue-chip stocks, Longhu Group (00960) rose 6.1% to HK$5.57; Huahong Hongli (01347) rose 5.87% to HK$111.9; Ningde Times (03750) fell 2.91% to HK$501; and Weichai Power (02338) fell 2.7% to HK$29.6.
Popular sector aspects
On the market, the semiconductor and optical communication sectors jointly led the way. Huahong Hongli rose nearly 6%, SMIC's positive volume surged 16%; the Federal Reserve interest rate decision was about to be released, gold stocks fluctuated and rebounded, and Lingbao Gold rose nearly 9%; domestic housing stocks collectively picked up, Greentown China and Longhu Group all rose more than 6%; heavy machinery stocks were under pressure, and Weichai Power fell nearly 3%. The trend of technology network stocks was divided. Lenovo Group led blue chips with an increase of more than 8%, and Tencent Holdings fell by more than 1%.
Optical communication concept stocks were higher. At the close, Haiguang Xinzheng (01191) rose 16.65% to HK$145; Cambridge Technology (06166) rose 10.69% to HK$121.1; Zhongji Xuchuang (03308) rose 4.79% to HK$1,137; and Changfei Optical Fiber Cable (06869) rose 2.19% to HK$177.
Trump plans to summon AI industry executives at the White House next week. Previously, he and Nvidia CEO Wong In-hoon stepped up the AI platform one after another. Hwang In-hoon claimed that AI security did not require special legislation and that market mechanisms were sufficient, and criticized the AI apocalyptic theory, which did not talk about science and was favored by the public. According to the CICC research report, the popularity of the 27th Optical Expo increased unabated from previous years. “Lock orders” and “lock materials” became the key words of the exhibition research, and the order schedule for some high-speed optical chip companies has been extended to 2028 and beyond; Goldman Sachs revised the 2027/2028 demand forecast for 800G and above optical modules by 39% and 36%, respectively, to 144 million and 171 million units.
The semiconductor industry chain is strengthening across the board. At the close, Tianyue Advanced (02631) rose 7.59% to HK$63.8; Tiansu Zhixin (09903) rose 6.23% to HK$117.6; Huahong Hongli (01347) rose 5.87% to HK$111.9; and SMIC (00981) rose 4.77% to HK$63.65.
Bank of America Securities reiterated that the artificial intelligence industry is shifting from proving return on investment to arguments dealing with structural and physical limitations such as chips and electricity; the shortage of memory chips and rising prices are still key levers driving the upward growth of the industry, and the prospects for artificial intelligence and servers are also more clear. The bank pointed out that the valuation of semiconductor stocks is still attractive, but it remains cautious before the midterm elections and until macroeconomic concerns ease. The global semiconductor industry's overall potential market (TAM) forecast for 2030 was raised from $2.7 trillion to $3.2 trillion, or 18% CAGR between 2026 and 2030.
Gold stocks fluctuated and rebounded. At the close, Lingbao Gold (03330) rose 8.81% to HK$24.7; Chifeng Gold (06693) rose 7.65% to HK$39.38; and Shandong Gold (01787) rose 5.22% to HK$24.58.
The Federal Reserve's interest rate decision is about to be released. Spot gold fluctuated higher today, reaching 4,340 US dollars at one point. Everbright Futures said that judging from the performance of gold prices, there are signs that the decline has stopped, but the market is worried that Walsh's hawkish statements have exceeded expectations, so the rebound is still cautious and waits for the interest rate results to be announced early tomorrow morning. Furthermore, the continued rise in US long-term treasury yields has brought about a certain sense of risk aversion, and the Federal Reserve has also fallen into a policy dilemma where “to fight inflation, interest rate hikes will exacerbate the recession.” This is an opportunity for gold to maintain its rebound.
Domestic housing stocks are picking up collectively. At the close, Greentown China (03900) rose 6.78% to HK$5.91; Longhu Group (00960) rose 6.10% to HK$5.57; and Xincheng Development (01030) rose 2.19% to HK$1.4.
According to data released by the National Bureau of Statistics on the 15th, out of 70 large and medium-sized cities, commercial residential sales prices in first-tier cities rose month-on-month, the month-on-month decline in second- and third-tier cities generally narrowed, and total real estate market transactions stabilized. Guoxin Securities pointed out that the overall real estate fundamentals index was weak in August, but the housing price trend was relatively positive. Considering that the current real estate stock discount rate is already sufficiently or excessively pessimistic about future housing price declines, it is reiterated that real estate stocks have value space and stock prices are at the bottom of the medium term.
Heavy machinery stocks are under pressure. At the close, Sany Heavy Industries (06031) fell 4.45% to HK$18.46; China Dragon Industries (03339) fell 1.05% to HK$3.305.
The US Department of Commerce initiated an anti-dumping and countervailing investigation against Chinese linear hydraulic cylinders, causing market concerns. Furthermore, Galaxy Securities pointed out that at the domestic sales level, in the short term, with the arrival of the traditional peak season in September-October, combined with downstream projects and the fall sprint of OEMs, the operating rate in August has improved sequentially, and subsequent demand is expected to gradually pick up. In the medium to long term, policy support, equipment upgrading, new urbanization construction, and major engineering projects continue to advance, which is expected to provide steady growth momentum for the domestic market.
Popular exotic stocks
Haiqing Zhiyuan (01392) continued its upward trend. At the close, it was up 36.09% to HK$37.56.
Sullivan released the “2026 Multispectral AI Industry Development White Paper” on September 14, pointing out that China's multispectral AI industry is moving from commercial verification to large-scale scaling. It is also said that Haiqing Zhiyuan has the ability to deliver the full link of “module+terminal+industry model”. The company's revenue for multispectral AI large model services increased 382.5% year-on-year in the first half of the year, and its share of revenue rose to 78%.
China Innovation Airlines (03931) increased in volume. At the close, it was up 6.63% to HK$17.52.
Recently, car companies have accelerated their binding with second-tier battery manufacturers, and it has become a hot topic of discussion in the market. All of the Pengcheng series extended-range SUVs launched by Xiaomi on September 7 do not use Ningde Era batteries. Among them, China Airlines is responsible for the 76kWh ternary lithium batteries for the N70 Max and N90 Max. On September 4, Xiaomi Motor announced that it had reached a strategic cooperation with China Airlines and Sunwoda around self-developed Longjia Battery. Ideal Auto introduced China Innovation Airlines as the third power battery supplier in September.
Smart Spectrum (02513) picked up in the afternoon. At the close, it was up 5.88% to HK$720.
Zhipu said during a telephone conference with analysts and investors on September 16 that the company has signed revenue sharing agreements with a number of leading domestic and foreign cloud service providers, and related revenue will be confirmed starting in October. The company's full business ARR has reached 1.8 billion US dollars, and the ARR guidelines were raised from 2.4 billion US dollars to 3 billion US dollars at the end of the year.
The Ningde era (03750) hit a new low of more than half a year. At the close, it was down 2.91% to HK$501.
Once deeply tied to the Ningde era, Ideal Auto spent 2.65 billion yuan to take a stake in Sunwoda Power. The new-generation Ideal L8 has also switched to Sunwoda batteries, and market anxiety about car companies' “de-Ninghua” continues to spread.