Market Performance - The Hang Seng Index increased by 1.26% this week, closing at 26,572.46 points, while the Tech Index decreased by 0.42% to 5,812.80 points, and the National Enterprises Index rose by 1.41% to 9,397.96 points [2][4]. Market Dynamics - The fluctuations in the Hong Kong stock market are closely related to external environments, particularly the impact of the U.S. government shutdown, which temporarily locked nearly one trillion dollars in liquidity, raising the cost of dollar funds and pressuring risk assets like U.S. and Hong Kong stocks [4]. - A recent report from Western Securities suggests that the end of the U.S. government shutdown may release previously "frozen" dollar liquidity, potentially leading to a liquidity-driven rally in the Hong Kong stock market [4]. Capital Inflows - Southbound capital has provided strong support, with net purchases through the Stock Connect exceeding HKD 1.3 trillion this year, totaling over HKD 5 trillion, indicating a shift towards a "semi-onshore market" where domestic capital plays a more significant role in pricing [4]. Sector Performance - Pharmaceutical stocks have seen renewed interest, with notable gains: - Gilead Sciences (01672.HK) up 45.40% - Clover Biopharmaceuticals (02197.HK) up 29.95% - Yummy (02589.HK) up 18.81% - The positive performance is attributed to strong Q3 results in innovative drugs and life sciences sectors [5]. - Other notable performers include: - HuShang Ayi (02589.HK) up 31.44% due to a new ten-year H-share incentive plan and reaching over 10,739 stores [5]. - Lee & Man Paper (00746.HK) up 17.37% benefiting from rising paper prices [5]. - Conversely, companies like Sanhua Intelligent Control (02050.HK) and Legend Holdings (06683.HK) faced declines of 10.93% and 19.82%, respectively, due to market risk aversion and concerns over equity dilution from a recent share placement [5]. Gold and Automotive Sectors - Gold stocks weakened following hawkish comments from Federal Reserve officials, with China Gold International (02099.HK) down 3.94% and Zijin Mining (02899.HK) down 2.94% [6][7]. - The automotive sector also faced declines, with Xpeng Motors (09868.HK) down 6.80% amid a drop in retail sales of passenger cars by 19% year-on-year for the first nine days of November [10][11]. Brokerage and Semiconductor Stocks - Chinese brokerage stocks adjusted, with major firms like GF Securities (01776.HK) and China Galaxy (06881.HK) experiencing declines due to a significant drop in new account openings [13]. - Semiconductor stocks also fell, influenced by a broader sell-off in U.S. tech stocks, with Shanghai Fudan (01385.HK) down 5.92% and SMIC (00981.HK) down 2.78% [14][16]. Individual Stock Movements - Lehua Entertainment (02306.HK) rose nearly 8% amid speculation regarding a contract renewal with a prominent artist [18]. - Zhonghui Biopharmaceuticals (02627.HK) increased by over 6% after announcing the initiation of Phase I clinical trials for its flu vaccines [19].

11月14日，香港恒生指数收跌1.85%，本周累计上涨1.26%；恒生科技指数跌2.82%，本周累计跌 0.42%。 有色金属板块下跌，天齐锂业跌近5%，赣锋锂业跌超3%；此外，小鹏汽车跌超6%，宁德时代跌超 4%。 编辑丨钉钉 大型科网股普跌，百度集团跌超7%，京东集团跌超6%，阿里巴巴跌超4%，腾讯控股、小米集团、中芯 国际、美团均跌超2%。 | 名称 | 现价 | 涨跌幅 ◆ | | --- | --- | --- | | 百度集团-SW | 117.100 | -7.21% | | 9888.HK | | | | 小鹏汽车-W | 98.700 | -6.80% | | 9868.HK | | | | 京东集团-SW | 116.900 | -6.03% | | 9618.HK | | | | 阿里巴巴-W | 154.900 | -4.38% | | 9988.HK | | | | 联想集团 | 10.500 | -3.31% | | 0992.HK | | | | 蔚来-SW | 49.360 | -3.22% | | 9866.HK | | | | 快手-W | 67.100 | -2.89% ...

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Technology Index dropping over 2%, while internet healthcare stocks rose against the trend [1] - JD Health reported a revenue of 17.12 billion yuan for Q3 2025, marking a year-on-year increase of 28.7%, and an operating profit of 1.243 billion yuan, up 125.3% year-on-year [1] - JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China [1] Group 2 - The online pharmacy sales share of retail pharmacy terminals increased from 3.2% in 2015 to 32.5% in 2023, driven by factors such as lower prices, a wide variety of products, and improved consumer purchasing habits [2] - Regulatory policies for online pharmaceutical sales have gradually relaxed since 2022, allowing prescription drugs to be purchased online with real-name verification [2]

Market Overview - The Hang Seng Index closed at 27,073, up 0.56% for the day and 34.96% year-to-date[3] - The Hang Seng Technology Index rose by 0.80% to 5,981, with a year-to-date increase of 33.87%[3] - The Hang Seng China Enterprises Index increased by 0.68% to 9,599, showing a year-to-date growth of 31.68%[3] Sector Performance - Major technology stocks showed mixed results; Alibaba rose over 3% following news of a rebranding to enhance AI recognition[9] - The paper industry saw significant gains, with Nine Dragons Paper up over 10% due to a price increase of 30-100 RMB per ton[9] - The innovative drug sector was active, with 3SBio rising over 10% and BeiGene up over 7% after reporting a net profit of 1.139 billion RMB for Q3[9] Commodity and Energy Markets - Lithium battery stocks surged, with Ganfeng Lithium increasing over 12% as lithium carbonate futures rose 20% since mid-October[9] - Gold stocks collectively strengthened, with China Silver Group up over 12% as spot gold prices surpassed $4,220 per ounce[9] - OPEC warned of a "structural surplus" in the global oil market, leading to a decline in international oil prices[9] U.S. Market Trends - U.S. major indices closed lower, with the S&P 500 down 1.65% and the Nasdaq down 2.29% amid concerns over interest rate cuts[9] - Large tech stocks mostly fell, with Nvidia down 3.58% and Amazon down 2.71%[12] - The market's sentiment was pressured by Fed officials expressing hesitance on further rate cuts, reducing the probability of a December cut to nearly 50%[9] Japanese Market Insights - The Nikkei 225 index rose 0.43%, supported by a rebound in investor sentiment following the end of the U.S. government shutdown[12] - The Producer Price Index (PPI) in Japan increased by 2.7% year-on-year, exceeding market expectations[12] - Bank stocks in Japan generally strengthened, with Mitsubishi UFJ Financial Group up 2%[12]

11月14日，具身智能公司Dexmal原力灵机宣布完成数亿元A+轮融资，阿里巴巴为独家投资方；此前， 公司A轮融资由蔚来资本领投，洪泰基金、联想创投、锡创投和正景基金跟投，老股东君联资本超额追 投、启明创投和九坤创投追投；两轮融资金额近10亿元，资金主要用于具身智能机器人软、硬件技术研 发与落地。 ...

Core Insights - The report from Minsheng Securities highlights a significant growth in the wholesale sales of new energy passenger vehicles, with a total of 4.024 million units sold in Q3 2025, representing a year-on-year increase of 24.2% and a quarter-on-quarter increase of 10.9% [1][2] - The report indicates that the automotive industry is experiencing a divergence in performance, with a notable increase in high-end vehicle sales driving profitability [2] - The parts sector shows continued revenue growth, with Q3 2025 revenues reaching 279.8 billion yuan, up 17.9% year-on-year and 5.0% quarter-on-quarter, benefiting from strong performance in core self-owned brands and new energy vehicle supply chains [3] Passenger Vehicles - In Q3 2025, the wholesale sales of passenger vehicles reached 7.686 million units, a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [2] - The revenue from six major self-owned brands, including SAIC, GAC, BYD, Changan, Great Wall, and Seres, totaled 537.8 billion yuan, reflecting a year-on-year growth of 7.8% and a quarter-on-quarter growth of 4.5% [2] - The gross margin for passenger vehicle companies in Q3 2025 was 15.1%, down 2.5 percentage points year-on-year but up 2.2 percentage points quarter-on-quarter, indicating pressure from pricing strategies and product structure fluctuations [2] Parts Sector - The parts sector's gross margin in Q3 2025 was 18.3%, an increase of 0.6 percentage points year-on-year, driven by scale effects and a decrease in raw material costs [3] - The non-GAAP net profit for the parts sector grew by 13.8% year-on-year but decreased by 2.8% quarter-on-quarter, with a net profit margin of 5.8% [3] Commercial Vehicles - Heavy truck wholesale sales reached 282,000 units in Q3 2025, a year-on-year increase of 58.1% and a quarter-on-quarter increase of 2.8% [4] - The revenue from key heavy truck companies was 108 billion yuan, up 26.9% year-on-year and 4.4% quarter-on-quarter, meeting expectations [4] - The gross margin for key bus companies in Q3 2025 was 19.3%, up 7.4 percentage points year-on-year, indicating improved profitability [4] Motorcycles - The wholesale sales of mid-to-large displacement motorcycles reached 259,000 units in Q3 2025, a year-on-year increase of 19.2% [5] - The total revenue for motorcycles was 15.41 billion yuan, reflecting a year-on-year growth of 25.4% but a quarter-on-quarter decline of 10.8% [5] - The overall gross margin for key motorcycle companies was 23.2%, showing a slight year-on-year increase but a minor quarter-on-quarter decrease due to changes in product structure [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current inventory of lithium carbonate is continuously decreasing, and consumption has certain support. The resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may change from destocking to inventory accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 13, 2025, the main contract 2601 of lithium carbonate opened at 86,500 yuan/ton and closed at 87,840 yuan/ton, with a change of 1.39% compared to the previous day's settlement price. The trading volume was 1,106,011 lots, and the open interest was 536,514 lots. The previous day's open interest was 528,966 lots. The current basis was -3,370 yuan/ton. The lithium carbonate warehouse receipts were 27,508 lots, a change of -779 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 82,100 - 86,600 yuan/ton, a change of 1,050 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was 81,500 - 82,500 yuan/ton, a change of 900 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,050 US dollars/ton, a change of 30 US dollars/ton compared to the previous day [2]. - The overall operating rate of lithium salt plants remains high, with the operating rates of both the spodumene end and the salt lake end maintained above 60%. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [2]. - In the demand aspect, both commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [2]. - As of November 13, 17 mainstream automobile brands have launched a purchase tax support plan [2]. - According to the latest weekly data, the weekly production increased by 11 tons to 21,545 tons. The total inventory decreased by 3,481 tons to 120,472 tons. The consumption end has strong support recently [3]. Strategy - Unilateral: Mainly adopt a wait - and - see attitude in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option: Sell out - of - the - money call options [5].

Core Viewpoint - The Hong Kong stock market indices experienced a decline, with the Hang Seng Tech Index dropping over 2%, while the Hang Seng Tech Index ETF (513180) followed suit, indicating a bearish trend in the tech sector [1] Group 1: Market Performance - The Hang Seng Tech Index ETF (513180) saw a significant drop, with major holdings like Baidu Group and JD Group experiencing declines of over 7% and nearly 6% respectively, while JD Health rose over 6% [1] - The overall market sentiment is influenced by the U.S. government's renewed spending and the return of liquidity, which is expected to reverse previous pessimistic trading assumptions [1] Group 2: Future Outlook - Analysts from Western Securities suggest that the return of liquidity in the U.S. could lead to a rebound in risk assets, particularly benefiting the Hong Kong market and the Hang Seng Tech Index [1] - The Hang Seng Tech Index ETF (513180) includes 30 leading tech stocks in Hong Kong, focusing on the AI industry chain, with companies like Alibaba, Tencent, and BYD positioned as potential leaders in China's tech sector [1]

Market Overview - The Hong Kong stock market experienced a collective decline in its three major indices on November 14, with technology stocks suffering significant losses while innovative drug concepts saw gains [1] - The largest ETF tracking the A-share sector, the Hang Seng Tech Index ETF (513180), followed the index's sharp drop, with major holdings like JD Health rising against the trend, while Baidu, JD Group, Xpeng Motors, NIO, Alibaba, and Kuaishou all fell, with Baidu dropping over 7% in the afternoon [1] Influencing Factors - Overnight, U.S. tech stocks faced substantial adjustments, with leading AI technology companies like Nvidia experiencing heavy sell-offs, which may have impacted market sentiment in Hong Kong [1] - Recent cautious signals from Federal Reserve officials have heightened market concerns, with an increasing number of officials showing hesitation regarding further interest rate cuts. Cleveland Fed's Harker emphasized the need for a restrictive monetary policy, while San Francisco Fed's Daly stated it is too early to determine if a rate cut will occur in December [1] - As of the time of reporting, the probability of a rate cut in December had decreased from nearly 70% a week prior to around 50% according to the CME FedWatch Tool [1]

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 26,660.31 points, down 412.72 points, a decline of 1.52% [1] - The Hang Seng Technology Index reported 5,848.48 points, down 132.82 points, a decrease of 2.22% [2] Company Performance - Tencent Holdings (00700.HK) reported strong Q3 results, with revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter. For the first nine months, total revenue was 557.40 billion yuan, a 14% increase year-on-year [4] - JD.com (09618.HK) experienced a decline in net profit, opening down 2.97%. Q3 total revenue was 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit fell by 55.03% to 5.28 billion yuan [5] - SMIC (00981.HK) opened down over 1%. The company reported Q3 sales revenue of 2.38 billion USD, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8%. Gross margin was 22.0%, up 1.6 percentage points quarter-on-quarter, with capacity utilization rising to 95.8%, an increase of 3.3 percentage points [6] - Bilibili (09626.HK) turned a profit, opening down 3% before rebounding. Q3 net revenue was 7.69 billion yuan, a year-on-year increase of 5%, with net profit of 469 million yuan, marking a return to profitability. Daily active users reached 117 million, a 9% increase year-on-year [6] Market Trends - Recent market activity shows a clear rotation among sectors, with strong performance in biopharmaceuticals, lithium batteries, and paper industries, while energy sectors like oil and coal are under pressure due to falling international oil prices. This rotation indicates market vitality and suggests investors should pay attention to different sector drivers [7] - Despite noticeable market fluctuations, the foundation of the Hong Kong bull market remains intact, with expectations for a "volatile upward" trend driven by liquidity easing, policy support, and industrial upgrades [7]