Core Viewpoint - The Hang Seng Index closed at 26,183.08 points, down 1.14%, while the Hang Seng Tech Index fell by 2.0%, indicating a bearish trend in the Hong Kong stock market [1] Group 1: Market Performance - The sectors leading the gains included gold and precious metals, oil and gas, and materials [1] - The sectors that experienced declines were information technology equipment, media and entertainment, and professional retail [1] Group 2: Company-Specific Movements - Kuaishou saw a significant drop of 5.65% [1] - NIO experienced a decline of 4.54% [1] - Bilibili fell by 4.01% [1] - Hua Hong Semiconductor and SMIC both dropped over 2% [1]

Core Viewpoint - The Hong Kong gold and precious metals sector experienced significant activity, with multiple companies seeing substantial stock price increases on November 6. Group 1: Company Performance - Zijin Mining International (02259.HK) rose over 8% [1] - Tongguan Gold (00340.HK) increased by more than 7% [1] - Lingbao Gold (03330.HK) saw a rise of 6.9% [1] - Long Resources (01712.HK) and Jihai Resources (02489.HK) both gained over 5% [1]

Core Viewpoint - The Hang Seng Index (HSI) rose by 0.54% to 26,487.38 points, while the Hang Seng Tech Index increased by 0.31% to 6,112.17 points, indicating a positive market sentiment in the Hong Kong stock market [1] Sector Performance - The sectors leading the gains include general metals and minerals, gold and precious metals, and coal [1] - Conversely, the sectors that experienced declines are tourism and leisure facilities, textiles and apparel, and pharmaceuticals and biotechnology [1]

Group 1 - The Hang Seng Index closed at 25,697.57 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,880.5 points, down 2.12% [1] - The household appliances and oil & gas sectors led the gains, while gold & precious metals, general metals & mining, and specialty retail sectors faced declines [1]

Core Viewpoint - The Hong Kong stock market saw a significant decline in gold and precious metal stocks, driven by a sharp sell-off in the precious metals market after weeks of price increases, with gold experiencing its largest single-day drop in 12 years [1] Group 1: Market Performance - Gold and precious metal stocks opened lower across the board, with notable declines including Long Resources down 9%, Datang Gold down nearly 9%, and Zijin Gold International, Shandong Gold, and Jihai Resources down over 6% [1] - The sell-off in the precious metals market was marked by a nearly $280 drop in spot gold, which fell below $1,900, and spot silver plummeting over 8%, falling below $48, marking its largest drop since February 2021 [1] Group 2: Contributing Factors - Multiple factors contributed to the decline in precious metals, including positive developments in international trade negotiations, a strengthening US dollar, technical overbought conditions, uncertainty due to the US federal government shutdown, and the end of seasonal buying in India [1]

Core Viewpoint - The Hong Kong stock market saw a significant decline in gold and precious metal stocks following a sharp sell-off in the precious metals market, with gold experiencing its largest single-day drop in 12 years [1] Group 1: Market Performance - Gold and precious metal stocks opened lower across the board, with notable declines including Dragon Resources down 9%, Datang Gold down nearly 9%, and Zijin Gold International down over 6% [1] - The sell-off was triggered by a nearly $280 drop in spot gold prices, marking the largest single-day decline in 12 years, while spot silver fell over 8%, dropping below $48, the largest decline since February 2021 [1] Group 2: Contributing Factors - Multiple factors contributed to the decline in precious metals, including positive developments in international trade negotiations, a strengthening US dollar, technical overbought conditions, uncertainty due to the US federal government shutdown, and the end of seasonal buying in India [1]

Core Viewpoint - The insurance capital's participation as cornerstone investors in Hong Kong IPOs has surged significantly this year, with subscription amounts exceeding HKD 3.44 billion, approximately three times that of the same period last year, indicating a shift in investment strategy amidst low interest rates and asset scarcity [1][2]. Group 1: Investment Trends - Insurance funds are increasingly focusing on "hard technology" and new consumption sectors, including automotive, digital solutions, home appliances, semiconductors, and energy storage devices [3][10]. - Major insurance companies like Taikang Insurance and China Pacific Insurance have actively participated in multiple IPOs, with Taikang alone investing over HKD 1.4 billion across five companies [2][3]. Group 2: Market Dynamics - The Hong Kong IPO market has seen a revival, with a total fundraising amount of HKD 182.9 billion in the first three quarters of 2025, making it the highest globally [10]. - The number of IPO applications being processed has reached a record high of 289, reflecting a robust market environment [10]. Group 3: Risks and Challenges - Despite the potential for increased returns, cornerstone investments carry risks such as market volatility, liquidity constraints due to lock-up periods, and uncertainties related to the Hong Kong dollar's exchange rate and interest rate environment [1][11]. - The rapid technological changes in the hard tech sector pose challenges for insurance companies' existing research and investment frameworks, making it difficult to adapt to fast-evolving market conditions [11].

Core Viewpoint - The Hang Seng Index rose by 2.41% to 25,855.15 points, while the Hang Seng Tech Index increased by 3.21% to 5,945.11 points, indicating a positive market sentiment driven by specific sectors [1] Sector Performance - The semiconductor, professional retail, and software service sectors led the gains in the market, reflecting strong investor interest and potential growth opportunities in these areas [1] - Conversely, the gold and precious metals sector experienced declines, suggesting a shift in investor preference away from these assets [1]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.73% to 26,290.32 points, the Hang Seng Tech Index down by 3.27% to 6,259.75 points, and the National Enterprises Index decreasing by 1.80% to 9,358.32 points [1] - The Hang Seng Index opened lower at 26,523.89 points, dropped by 228.70 points initially, and ultimately closed down by 462.27 points with a total turnover exceeding 333.7 billion HKD [1] Sector Performance - Most sectors saw declines, with notable drops in biotechnology, pharmaceuticals, online retail, semiconductors, and new energy vehicles [1] - Some sectors like banking, port transportation, and real estate showed resilience with stocks generally rising [1] Individual Stock Movements - Key individual stock movements included: - HSBC Holdings down by 0.48% - Xiaomi Group down by 2.44% - Rongchang Bio down by 12.10% - Guming up by 12.21% - CATL down by 7.18% - Baidu down by 5.69% - XPeng down by 4.18% - Shandong Gold down by 7.04% - NIO down by 5.09% - Zijin Mining down by 6.86% - CITIC Bank up by 1.04% - China Petroleum up by 0.14% - China Resources Land up by 1.17% [1] Top Traded Stocks - The top three traded stocks included: - Alibaba down by 4.56% with a turnover exceeding 31.1 billion HKD - SMIC down by 7.13% with a turnover exceeding 16 billion HKD - Tencent Holdings down by 3.55% with a turnover exceeding 13 billion HKD [2]

| 121 | 2734.65 | -241.81 | | 2899.08 | 184013 | | | --- | --- | --- | --- | --- | --- | --- | | 上流量家 | 2865.58 | -253.33 | -8.12% | | 224.18 | HEIDAX | | A期限数 | | -23.97 | -9,64% | 225.87 | | SEE CVC40 | | 8期間式 | 224.61 | | | 2755.84 | 2676.01 | | | | 2711.82 | -220.67 | -752% | | 5065.76 | 7 1100 | | 1-850 | | | -8.16% | 5160.11 | | | | LM 100 | 5101.45 | -453,56 | | 3763.54 | 3729.17 | 恒生指数 | | | 3747.59 | -331.07 | -8.12% | | 7817.08 | 福生中国企业员 | | Lar150 | | | -7,91% | 8008.75 | | | | 上证180 | 7899.09 | ...