According to the Zhitong Finance APP, the Hong Kong stock market failed to continue its rebound, with the three major indices fluctuating and weakening throughout the day. The Hang Seng Index fell more than 2% at one point during the session, but the decline narrowed in the afternoon. At the close, the Hang Seng Index dropped 0.94% or 245.78 points to 25,781.77 points, with a total turnover of HKD 227.536 billion; the Hang Seng China Enterprises Index fell 0.85% to 9,223.78 points; the Hang Seng Tech Index decreased 1.41% to 5,923.09 points.
Guoyuan International pointed out that the biggest external uncertainty facing the market currently is the China-U.S. rivalry, with news affecting investor sentiment and causing short-term market fluctuations. However, the firm believes that after experiencing short-term volatility, once external disturbances decrease, the Hong Kong stock market will welcome a better entry opportunity, and it is expected that after a short-term adjustment, the Hong Kong stock market may quickly recover.
<h2>Blue Chip Performance</h2>
POP MART (09992) rose against the trend. At the close, it was up 2.4% to HKD 256.4, with a turnover of HKD 7.86 billion, contributing 6.98 points to the Hang Seng Index. POP MART announced that its overall revenue (unaudited) for the third quarter of 2025 is expected to grow by 245%-250% year-on-year, with revenue from China increasing by 185%-190% year-on-year and overseas revenue increasing by 365%-370% year-on-year. During the reporting period, the Americas market grew the fastest, with revenue increasing by 1265%-1270% year-on-year; the Asia-Pacific market saw a revenue increase of 170%-175% year-on-year; and revenue from Europe and other regions increased by 735%-740% year-on-year.
In other blue chip stocks, China National Pharmaceutical Group (01099) rose 4.27% to HKD 19.52, contributing 1.67 points to the Hang Seng Index; Shenzhou International (02313) increased 1.72% to HKD 68.05, contributing 1.48 points; Chow Tai Fook (01929) fell 5.65% to HKD 15.69, dragging down the Hang Seng Index by 2.94 points; and CSPC Pharmaceutical Group (01093) decreased 5.16% to HKD 8.46, dragging down the Hang Seng Index by 5.77 points.
<h2>Popular Sectors</h2>
On the market, large technology stocks performed poorly, with Alibaba down nearly 2% and Tencent down over 1%. The international gold and silver markets experienced significant fluctuations, leading to a collective decline in gold stocks today; the new consumption concept showed mixed trends, with Lao Pu Gold planning to issue discounted shares to raise over HKD 2.7 billion, resulting in an 8% drop in stock price; POP MART, on the other hand, rose over 2%, with the latest data showing sustained growth momentum in the third quarter; biopharmaceuticals, Apple concept stocks, and insurance stocks all fell. On the other hand, domestic bank stocks and oil stocks were active against the trend, with CNOOC Services rising over 3% and Agricultural Bank of China rising 1.56%, hitting a new historical high.
1. Gold stocks collectively declined. At the close, China Silver Group (00815) fell 8.33% to HKD 0.66; Jihai Resources (02489) dropped 7.93% to HKD 1.51; Lingbao Gold (03330) decreased 4.75% to HKD 17.25; and Chifeng Gold (06693) fell 2.93% to HKD 28.52.
Affected by multiple factors such as geopolitical issues and profit-taking by investors, gold and silver faced widespread selling in the market. On October 21, the international spot gold price fell more than 6% at one point, dropping below USD 4,100 per ounce, marking the largest single-day decline in 12 years;
International spot silver prices once fell more than 8%, dropping below $48 per ounce, marking the largest single-day decline since 2021. Citibank expects that the end of the U.S. government shutdown and the announcement of the China-U.S. agreement may drive gold into a consolidation phase in the next 2-3 weeks. Citibank stated that it is bearish on gold in the short term (previously bullish, now turned bearish), setting a target price of $4,000 per ounce for the 0-3 month period.
2. Domestic bank stocks are active against the trend. As of the close, Chongqing Bank (01963) rose 1.56% to HKD 7.79; Agricultural Bank of China (01288) rose 1.56% to HKD 5.85; CITIC Bank (00998) rose 1.23% to HKD 7.43.
Everbright Securities pointed out that the time window for reallocating the banking sector has opened, entering a &#34;favorable situation.&#34; The bank believes that after market adjustments, the current banking sector has good cost-performance ratio for allocation, and is relatively optimistic about the stock price performance in the next phase: from a fundamental perspective, the operational performance of banks is resilient, and the third-quarter reports of listed banks are about to be released, estimating that the revenue growth rate for Q1-Q3 will remain roughly flat quarter-on-quarter, with a slight improvement in profit growth rate quarter-on-quarter, providing a stable foundation for annual performance; from a valuation perspective, after the phased adjustment since Q3 2025, the &#34;high dividend, low valuation&#34; attribute of the banking sector has once again become prominent, with Hong Kong-listed banks showing a relatively more obvious price advantage among A-H listed banks.
3. Most oil and gas stocks rose. As of the close, Sinopec Oilfield Service (01033) rose 4.76% to HKD 0.88; Shandong Molong (00568) rose 4.65% to HKD 4.73; Baqian Oilfield Service (02178) rose 3.23% to HKD 0.064; CNOOC Oilfield Services (02883) rose 3.05% to HKD 7.1.
The deep-sea economy concept has attracted market attention. Recently, the Ministry of Natural Resources stated that during the &#34;14th Five-Year Plan&#34; period, the standardization work of natural resources will focus on accelerating the standardization of emerging and future industries such as deep sea and deep earth. In addition, on October 22, Brent crude oil futures saw an increase of more than 2%, while WTI crude oil futures rose above $58. Ping An Securities recently pointed out that the easing of geopolitical conflicts in the Middle East has led to a risk premium retreat in oil prices, but the risks from Russia-Ukraine and U.S.-Venezuela remain in play, coupled with uncertainties regarding the operation of the U.S. government and external tariffs and interest rate cuts, oil prices may show a volatile trend.
<h2>Popular Active Stocks</h2>
1. XuanZhu Bio-B (02575) reached a new high since listing, closing up 31.87% at HKD 60.
XuanZhu Bio announced that it presented the clinical III phase (BRIGHT-3) interim analysis results of palbociclib combined with letrozole or anastrozole in HR+/HER2- advanced breast cancer first-line treatment in poster form at the 2025 European Society for Medical Oncology (ESMO) on October 20, local time in Germany. The study confirmed that palbociclib combined with letrozole or anastrozole not only showed significant advantages in progression-free survival but also observed comprehensive benefits in multiple key subgroups, while demonstrating good safety and convenience of use
2. Chalco International (02068) surged in the afternoon, closing up 30.52% at HKD 3.25.
According to media reports cited by Wall Street Watch, Rio Tinto is exploring the possibility of an asset swap with China Aluminum International Trading Co., Ltd. The report states that Chalco will use part of its shares to exchange for a cooperative relationship with Rio Tinto's mining assets. The swap could allow Rio Tinto to allocate capital and pursue mergers and acquisitions more decisively. Assets that Chalco may be interested in include the Simandou iron ore project in Guinea and the Oyu Tolgoi copper mine in Mongolia. Another possible exchange could involve Rio Tinto's titanium business.
3. Guanghetong (00638) debuted below issue price, closing down 11.72% at HKD 18.98.
Guanghetong priced its shares at HKD 21.50, issuing a total of 135 million shares, with a minimum purchase of 200 shares, raising approximately HKD 2.811 billion in net proceeds. Public information shows that Guanghetong is a leading enterprise in the A-share wireless communication module sector. Guanghetong's module products and solutions cover a wide range of application scenarios, mainly including automotive electronics, smart homes, consumer electronics, and smart retail.
4. Laopu Gold (06181) saw a sharp decline in stock price, closing down 8.21% at HKD 704.
Laopu Gold announced plans to place 3.7118 million new H shares at a price of HKD 732.49 per share, representing a discount of approximately 4.5% compared to the previous trading day's closing price of HKD 767. The net proceeds are expected to be approximately HKD 2.707 billion, intended for the following purposes: 70% for inventory reserves; 10% for store expansion and optimization of existing store locations and area expansion; 20% for replenishing working capital and general corporate purposes.
5. Innovent Biologics (01801) opened high but closed lower, down 1.96% at HKD 85.2.
Innovent Biologics announced this morning that it has reached a global strategic cooperation with Takeda Pharmaceutical to jointly advance the development of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies. The company will receive an upfront payment of USD 1.2 billion and is also entitled to receive potential milestone payments totaling up to USD 10.2 billion, with the total transaction amount potentially reaching up to USD 11.4 billion

09992

00HSI

Hong Kong stocks failed to continue the rebound, with the three major indices fluctuating and weakening throughout the day, and the Hang Seng Index closed down 0.94%. POP MART rose 2.4% against the trend, expecting an overall revenue growth of 245%-250% year-on-year in the third quarter of 2025. Guoyuan International pointed out that the market faces uncertainties from the China-U.S. rivalry, but after short-term fluctuations, Hong Kong stocks are expected to welcome a good entry opportunity. Other blue-chip stocks showed mixed performance, with China National Pharmaceutical Group rising 4.27% and Chow Tai Fook falling 5.65%

- The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 0.94% to 25,781.77 points amid external uncertainties related to US-China relations.  
- Despite the overall downturn, Pop Mart saw a significant increase in its stock price, reporting a 245%-250% year-on-year revenue growth for Q3 2025.  
- The market also witnessed a sharp drop in gold and silver stocks due to geopolitical factors, with international gold prices experiencing their largest single-day decline in 12 years.

Zhitong

POP MART

Hang Seng Index

Hong Kong stocks closed (10.22) | The Hang Seng Index fell 0.94%, POP MART rose over 2% against the trend, and Laopuhuangjin's discounted placement fell 8%