---
title: "The Market Review: Hang Seng Index \"Four Consecutive Declines,\" Xiaomi Drops Over 4% After Earnings, Oil Stocks and Gold Stocks Rise"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/266514148.md"
description: "The Market Review: Hang Seng Index \"Four Consecutive Declines,\" Xiaomi Drops Over 4% After Earnings, Oil Stocks and Gold Stocks Rise"
datetime: "2025-11-19T09:15:33.000Z"
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---

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# The Market Review: Hang Seng Index "Four Consecutive Declines," Xiaomi Drops Over 4% After Earnings, Oil Stocks and Gold Stocks Rise

Hong Kong stocks fluctuated downwards today. The market is watching NVIDIA (NVDA.US) which will announce its quarterly results later, as well as the U.S. September non-farm employment data. The Dow Jones Industrial Average fell 1.1% overnight, and the Nasdaq dropped 1.2%. At the time of writing, the yield on U.S. 2-year bonds fell to 3.577%, while the yield on U.S. 10-year bonds rose to 4.121%, and the U.S. dollar index increased to 99.69. Dow futures are currently down 41 points or 0.09%, and Nasdaq futures are down 6 points or 0.03%. The Shanghai Composite Index rose 6 points or 0.18% to close at 3,946 points, while the Shenzhen Component Index slightly fell by 0.4 points. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan.

Hong Kong stocks initially rose and then fell, with the Hang Seng Index opening up 24 points, rising 115 points to 26,045 points before declining again. In the afternoon, it fell by 187 points to a low of 25,742 points, closing down 99 points or 0.4% at 25,830 points, marking a four-day decline (a total drop of 1,242 points or 4.6%); the Hang Seng China Enterprises Index fell 23 points or 0.26% to close at 9,151 points; the Hang Seng Tech Index dropped 38 points or 0.7% to close at 5,606 points. The total trading volume for the day was 211.426 billion yuan. The total trading volume from northbound trading was 83.946 billion yuan, while southbound funds had a net inflow of 6.591 billion yuan today (compared to a net inflow of 7.466 billion yuan on the previous trading day), marking a decline in net inflow for three consecutive trading days.

The Tracker Fund of Hong Kong (02800.HK) fell 0.3% to close at 25.98 yuan, with a trading volume of 17.191 billion yuan. The Southern Hang Seng Tech (03033.HK) dropped 0.6%, with a trading volume of 10.227 billion yuan. Oil and gold stocks provided support, with China Petroleum & Chemical Corporation (00386.HK) and China National Petroleum Corporation (00857.HK) rising 2.9% and 2.1%, respectively. Zhaojin Mining Industry Company Limited (01818.HK) surged 6.4%, and Zijin Mining Group Company Limited (02259.HK) rose 6.2%. Contemporary Amperex Technology Co., Limited (03750.HK) will have its cornerstone investors' lock-up period expire tomorrow (20th), and the stock rose 1.6% to close at 512 yuan.

【Oil and gold stocks rise, Xiaomi falls after earnings】

Xiaomi (01810.HK) saw its stock price drop 4.8% to close at 38.82 yuan after announcing its quarterly results, with a trading volume of 18.78 billion yuan. Brokers are concerned that the rising costs of the company's smartphone business will pressure its gross margin in the future. A report from JP Morgan pointed out that over the past six months, Xiaomi's stock price has significantly lagged behind the Hang Seng Tech Index due to slowing core profit growth. Despite Xiaomi's strong execution, market sentiment surrounding electric vehicles has turned pessimistic. Xiaomi released its third-quarter financial report after the market closed yesterday (18th), indicating that due to weak smartphone demand, slowing AIoT growth, and increased cost pressures from rising raw material prices (especially memory), core profit weakness may worsen in the coming quarters JP Morgan expects that Xiaomi's core profit will decrease by 15% year-on-year in the first half of 2026, and considering that capacity constraints are the main obstacle to further increasing electric vehicle shipments, market expectations may still be suppressed before Xiaomi obtains the license for its second electric vehicle factory. JP Morgan has lowered its earnings per share estimates for Xiaomi for the fiscal years 2026 and 2027 by 9% and 2% respectively, and has reduced the target price from HKD 50 to HKD 45, maintaining a "Neutral" rating.

【Short interest rises, Alibaba rises against the trend】

The Hong Kong stock market continues to weaken, with a rise and fall ratio of 21 to 27 for main board stocks (compared to 10 to 41 the previous day). There were 1,118 declining stocks (down 2.4%), with 34 stocks in the Hang Seng Index rising and 53 falling, resulting in a rise and fall ratio of 39 to 60 (compared to 7 to 93 the previous day). The market recorded short selling of HKD 41.905 billion today, accounting for 22.577% of the total turnover of shortable stocks at HKD 185.606 billion.

Alibaba (09988.HK) rose 1.2% to close at HKD 156.4, with a turnover of HKD 11.135 billion, while Baidu (09888.HK) fluctuated throughout the day, falling nearly 0.2% to close at HKD 111.2, with a turnover of HKD 2.132 billion. Bank of China International released a report stating that Baidu's third-quarter performance met expectations. Total revenue in the third quarter decreased by 7% year-on-year, exceeding market expectations by 1% and aligning with the bank's forecast. Advertising revenue fell by 18% year-on-year, while non-advertising revenue increased by 21%, resulting in a 7% year-on-year decline in Baidu's core revenue. The newly disclosed AI-driven business revenue grew by 50% year-on-year to RMB 9.6 billion, demonstrating the company's achievements in AI commercialization. The adjusted operating profit margin of 7.1% met expectations.

Bank of China International stated that although Baidu's core traditional advertising revenue will continue to be under pressure in the short to medium term, the company is continuously realizing the positive effects brought by its firm execution of AI strategies. Coupled with its ample cash reserves and the potential acceleration of shareholder return plans, it maintains a "Buy" rating, raising the target price for Baidu (BIDU.US) in the US stock market from USD 133 to USD 137

### Related Stocks

- [Xiaomi Corporation (XIACY.US)](https://longbridge.com/en/quote/XIACY.US.md)
- [XIAOMI-W (01810.HK)](https://longbridge.com/en/quote/01810.HK.md)

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