"Hong Kong Stocks" Hang Seng Index rises 28 points in half a day, Meituan falls nearly 3%, ZTE drops over 6%

U.S. stocks overnight fell due to a decline in cryptocurrency, which dampened sentiment and caused the Dow Jones to end its five-day winning streak, closing down 427 points or 0.9%. The Hong Kong stock market opened positively, with the Hang Seng Index rising 155 points at the start and reaching a high of 26,264 points at one point. However, the upward momentum weakened, and it closed at 26,061 points, up 28 points or 0.1%; the National Index fell 2 points to 9,170 points; the Hang Seng Tech Index dropped 29 points or 0.5% to 5,614 points. The total turnover of the market for the half-day was HKD 98.997 billion.

In the technology sector, Alibaba (09988.HK) granted 6.1158 million shares as rewards according to its 2024 plan, and Qwen-Image updated its first launch to connect with the Qianwen APP, with its stock price rising 1.5% for the half-day. Tencent (00700.HK) fell 0.4%. Kuaishou (01024.HK) launched "Kuaishou O1" with its AI, and its stock price rose nearly 1%. Baidu (09888.HK) and NetEase (09999.HK) rose 0.2% and 0.5%, respectively.

Meituan (03690.HK) fell 2.9%, with China Merchants Securities estimating a core local business operating loss of RMB 11.8 billion for Meituan in the last quarter. Bilibili (09626.HK) fell 1.3%. SenseTime (00020.HK) also fell 1.4%. In the chip sector, SMIC (00981.HK) and Hua Hong (01347.HK) fell 1.4% and 2%, respectively.

In the automotive sector, Xiaomi (01810.HK) rose 0.6%, with Xiaomi Auto's delivery volume exceeding the annual target of 350,000 vehicles set at the beginning of the year. BYD (01211.HK) saw its new energy vehicle sales in November decrease by 5.3% year-on-year to 480,000 units, but increase by 8.7% month-on-month, exceeding Citigroup's expectations, which stimulated its stock price to rise 4% and return to "red bottom stock," reaching a high of HKD 101.9, closing up 1.8% at HKD 99.7.

Geely (00175.HK) fell 0.4%, with total sales in November increasing by 24% year-on-year to 310,400 vehicles. Li Auto (02015.HK) fell 1.6%, with China Merchants Securities International predicting a lack of strong catalysts for Li Auto in the next four months, downgrading its rating to "neutral." XPeng (09868.HK) fell 5.2%, with November deliveries of 36,700 vehicles down over 12% month-on-month. Nio (09866.HK) fell 6.2%, with November deliveries of 36,300 vehicles, an increase of 76.3% year-on-year, but a decrease of 10.2% month-on-month.

It is reported that Intel is expected to supply entry-level M series chips to Apple as early as 2027, with Apple-related stocks showing mixed results. Sunny Optical (02382.HK) fell 0.1%, BYD Electronics (00285.HK) rose 1.8%, AAC Technologies (02018.HK) rose 4.6%, and Q Technology (01478.HK) rose 1.2% ZTE (00763.HK) fell 6.3% in the first half of the day. Reports indicate that ByteDance is partnering with ZTE to "test the waters" for AI smartphones, granting AI operating system-level permissions. However, Morgan Stanley pointed out that the OEM options for "Doubao" AI smartphones are limited, making ecosystem development challenging.

In the financial sector, HSBC (00005.HK) rose 0.2%. Hong Kong Exchanges and Clearing (00388.HK) fell 0.6%. AIA (01299.HK) rose 0.7%. It was reported that the president of PICC Property and Casualty (02328.HK), Yu Ze, is suspected to have been taken away for investigation, and the stock price rose 2.9%. Macau's November gaming revenue exceeded expectations, with gaming stocks Galaxy Entertainment (000027.HK) and Sands China (01928.HK) rising 1.9% and 1.4%, respectively.

In individual stocks, Sanofi (01530.HK) fell nearly 5%, as the company plans to issue shares at a 6.5% discount to raise nearly HKD 3.09 billion. It is reported that Vanke (02202.HK) is seeking a one-year extension to repay a RMB 2 billion domestic bond due in mid-month, and the stock price rose 0.6%. Kaisa Group (01638.HK) is seeking consent for its notes, proposing to pay the minimum interest at a premium of 3.13 times in shares instead of cash, and the stock price fell 2.5%. Dongfang Zhenxuan (01797.HK) stated that the addition of new takeaway services is a normal operational adjustment, and the stock price fell 3.3%