According to the Zhitong Finance APP, uncertainties in trade disputes remain, and the market continues to focus on a new round of Sino-U.S. games. Hong Kong stocks opened high but fell throughout the day, with the three major indices collectively plunging in the afternoon, and the Hang Seng Index once dropping over 4%. By the close, the Hang Seng Index fell 1.73% or 448.13 points, closing at 25,441.35 points, with a total turnover of HKD 39.891 billion; the Hang Seng China Enterprises Index fell 1.55%, closing at 9,079.16 points; the Hang Seng Tech Index fell 3.62%, closing at 5,923.26 points.
Puyin International pointed out that the recent escalation of Sino-U.S. trade friction will increase short-term market uncertainty. If trade friction further escalates, it may lead to greater market volatility. The bank believes that under the current market conditions, where expectations for trade negotiations are more fully priced in, liquidity is more abundant, and earnings are beginning to drive the market, short-term pullbacks are unlikely to change the medium-term positive trend of Hong Kong stocks. It is recommended to pay attention to opportunities for buying core assets in Hong Kong stocks on dips.
<h2>Blue Chip Performance</h2>
China Merchants Bank (03968) led the blue chips. By the close, it rose 4.7%, closing at HKD 48.16, with a turnover of HKD 2.316 billion, contributing 13.25 points to the Hang Seng Index. Galaxy Securities believes that the uncertainty of tariffs is exacerbating global asset price volatility, creating demand for defensive allocations and bringing opportunities for bank allocations. The banking sector has stable dividends, and after a period of adjustment, the dividend yield's cost-effectiveness has improved, making the dividend value likely to attract risk-averse funds.
In other blue chip stocks, ENN Energy (02688) rose 3.19%, closing at HKD 67.95, contributing 2.64 points to the Hang Seng Index; China Construction Bank (00939) rose 2.32%, closing at HKD 7.49, contributing 28.92 points to the Hang Seng Index; Semiconductor Manufacturing International Corporation (00981) fell 8.48%, closing at HKD 73.35, dragging down the Hang Seng Index by 48.1 points; CSPC Pharmaceutical Group (01093) fell 7.08%, closing at HKD 8.79, dragging down the Hang Seng Index by 8.43 points.
<h2>Popular Sectors</h2>
On the market, large technology stocks came under pressure again, with Alibaba falling over 4% and Tencent nearly 3%. The uncertainty of tariffs has intensified demand for defensive allocations, with dividend stocks like banks receiving capital attention, leading to a 4.7% rise in China Merchants Bank; Sino-U.S. mutual port fees have made shipping stocks active. On the other hand, chip stocks opened high but fell back, with Huahong Semiconductor dropping over 13% and Semiconductor Manufacturing International Corporation dropping over 8%; international gold prices sharply fell in the afternoon, leading to a general decline in gold stocks and other non-ferrous metals; gaming stocks, pharmaceutical stocks, and Apple concept stocks all turned negative.
1. Domestic bank stocks rose against the trend. By the close, China Merchants Bank (03968) rose 4.7%, closing at HKD 48.16; Chongqing Bank (01963) rose 3.58%, closing at HKD 7.52; CITIC Bank (00998) rose 2.93%, closing at HKD 7.02; China Construction Bank (00939) rose 2.32%, closing at HKD 7.49.
Due to the uncertainty brought by the escalation of U.S. tariffs, dividend stocks like banks have attracted capital attention. Galaxy Securities believes that the uncertainty of tariffs is exacerbating global asset price volatility, creating demand for defensive allocations and bringing opportunities for bank allocations. The banking sector has stable dividends, and after a period of adjustment, the dividend yield's cost-effectiveness has improved, making the dividend value likely to attract risk-averse funds. Cathay Pacific Securities pointed out that from a fundamental perspective, the performance of the banking sector is relatively stable, with profits generally maintaining steady positive growth, and the profit growth rate of listed banks in 25H1 reached 0.8%. Looking at the whole year,
Performance is expected to maintain a stable and improving trend.
2. Shipping stocks performed actively. As of the close, China COSCO Shipping Holdings (01919) rose 4.08% to HKD 12.49; Yang Ming Marine Transport (02510) rose 3.17% to HKD 8.47; COSCO Shipping Development (02866) rose 1.8% to HKD 1.13; Orient Overseas International (00316) rose 1.14% to HKD 124.4.
Recently, due to the implementation of the U.S. 301 port fee measures on October 14, the Ministry of Transport announced that China will implement special port fees countermeasures against U.S. vessels starting from October 14. Huatai Securities pointed out that in the short term, shipping companies may reallocate global vessel deployments and port calls to reduce related costs, which will cause supply chain disruptions and push up freight rates. From a medium to long-term perspective, based on the analysis of the nationality distribution of shipping companies, the Chinese shipping industry is subject to higher fees than the U.S. in the context of the China-U.S. game. After analyzing trade flows, the firm believes that Chinese oil and bulk shipping companies will benefit relatively, while container shipping will be relatively disadvantaged.
3. Photovoltaic stocks rose and then fell. As of the close, Flat Glass Group (06865) rose 2.51% to HKD 11.43; Xinyi Solar (00968) rose 1.42% to HKD 3.56; GCL-Poly Energy (03800) rose 0.8% to HKD 1.26.
According to China Securities Journal, on October 14, there were market rumors that relevant authorities might issue a document to strengthen the regulation of photovoltaic production capacity. In response, industry insiders close to the authorities stated that the document may be issued soon, and its content involves requirements for limiting the operating rates of existing production capacities across the entire industry chain, as well as a ban on new production capacities, in order to promote an early balance between supply and demand. Guotai Junan stated that the continuous favorable catalysts in terms of policy, demand, and performance for photovoltaics are expected to drive up industry chain prices, leading to gradual improvements in the fundamentals, and the photovoltaic sector will overall welcome a reversal of its difficulties.
4. Chip stocks fell sharply. Hua Hong Semiconductor (01347) fell 13.08% to HKD 76.75; Shanghai Fudan (01385) fell 9.55% to HKD 39.6; SMIC (00981) fell 8.48% to HKD 73.35.
Wentai Technology's subsidiary, Nexperia, received a ministerial order from the Dutch Ministry of Economic Affairs and Climate Policy and a ruling from the Amsterdam Court of Appeal's corporate court, which primarily resulted in Wentai Technology losing direct control over Nexperia, including governance and voting rights. Analysts pointed out that this incident may temporarily impact market sentiment, and the self-sufficiency of the semiconductor industry chain is urgent. Another point of interest is the Bay Area Semiconductor Industry Ecosystem Expo from the 15th to the 17th of this month, where Shenzhen's state-owned enterprise New Kailai is expected to launch new products, which institutions believe may create favorable catalysts for sector sentiment.
5. Gold stocks fell in the afternoon. As of the close, Chifeng Jilong Gold Mining (06693) fell 6.8% to HKD 33.18; China Gold International (02099) fell 6.6% to HKD 134.5; Zijin Mining (02899) fell 6.54% to HKD 32; Shandong Gold (01787) fell 4.44% to HKD 40.02
On the afternoon of October 14, spot gold significantly retreated from the historical high set earlier in the day, briefly falling below the $4,100 mark, after reaching a maximum of $4,179 per ounce. CITIC Futures pointed out that trade friction and easing expectations resonated to push up gold prices, while the Federal Reserve's interest rate cut expectations, the dollar's decline, and the U.S. fiscal deadlock collectively provided support. The government shutdown weakened the availability of economic data, leading the market to continue chasing gains in a &#34;no data is bullish&#34; sentiment. If short-term technical overbought conditions lead to adjustments, $4,000 will be the primary support level, and increased price volatility may trigger a phase of profit-taking.
<h2>Popular Active Stocks</h2>
1. Zhenjiu Lidu (06979) rose throughout the day, closing up 5.42% at HKD 9.34.**
Zhenjiu Lidu announced that former CEO Yan Tao has stepped down and will serve as an executive director and vice chairman of the board, assisting group chairman Wu Xiangdong and Xiangjiao Liquor Industry in operations. The new CEO is Tang Xiangyang, the group's vice president, who will be fully responsible for the core brand businesses of Zhenjiu and Lidu. Public information shows that 57-year-old Tang Xiangyang joined the group in 1989 and has held positions such as general manager of Jiangxi Lidu Liquor Co., Ltd. and group vice president, with over 30 years of experience in the Chinese liquor industry.
2. InnoCare Pharma (02577) performed well, closing up 4.91% at HKD 81.2.**
InnoCare Pharma stated that through third-generation gallium nitride (GaN) technology, it is currently collaborating with NVIDIA to support 800 VDC power architectures, which is expected to help reduce power loss. As the only full-stack GaN supplier in the industry and a leading GaN IDM company, InnoCare is the only company to achieve mass production of GaN from 1200V to 15V, providing a full-link solution from 800V to 1V.
3. New China Life Insurance (01336) issued a profit warning, closing up 3.52% at HKD 48.24.**
New China Life Insurance announced that it expects the net profit attributable to shareholders for the first three quarters of 2025 to be between RMB 29.986 billion and RMB 34.122 billion, a year-on-year increase of 45% to 65%. The growth in performance is mainly due to the company's deepening reform and development, enhancing the value and operational quality of its insurance business, promoting the transformation of dividend insurance, and optimizing asset allocation, with investment income continuing to grow significantly from a high base in the same period last year.
4. Chalk (02469) rose against the market trend, closing up 3.45% at HKD 2.7.**
On October 14, the announcement for the recruitment of civil servants for the 2026 fiscal year by central agencies and their directly affiliated institutions was officially released. The age limit for applicants has been further relaxed, with the upper age limit raised from the original 35 years to 38 years, while the age limit for 2026 graduates with master's and doctoral degrees has been relaxed to under 43 years, with a total recruitment plan of 38,100 people

600036

03968

TCEHY

TCTZF

00700

Hong Kong stocks opened high and closed low today, with the Hang Seng Index down 1.73%, closing at 25,441.35 points. The market is focused on the China-U.S. trade dispute, with all three major indices collectively plunging in the afternoon, and the Hang Seng Tech Index at one point falling over 4%. Ping An International pointed out that the escalation of trade friction will increase market uncertainty, but the short-term pullback does not change the medium-term positive trend of Hong Kong stocks, recommending buying core assets on dips. Among blue-chip stocks, China Merchants Bank rose 4.7% to lead the gains, while technology stocks such as Alibaba and Tencent faced pressure

- The Hong Kong stock market experienced volatility amid ongoing US-China trade tensions, with the Hang Seng Index closing down 1.73% at 25,441.35 points.  
- Bank stocks, particularly China Merchants Bank, saw gains due to increased demand for defensive assets, while technology and gold stocks faced significant declines.  
- Analysts suggest that the trade disputes may lead to greater market fluctuations, but the medium-term outlook for Hong Kong stocks remains positive, encouraging investment in core assets.

Zhitong

China Merchants Bank

CM BANK

Tencent

Tencent Holdings Limited

TENCENT

Hong Kong stocks closed (10.14) | The Hang Seng Index fell 1.73%, while mainland bank stocks rose against the trend, and technology and non-ferrous metals significantly declined