The Hang Seng Index rose 86 points in half a day, POP MART rose over 8%, and Mengniu Dairy and Budweiser rose 2% | Hong Kong stock market opens

Hong Kong stocks struggled at the 26,000 level on the futures settlement day. The Hang Seng Index opened 17 points higher this morning, at one point falling 105 points to a low of 25,822 points for support, before rising as much as 154 points to a high of 26,082 points. It closed at 26,014 points at noon, up 86 points or 0.34%, with a turnover of HKD 117.17 billion.

Alibaba down 2%, Baidu and BYD down 0.8%

The Tech Index rose 7 points or 0.14% to 5,626 points at midday. According to foreign media reports, the U.S. Department of Defense identified several Chinese companies as "assisting the Chinese military," including Alibaba (9988), Baidu (9888), and BYD (1211). Alibaba fell 2.32% at midday; Baidu and BYD dropped 0.87% and 0.86%, respectively. Other major tech stocks had mixed performances, with Tencent (700) down 0.8%; Meituan (3690) unchanged; Xiaomi (1810) up 2.99%; and JD.com (9618) up 2%.

POP MART (9992) rose 8.79% to HKD 222.6, as major firms are optimistic about POP MART benefiting from consumption-boosting policies in mainland China. Other consumer stocks also performed well, with Mengniu Dairy (2319) and China Resources Beer (291) both rising over 2%.

China Taiping's decline narrows to 1.3%

A level 5 fire occurred at Hong Fu Court in Tai Po, with rumors suggesting that the comprehensive insurance for the estate is underwritten by China Taiping (966). The stock fell 8% this morning but gradually narrowed its decline, down 1.37% at midday.

Quantitative Partners (2685) debuted today, reaching a high of HKD 27.8, up over 183% from the offering price of HKD 9.8, and rose 113.26% at midday, closing at HKD 20.9.

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Expectations for U.S. interest rate cuts continue to rise, with JP Morgan economists "changing their tune" to believe that the Federal Reserve will cut rates in December, altering their judgment from a week ago about delaying cuts until January next year. This change is primarily due to several heavyweight Federal Reserve officials recently expressing support for rate cuts. The bank currently expects the Federal Reserve to implement two rate cuts of 25 basis points each in December and January.

U.S. stock market closed on Thanksgiving holiday Thursday

It is important to note that the U.S. stock market will be closed this Thursday for the Thanksgiving holiday and will also close three hours early on Friday. The three major U.S. indices continued to rise on Wednesday, with the Dow Jones closing up 314 points or 0.67% at 47,427 points; the S&P 500 up 46 points or 0.69% at 6,812 points; and the Nasdaq up 189 points or 0.82% at 23,214 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.03% to 7,750 points. Additionally, Bitcoin has risen above the USD 90,000 mark, currently reported at USD 90,609.

Alibaba, Baidu, and BYD accused of assisting the military

In the Hong Kong stock market, the Hang Seng Index opened 17 points higher this morning at 25,945 points. Foreign media reported that according to a letter from the Pentagon to the U.S. Congress, the Department of Defense identified Alibaba (9988), Baidu (9888), and BYD (1211) as companies that should be listed as "providing assistance to the Chinese military." The three stocks opened down 0.52%, 1.3%, and 0.81%, respectively Among other major tech stocks, Tencent (700) fell 0.24%; JD.com (9618) fell 0.09%; Xiaomi (1810) saw a 0.35% increase as Lu Zeyu, a member of the former Tesla Optimus agile hand team, joined; as for Meituan (3690), which announced its results on Friday, it opened down 0.2%.

Quantitative Party's Public Offering Oversubscribed 9,365 Times

In terms of new stocks, Quantitative Party (2685) recorded approximately 9,365 times oversubscription in its public offering, with a 0.6% chance of winning one lot, and the international offering was oversubscribed 14 times. The stock opened at HKD 26, up 165%.

In individual stock news, Swire Group reportedly laid off about 10% of its staff at its Hong Kong headquarters, with Swire Properties (019) down 0.22% this morning; its affiliate Swire Properties (1972) remained unchanged.

Regarding the movement of northbound capital, there was a net sell of HKD 3.952 billion in Hong Kong stocks yesterday, with Alibaba (9988), Yangtze Optical Fibre and Cable (6869), and China Mobile (941) receiving net purchases of HKD 1.528 billion, HKD 178 million, and HKD 54.52 million, respectively; while the Tracker Fund of Hong Kong (2800), Tencent (700), and Meituan (3690) faced net sells of HKD 2.259 billion, HKD 1.18 billion, and HKD 367 million, respectively