The Hang Seng Index rose 175 points, robot concept stocks surged, Xiaomi rebounded 4%. Experts: Trading volume did not support the rebound | Hong Kong stocks closed

Hong Kong stocks opened high and rose, but failed to break above the 26,000 mark, closing at 25,935 points, up 175 points. The market turnover increased to HKD 179.3 billion, remaining below HKD 200 billion for three consecutive days. The Trump administration took further action, stimulating a surge in robotics concept stocks and domestic chip stocks. Analysts estimate that Hong Kong stocks will show volatile performance in the short term, fluctuating between 25,600 and 26,600 points.

The Hang Seng Index opened up 44 points, briefly turning down by as much as 111 points, hitting a low of 25,649 points. However, some investors took the opportunity to buy on dips, pushing the index close to the 26,000 mark, reaching a high of 25,990 points, up 230 points, and ultimately closing at 25,935 points, up 175 points. The National Index closed at 9,106 points, up 77 points. The Tech Index closed at 5,615 points, up 80 points.

Yunji and Sanhua Surge 8%

The Trump administration may announce an executive order to promote the robotics industry next year, leading to a surge in U.S. robotics concept stocks, which in turn boosted related concept stocks in Hong Kong. Yunji (2670) closed at HKD 187.5, up 8.4%; Sanhua Intelligent Control (2050) reported HKD 34.96, up 7.7%; Horizon Robotics (9660) reported HKD 8.29, up 7%, making it the best-performing stock in the Tech Index; MicroPort Robotics (2252) reported HKD 23.88, up 5.5%; and UBTECH (9880) reported HKD 113.3, up 3.7%.

Domestic Chip Stocks Perform Well, SMIC Up 4%

U.S. President Trump met with Nvidia CEO Jensen Huang, who stated that it is uncertain whether China would accept the H200 chip if the U.S. eases restrictions. Domestic chip stocks performed well, with SMIC (981) closing at HKD 69.8, up 3.9%; Huahong Semiconductor (1347) reported HKD 76.25, up 3.1%; and Shanghai Fudan (1385) reported HKD 39.86, up 2.8%.

Meituan Bounces 2%

Tech stocks rebounded, with Xiaomi (1810) closing at HKD 41.98, up 4.4%; Meituan (3690) reported HKD 98.1, up 2.3%; Alibaba (9988) reported HKD 154.4, up 0.5%; JD.com (9618) reported HKD 116.1, up 0.5%; and Tencent (700) reported HKD 612, up 0.2%.

In terms of blue-chip stocks, WuXi Biologics (2269) closed at HKD 32.94, up 7.1%; and WuXi AppTec (2359) reported HKD 102.7, up 5.4%, making them the best-performing blue-chip stocks. Shenzhou International (2313) closed at HKD 66.75, down 4.7%, making it the worst-performing blue-chip stock. HSBC (005) reported HKD 111.5, up 0.3%, marking a seven-day rise.

Tan Zhile: Fluctuating Between 25,600 and 26,600 Points

Futu Securities Chief Analyst Tan Zhile predicts that Hong Kong stocks will show volatile performance in the short term, fluctuating between 25,600 and 26,600 points, and noted that the 26,000 points mark is merely a psychological barrier. Even if it breaks above that level, it would not be significant. He mentioned that Hong Kong stocks have started to rebound recently, but the turnover has not supported a breakthrough, and further developments are awaited from the U.S. interest rate decision and the upcoming Central Economic Work Conference in China in mid to late this month -----

The Hang Seng Index opened 43 points higher this morning and showed narrow fluctuations. Although it once "turned negative" by 111 points to 25,649 points, it later "turned positive" by 111 points to 25,871 points, with an overall range of only 222 points. By noon, it reported 25,809 points, up 48 points or 0.19%, with a turnover of HKD 92.2 billion. In terms of the Tech Index, it reported 5,567 points at noon, up 32 points or 0.58%.

Among blue-chip stocks, recently weak Xiaomi (1810) and Meituan (3690) both rebounded, rising 2.9% and 2% respectively, along with China Construction Bank (939) and Industrial and Commercial Bank of China (1398), which both rose over 1%, supporting the market. In contrast, Tencent (700), Alibaba (9988), and AIA (1299) fell against the trend, limiting the market's gains.

Ctrip Benefits from Russia's Visa-Free Policy for China

In terms of stock price changes, Ctrip (9961) rose 3.6% in the first half of the day, making it the best-performing blue-chip stock, while Zijin Mining (2899) and SMIC (981) also rose 2.3% and 1.7% respectively. On the news front, Russia's visa-free policy for China has officially taken effect, valid from December 1, 2025, to September 14, 2026, allowing for a maximum of 30 days of visa-free travel. Additionally, since China implemented visa-free travel for Russia, related travel orders on the Ctrip platform have significantly increased compared to the same period last year, with ticket bookings for inbound tourists from Russia increasing by 190% year-on-year and hotel bookings increasing by 213%.

On the other hand, the Trump administration is committed to promoting the development of the robotics industry, stimulating related stocks in the U.S., which has also led to movements in Hong Kong-listed robotics concept stocks. Among them, Sihuan (2050) and DCH (179) both rose over 9%, while GIK (2590) rose over 5%, and MicroPort Scientific Corporation (2252) and Horizon Robotics (9660) both rose over 4%.

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Bad news in the U.S. stock market is treated as good news, with the U.S. ADP jobs report for November unexpectedly showing a decrease of 32,000 positions, far below the market expectation of an increase of 10,000. This further strengthens expectations for a rate cut by the Federal Reserve next week. All three major U.S. stock indices performed well, with the Dow Jones closing up 408 points or 0.86% at 47,882 points; the S&P 500 rose 20 points or 0.3% to 6,849 points; and the Nasdaq rose 40 points or 0.17% to 23,454 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it fell 1.38% to 7,701 points.

Trump Administration Pushes for Robotics Technology

On the other hand, the Trump administration is reportedly considering issuing an executive order next year to promote the development of robotics technology, and the Department of Transportation is also preparing to announce the establishment of a robotics working group, which may be announced by the end of the year. This news has stimulated a surge in related stocks, with Tesla (TSLA) shares rising over 4% to USD 446.74.

In the Hong Kong stock market, the Hang Seng Index opened 43 points higher this morning, reporting 25,804 points. Tech stocks showed mixed developments, with Alibaba (9988) down 0.3%; Tencent (700) down 0.2%; and Meituan (3690) up 0.9%; JD.com (9618) rose by 0.6%. As for Xiaomi (1810), it opened at HKD 40.34, up 0.3%. Lei Jun announced that the company's app has opened for purchasing available vehicles, covering brand new vehicles and official display vehicles, with the official display vehicles already sold out; Xiaomi Auto emphasized that the available vehicles are not registered and come with full warranty, while the delivery period has been shortened to as fast as 3 to 6 weeks.

FTSE China 50 Index Includes Hongqiao and CATL

On the other hand, FTSE Russell announced the inclusion of China Hongqiao (1378), Contemporary Amperex Technology Co., Limited (CATL) (3750), and Heng Rui Medicine (1276) into the FTSE China 50 Index constituents. The three stocks opened up 2.8%, 0.3%, and remained unchanged, respectively; at the same time, CITIC Securities (6066), Great Wall Motors (2333), and Li Auto (2015) were removed, with their stock prices remaining unchanged, down 0.6%, and down 2.3%, respectively. The adjustments will take effect after the market closes on December 19.

In individual stock news, the newly listed company Bingsheng Electronics (699) has been added to the Hong Kong Stock Connect eligible securities list, opening this morning at HKD 18, up 1%.

Regarding the northbound capital flow, there was a net purchase of HKD 2.279 billion in Hong Kong stocks yesterday, with Xiaomi (1810), Alibaba (9988), and Meituan (3690) receiving net purchases of HKD 870 million, HKD 427 million, and HKD 298 million, respectively; while Tencent (700), SMIC (981), and Kuaishou (1024) faced net sales of HKD 733 million, HKD 419 million, and HKD 185 million, respectively