Hong Kong's three major stock indices extended gains for a second consecutive session, buoyed by improved risk sentiment amid easing geopolitical tensions and growing expectations of a Federal Reserve rate cut.
On November 25, the Hang Seng Index climbed 0.69%, briefly surpassing the 26,000-point mark during intraday trading. The Hang Seng Tech Index rose 1.20%, while the Hang Seng China Enterprises Index gained 0.87%.
Southbound capital inflows surged, with net purchases totaling approximately HKD 112 billion. Alibaba (BABA) led the charge, attracting over HKD 56 billion in net inflows. Large-cap tech stocks drove the rally, while gold and non-ferrous metal stocks advanced on Fed pivot bets. Financials and smart-driving concept shares also outperformed.
**Tech Giants Fuel Market Rally**
Baidu jumped 4.56%, followed by Xiaomi (+4.35%), Kuaishou, Alibaba, NetEase, Meituan, and Tencent. Alibaba recorded turnover of HKD 232.18 billion, while Xiaomi and Tencent saw volumes of HKD 127.95 billion and nearly HKD 100 billion, respectively.
Notably, Xiaomi founder and CEO Lei Jun purchased 2.6 million shares at an average price of HKD 38.58, boosting his stake to 23.26%.
**Bilibili Surges 5%**
Bilibili Inc. (BILI) rose 5.22% to HKD 213.60 after Norway’s central bank increased its holding by 900,000 shares (HKD 176 million), lifting its ownership to 5.16%.
**Metals Shine on Fed Speculation**
Gold miners like Chifeng Gold (+4.86%), China Silver Group (+3.28%), and Datang Gold (+1.96%) rallied as San Francisco Fed President Mary Daly endorsed a December rate cut. Non-ferrous players including China Daye and MMG also advanced.
**Smart-Driving Stocks Accelerate**
Lidar firms Hesai (+13%) and Pony.ai (+9.32%) soared after securing major orders, with Hesai reportedly landing contracts for Xiaomi and Li Auto's 2025 models.
**Financials Gain Momentum**
China Life and CMB rose over 2%, supported by insurers’ stronger-than-expected Q3 investment yields. Analysts project double-digit growth in 2026 dividend insurance sales.
**Airlines Under Pressure**
China Eastern Airlines plunged nearly 6% as cancellations for Japan-bound flights surged 56% month-on-month. Bookings on major Chinese carriers to Japan dropped 29% since mid-November.
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