Hong Kong's three major stock indices opened higher but closed lower on November 9. By the close, the Hang Seng Index had slipped 0.13% to 24,448.95, the Hang Seng Tech Index had fallen 0.92%, and the State-owned Enterprises Index had declined 0.17%.

On the board, tech internet stocks were mostly lower. NetEase (09999) gained more than 1%, while Meituan-W (03690) dropped over 6%, and Xiaomi Group-W (01810) fell nearly 1%. The coal sector bucked the broader trend and rallied, with Shougang Resources surging more than 12%. Auto stocks weakened, with Leapmotor (09863) tumbling over 7%. Lithium battery stocks also declined, as Ganfeng Lithium Group Co.,Ltd. (002460) dropped more than 4%. Yuanxin Energy Storage rose 59% on its trading debut.

The coal sector rallied against the market trend, with Shougang Resources jumping over 12%. As of November 6, the price of 5,500 kcal thermal coal at Qinhuangdao Port had rebounded to 1,013 yuan per tonne, ending its losing streak that began after November 3, while daily coal consumption at power plants also increased month-on-month. Expectations of supply contraction, combined with stabilizing coal prices, formed a resonance that drove the coal sector higher overall. In addition, Shougang Resources announced after market close on November 6 that the company will hold a board meeting on November 18 (next Wednesday) to consider approving the declaration and distribution of a special dividend to shareholders.

Auto stocks weakened, with Leapmotor (09863) falling more than 7%. The China Passenger Car Association reported that nationwide passenger vehicle retail sales in October totaled 1.643 million units, down 27.1% year-on-year and up 1.5% month-on-month. Cumulative passenger vehicle retail sales for the first ten months reached 14.978 million units, down 22.3% year-on-year. New energy vehicle retail sales in October fell 13.7% year-on-year, with domestic brands down 15%, mainstream joint ventures up 69%, and luxury brands down 45%. Domestic A00-class electric vehicle retail sales were hit particularly hard by unfavorable subsidy policies.

Lithium battery stocks declined, with Ganfeng Lithium Group Co.,Ltd. (002460) dropping more than 4%. Lithium carbonate futures ended their two-day rebound, with the main 2701 contract falling more than 4% in the afternoon session, once again losing the 90,000 yuan mark and touching a low of 87,740 yuan per tonne. Everbright Futures believes that from a fundamental perspective, weekly data still shows continuous inventory drawdown, but the pace has slowed significantly month-on-month. Combined with subsequent mine restarts and the off-season for demand, this may cause the destocking pace to continue slowing.

Yuanxin Energy Storage rose 59% on its first day of trading. The company's public offering was subscribed by 60,000 people, with an oversubscription of 1,389 times, involving 89.6 billion Hong Kong dollars. The company set up a grey market after market close on November 6, and across the three major grey market trading venues, the stock closed up more than 1.2 times, with maximum paper gains of 6,060 Hong Kong dollars per lot.