On November 10, Hong Kong's three major stock indices collectively rose. By midday close, the Hang Seng Index increased by 0.61% to 26,403.05 points, while the Hang Seng Tech Index edged up 0.12%, and the HSI rose 0.84%.

Sector-wise, tech stocks were mixed, with Tencent rising over 1%, while Lenovo and NetEase fell more than 1%. Aviation stocks broadly advanced, with Air China climbing over 6%. The new consumption concept gained momentum, with Hushang Auntie soaring over 16% and POP MART surging more than 6%. Gold-related stocks were active, as Shandong Gold rose over 4%. Meanwhile, Leshu Comfort surged over 31% on its debut trading day.

**Aviation Stocks Rally as Air China Jumps Over 6%** Major listed Chinese airlines recently disclosed their Q3 2025 earnings reports. Supported by peak summer travel and foreign exchange gains, Air China, China Eastern Airlines, and China Southern Airlines all reported year-on-year revenue growth and profitability. In Q3, the three major airlines collectively posted adjusted net profits of RMB 10.27 billion, up from RMB 9.19 billion in the same period last year.

**New Consumption Concept Gains Traction** Hushang Auntie surged over 16%, and POP MART rose more than 6%. On November 7, the Ministry of Finance released its mid-2025 fiscal policy report, pledging continued support for consumption-boosting initiatives, including fiscal subsidies for personal loans in key sectors and operational loans for related industries, aiming to stimulate demand in elderly care, childcare, and other service sectors.

**Gold Stocks Shine as Shandong Gold Climbs Over 4%** On November 7, the central bank disclosed its latest official reserve assets, showing gold reserves at 74.09 million ounces by end-October, up by 30,000 ounces from September—marking the 12th consecutive month of increases. UBS noted that central banks purchased 634 metric tons of gold by Q3 2025, slightly below the prior-year level but rebounding in Q4, aligning with its full-year forecast of 900–950 metric tons.

**Leshu Comfort Soars Over 31% on Debut** During its public offering phase, Leshu Comfort received 1,813.77x oversubscription, with 9.0884 million shares allocated, accounting for 10% of the total offering. It received approximately 294,100 valid applications, with 41,428 processed, and a 1% allotment rate for retail investors. Its international offering was 34.33x oversubscribed, with 81.7956 million shares allocated, representing 90% of the total offering.