Hong Kong's three major stock indices all moved higher on November 4. At the close, the Hang Seng Index rose 1.67% to 23,919.50, the Hang Seng Tech Index gained 1.77%, and the China Enterprises Index added 1.44%.
On the board, internet stocks advanced broadly, with Lenovo jumping 6%, while Bilibili and Baidu both climbed more than 2%. The biopharmaceutical sector surged, with WuXi XDC Cayman Inc. (ASX: 02268) soaring over 13%. Gold shares rallied in the afternoon session, with Chifeng Jilong Gold Mining Group Limited (ASX: 600988) surging more than 18%. The optical communication sector posted strong gains, with Zhongji Innolight Co.,Ltd. (ASX: 300308) rising over 7%.
Biopharmaceutical sector surges, WuXi XDC jumps over 13%. Analysts noted that the rebound may have been triggered by a combination of three factors: the industry's earnings inflection point was confirmed after the intensive disclosure of third-quarter reports; public fund holdings data showing significant increases in Hong Kong pharmaceutical positions during the third quarter was released around the same time; and valuations at historical lows after consecutive declines triggered capital reallocation.
Gold shares rally in the afternoon, Chifeng Gold surges over 18%. Preliminary vote counts from the 2026 U.S. midterm elections showed strong momentum for the Democratic Party, sharply raising market bets on a "blue wave" sweeping both chambers of Congress. China Merchants Securities believes that if the Republican Party loses both chambers simultaneously, gold and crude oil may hold a relative advantage in the short term.
Optical communication sector jumps, Zhongji Innolight rises over 7%. Zhongji Innolight Co.,Ltd. (ASX: 300308) released a record of investor relations activities, responding to rumors that some overseas customers had revised down demand or cut orders: the vast majority of customers had not revised down demand or orders, a small number of customers had made structural product adjustments, and some customers' 1.6T demand had even increased compared with before. Overall industry demand for 2027 remains within the original forecast range, with demand from leading customers remaining strong. According to Jiemian News, Nomura stated that it had not issued a research report lowering Zhongji Innolight Co.,Ltd. (ASX: 300308) A-share target price to 330 yuan.