On November 9, the Hang Seng Index briefly spiked at the open, with the Hang Seng Tech Index once rising nearly 2%, before fluctuating downward and closing at the day's low.

As of the close, the Hang Seng Index fell 0.13%, the Hang Seng Tech Index dropped 0.92%, and the Hang Seng China Enterprises Index declined 0.17%. Total market turnover for the day was HK$173.7 billion, with southbound net buying of HK$1.856 billion.

Internet and new energy vehicle sectors adjusted, with Meituan and Leapmotor leading the declines. Domestic bank stocks remained strong, with China Construction Bank, Agricultural Bank of China, and Bank of Communications all hitting new highs together. The CPO index and PCB index fell in tandem, with Zhongji Innolight, Kingboard Laminates, and Veeco Instruments seeing sharp pullbacks.

Meituan Plunges

On November 9, Meituan-W plunged 6.53%. On the news front, according to reports, Morgan Stanley's latest research report downgraded Meituan's rating to "Equal-weight" and cut its target price from HK$110 per share to HK$90 per share. Morgan Stanley Research pointed out that the e-commerce industry is entering a structurally low-growth phase, with platform gross merchandise value compound annual growth rate expected to be only 3.2% from 2026 to 2030, slowing to 2.6% by 2030. Meanwhile, sustained competition could consume the "maturity dividend" that the market has been anticipating. In addition, data from the National Bureau of Statistics showed that in October, prices for food, tobacco, alcohol, and dining out fell 1.6% year-on-year. Guosen Securities stated that consumer demand is still bottoming out, with both goods and services consumption showing weakness. However, some institutions noted that with the "Double 11" e-commerce promotion approaching, multiple consumption scenarios are expected to see concentrated release. Driven by policies to "expand domestic demand and promote service consumption," the e-commerce industry is also expected to see a temporary sentiment catalyst window.

Hua Hong Semiconductor Rises 2.35% Against the Trend

On the news front, on November 5, Hua Hong Semiconductor announced its third-quarter 2026 results. Data showed that the company's third-quarter sales revenue reached US$987.1 million, up 19.9% year-on-year and 9.9% quarter-on-quarter; profit attributable to owners of the parent company was US$123.4 million, up 147.1% year-on-year; gross margin rose to 24.6%, up 7.6 percentage points year-on-year.

First AI Large Model Stock Z.AI Rises 1.78% Against the Trend

On the news front, China Mobile and Z.AI recently formally signed an agreement, with cooperation covering domestic computing power adaptation, Token production efficiency, AI Coding, and financial and government applications. The GLM series will be integrated into China Mobile's model service system. Z.AI has completed the open-sourcing of GLM-5.1/5.2 this year, sold out its Coding packages, reached nearly 7 million API users, and deployed over 50,000 domestic chips. First-half revenue was 954 million yuan, up 400% year-on-year, but gross margin dropped from 50% to 26%, making cost reduction and channel implementation hard constraints after listing. "Token production efficiency" was listed as a joint innovation item, pointing to inference cost pressure; GLM's integration into the operator's model service system means Z.AI is exchanging part of its customer interface for government and enterprise distribution capabilities. Against the backdrop of Anthropic using Haiku 5.5 to push short-request prices down to one-tenth of the previous generation, the price advantage of domestic models is shifting from model parameters to computing power adaptation, Token efficiency, and industry entry points.

Domestic Bank Stocks Rally Collectively

On November 9, most H-shares of state-owned major banks rose. China Construction Bank's H-shares rose for three consecutive trading days. It closed at HK$10.480 per share on November 5, HK$10.530 per share on November 6, touched an intraday high of HK$10.660 per share on the afternoon of November 9, and finally closed at HK$10.59 per share. In addition, Bank of Communications rose 2.07%, Agricultural Bank of China rose 1.38%, Industrial and Commercial Bank of China rose 0.44%; Bank of China rose 2.12%, hitting a new high at one point during the session. A CITIC Securities research report pointed out that since July, the market has begun a style rebalancing, and the banking sector's performance has significantly warmed up. Public fund institutions increased their holdings in the banking sector by 0.92 percentage points to 1.93%, hitting a new high since the third quarter of 2025. The research report believes that the banking sector's strength is the result of multiple factors resonating, including market style switching, improved capital environment, and stable industry operating expectations.