Quiet Session As Investors Await Economic Work Conference & More Q3 Earnings
5 Min. Read Time
Key News
Asian equities were mostly higher overnight as Korea and Japan outperformed while Thailand and Mainland China's Shanghai composite underperformed.
A lack of significant catalysts overnight led to underperformance in China. Earnings have been solid so far for internet companies, especially Alibaba, as there are indicators that the worst of the instant commerce price competition is over.
Healthcare stocks led gains in Hong Kong. The sector continues to receive interest from international and domestic investors alike on strong policy support and waning geopolitical headwinds.
Moore Threads, a China-based graphics processing unit (GPU) maker announced it will pursue a listing on China's STAR Market, which has seen an increase in IPO applications after resuming the acceptance of pre-profit companies to list on the exchange. Moore is an example of a company helping China's development of a local AI chip industry.
Optimism ahead of Meituan's earnings sent the stock higher by nearly 6%. Meituan, which is a food delivery and local services app, will release its earnings for the third quarter on Friday. Its earnings will indicate how well the company has been able to maintain its market share in instant delivery amid increased competition from JD and Alibaba.
Investors are also waiting for signals from China’s upcoming Central Economic Work Conference, which could provide direction for economic policy in the coming year. The government has not yet released the complete 15th Five-Year Plan (2026–2030), but its outlines were announced in an October 2025 communiqué, and it will be formally approved and released in March 2026. Key themes emerging from the preliminary documents include a focus on high-quality development, technological self-reliance, building a modern industrial system with advanced manufacturing, and promoting a "green and low-carbon" energy system. The release of the final Five-Year Plan, expected in the first quarter of 2026, should be a significant catalyst.
Hong Kong saw value outperform growth on volume that was 15% lower than the 1-year average. Meanwhile, the opposite was true on the Mainland as growth sectors mostly outperformed value sectors on volume that was near the 1-year average.
Mainland investors were net sellers of Hong Kong-listed stocks and ETFs, to the tune of nearly -$500 million. Alibaba was a top net buy, while Tencent was a top net sell.
China Last Night will take a break tomorrow in observance of the Thanksgiving holiday in the United States. Happy Turkey Day!
Last Night's Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | 0.1% |
| Hang Seng Tech | HSTECH Index | 0.1% |
| Hong Kong Turnover | HKTurn Index | -10.4% |
| Hong Kong Short Sale Turnover | HKSST Index | -25.3% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 16.2% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | -504.68 |
| China (Shanghai) | SHCOMP Index | -0.2% |
| China (Shenzhen) | SZCOMP Index | 0.3% |
| China (STAR Board) | Star50 Index | 1% |
| Mainland Turnover | .chturn Index | 21% |
| Northbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | 1.2% |
| Japan | NKY Index | 1.8% |
| India | SENSEX Index | 1.2% |
| Indonesia | JCI Index | 0.9% |
| Malaysia | FBMKLCI Index | 0.8% |
| Pakistan | KSE100 Index | 0.9% |
| Philippines | PCOMP Index | 0.5% |
| South Korea | KOSPI Index | 2.7% |
| Taiwan | TWSE Index | 1.8% |
| Thailand | SET Index | -0.6% |
| Singapore | STI Index | 0.4% |
| Australia | AS51 Index | 0.8% |
| Vietnam | VNINDEX Index | 1.2% |
| Indicator | Hong Kong | Mainland China |
|---|---|---|
| Today's Volume as % of 1-Year Average | 85 | 107 |
| Advancing Stocks | 51 (Hang Seng) | 124 (CSI 300) |
| Declining Stocks | 32 (Hang Seng) | 162 (CSI 300) |
| Outperforming Factors | Value | Growth |
| Underperforming Factors | Growth | Value |
| Top Sectors | Health Care, Industrials, Utilities | Information Technology, Consumer Discretionary, Health Care |
| Bottom Sectors | Materials, Communication Services, Energy | Energy, Financials, Communication Services |
| Top Subsectors | Paper & Packaging, Consumer Durables, Pharmaceuticals | Communication Equipment, Electronic Components, Motorcycles |
| Bottom Subsectors | Media & Entertainment, Non-Ferrous Metals, Coal | Aerospace, Forest Industry, Fine Chemicals |
| Southbound Connect Buys | Alibaba, YOFC, China Mobile | N/A |
| Southbound Connect Sells | Tencent, Meituan, Semiconductor Manufacturing International (SMIC) | N/A |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 151 | -0.31 |
| Communication Services | 9 | -0.99 |
| Consumer Discretionary | 28 | -0.18 |
| Consumer Staples | 13 | 0.05 |
| Energy | 7 | -0.34 |
| Financials | 23 | -0.13 |
| Health Care | 13 | 1.36 |
| Industrials | 20 | 1.13 |
| Information Technology | 10 | -0.2 |
| Materials | 10 | -1.24 |
| Real Estate | 6 | -0.16 |
| Utilities | 12 | 0.41 |
| Mainland China Listed | 404 | 0.79 |
| Communication Services | 6 | -0.33 |
| Consumer Discretionary | 31 | 0.87 |
| Consumer Staples | 24 | 0.35 |
| Energy | 13 | -0.65 |
| Financials | 64 | -0.33 |
| Health Care | 31 | 0.81 |
| Industrials | 64 | 0.63 |
| Information Technology | 91 | 3 |
| Materials | 58 | 0.13 |
| Real Estate | 6 | 0.11 |
| Utilities | 16 | 0.16 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | -0.9 |
| Alibaba HK | 9988 HK Equity | -1.9 |
| JD.com HK | 9618 HK Equity | 2.1 |
| NetEase HK | 9999 HK Equity | -1.1 |
| Yum China HK | 9987 HK Equity | 1 |
| Baozun HK | 9991 HK Equity | -4.9 |
| Baidu HK | 9888 HK Equity | -2.1 |
| Autohome HK | 2518 HK Equity | 0 |
| Bilibili HK | 9626 HK Equity | -3 |
| Trip.com HK | 9961 HK Equity | -1.6 |
| EDU HK | 9901 HK Equity | 0.8 |
| Xpeng HK | 9868 HK Equity | 0.6 |
| Weibo HK | 9898 HK Equity | -0.2 |
| Li Auto HK | 2015 HK Equity | -0.4 |
| Nio Auto HK | 9866 HK Equity | -6.2 |
| Zhihu HK | 2390 HK Equity | -8 |
| KE HK | 2423 HK Equity | 0.5 |
| Tencent Music Entertainment HK | 1698 HK Equity | -2.2 |
| Meituan HK | 3690 HK Equity | 5.6 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| ALIBABA GROUP HOLDING LTD | -1.9 |
| MEITUAN-CLASS B | 5.6 |
| TENCENT HOLDINGS LTD | -0.9 |
| XIAOMI CORP-CLASS B | -0.6 |
| SEMICONDUCTOR MANUFACTURI-H | 1.3 |
| BYD CO LTD-H | 2.7 |
| KUAISHOU TECHNOLOGY | -2.8 |
| HUA HONG SEMICONDUCTOR LTD-H | 2 |
| POP MART INTERNATIONAL GROUP | 2.2 |
| ZIJIN MINING GROUP CO LTD-H | -2.1 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| ZHONGJI INNOLIGHT CO LTD-A | 13.3 |
| EOPTOLINK TECHNOLOGY INC L-A | 8.7 |
| FOXCONN INDUSTRIAL INTERNE-A | 4.1 |
| SUNGROW POWER SUPPLY CO LT-A | 3.9 |
| VICTORY GIANT TECHNOLOGY -A | 4.5 |
| CAMBRICON TECHNOLOGIES-A | 4.3 |
| BLUEFOCUS INTELLIGENT COMM-A | 0.3 |
| WUS PRINTED CIRCUIT KUNSHA-A | 8.8 |
| LUXSHARE PRECISION INDUSTR-A | 3.4 |
| ZHEJIANG SANHUA INTELLIGEN-A | 2.4 |
Last Night's Exchange Rates, Prices, & Yields
- CNY per USD 7.08 versus 7.08 yesterday
- CNY per EUR 8.20 versus 8.20 yesterday
- Yield on 10-Year Government Bond 1.85% versus 1.83% yesterday
- Yield on 10-Year China Development Bank Bond 1.91% versus 1.89% yesterday
- Copper Price 0.27%
- Steel Price -0.39%
