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on october 7, hong kong stocks fluctuated and climbed. as of the close, the hang seng index rose 1.6% and the hang seng technology index rose 3.05%.

smic rose nearly 22%, and has risen nearly 60% since october; huahong semiconductor rose more than 16%.

brokerage stocks performed well, with china merchants securities soaring, citic securities rising more than 10%, and orient securities rising more than 18%.

citic securities pointed out that since the launch of the policy package on september 24, hong kong stocks have increased significantly, and multiple indicators indicate that hong kong stock investor sentiment is very hot. foreign capital has also shown a significant trend of increasing allocations to the hong kong stock market, with a cumulative inflow of hk$60.6 billion in just half a month since september 16. citic securities believes that despite experiencing a round of rapid rise, the current valuation level of hong kong stocks is still in a position of high cost performance whether compared with the global market or historical conditions. in particular, the current valuation of the growth and large financial sectors is at a historically low level. points. although the fastest rising stage driven by short squeeze transactions may have passed, with the gradual implementation of policies and investor sentiment still "excited", it is difficult to say that hong kong stocks have reached a staged peak, and its valuation repair market is expected to continue to 11 the beginning of the month.

consumer stocks rise simultaneously

the national day holiday is about to end, and consumption data are generally good, driving hong kong consumer stocks to continue to rise.

on october 7, the hong kong stock market continued to strengthen in the afternoon. among the constituent stocks of the hong kong consumer index, galaxy entertainment and sands china rose nearly 10%, kingsoft once rose nearly 13%, and mengniu dairy rose more than 10%.

in terms of data, the "2024 national day holiday travel express" released by fliggy shows that the enthusiasm for tourism consumption during the national day golden week is high. on a comparable basis, the bookings of domestic high-star hotels, itineraries, car rentals and other tourism products have increased significantly year-on-year; outbound tourism continuing high growth based on last year's strong rebound, bookings surged by more than 50% year-on-year, of which international hotel bookings have recovered to about 120% of 2019.

in the context of the "golden nine and silver ten", the traditional peak consumption season is superimposed on the mid-autumn festival and the national day, and the recovery of high-frequency consumption data can be expected. haitong securities stated that the issuance of consumer coupons has historically played a leverage role in stimulating consumption in my country. for example, shanghai invested 1 billion yuan in municipal fiscal funds for the "igo shanghai" electronic consumer coupons issued in 2022, achieving a leverage ratio of 3.67 times and a fund write-off rate of 97%. anhui, jiangsu and other places have also successfully mobilized tens of billions of yuan in consumption by issuing consumer coupons. high-quality leaders with short transmission links and high marginal improvement slopes in this round of consumption policies will benefit more fully. specifically, the two sectors of catering, hotels and internet e-commerce are expected to benefit from the leverage effect of the consumer voucher policy. currently, local governments in many places are promoting consumer vouchers, which may have a significant boost to terminal consumption.

fosun group chairman guo guangchang posted on weibo on october 7 that the wealth effect brought about by rising stocks has truly stimulated consumer demand. the increase in consumption willingness brought about by this wealth effect will gradually be reflected in the economy. china's economy will gradually get out of the trough and continue to improve in the long term with the continuous boost of confidence.

the automotive industry chain performs well

car consumption is also eye-catching. hong kong auto stocks generally rose on october 7. guangzhou automobile group rose nearly 20% intraday, baic motor rose 12%, geely auto rose 7%, byd shares rose nearly 5%, and xpeng motors rose 9%. leapmotor rose nearly 6%.

fundamentally, on october 1, new car-making forces such as ideal and wenjie released september delivery data. among them, the delivery volumes of lideal, leapmotor, jikrypton, and xpeng all hit new highs. weilai has delivered more than 20,000 vehicles for 5 consecutive months, and xiaomi has delivered more than 10,000 vehicles for 4 consecutive months.

minsheng securities said that intelligent capabilities will become an important factor in the competition among car companies. with the inflection point of tesla's fsd usage appearing, the acceleration of the implementation of autonomous new forces in urban assisted driving and the launch of a new business model by xpeng, the bank judged that intelligent driving is gradually ushering in the triple inflection point of technology, user acceptance and business model, and is optimistic about smart driving. a high-quality independent car company with a relatively leading global layout and upward product cycle and brand cycle. recommend byd, geely auto, xpeng motors, and li auto.

as the new energy vehicle industry chain, lithium batteries and laser radar are on the rise one after another.

on october 7, the lithium mining duo in hong kong stocks were active, with tianqi lithium and ganfeng lithium rising 13% during the session. the share prices of the lithium mining duo jumped sharply. some investors believe that it is more or less catalyzed by the rise in global lithium industry concept stocks. as the core assets of new energy, tianqi lithium and ganfeng lithium are naturally highly sought after by institutions, and the market sentiment is optimistic.

lidar leader sagitar jutron once surged 20% in intraday trading on october 7.soochow securities pointed out that as of june 30, 2024, sagitar juchuang has obtained fixed-point mass production orders for 80 models from 22 automobile oems and first-tier suppliers, helping 29 models achieve sops. according to gasgoo data, sagitar juchuang’s domestic automotive lidar market share is as high as 40% in 24h1. in the future, as product cost-effectiveness continues to improve and the penetration rate of superimposed vehicle-mounted lidar continues to rise, sagitar jutron's shipments are expected to maintain high growth, scale effects will gradually emerge, and profitability is expected to rapidly increase.