Innovent Bio and Anta Sports surged after earnings, lifting the Hang Seng Index by 141 points. Alibaba rebounded amid increased holdings. As Bitcoin continues to rise, investors may consider monitoring the ChinaAMC Bitcoin ETF for potential follow-through trends.

Iran and Oman announced plans to establish a joint temporary shipping corridor, raising market hopes for reduced shipping risks in the Strait of Hormuz. Oil prices and US long-term bond yields fell. Hong Kong stocks opened higher, rising as much as 289 points to 25,800, before gains narrowed. The index closed at 25,652, up 141 points or 0.56%, with main board turnover reaching HK$254.8 billion. The Hang Seng China Enterprises Index rose 88 points or 1.05% to close at 8,533. The Hang Seng Tech Index gained 37 points or 0.82%, closing at 4,626. Southbound capital turned to a net inflow of HK$450 million.

Alibaba ($BABA-W (09988.HK)$ ) rose 2.1% to close at HK$116.6, marking its second consecutive day of gains. Market reports indicate that founder Jack Ma has recently accumulated over HK$600 million in additional holdings, while Joe Tsai also bought shares for two consecutive days. On the same day, the company launched the international version of "QwenWork," integrating multiple AI agent platform features and expanding into overseas markets such as Asia, the Middle East, and Latin America via web and desktop interfaces. Tencent ($TENCENT (00700.HK)$ ) rose 0.77% after share buybacks the previous day, closing at HK$445.4; Meituan ($MEITUAN-W (03690.HK)$ ) gained 1.1%, closing at HK$78.05; Baidu ($BIDU-W (09888.HK)$ ) rose 1.28%, closing at HK$90.9; Xiaomi ($XIAOMI-W (01810.HK)$ ) climbed 2.52%, closing at HK$28.46; in contrast, NetEase ($NTES (09999.HK)$ ) fell by HK$3.5 or 1.76%, closing at HK$195.5.

Innovent Bio ($INNOVENT BIO (01801.HK)$ ) saw its interim net profit rise 50.2% year-on-year to RMB 1.253 billion, with revenue up 44.76% to RMB 8.618 billion, benefiting from growth in its integrated pipeline business and increased volume of products included in the National Reimbursement Drug List. Its share price jumped 9.69% to close at HK$109.8, hitting a record high and becoming the best-performing blue-chip stock; Akeso Bio ($AKESO (09926.HK)$ ) rose 5.96%, closing at HK$94.2; CanSinoBIO ($CANSINOBIO (06185.HK)$ ) established a cooperation framework for mRNA personalized therapeutic cancer vaccines, surging 25.99% to close at HK$35.68. However, Wuxi Bio ($WUXI BIO (02269.HK)$ ) saw its interim net profit rise only 4.3%, closing at HK$50.75, down 2.78%; Wuxi Apptec ($WUXI APPTEC (02359.HK)$ ) fell 2.15% to close at HK$199.8; Wuxi XDC ($WUXI XDC (02268.HK)$ ) also dropped 3.62%, closing at HK$77.25.

Anta Sports (2020) saw its interim net profit rise 34.9% to RMB 9.487 billion, with revenue up 12.9% and gross margin increasing to 63.9%. The interim dividend increased by over 10%, driving the share price up 9.53% to close at HK$78.75. Haidilao (6862) reported an 8% increase in interim revenue and a 4.4% rise in core operating profit, with dividends up 12%; its share price climbed 7.36% to close at HK$12.25. Shenzhou International ($SHENZHOU INTL (02313.HK)$ ) had its target price cut by Daiwa amid market concerns over order adjustments from Nike and Puma. The stock fell 7.78% to close at HK$37.94, hitting a low not seen in over ten years.

Brokerage and insurance stocks were in high demand. Among Chinese brokerages that have announced results, many proposed interim dividend plans, with total cash distributions nearing RMB 17 billion. Low-valuation brokerage stocks attracted capital inflows. CICC ($CICC (03908.HK)$ ) rose 8.25% to close at HK$22.3; CITIC Securities ($CITIC SEC (06030.HK)$ ) gained 6.39% to close at HK$27.64; China Galaxy ($CGS (06881.HK)$ ) advanced 4.7% to close at HK$8.02; HTSC ($HTSC (06886.HK)$ ) rose 3.77% to close at HK$17.36. Ping An ($PING AN (02318.HK)$ ) increased 2.22% to close at HK$57.65; China Life ($CHINA LIFE (02628.HK)$ ) rose 3.84%, closing at 29.2 yuan.

Non-ferrous metal stocks also performed strongly. Jiangxi Copper ($JIANGXI COPPER (00358.HK)$ ) saw its half-year net profit grow by 107%, with Q2 net profit up 162% year-on-year. Bank of America raised its target price to 50 yuan, driving the share price up 9.92%; CMOC Group Limited ($CMOC (03993.HK)$ ) rose 7.3%, closing at 18.09 yuan; Zijin Mining ($ZIJIN MINING (02899.HK)$ ) rose 2.81%, closing at 38.56 yuan. Zijin Gold International ($ZIJIN GOLD INTL (02259.HK)$ ) dipped slightly by 0.56% to close at 158.6 yuan, but Bank of America Securities raised its 2027 net profit forecast by 9% to US$3.5 billion, and increased its target price from HK$150 to HK$176, maintaining a "Buy" rating.

Chip stocks rebounded in line with the tech index. SMIC ($SMIC (00981.HK)$ ) rose 2.73%, closing at 69.7 yuan; Hua Hong Semiconductor ($HUA HONG GRACE (01347.HK)$ ) rose 6.43%, closing at 117.5 yuan; Yangtze Optical Fibre and Cable ($YOFC (06869.HK)$ ) rose 0.31%, closing at 163 yuan. However, PCB stocks underperformed, with Kingboard Laminates Holdings ($KB LAMINATES (01888.HK)$ ) fell 0.45% to close at HK$39.76, while Kingboard Group ($KINGBOARD HLDG (00148.HK)$ ) dropped 2.69% to close at HK$49.58. AI model stocks showed divergent trends, with MiniMax ($MINIMAX-W (00100.HK)$ ) rising 1.14% to close at HK$303, whereas Zhipu AI ($Z.AI (02513.HK)$ ) fell 2.74% to close at HK$1,030.

In other individual stocks, XPeng ($XPENG-W (09868.HK)$ ) surged 7.81% to close at HK$46.68. Although Goldman Sachs lowered its target price to HK$69, it maintained a "Buy" rating, citing expectations for accelerated growth in the fourth quarter and the potential for commercialization of its robotics business following financing; Laopu Gold ($LAOPU GOLD (06181.HK)$ ) rose 4% to close at HK$405.4, as the company plans to accelerate its overseas expansion next year.

The recent rapid rise in Bitcoin has renewed market attention, with prices remaining highly volatile. It is currently trading at $78,588.7, with an intraday range of $77,907.69 to $79,225.88. Although still well below the 52-week high of $126,198.07, it has broken above its 50-day and 200-day moving averages. Investors wishing to continue participating in Bitcoin's upward trend may consider monitoring the ChinaAMC Bitcoin ETF ($ChinaAMC Bitcoin ETF (03042.HK)$ ), which closed today at HK$9.62, down 0.82%.

Code 3042 is a spot Bitcoin ETF, with an investment objective to closely track the Asia-Pacific closing price performance of the CME CF Bitcoin Reference Rate. Since the fund is calculated based on Asia-Pacific closing prices, while Bitcoin is a 24-hour traded asset, the ETF's daily price may not fully align with the real-time Bitcoin quotes seen by users. The market price is also influenced by buying and selling demand during HKEX trading hours, as well as discounts or premiums relative to net asset value. Recent market focus has been on US long-term bond yields, global liquidity, the US dollar trend, and risk appetite for risky assets, all of which affect Bitcoin's performance. After pulling back from highs, Bitcoin remains in a phase of significant volatility. Short-term capital is particularly sensitive to macroeconomic news and market risk sentiment. Therefore, code 3042 is more suitable for investors who position themselves based on Bitcoin's medium-to-long-term trends and can withstand significant price fluctuations.

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