Hong Kong Stocks Open Lower While Chip Stocks Buck the Trend; SMIC Q3 Profit Doubles
nashnova research
Hong Kong stocks opened weak on November 13, with the Hang Seng down 0.57% at 23,871 — yet chip stocks surged after SMIC reported Q3 profit of US$428 million, up 123.4% year-on-year, the market's clearest bullish signal of the session.
How bad was the broad market?
The Hang Seng Index opened down 0.57% at 23,871.91; it closed at 24,008.55 the prior session.
The Hang Seng Tech Index fell 0.35%, the H-share Index dropped 0.57%, and the Red Chip Index slid 0.42% — all four benchmarks opened in the red.
Of the 12 Hang Seng sector indices, only energy rose, gaining 0.47%. The remaining 11 all fell, with materials leading declines at 1.38%.
Why did chip stocks buck the trend?
Iluvatar CoreX (09903) jumped 7.12% to HK$84.30, the biggest gainer on the Hang Seng Tech Index. Hua Hong Semi (01347) rose 2.79%; SMIC (00981) climbed 2.59% to HK$50.00.
The catalyst: SMIC released Q3 results the same day — revenue of US$3.19 billion, up 33.9% year-on-year; profit attributable to owners hit US$428 million, up 123.4%.
This means → profit grew far faster than revenue, pointing to improved utilisation rates and a richer product mix — not just volume growth.
SMIC guided Q4 revenue to rise 4%–6% quarter-on-quarter. In plain terms = management believes this demand wave has not peaked.
Who dragged the market down?
Gold and pharma stocks led declines: Lao Pu Gold (06181) fell 3.41% to HK$288.80; BeiGene (06160) dropped 2.50% to HK$249.40.
On the Hang Seng Tech Index, XPeng (09868) slipped 1.68% and Tencent (00700) lost 1.45%.
Of the Hang Seng's 95 constituents, just 8 rose while 70 fell; among the 30 Hang Seng Tech members, only 7 gained versus 19 declines — a lopsided bear tilt.
What about the new listing and external headwinds?
Guoxing Aerospace (06935) debuted on the HKEX at an offer price of HK$24.90 but opened below it at HK$24.44, down 1.85%.
Overnight, all three major U.S. indices closed lower: Dow −0.36%, S&P 500 −0.35%, Nasdaq −0.39%; the Philadelphia Semiconductor Index fell 0.54%.
Nvidia announced Jensen Huang's departure as president, CEO, and director; CFO Colette Kress was named interim CEO. Nvidia shares fell 4.34%. This reflects how a leadership shake-up at the world's top chipmaker is weighing on U.S. tech sentiment.
What are oil and gold prices signalling?
NYMEX December crude settled at US$88.74 per barrel, up 2.55%; London spot gold fell nearly 3%, dropping below US$3,900 per ounce.
This means → rising oil and falling gold point to a return of risk appetite and fading safe-haven demand — yet Hong Kong's opening did not follow that script.
Whether SMIC can keep delivering on Q3-level profits will be the key test for the chip sector's next move.
市场有风险，内容仅供研究参考，不构成投资建议。