Hong Kong Stock Midday Review: Hang Seng Index down 0.17%, Tech Index down 0.81%, Auto stocks broadly decline, Oil stocks fall, Li Auto down over 6%

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March 18 News: The three major Hong Kong stock indices all declined. At midday, the Hang Seng Index fell 0.17% to 25,824.70 points, the Hang Seng Tech Index dropped 0.81%, and the Hang Seng China Enterprises Index declined 0.61%. In the market, tech stocks mostly fell, with Bilibili up 4%, Kuaishou and Xiaomi down over 1%; the semiconductor sector led gains, with GigaDevice Innovation up over 10%; auto stocks pulled back, with Li Auto down over 6%; oil stocks declined, with CNOOC dropping over 3%.

The semiconductor sector led gains, with GigaDevice Innovation up over 10%. UBS, reviewing a 20-year storage cycle, stated that after HBM squeezed DRAM capacity and AI increased storage value weights, the traditional method of predicting market top with “price acceleration” has become less accurate. A more effective leading indicator is operating profit. Historically, stock prices have peaked in sync with or ahead of profit peaks 90% of the time. The bank expects this round’s profit peak to occur in Q3 2027, implying that the rally in storage stocks could continue until Q2 2027.

Auto stocks pulled back, with Li Auto down over 6%. Since the beginning of this year, several automaker CEOs, including NIO, Li Auto, and Xiaomi, have repeatedly warned about cost challenges from rising chip prices. On March 5, Chery’s premium brand Exeed announced a price increase for the Exeed ET5, with the high-end version featuring 210 laser radar Zhi Zun model raising the official guide price by 5,000 yuan. Recently, there have been reports that the upcoming second-quarter launch of the refreshed Zeekr 007 GT will see a price adjustment, with rumored increases ranging from 5,000 to 8,000 yuan.

Oil stocks declined, with CNOOC dropping over 3%. JPMorgan warned that the $55 price spread is mainly due to regional inventory excess, benchmark pricing structures, and policy interventions, which are short-term buffers and do not reflect the true tightness of global supply. If the Strait of Hormuz remains blocked, Brent and WTI prices will eventually reprice upward, aligning more closely with Middle Eastern spot prices.

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Editor: Hao Xinyu