Hong Kong's three major stock indices all ended the day in negative territory.

At the close, the Hang Seng Index fell 0.48% to 24,523.57, the Hang Seng Tech Index dropped 1.08%, and the China Enterprises Index declined 0.46%.

On the board, internet technology stocks broadly declined, with Xiaomi and Meituan both falling over 2%. Mainland property developers surged, with Shimao Group jumping more than 15%. The optical communication sector was active, with YOFC (ASX: 06869) rising over 7%. Automobile stocks weakened, with NIO dropping more than 5%. Four new stocks listed today.

Mainland property developers surge, Shimao Group up over 15%.

On September 28, the State Council executive meeting clearly signaled incremental support for stabilizing the real estate sector. The meeting also explicitly stated that a batch of pragmatic and effective incremental policies would be introduced, local government debt carryover limits would be utilized, monetary policy tools would be comprehensively applied and adjusted in a timely manner, and policy measures to stabilize the housing market and boost employment and income would be studied and rolled out. Meanwhile, supporting regulations in first-tier cities have been implemented, further reinforcing the market logic. Previously, Beijing and Shanghai, the two core cities, took the lead in completing the supporting implementation of the "828" new policy, clearly signaling that this round of property reform is not a "one-size-fits-all tightening" but a long-term optimization mechanism with a sufficient transition period that accommodates corporate cash flow stability, thoroughly dispelling market concerns that the new policy would suppress developer operations.

Optical communication sector active, YOFC up over 7%.

Goldman Sachs raised its overseas cloud service providers' optical module demand forecast for 2027-2028, noting that supply chain capacity constraints may become a bottleneck for shipments next year. Computing power expansion is driving demand for high-speed optical modules and fiber optic cables. Additionally, UBS stated it has initiated coverage of the fiber optic cable sector, noting that the market has overestimated concerns about industry overcapacity and peak profitability.

Automobile stocks weaken, NIO down over 5%.

China Merchants Securities stated that the auto industry has entered a phase of stock competition, where policy governance, profitability pressure, and intelligent electrification investment are jointly driving improvements in resource allocation efficiency. Central and state-owned enterprise integration is extending from organizational adjustments at the group and equity level to brand products, R&D technology, manufacturing capacity, supply chain channels, joint venture assets, and overseas networks, with capital and industrial resources advancing in coordination.

Four new stocks listed today. Benmo Technology rose over 7%, Jingwang Electronics gained more than 10%, Tongcheng New Materials fell over 3%, and Robotechnik dropped more than 4%.