HK Stock Connect Daily Report: DMALL Leads with a 15.62% Gain，AI Retail Agent Ecosystem Accelerates - 20260924

I. Market Overview

On September 24, 2026, the three major Hong Kong stock indices closed slightly lower, with the Hang Seng Index down 0.29%, the Hang Seng TECH Index down 0.41%, and the Hang Seng China Enterprises Index down 0.09%. Full-day turnover on the Hang Seng Index reached HKD 159.6 billion, continuing to contract from HKD 184.3 billion on the previous trading day.

On the board, among Stock Connect constituent stocks, DMALL rose 15.62%, TUHU-W rose 11.31%, CREALIGHTS rose 9.43%, GALAXIS TECH rose 8.92% and EPIWORLD rose 8.06%; on the downside, YUNJI fell 11.23%, HBM HOLDINGS-B fell 9.25%, METIS TECHBIO-P fell 8.98%, INNOCARE fell 7.87% and DUALITYBIO-B fell 7.77%. Driven by escalating Middle East geopolitical tensions and a tight energy supply-demand balance, oil and coal stocks rose against the market, while biopharmaceutical, memory chip, optical communication and PCB names pulled back broadly.

Southbound capital recorded net buying of HK$2.900 billion on the day, comprising net buying of HK$3.099 billion via Stock Connect (Shanghai) and net selling of HK$199 million via Stock Connect (Shenzhen). This marked a 14th consecutive trading day of net buying.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. Oil and Coal Stocks Rise Against the Market as Brent Settles Back Above USD 103

On September 24, driven by escalating Middle East geopolitical tensions and a tight energy supply-demand balance, Hong Kong oil and coal stocks rose broadly against the market. PetroChina (00857.HK) rose 2.83%, COSCO Shipping Energy (01138.HK) rose 2.70% and CNOOC (00883.HK) rose 2.14%. Iran's president said in a speech at the United Nations General Assembly that the country will not allow ships to pass freely through the Strait of Hormuz while sanctions remain in place. Brent crude settled back above USD 103 a barrel, ending five consecutive sessions of declines. By contrast, optical communication, memory chip and PCB names pulled back broadly, as market style tilted toward low-valuation, high-dividend assets.

2. DMALL Rises 15.62% for an 11th Straight Gain as Its AI Retail Agent Ecosystem Accelerates

On September 24, DMALL (02586.HK) closed up 15.62% at HKD 7.515, the top gainer among Stock Connect stocks, marking an 11th consecutive session of gains and a cumulative rise of more than 107% over the period. As a strategic partner of the Doubao ecosystem, the company will be among the first to connect to Doubao and is launching its Duodian Flash Purchase product, which has completed internal testing; the product combines the company's retail digitalisation capabilities across offline stores and merchandise fulfilment with Doubao's AI interaction capabilities, aiming to create a new traffic gateway for physical retail. The company also jointly presented its Duodian retail agent with Alibaba Cloud at the 2026 Apsara Conference, with data showing a 30% reduction in overall merchandise loss and estimated processing volume accuracy above 90%. In the first half of 2026 the company recorded total revenue of RMB 1.155 billion, of which AI retail core solutions contributed RMB 647 million, up 24.0% year on year, with adjusted net profit of RMB 118 million, up 52.7%.

3. TUHU-W Rises 11.31% on Acquisition of Continental's Australian Automotive Service Network

On September 24, TUHU-W (09690.HK) closed up 11.31% at HKD 11.42. The company announced that its indirectly wholly owned subsidiary entered into an agreement before the trading session to conditionally acquire all of the equity of Conti Trade Australia, the Australian arm of German tyre maker Continental AG. The target operates the mycar Tyre & Auto automotive service network, with 279 outlets in Australia as of end-June 2026. The transaction remains subject to regulatory approval and completion, and on completion the company would gain a mature Australian offline store network in one step.

4. GALAXIS TECH Rises 8.92% as Stock Connect Inclusion Meets an Order Backlog Entering Delivery

On September 24, GALAXIS TECH (02729.HK) closed up 8.92% at HKD 28.080. The company was formally added to the Stock Connect eligible securities list with effect from September 7, opening the channel for mainland investors. Interim results showed revenue of about RMB 505 million, up 45.1% year on year, of which robotics and system sales contributed about RMB 492 million, up 43.8%. As of the first half, the total value of robots and systems pending delivery was about RMB 2.2 billion, including RMB 710 million across 56 overseas projects, and the company passed the supplier assessment of a well-known Swedish global home furnishing retailer. Guotai Haitong Securities believes the company's global order backlog is accumulating rapidly and its overseas business is entering a delivery phase.

5. Innovative Drug Sector Pulls Back Broadly as INNOCARE Signs a Licence Agreement with Eli Lilly

On September 24, Hong Kong biopharmaceutical and innovative drug stocks fell broadly, with HBM HOLDINGS-B (02142.HK) down 9.25%, INNOCARE (09969.HK) down 7.87%, DUALITYBIO-B (09606.HK) down 7.77%, HENLIUS (02696.HK) down 7.76% and REMEGEN (09995.HK) down 7.49%. INNOCARE announced that its wholly owned subsidiary signed a research collaboration and licence agreement with Eli Lilly, under which the two will cooperate strategically in innovative drug research and the company will discover and develop up to five innovative target programmes; Eli Lilly will pay up to USD 100 million in upfront and near-term milestone payments, with potential development and commercialisation milestones totalling about USD 3.25 billion. The shares nonetheless retreated with the sector after the announcement. Separately, a Federal Reserve governor said further rate increases may still be needed to suppress stubborn inflation, lifting market expectations for tightening.

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