HK Stock Connect Daily Report: CIG jumps 23.08% to lead gains as Microsoft lobbies White House to drop Chinese optical module ban - 20261111

NewTimeSpace · 2026/11/11 18:05 · By Zeyu Wu

The Hang Seng Index fell 0.98% to 24,315.92 points on November 11, 2026, with CIG up 23.08% amid an optical rally and HK$4.57 billion of net southbound buying.

Key Highlights:

The Hang Seng Index closed at 24,315.92 points, down 0.98%, with turnover of HK$180.7 billion and net southbound buying of HK$4.572 billion.
Optical communication and CPO names rallied against the market, led by CIG up 23.08%, YOFC up 13.49% and ZHONGJI INNOLIGHT up 13.72%.
BAIGE DIGITAL plunged 72.08% in late trading, the steepest fall among Stock Connect stocks, as Microsoft lobbied against the Chinese optical module ban.

I. Market Overview

On November 11, 2026, Hong Kong's three major indices opened lower and drifted down, closing in the red across the board. The Hang Seng Index closed at 24,315.92 points, down 0.98%; the Hang Seng TECH Index closed at 4,027.06 points, down 1.41%; and the Hang Seng China Enterprises Index closed at 8,171.45 points, down 1.14%. Full-day turnover reached HK$180.7 billion, moderately higher than HK$178.2 billion in the prior session. Among Stock Connect constituents, 267 advanced, 371 declined and 28 were unchanged.

On the trading front, optical communication and CPO names rallied against the market: CIG (06166.HK) rose 23.08%, CREALIGHTS (01191.HK) gained 14.77%, XIZHI TECH-P (01879.HK) added 14.62%, ZHONGJI INNOLIGHT (03308.HK) climbed 13.72% and YOFC (06869.HK) advanced 13.49%. The PCB chain followed, with KINWONG (03228.HK) up 18.80%, DTECH (01377.HK) up 15.54% and KB LAMINATES (01888.HK) up 8.14%. Heavyweight technology names came under pressure, as TENCENT (00700.HK) fell 1.96%, MEITUAN-W (03690.HK) dropped 3.51% and BIDU-W (09888.HK) lost 1.38%. BAIGE DIGITAL (02672.HK) suffered a late-session collapse and closed down 72.08%, the steepest decline among Stock Connect constituents.

Southbound capital recorded net buying of HK$4.572 billion on the day, of which Shanghai Connect contributed net buying of HK$2.378 billion and Shenzhen Connect net buying of HK$2.195 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainers No. 1	06166.HK	CIG	23.08	68.000	21.30
Gainers No. 2	03228.HK	KINWONG	18.80	57.500	1.63
Gainers No. 3	01377.HK	DTECH	15.54	159.100	0.26
Gainers No. 4	01196.HK	REALORD TECH	15.08	0.229	1.09
Gainers No. 5	01191.HK	CREALIGHTS	14.77	83.150	2.89
Decliners No. 5	07630.HK	IMPACT THERAP-B	-7.35	8.635	0.27
Decliners No. 4	02335.HK	MICOT PHARMA-B	-7.79	21.320	0.87
Decliners No. 3	07688.HK	TOPNC	-10.10	13.170	0.17
Decliners No. 2	03388.HK	CREALITY	-25.10	12.560	0.93
Decliners No. 1	02672.HK	BAIGE DIGITAL	-72.08	40.900	4.40

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)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	02513.HK	Z.AI	41.83	4.72	3.57
2	06869.HK	YOFC	37.59	0.08	13.49
3	00700.HK	TENCENT	34.16	-5.15	-1.96
4	00981.HK	SMIC	28.48	9.35	3.73
5	01888.HK	KB LAMINATES	27.91	-3.69	8.14
6	09988.HK	BABA-W	26.54	12.04	-0.98
7	06166.HK	CIG	23.50	0.27	23.08
8	03308.HK	ZHONGJI INNOLIGHT	22.11	4.34	13.72
9	00100.HK	MINIMAX-W	21.69	1.91	4.04
10	01347.HK	HUA HONG GRACE	17.57	-3.05	0.80

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

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

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainers No. 1	513310	Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF	3.22	189.32
Gainers No. 2	159518	Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF	2.22	5.14
Gainers No. 3	513350	Fullgoal S&P Oil & Gas Exploration and Production Selected Industry ETF	2.12	10.65
Gainers No. 4	513850	E Fund MSCI American 50 ETF	1.84	1.63
Gainers No. 5	159513	Dacheng NASDAQ 100 ETF	1.82	3.08
Decliners No. 5	513040	E Fund CSI HK Equities Internet ETF	-1.70	3.16
Decliners No. 4	159607	Harvest CSI Overseas China Internet 30 ETF	-1.71	1.07
Decliners No. 3	159251	Wanjia CNI HK Equities Technology ETF	-1.72	0.08
Decliners No. 2	520630	GF CSI HK Equities Internet ETF	-1.74	0.06
Decliners No. 1	159040	Penghua CSI HK Equities Internet ETF	-1.76	0.02

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)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	513310	Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF	CSI China-Korea Semiconductor Index	189.32	195.06	3.22
2	513120	GF CSI HK Innovative Drugs Industry ETF	CSI HK Innovative Drugs Industry Index (HKD)	73.70	38.10	-1.34
3	513050	E Fund CSI Overseas China Internet 50 ETF	CSI Overseas China Internet 50 Index (RMB)	21.47	6.00	-1.49
4	513180	ChinaAMC Hang Seng Technology ETF	Hang Seng TECH Index	18.60	4.98	-0.98
5	513130	Huatai-PB CSOP Hang Seng Technology Index ETF	Hang Seng TECH Index	16.07	5.28	-1.19
6	513090	E Fund CSI Hong Kong Securities Investment Theme ETF	CSI Hong Kong Securities Investment Theme Index (HKD)	14.89	9.50	-0.31
7	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index (HKD)	14.49	116.54	1.30
8	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	13.26	4.19	-1.65
9	513330	ChinaAMC Hang Seng Internet Technology Industry ETF	Hang Seng Internet Technology Industry Index	13.13	4.97	-1.47
10	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	12.64	6.90	-1.22

IV. Industry and Corporate Updates

1. Microsoft lobbies White House to drop Chinese optical module import ban; Hong Kong optical stocks rally

Reuters reported on November 11, citing three people familiar with the matter, that Microsoft has been pressing the US government to abandon a plan to ban imports of optical transceivers from China used in AI data centres. Microsoft was among several companies that met officials from the White House Office of Science and Technology Policy and the National Security Council in September and raised supply chain concerns over such a ban, which was first reported in August. Hong Kong optical communication and CPO names rallied against the market on the day, with CIG (06166.HK) up 23.08%, YOFC (06869.HK) up 13.49% and ZHONGJI INNOLIGHT (03308.HK) up 13.72%, on turnover of HK$2.130 billion, HK$4.068 billion and HK$3.108 billion respectively.

2. CIG to add at least 10 million units of high-speed optical module capacity by end-2027

Late on November 10, CIG (06166.HK) published its investor relations activity record. The company said it had essentially built a monthly design capacity of about 1 million high-speed optical modules as of early September 2026, and plans to expand annual high-speed optical module capacity by at least 10 million units on top of existing capacity by the end of 2027. The new capacity will be allocated to Jiashan in China, Malaysia, Mexico and the United States to meet customer demand for 800G, 1.6T and NPO products. In the first three quarters of 2026, revenue reached RMB 4.921 billion, up 46.46% year on year, while net profit attributable to shareholders was RMB 761 million, up 193.35%; high-speed optical modules accounted for more than 50% of revenue. Its H shares closed up 23.08% at HK$68.00 on November 11, the biggest gain among Stock Connect constituents.

3. BAIGE DIGITAL plunges 72.08% in late trading after roughly 3.5-fold two-month rally

On November 11, BAIGE DIGITAL (02672.HK) hit an intraday high of HK$150.00 and was still trading at HK$125.80 at 14:59, before halving in less than 20 minutes. The stock triggered market volatility control mechanisms several times and closed down 72.08% at HK$40.90 on turnover of HK$440 million. The shares had run up roughly 3.5-fold from a close of HK$32.98 on September 10 to the intraday peak, driven by MaaS business growth and expectations of full H-share circulation. The company disclosed MaaS service revenue of RMB 62.1 million for the first three quarters of 2026, up 730.4% year on year. On September 29 it announced a plan to convert 169.66 million unlisted shares held by five domestic shareholders into H shares, equal to about 52.91% of issued share capital, which was approved at an extraordinary general meeting on October 16.

4. SMIC draws HK$935 million of net southbound buying ahead of Thursday Q3 results

On November 11, SMIC (00981.HK) rose 3.73% to close at HK$49.00 on turnover of HK$3.896 billion, ranking fourth on the Stock Connect active list, with net southbound buying of HK$935 million. The company will report third-quarter 2026 results this Thursday. Its previous guidance pointed to sequential revenue growth of 2% to 4%, equivalent to roughly US$3.066 billion to US$3.126 billion, with gross margin expected at 26% to 28%, up from 25.3% in the second quarter. BABA-W (09988.HK) attracted the largest net southbound buying of the day at HK$1.204 billion, while Z.AI (02513.HK) topped the active list with southbound turnover of HK$4.183 billion.

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