No, you can't do that. You can save each item individually (optimizing the process through judicious use of Session.flush), possibly using stateless sessions. If you can do the updates via a simple SQL statement (e.g. "update table set value = value + 1 where parentid = :parentid") then you can use DML-style updates:
Code:
String hqlUpdate = "update Table t set t.value = t.value + 1 where t.parent = :parent";
Query qry = session.createQuery( hqlUpdate );
qry.setParameter( "parent", parent);
qry.executeUpdate();
This is described in section 13.