Current Situation of the Three Major Indices
<ul>
<li>Hang Seng Index (HSI): down 0.95%</li>
<li>Hang Seng China Enterprises Index (HSCEI): down 0.84%</li>
<li>Hang Seng Tech Index (HSTECH): down 1.35%</li>
<li>The overall market saw 607 stocks rise, 1176 stocks fall, and 938 stocks remain unchanged.</li>
</ul>
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<h3>Semiconductor Sector</h3>
The sector rose by 1.10%, driven by sustained demand for AI computing power and favorable domestic substitution policies, with main funds flowing towards industry leaders, and new orders driving industry performance.
SMIC (0981.HK): up 1.22%, with a transaction volume of HKD 5.29 billion. AI and domestic chip orders continue to grow, policy support strengthens the valuation recovery of leading companies, and financing enthusiasm increases.
Huahong Semiconductor (1347.HK): down 2.19%, with a transaction volume of HKD 2.68 billion. Performance resilience in materials and analog fields, industry mergers and acquisitions boost market expectations, but short-term pressure from global chip price fluctuations.
Shanghai Fudan (1381.HK): up 0.83%, with a transaction volume of HKD 325 million. Accelerated layout of innovative products, entering high-end markets to enjoy the benefits of domestic production, with R&amp;D investment remaining high to support growth.
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<h3>Retail Sector</h3>
The sector fluctuated within 0.30%, with significant mergers among leaders enhancing the attractiveness of industry allocation, and funds flowing showing structural differentiation.
MINISO (9896.HK): up 1.01%, with a transaction volume of HKD 915 million. The acquisition of Yonghui Supermarket enhances channel integration capabilities, and mergers drive overall valuation upward, with store expansion increasing attention.
POP MART (9992.HK): up 2.80%, with a transaction volume of HKD 6.772 billion. Rapid expansion in overseas markets drives revenue, innovation in new IP products boosts sales growth, and main funds continue to increase their positions.
Chow Tai Fook (1929.HK): down 1.90%, with a transaction volume of HKD 788 million. Fluctuations in gold prices affect jewelry demand, store structure adjustments reduce costs, and sales progress is impacted by the macro environment.
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<h3>Biotechnology Sector</h3>
The sector fell by 0.18%, with innovative drug policies providing support but increased risk aversion among funds, leading to significant differentiation.
Innovent Biologics (1801.HK): down 2.24%, with a transaction volume of HKD 5.663 billion. Continuous policy support for innovative drug R&amp;D, with clinical progress remaining positive, but short-term affected by market fluctuations.
China Biologic Products (1177.HK): down 1.10%, with a transaction volume of HKD 1.023 billion. Mergers and acquisitions expand the innovative drug pipeline, boosting medium to long-term valuations, while short-term differentiation exacerbates volatility, with marginal improvements in industry policies
WuXi Biologics ( 2269.HK ): down 0.95%, trading volume HKD 611 million. CDMO demand continues to recover, with marginally increasing policy benefits, and external cooperation enhances revenue visibility.
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<h3>Market Focus</h3>
Core Macro and Industry News: The Federal Reserve continues to signal the maintenance of high interest rates, putting temporary pressure on the RMB. Coupled with domestic consumption promotion and innovation-driven policies, this exacerbates liquidity differentiation and sector rotation in the Hong Kong stock market.
Capital Flow: Today, net inflow of southbound funds is approximately HKD 1.6 billion, with net inflow of HK-Shanghai Stock Connect at HKD 890 million and HK-Shenzhen Stock Connect at HKD 710 million. Major funds are concentrated on increasing positions in semiconductor and new consumption leaders, driving localized activity in the industry.
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<h3>Top Ten Stocks by Trading Volume</h3>
Alibaba -W ( 9988.HK ), trading price HKD 162.00, down 1.88%, trading volume HKD 8.517 billion.
POP MART ( 9992.HK ), trading price HKD 257.40, up 2.80%, trading volume HKD 6.772 billion.
INNOVENT BIO ( 1801.HK ), trading price HKD 84.95, down 2.24%, trading volume HKD 5.663 billion.
SMIC ( 0981.HK ), trading price HKD 74.95, up 1.22%, trading volume HKD 5.290 billion.
TENCENT ( 0700.HK ), trading price HKD 620.50, down 1.59%, trading volume HKD 4.276 billion.
Xiaomi Group -W ( 1810.HK ), trading price HKD 46.38, down 0.17%, trading volume HKD 4.034 billion.
Zijin Mining ( 2899.HK ), trading price HKD 31.58, down 2.35%, trading volume HKD 2.699 billion.
Huahong Semiconductor ( 1347.HK ), trading price HKD 76.00, down 2.19%, trading volume HKD 2.680 billion.
Meituan -W ( 3690.HK ), trading price HKD 95.90, down 0.62%, trading volume HKD 1.896 billion.
Lao Pu Gold ( 6181.HK ), trading price HKD 709.50, down 7.49%, trading volume HKD 1.625 billion

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The three major indices of the Hong Kong stock market fell across the board, with the Hang Seng Tech Index leading the decline, down 1.35%. The biotechnology and gold sectors were significantly pressured, with funds flowing more towards semiconductor and consumer leaders. Alibaba fell 1.88%, with the highest trading volume in the market, while Lao Pu Gold plummeted 7.49%. The Federal Reserve's high interest rates, fluctuations in the RMB exchange rate, and ongoing industry regulation continue to restrain the risk appetite of Hong Kong stocks

- The Hang Seng Index (HSI) fell by 0.95%, with 607 stocks rising and 1,176 declining.  
- The semiconductor sector saw a 1.10% increase, driven by AI demand and domestic policies, while major players like SMIC and Pop Mart experienced notable trading volumes.  
- Market liquidity is affected by high U.S. interest rates and new domestic consumption policies, with net inflows into Hong Kong stocks totaling approximately 1.6 billion HKD today.

LB Select

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Hong Kong stocks intraday | All three major indices fell, with the Tech Index down 1.35%, and the biopharmaceutical sector under pressure; Alibaba fell 1.88%, and Laopu Gold dropped 7.49%