<h3>Current Situation of the Three Major Indices</h3>
<ul>
<li>Hang Seng Index: down 0.61%</li>
<li>Hang Seng China Enterprises Index: down 0.67%</li>
<li>Hang Seng Tech Index: down 1.38%</li>
</ul>
<p>A total of 487 stocks rose, 979 stocks fell, and 1,254 stocks remained unchanged.</p>
<hr/>
<h3>Sector Performance</h3>
<p><strong>Retail Sector:</strong> The sector is experiencing fluctuations and consolidation, with neutral liquidity and weak rotation affected by differentiated consumer demand and market wait-and-see sentiment.</p>
<ul>
<li>Chow Tai Fook Jewellery Group (1929.HK): down 1.27%, turnover of HKD 1.253 billion. Weakening consumer demand puts pressure on high-end retail, leading to a price correction. Recent industry benefits are scarce, further pressuring valuations. Southbound capital allocation willingness is insufficient, resulting in poor sector performance.</li>
<li>Gome Retail (0493.HK): down 0.61%, turnover of HKD 226 million. The company's recovery is slow, and profitability needs improvement, making it difficult to drive industry enthusiasm. There are no obvious signs of demand recovery, and sector attention is limited. Short-term capital speculation is evident, with investors adopting a cautious attitude.</li>
<li>Luk Fook Holdings (0590.HK): up 0.35%, turnover of HKD 319 million. Stable performance of core stores supports the stock price. Although affected by high gold prices, the overall consumption push is limited. Capital flows are dispersed, and the sector lacks sustainable highlights.</li>
</ul>
<p><strong>Internet Content and Information Sector:</strong> The sector rises against the trend, driven by better-than-expected performance from leading companies and content innovation, with active inflow of southbound capital.</p>
<ul>
<li>Tencent Holdings (0700.HK): up 0.62%, turnover of HKD 10.954 billion. The company's user data and advertising business performed better than expected, boosting market confidence. Significant growth in cloud service revenue enhances performance elasticity. A net inflow of HKD 1.256 billion from southbound capital was recorded in a single day, indicating strong capital flow.</li>
<li>Alibaba Group (9988.HK): down 0.29%, turnover of HKD 14.279 billion. The market continues to focus on the company's cloud business spin-off progress, with robust profitability forming fundamental support. However, due to capital differentiation, there was a net sell-off of HKD 1.204 billion from southbound capital, putting short-term pressure on the stock.</li>
<li>Meituan (3690.HK): up 2.70%, turnover of HKD 8.576 billion. Growth in in-store and new businesses exceeded market expectations, improving preferences. Continuous increase in profit expectations attracts capital accumulation. The trend of short-term capital layout is expected to continue.</li>
</ul>
<p><strong>Dining Sector:</strong> The sector experiences slight fluctuations, with performance differentiation, and market funds favor leading stocks with stable profitability.</p>
<ul>
<li>Haidilao (6862.HK): down 0.50%, turnover of HKD 1.245 billion. Operating data is mediocre, with no significant positive stimuli. Industry cost pressures continue to affect short-term profit expectations. Capital within the sector mainly rotates, amplifying volatility.</li>
<li>Jiumaojiu (9922.HK): up 0.91%, turnover of HKD 603 million. Rapid expansion of branches drives revenue growth, with outstanding cost control capabilities. The market remains optimistic about the company's high growth logic, leading to increased attention</li>
<li>Yum China (9987.HK): down 1.32%, turnover HKD 697 million. Economic environment fluctuations limit overall performance, and chain expansion puts pressure on results. Single-store performance shows significant differentiation, with capital flows being cautious.</li>
</ul>
<hr/>
<h3>Market Focus</h3>
<p><strong>1. Core Macro and Industry Focus:</strong> In the past month, the Federal Reserve's latest interest rate meeting decided to keep rates unchanged, U.S. Treasury yields declined, and the China-U.S. interest rate spread remains weak, leading to fluctuations in Hong Kong stock risk appetite. Recently, the mainland announced a <strong>September CPI year-on-year growth of about 3%</strong>, lower than market expectations, while PPI continues at a low level, indicating slow domestic demand recovery and increased expectations for policy support. The RMB against the USD remains stable in the <strong>7.1-7.3 range</strong>, helping to restore foreign investor confidence and support demand for Hong Kong stock allocations.</p>
<p><strong>2. Capital Flows:</strong> Today, southbound funds <strong>net bought HKD 2.873 billion</strong>, with technology and resource leaders favored by capital, Tencent Holdings net bought <strong>HKD 1.256 billion</strong>, driving stock prices higher. Alibaba net sold <strong>HKD 1.204 billion</strong>, putting pressure on stock prices, indicating a divergence in capital's attitude towards quality core asset allocation, with short-term volatility likely to intensify.</p>
<hr/>
<h3>Top Ten Stocks by Turnover</h3>
<ol>
<li>Alibaba (9988.HK), trading price HKD 170.50, down 0.29%, turnover HKD 14.279 billion</li>
<li>Tencent Holdings (700.HK), trading price HKD 649.00, up 0.62%, turnover HKD 10.954 billion</li>
<li>Meituan (3690.HK), trading price HKD 102.70, up 2.70%, turnover HKD 8.576 billion</li>
<li>SMIC (981.HK), trading price HKD 77.85, down 2.81%, turnover HKD 8.385 billion</li>
<li>Xiaomi Group (1810.HK), trading price HKD 44.00, down 2.04%, turnover HKD 8.358 billion</li>
<li>Hua Hong Semiconductor (1347.HK), trading price HKD 54.80, down 0.73%, turnover HKD 2.387 billion</li>
<li>Ping An Insurance (2318.HK), trading price HKD 42.05, down 0.83%, turnover HKD 1.948 billion</li>
<li>ZTE Corporation (0763.HK), trading price HKD 24.30, down 0.82%, turnover HKD 1.422 billion</li>
<li>Ganfeng Lithium (1772.HK), trading price HKD 41.30, down 1.67%, turnover HKD 1.343 billion</li>
<li>Zijin Mining (2899.HK), trading price HKD 13.44, up 0.07%, turnover HKD 1.291 billion</li>
</ol>

MPNGY

03690

TCEHY

TCTZF

00700

<p>The three major Hong Kong stock indices generally retreated during the session, with the Hang Seng Technology Index showing the largest decline, indicating pressure on the technology sector. The internet content and information sector performed strongly against the trend, with Tencent and Meituan standing out, while southbound funds significantly increased their positions in technology leaders. The retail and catering sectors showed a divergence, with high-end retail and chain catering affected by demand fluctuations. The expectations of the Federal Reserve's policy and the stabilization of the RMB exchange rate jointly influenced the risk appetite of Hong Kong stocks, with funds focusing on high-quality core assets</p>

- The three major indices showed declines, with the Hang Seng Index down 0.61% and the Hang Seng Technology Index down 1.38%.  
- Retail and restaurant sectors experienced mixed performances, with notable declines in companies like Chow Tai Fook and Yum China, while Meituan saw a rise of 2.70%.  
- Recent macroeconomic factors include the Fed's decision to maintain interest rates and a slow recovery in domestic demand, influencing market sentiment and capital flows.

LB Select

Meituan

MEITUAN

Tencent

Tencent Holdings Limited

TENCENT

Hong Kong stock market intraday | The Hang Seng Tech Index fell over 1% under pressure, while the internet sector rose against the trend; Tencent Holdings increased by 0.62%, Meituan rose by 2.70%