<h3>Current Situation of the Three Major Indices</h3>
<ul>
<li>Hang Seng Index (HSI.HK): down 0.49%, at 26,789.71 points</li>
<li>Hang Seng China Enterprises Index (HSCEI.HK): down 0.61%, at 9,480.65 points</li>
<li>Hang Seng Tech Index (HSTECH.HK): down 0.90%, at 5,880.50 points</li>
</ul>
<p>A total of 725 stocks rose, 1,033 stocks fell, and 1,365 stocks were flat.</p>
<hr/>
<h3>Sector Performance</h3>
<h4>Internet Content and Information Sector</h4>
<p>The technology and internet sector is under pressure due to global technology valuation fluctuations and policy signals, with risk appetite declining. Major funds are reducing positions, but southbound funds are still limited in increasing their holdings.</p>
<ul>
<li>Tencent Holdings (700.HK), down 1.37%, with a turnover of HKD 2.613 billion. Dragged down by the simultaneous decline of the external technology sector, market risk aversion has increased; despite a net inflow of HKD 500 million from southbound funds, short-term support is limited; lacking new catalysts and with increased intraday volatility, the entire sector is adjusting.</li>
<li>Kuaishou Technology -W (1024.HK), down 1.51%, with a turnover of HKD 437 million. The industry trend is weak, and the weak performance of tech stocks is a constraint; media reports indicate overall pressure on the internet, with a dominant wait-and-see sentiment; the buying intensity of southbound funds has weakened compared to previous periods.</li>
<li>Bilibili -W (9626.HK), down 2.34%, with a turnover of HKD 376 million. Lacking support from operational and industry highlights, the platform's content business remains stable; under declining market liquidity and policy constraints, stock performance is weaker than expected; short-term capital inflow willingness is not strong.</li>
</ul>
<h4>Retail Sector</h4>
<p>The retail consumption sector shows mixed performance, overall benefiting from signs of recovering consumer confidence, but leading companies are pressured by liquidity diversion.</p>
<ul>
<li>Alibaba -W (9988.HK), down 1.40%, with a turnover of HKD 3.742 billion. Lacking recent performance or policy benefits, sector adjustments drag down the broader market; the funding environment is cautious, but a net inflow of HKD 320 million from southbound funds provides some local support; performance is still mainly influenced by market sentiment and industry valuation.</li>
<li>JD.com -SW (9618.HK), down 2.25%, with a turnover of HKD 407 million. Fluctuations in consumer data and sector rotation are jointly at play, with quarterly reports and operational indicators being the market focus; currently lacking significant performance catalysts, weaker than peers; major funds have limited willingness to flow in.</li>
<li>Miniso (9896.HK), down 3.03%, with a turnover of HKD 42 million. Previous gains have led to a base effect, with noticeable short-term profit-taking; funding risk appetite has declined, and the adjustment range has expanded; amid sector differentiation, attention to external expansion and innovation-driven growth has increased.</li>
</ul>
<h4>Real Estate Operating Companies Sector</h4>
<p>The real estate sector continues to be under pressure, significantly affected by adjustments in policy expectations and weak industry confidence, with decreased enthusiasm for participation from southbound funds.</p>
<ul>
<li>CHINA RES MIXC (1209.HK), down 6.37%, with a turnover of HKD 2.703 billion. Lacking industry or company benefits, the overall real estate mainline is under pressure; repeated policy expectations lead to sector adjustments, with significant capital outflows; this has triggered a sharp decline in leading companies in the sector, with a lack of positive catalysts in the short term</li>
<li>Swire Properties (1972.HK), down 0.26%, turnover of HKD 54 million. The industry faces negative impacts affecting valuation recovery progress, with tightening liquidity; the sector overall is weaker than the market, with limited attractiveness; the willingness of major players to allocate has weakened, and the atmosphere is cautious.</li>
<li>Hang Lung Properties (101.HK), down 0.11%, turnover of HKD 31 million. The sector environment is weak, with funds focusing more on performance stability; short-term elasticity is limited, and the company's fundamentals are neutral; both liquidity and buying power have decreased.</li>
</ul>
<hr/>
<h3>Market Focus</h3>
<p><strong>1. Core macro and industry focus news:</strong> In the past month, the Federal Reserve has kept the benchmark interest rate unchanged, and expectations for a US dollar interest rate hike have cooled, alleviating pressure on the Hong Kong dollar. The RMB exchange rate has slightly depreciated, continuing a two-way volatility trend. In October, China's CPI increased by 0.7% year-on-year, and PMI recorded 50.5, indicating a marginal recovery in manufacturing sentiment, which short-term boosts market risk appetite.</p>
<p><strong>2. Capital flow:</strong> On November 13, southbound funds had a net inflow of HKD 2.8 billion, with a net inflow of HKD 1.1 billion through the Shanghai-Hong Kong Stock Connect and HKD 1.7 billion through the Shenzhen-Hong Kong Stock Connect. Major players continue to increase allocations to technology and consumer leaders, with Tencent and Alibaba net buying HKD 500 million and HKD 320 million respectively, providing downward resistance for the market; total market turnover reached HKD 98 billion, indicating a slightly positive allocation attitude.</p>
<hr/>
<h3>Top Ten Stocks by Turnover</h3>
<ol>
<li>Alibaba -W (9988.HK), trading price HKD 154.60, down 1.40%, turnover HKD 3.78 billion</li>
<li>Tencent Holdings (700.HK), trading price HKD 648.00, down 1.37%, turnover HKD 2.748 billion</li>
<li>CHINA RES MIXC (1209.HK), trading price HKD 43.20, down 6.32%, turnover HKD 2.704 billion</li>
<li>Xiaomi Group -W (1810.HK), trading price HKD 43.70, down 0.37%, turnover HKD 2.016 billion</li>
<li>SMIC (981.HK), trading price HKD 72.45, down 1.09%, turnover HKD 1.454 billion</li>
<li>BeiGene (6160.HK), trading price HKD 226.00, up 6.30%, turnover HKD 1.011 billion</li>
<li>Zijin Mining (2899.HK), trading price HKD 33.58, up 2.95%, turnover HKD 947 million</li>
<li>Legend Holdings (6683.HK), trading price HKD 7.44, down 17.21%, turnover HKD 941 million</li>
<li>XPeng -W (9868.HK), trading price HKD 103.50, down 1.62%, turnover HKD 943 million</li>
<li>Ping An Insurance (2318.HK), trading price HKD 60.40, up 0.17%, turnover HKD 913 million</li>
</ol>

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<p>The three major indices of the Hong Kong stock market are all under pressure during the session, with the Hang Seng Tech Index falling nearly 0.9%, leading the market adjustment. The real estate and retail sectors are also declining, with leading stock China Resources Mixc experiencing a sharp drop, and Tencent and Alibaba also falling, dragging down the overall market sentiment. Southbound funds have seen a net inflow of HKD 2.8 billion against the trend, with major allocations to technology and consumer leaders providing some support. Macroeconomic factors such as the Federal Reserve's interest rates and the RMB exchange rate continue to constrain overall market risk appetite</p>

- The three major indices in Hong Kong experienced declines, with the Hang Seng Index down 0.49% at 26,789.71 points.  
- Market sentiment was affected by global tech valuation fluctuations, leading to a mixed performance across sectors, particularly in technology and retail, with significant drops in major stocks like Alibaba and Tencent.  
- Despite a net inflow of 2.8 billion HKD from southbound funds, overall market activity showed cautious trading, with total turnover reaching 98 billion HKD.

Market Heartbeat

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XIAOMI-W

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Tencent Holdings Limited

Hong Kong stocks intraday | The Hang Seng Tech Index fell nearly 0.9% leading the decline, with the technology and real estate sectors under pressure; Tencent fell 1.37%, and CHINA RES MIXC dropped over 6%