Market Overview
▪ On November 25, the three major indices of the Hong Kong stock market rose collectively, with the Hang Seng Index up 1.26% to 26,040.56 points; the Hang Seng China Enterprises Index up 1.40% to 9,206.16 points; and the Hang Seng Tech Index up 2.13% to 5,663.68 points.
▪ As of the time of writing, there were 1,058 stocks rising, 470 stocks falling, and 1,197 stocks closing flat, indicating an overall rebound in market risk appetite and a significant improvement in bullish sentiment.
▪ The market performance was primarily driven by technology and growth sectors, with core assets receiving continuous attention from funds, highlighting a structural market trend.
Sector Performance
▪ The technology sector showed a significant bullish atmosphere, with major funds concentrated in this area. Tencent Holdings rose 0.80% to HKD 629.50, with a trading volume of HKD 3.606 billion. Xiaomi Group rose 5.38% to HKD 40.74, with a trading volume of HKD 6.368 billion, reflecting that technological innovation and the valuation recovery of leading companies drove the overall strength of the sector.
▪ The financial sector experienced limited volatility, with a divergence between domestic banks and insurance sectors, showing significant performance discrepancies and a prevailing cautious sentiment among funds.
▪ The consumer internet sector was active, with Meituan rising 0.76% to HKD 98.90, with a trading volume of HKD 1.122 billion, reflecting a recovery in consumer demand and continued capital inflow into the platform economy.
▪ The energy sector rose moderately, with leading companies like CNOOC benefiting from fluctuations in international oil prices. Overall fund attention was moderate, and performance was stable.
▪ The semiconductor sector also gained upward momentum, with SMIC rising 3.01%, with a trading volume of HKD 1.923 billion, and Hua Hong Semiconductor rising 3.37%, with a trading volume of HKD 1.181 billion, indicating a rebound in industry chain prosperity expectations and an increased willingness for fund allocation.
▪ The retail sector rose overall, with Alibaba rising 3.30%, with a trading volume of HKD 9.040 billion, JD.com rising 0.36%, with a trading volume of HKD 0.643 billion, and Miniso rising 1.13%, with a trading volume of HKD 0.041 billion. Both traditional consumption and online retail performed steadily, attracting continuous fund allocation.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has been affected by the expansion of trade deficits, differentiated import and export growth rates, and a slowdown in retail growth, leading to a cautious market sentiment.
▪ Macroeconomic data releases have intensified short-term market volatility, with investor sentiment becoming more rational, favoring sectors and leading stocks with solid fundamentals.
Popular Stocks
▪ Longpan Technology (2465.HK) rose 18.91%, with a trading volume of HKD 0.430 billion. There were no significant new catalysts, and the stock price movement reflects a short-term capital boost, rapidly increasing market attention and becoming a current market favorite.
▪ Changfei Fiber Optic Cable (6869.HK) rose 12.68%, with a trading volume of HKD 0.692 billion. There was active capital inflow, and market expectations for the optical communication industry chain heated up, leading to a significant rise in stock prices.
▪ China Gas Holdings (1635.HK) rose 8.40%, with a trading volume of HKD 0.243 billion, with expectations for the sector's business benefiting from major capital support
▪ China Shangcheng (2330.HK) rose 3.64%, with a trading volume of HKD 21 million, continuing to advance with slight capital allocation and increased trading activity.
▪ Ganfeng Lithium (1772.HK) rose 1.37%, with a trading volume of HKD 886 million, as capital interest in the lithium battery sector remains strong, with buying support during high-level fluctuations.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) latest trading price HKD 159.60, up 3.30%, trading volume HKD 9.04 billion
▪ Xiaomi Group -W (1810.HK) latest trading price HKD 40.74, up 5.38%, trading volume HKD 6.368 billion
▪ Tencent Holdings (700.HK) latest trading price HKD 629.50, up 0.80%, trading volume HKD 3.606 billion
▪ SMIC (981.HK) latest trading price HKD 70.10, up 3.01%, trading volume HKD 1.923 billion
▪ Kuaishou -W (1024.HK) latest trading price HKD 71.40, up 4.16%, trading volume HKD 1.630 billion
▪ UBTECH (9880.HK) latest trading price HKD 113.00, up 1.35%, trading volume HKD 1.303 billion
▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 72.00, up 3.37%, trading volume HKD 1.181 billion
▪ Meituan -W (3690.HK) latest trading price HKD 98.90, up 0.76%, trading volume HKD 1.122 billion
▪ Ganfeng Lithium (1772.HK) latest trading price HKD 48.68, up 1.37%, trading volume HKD 886 million
▪ Baidu -SW (9888.HK) latest trading price HKD 116.70, up 4.38%, trading volume HKD 837 million

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On November 25th, the Hong Kong stock market fluctuated upward, with the technology sector leading the rise and driving major indices higher. The Hang Seng Index rose by 1.26%, and the Hang Seng Tech Index increased by 2.13%, with leading tech stocks such as Xiaomi Group and Alibaba performing prominently. In terms of sectors, technology, internet content and information, semiconductors, and retailers all attracted capital. Some individual stocks, such as Longpan Technology and Yangtze Optical Fibre and Cable, saw significant gains, with market hotspots focusing on technology and consumer sectors. Macroeconomically, trade deficits and slowing consumption growth affected market sentiment, with funds still inclined to select core assets

- On November 25, Hong Kong's three major indices rose collectively, with the Hang Seng Index up 1.26% to 26,040.56 points.  
- The market showed improved risk appetite, with 1,058 stocks rising and 470 falling, driven by strong performance in technology and growth sectors.  
- Notable gainers included Tencent, Xiaomi, and Alibaba, reflecting increased investor interest and a recovery in core asset valuations amid cautious macroeconomic sentiment.

Market Pulse

TENCENT

XIAOMI-W

MEITUAN

CNOOC

SMIC

HUA HONG SEMI

BABA-W

JD-SW

MNSO

LOPAL TECH

YOFC

DZUG

CHINA UPTOWN

GANFENGLITHIUM

KUAISHOU-W

Alibaba

Xiaomi Corporation

Hong Kong stocks intraday | Technology index rises 2.13%, driving all three major indices up, Xiaomi rises 5.38% as funds chase, the sector is fully active