Market Overview
▪ On December 2, the three major indices of the Hong Kong stock market showed mixed trends, with the Hang Seng Index rising 0.11% to 26,061.75 points; the Hang Seng China Enterprises Index falling 0.02% to 9,171.27 points; and the Hang Seng TECH Index declining 0.53% to 5,614.77 points.
▪ By midday, there were 675 rising stocks, 941 declining stocks, and 1,105 stocks closing flat in the Hong Kong stock market, indicating a cautious overall market sentiment, with capital differentiation and a strong wait-and-see atmosphere.
▪ The volatility of core market assets has intensified, with major weights showing divergent performances, and investors are generally focusing on the rotation of large-cap sectors and safe-haven leaders.
Sector Performance
▪ The retail sector fluctuated throughout the day, with divergent directions and noticeable rotation among mainstream leading stocks. Alibaba rose against the trend by 1.55%, with a transaction volume of HKD 7.189 billion, becoming a major support for the index. JD.com fell 1.02%, while Miniso rose 0.93%, reflecting that the sector's capital has not yet formed a clear consensus, with a heavy wait-and-see atmosphere in the market, and overall capital flow favoring leading enterprises.
▪ The restaurant sector experienced narrow fluctuations, underperforming the broader market due to insufficient consumer confidence. Meituan dropped 2.91%, with a transaction volume of HKD 3.649 billion, showing significant capital outflow from the sector. Haidilao slightly fell 0.07%, while Yum China rose 0.11%, indicating limited capital rotation within the sector, with investors being cautious in the short term, waiting for more signals of consumer recovery.
▪ The internet content and information sector showed divergence. Tencent Holdings slightly fell 0.40%, but maintained an active transaction volume of HKD 3.603 billion, reflecting that large capital still favors technology heavyweight leaders. Kuaishou rose 0.95%, and Baidu slightly increased by 0.17%, indicating that capital is reallocating within the sector, with mixed performances and continued structural opportunities.
Macroeconomic Background
▪ The latest macroeconomic data shows that the manufacturing PMI is at 51.2, with the manufacturing sector remaining in the expansion zone for three consecutive months and gaining momentum.
▪ Foreign exchange reserves remain high, providing a fundamental support for liquidity in the Hong Kong stock market.
▪ Overall, the external macro environment continues to influence market risk appetite, further reinforcing the oscillating pattern of capital differentiation.
Popular Stocks
▪ Jihong Co., Ltd. rose 3.56%, with a transaction volume of HKD 246 million. The company and its partners have invested USD 45 million to build an overseas factory, with clear signs of capital speculation during the trading session, and short-term capital attention has increased.
▪ Longpan Technology rose 4.17%, with a transaction volume of HKD 259 million. Institutions are optimistic about the profit improvement across various links of the lithium battery supply chain, making the stock active in the short term.
▪ China Goldstone surged 24.00%, with a transaction volume of HKD 2.2 million, ranking among the top in market gains. There was no significant news catalyst, but the extreme surge attracted short-term speculative capital attention, with volatility risk also increasing.
▪ ZTE Corporation fell 6.26%, with a transaction volume of HKD 1.893 billion. Recent reports indicated that ByteDance is collaborating with ZTE to jointly launch an AI phone, significantly increasing short-term capital attention, which saw a large rise of 13.94% yesterday, but today it experienced a notable pullback
▪ Fengyi Group plummeted 20.75%, with a trading volume of HKD 4 million, becoming one of the extreme performers in the market. The significant drop may be due to concentrated profit-taking and sentiment-driven factors, so please pay attention to risk prevention.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) Latest trading price HKD 157.30, increase of 1.55%, trading volume HKD 7.189 billion
▪ Meituan -W (3690.HK) Latest trading price HKD 96.65, decrease of 2.91%, trading volume HKD 3.649 billion
▪ Tencent Holdings (700.HK) Latest trading price HKD 617.00, decrease of 0.40%, trading volume HKD 3.603 billion
▪ Xiaomi Group -W (1810.HK) Latest trading price HKD 40.56, increase of 0.65%, trading volume HKD 3.601 billion
▪ Kuaishou -W (1024.HK) Latest trading price HKD 69.00, increase of 0.95%, trading volume HKD 2.305 billion
▪ ZTE Corporation (763.HK) Latest trading price HKD 33.56, decrease of 6.26%, trading volume HKD 1.893 billion
▪ BYD Company (1211.HK) Latest trading price HKD 99.70, increase of 1.79%, trading volume HKD 1.695 billion
▪ XPeng Motors -W (9868.HK) Latest trading price HKD 79.00, decrease of 5.22%, trading volume HKD 1.276 billion
▪ Pop Mart (9992.HK) Latest trading price HKD 217.00, increase of 0.84%, trading volume HKD 1.113 billion
▪ SMIC (981.HK) Latest trading price HKD 68.45, decrease of 1.44%, trading volume HKD 938 million

The Hong Kong stock market experienced overall fluctuations in the morning session, with the three major indices showing mixed results. Stocks like Alibaba supported the Hang Seng Index, while the technology and consumer sectors displayed significant divergence. Meituan saw a notable decline, with significant capital outflow from the sector, leading to large fluctuations in popular stocks. By midday, the market remained in a wait-and-see atmosphere, with funds focusing on large-cap blue chips. The macroeconomic manufacturing PMI and foreign exchange reserves remained stable, impacting the market directionally. The top 10 trading volumes concentrated on leading stocks, with clear characteristics of capital rotation among industries

- On December 2, Hong Kong's stock indices showed mixed results, with the Hang Seng Index rising 0.11% to 26,061.75 points, while the Hang Seng China Enterprises Index fell 0.02% and the Hang Seng Tech Index dropped 0.53%.  
- Market sentiment remained cautious, with 675 stocks rising and 941 declining, as investors focused on large-cap stocks and safe-haven assets amid increased volatility in core assets.  
- Notable movements included Alibaba's 1.55% increase, while Meituan and ZTE saw declines of 2.91% and 6.26%, respectively, reflecting a cautious investment environment.

Market Heartbeat

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

MEITUAN

HAIDILAO

YUM CHINA

TENCENT

KUAISHOU-W

BIDU-SW

JIHONG CO

LOPAL TECH

CHI KINGSTONE

CANOPY SKYFIRE

XIAOMI-W

Alibaba

Meituan

Hong Kong Stock Mid-Review | Hang Seng TECH Index turns down 0.53%, Alibaba rises against the trend, Meituan leads the decline as funds focus on adjustments