Hong Kong stock market closing | The Hang Seng Index rose 0.19%, stabilizing above 26,000 points, with retail leader Alibaba leading the rise at 1.36%, while Meituan saw a significant decline, indicating a clear market divergence

Market Overview

▪ On December 2, the three major indices of the Hong Kong stock market showed mixed performance, with the Hang Seng Index rising 0.24% to close at 26,095.05 points; the Hang Seng China Enterprises Index up 0.11% to 9,182.65 points; and the Hang Seng Tech Index down 0.37% to 5,624.04 points.

▪ By the close, there were 881 stocks rising, 935 stocks falling, and 905 stocks unchanged, indicating a mixed overall performance. Investor risk appetite remains divergent, with capital focusing on structural opportunities.

▪ There is a clear divergence among mainstream leaders, with intensified internal rotation in some sectors. Overall trading activity is acceptable, with a prevailing wait-and-see trend.

Sector Performance

▪ The retail sector experienced volatile trading today, with active capital turnover. Alibaba rose 1.36%, becoming the market focus with a transaction volume of HKD 11.717 billion. Benefiting from the divergence in the consumer sector and industry rotation, Alibaba showed active short-term performance, while JD.com fell 0.94%, indicating a divergence in capital performance. Miniso slightly increased by 0.67%, showing varied internal momentum within the sector.

▪ The restaurant sector overall saw a slight increase, driven by the recovery in dining consumption, but there was internal divergence among leaders. Meituan fell 3.06%, with a transaction volume of HKD 7.832 billion, reflecting some capital reallocation within the sector and a significant increase in trading volume. Haidilao and Yum China rose slightly by 0.50% and 0.48%, respectively, focusing on stable performance and recovery logic, which helped to moderately restore industry sentiment.

▪ The internet content and information sector saw a slight decline, with adjustments in leading stocks putting overall pressure on the sector. Tencent Holdings fell 0.40%, with a transaction volume of HKD 7.090 billion, Kuaishou rose slightly by 0.88%, and Baidu increased by 0.09%. The internal capital flow within the sector showed divergence, indicating that investors are heavily focused on short-term operations in tech-heavy stocks.

Macroeconomic Background

▪ Recently, the Hong Kong stock market has been paying attention to the decline in manufacturing PMI and the stability of foreign exchange reserves, indicating limited economic recovery momentum.

▪ Major macro data has released a wait-and-see sentiment, and short-term market volatility is expected to increase. Investors are paying more attention to economic trends and liquidity, with market activity being dominated by macro expectations.

Popular Stocks

▪ China Goldstone (1380.HK) rose 30.00%, with a transaction volume of HKD 0.029 billion. The increase is notable, and although the total transaction volume is small, there is a strong willingness for short-term speculation, indicating high market speculation enthusiasm.

▪ Longpan Technology (2465.HK) rose 4.10%, with a transaction volume of HKD 3.38 billion. There are clear signs of capital speculation under sector rotation, making it a target of capital attention for the day.

▪ Jihong Co., Ltd. (2603.HK) rose 4.32%, with a transaction volume of HKD 2.85 billion. The trading was active today, with significant capital inflow, making it a hotspot for short-term trading in the market.

▪ Guanghetong (638.HK) fell 0.16%, with a transaction volume of HKD 3.81 billion. Although the stock price fluctuated little, capital turnover continued, indicating structural speculation is not lacking▪ Lion Group Holdings (2562.HK) fell 9.09%, with a trading volume of HKD 322 million. The stock price dropped significantly, and capital outflow was evident, reflecting a rise in short-term risk aversion.

Market Trading Volume TOP10

▪ Alibaba -W (9988.HK) latest trading price HKD 157.00, up 1.36%, trading volume HKD 11.717 billion

▪ Meituan -W (3690.HK) latest trading price HKD 96.50, down 3.06%, trading volume HKD 7.832 billion

▪ Tencent Holdings (700.HK) latest trading price HKD 617.00, down 0.40%, trading volume HKD 7.090 billion

▪ Xiaomi Group -W (1810.HK) latest trading price HKD 40.70, up 0.99%, trading volume HKD 5.713 billion

▪ Kuaishou -W (1024.HK) latest trading price HKD 68.95, up 0.88%, trading volume HKD 3.264 billion

▪ BYD Company (1211.HK) latest trading price HKD 100.10, up 2.19%, trading volume HKD 2.635 billion

▪ ZTE Corporation (763.HK) latest trading price HKD 33.78, down 5.64%, trading volume HKD 2.524 billion

▪ XPeng Motors -W (9868.HK) latest trading price HKD 78.75, down 5.52%, trading volume HKD 2.366 billion

▪ Zijin Mining (2899.HK) latest trading price HKD 32.72, up 1.24%, trading volume HKD 1.936 billion

▪ Pop Mart (9992.HK) latest trading price HKD 218.80, up 1.67%, trading volume HKD 1.923 billion