Hong Kong stocks intraday | The three major indices fluctuate at high levels, with a divergence in the technology and retail sectors, Xiaomi Group rises over 1% during the session

Market Overview

▪ On December 5, 2025, the three major indices of the Hong Kong stock market showed mixed performance. The Hang Seng Index fell by 0.27% to 25,865.73 points, failing to continue yesterday's stage high, and is undergoing short-term adjustments at high levels.

▪ The Hang Seng Tech Index decreased by 0.07% to 5,611.73 points, slightly retreating from yesterday's stage high, with the technology sector showing weak performance and overall momentum slowing down.

▪ The China Enterprises Index reported 9,088.78 points, down 0.19%, also failing to reach a new high, currently consolidating at relatively high levels.

▪ Overall, after a period of continuous rise, the main indices of the Hong Kong stock market closed today with high-level fluctuations, market sentiment has become cautious, and the atmosphere of capital waiting and observing has increased.

Sector Performance

▪ The hardware, storage, and peripherals sector showed overall volatility, with significant internal differentiation. Xiaomi Group -W rose by 1.48% during the session, with a transaction volume of HKD 2.526 billion, becoming the focus of capital attention in the sector. Goldman Sachs believes its "people, vehicles, and home" ecosystem and AIoT device field demonstrate system-level integration advantages, building a market moat and attracting capital inflow. Lenovo Group rose by 0.40%, with a transaction volume of HKD 164 million, showing stable performance. Lenovo Holdings slightly fell by 0.11%, with a transaction volume of HKD 4.8959 million, receiving relatively limited attention.

▪ The internet content and information sector showed overall fluctuations, with leading stocks showing differentiated trends, and investors becoming cautious. Tencent Holdings fell by 0.57%, with a transaction volume of HKD 2.242 billion, showing clear signs of pressure. Kuaishou -W slightly rose by 0.44%, with a transaction volume of HKD 320 million, with active capital speculation. Baidu -SW rose by 0.86%, with a transaction volume of HKD 269 million, receiving some capital attention, but the overall momentum of the sector is limited.

▪ The retail sector also showed volatility, dominated by a wait-and-see atmosphere. Alibaba -W fell by 0.39%, with a transaction volume of HKD 1.663 billion, with short-term capital flowing out of the market. JD.com -SW rose by 0.09%, with a transaction volume of HKD 364 million, showing range fluctuations. Miniso rose by 0.80%, with a transaction volume of HKD 14.328 million, with average trading activity, and the overall momentum of the sector is not strong, with capital mainly in a wait-and-see mode.

Macroeconomic Background

▪ Recently, the year-on-year retail sales volume in the Hong Kong stock market rose from 4.8% to 5.3%, showing a moderate recovery, reflecting the continuous recovery of local consumption momentum. Investors are paying attention to changes in external demand, the RMB exchange rate, and manufacturing PMI performance, as these macro factors dominate market sentiment. Short-term capital flows remain sensitive to changes in macro data, and the atmosphere of waiting and observing has intensified.

Popular Stocks

▪ Saintang Holdings (8305.HK) rose by 17.54% during the session, with a transaction volume of HKD 6.0136 million. Although there is no latest news to stimulate it, short-term capital speculation is evident, and trading is relatively active, reflecting the investment enthusiasm for thematic concepts.

▪ Zhongxin Holdings (8125.HK) rose by 53.85%, with a transaction volume of HKD 1.7083 million, showing clear characteristics of capital anomalies. The company has no new news, but short-term capital involvement is evident, and the market speculation atmosphere is strong ▪ China Energy Holdings (2971.HK) rose 114.29%, with a trading volume of HKD 530,200. Market funds are chasing short-term gains, volatility has increased, and characteristics of frantic speculation are evident.

▪ China Goldstone (1380.HK) rose 13.40%, with a trading volume of HKD 113,126,300. The stock surged with increased volume, attracting some fund attention, and the thematic speculation momentum is strong.

▪ Jinsheng Group Holdings (1581.HK) rose 25.00%, with a trading volume of HKD 539,500. Fund inflows have accelerated, the stock price has shown short-term fluctuations, and the involvement of funds in popular sector concepts is evident.

Market Trading Volume TOP10

▪ Xiaomi Group-W (1810.HK) latest trading price HKD 42.60, up 1.48%, trading volume HKD 2.526 billion

▪ Tencent Holdings (700.HK) latest trading price HKD 608.50, down 0.57%, trading volume HKD 2.242 billion

▪ Alibaba-W (9988.HK) latest trading price HKD 153.80, down 0.39%, trading volume HKD 1.663 billion

▪ Ping An Insurance (2318.HK) latest trading price HKD 57.85, up 2.12%, trading volume HKD 1.112 billion

▪ Meituan-W (3690.HK) latest trading price HKD 97.50, down 0.61%, trading volume HKD 980 million

▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 74.70, down 2.03%, trading volume HKD 819 million

▪ SMIC (981.HK) latest trading price HKD 69.75, down 0.07%, trading volume HKD 717 million

▪ AIA Group (1299.HK) latest trading price HKD 77.95, down 1.33%, trading volume HKD 648 million

▪ China Hongqiao (1378.HK) latest trading price HKD 33.40, up 1.21%, trading volume HKD 547 million

▪ UBTECH (9880.HK) latest trading price HKD 116.70, up 3.00%, trading volume HKD 476 million