Hong Kong Stock Midday Review | Hang Seng Index consolidates at high levels, hardware sector leads with Xiaomi Group up 1.48%, technology index shows strong performance

Market Overview

▪ As of noon on December 5th, the Hang Seng Index reported 25,872.37 points, a slight decline of 0.24% during the day. The current Hang Seng Index has slightly retreated from the phase high reached yesterday (December 4th), but remains stable at a relatively high level after short-term adjustments.

▪ The Hang Seng Tech Index reported 5,604.24 points, down 0.20%, also pulling back from yesterday's high, but overall maintaining a strong pattern, with the index showing robust short-term performance.

▪ The China Enterprises Index slightly decreased by 0.14%, reporting 9,094.43 points, just a step away from this year's phase high (December 4th), with overall market sentiment remaining positive.

▪ In summary, the three major indices of the Hong Kong stock market failed to refresh the previous trading day's highs today, consolidating at high levels in the short term, reflecting relative resilience in index performance amid bullish-bearish divergence, and still holding observational value for the future.

Sector Performance

▪ The hardware, storage, and peripherals sector overall rose, becoming the main focus of funds during the session. Leading company Xiaomi Group -W rose 1.48%, with a transaction volume of HKD 3.886 billion, benefiting from the company's active layout in AI super entry and intelligent agents, driving optimistic market sentiment. Lenovo Group slightly increased by 0.61%, with a transaction volume of HKD 258 million, showing that funds continue to pay attention to relatively stable targets within the sector. Lenovo Holdings, however, slightly fell by 0.42%, with a transaction volume of HKD 7.8394 million, indicating structural differentiation within the sector. Overall, AI applications and ecological expansion have become the core logic driving the sector's market performance.

▪ The internet content and information sector experienced fluctuations, with investors focusing on the competitive landscape of AI intelligent agents. Tencent Holdings fell by 0.82%, with a transaction volume of HKD 3.520 billion, becoming a target with significant fund divergence, influenced by industry discussions on the competition for AI super entry, reflecting the pressure internet platform companies face in updating their ecosystems. Kuaishou -W slightly rose by 0.22%, with a transaction volume of HKD 537 million; Baidu -SW performed actively, rising by 1.12%, with a transaction volume of HKD 390 million, reflecting a trend of some funds leaning towards leading companies in AI scenarios. In terms of capital flow, this sector maintained high trading activity, but structural differentiation was evident.

▪ The retail sector overall showed volatility. Alibaba -W slightly fell by 0.32%, with a transaction volume of HKD 2.837 billion, as the company applied for multiple trademarks such as "Taobao Flash Sale," attracting market attention to its new business model and brand reshaping. JD.com -SW slightly rose by 0.17%, with a transaction volume of HKD 512 million, showing stable fund participation. Miniso rose by 0.59%, with a transaction volume of HKD 24.6532 million. The sector exhibited a coexistence of cautious sentiment and innovative expectations, with funds continuously exploring new consumption opportunities.

Macroeconomic Background

▪ As of December 2025, the retail sales in the Hong Kong stock market are expected to grow by 5.3% year-on-year, rebounding from previous values, highlighting the strengthening momentum of local consumption recovery. Combined with manufacturing PMI, foreign trade, and unemployment rate performance, the Hong Kong stock market benefits from the momentum of domestic demand recovery, but the market still needs to pay attention to external fluctuations and the sustainability of endogenous economic growth Popular Stocks

▪ CMON (1792.HK) rose 72.41%, with a trading volume of HKD 1.2455 million. As of today, no relevant news has been announced, and there has been significant capital inflow throughout the day, indicating clear short-term speculation characteristics and high intraday activity.

▪ Zhongneng Holdings (2971.HK) rose 107.14%, with a trading volume of HKD 603,800. The company's stock price experienced sudden fluctuations without any supporting announcements, with concentrated short-term capital involvement and strong speculative characteristics, increasing risk levels.

▪ Jincheng Group Holdings (1581.HK) rose 32.21%, with a trading volume of HKD 756,100. Trading volume significantly increased compared to the previous day, with capital favoring this small-cap stock, showing market preference for thematic stocks.

▪ Wanmin Haowu (8217.HK) rose 15.87%, with a trading volume of HKD 1.2725 million. Active capital has driven the price up, and the market atmosphere is heavily speculative, with some speculative funds accelerating their inflow.

▪ Kanghua Medical (3689.HK) rose 15.00%, with a trading volume of HKD 304,300, favored by short-term capital, and market attention has noticeably increased.

Market Trading Volume TOP10

▪ Xiaomi Group-W (1810.HK) rose 1.48%, latest trading price HKD 42.6, trading volume HKD 3.886 billion

▪ Tencent Holdings (700.HK) fell 0.82%, latest trading price HKD 607, trading volume HKD 3.520 billion

▪ Alibaba-W (9988.HK) fell 0.32%, latest trading price HKD 153.9, trading volume HKD 2.837 billion

▪ Ping An Insurance (2318.HK) rose 2.74%, latest trading price HKD 58.2, trading volume HKD 1.635 billion

▪ SMIC (981.HK) rose 0.50%, latest trading price HKD 70.15, trading volume HKD 1.427 billion

▪ Hua Hong Semiconductor (1347.HK) fell 0.13%, latest trading price HKD 76.15, trading volume HKD 1.342 billion

▪ Meituan-W (3690.HK) fell 0.92%, latest trading price HKD 97.2, trading volume HKD 1.342 billion

▪ AIA Group (1299.HK) fell 1.20%, latest trading price HKD 78.05, trading volume HKD 880 million

▪ Jiangxi Copper (358.HK) rose 5.35%, latest trading price HKD 35.84, trading volume HKD 810 million

▪ Zijin Mining (2899.HK) rose 2.35%, latest trading price HKD 33.98, trading volume HKD 789 million