Market Overview
▪ The main indices of the Hong Kong stock market weakened across the board, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all retreating from their recent highs, putting pressure on market sentiment.
▪ As of now, the Hang Seng Index is at 25,117.82 points, down 1.99%. After reaching a new high yesterday, it failed to maintain its strength today.
▪ The Hang Seng Tech Index is currently at 5,361.7 points, down 2.49%, also retreating from yesterday's high, with short-term momentum weakening.
▪ The National Enterprises Index latest stands at 8,715.76 points, down 2.26%, retreating along with the broader market after yesterday's surge, with a cautious short-term trend.
Sector Performance
▪ The retail sector weakened across the board, affected by insufficient consumer momentum, with leading companies under pressure. Alibaba-W fell 3.90%, JD.com-SW dropped 3.00%, becoming the main laggards in the sector. Capital outflow continues, but Miniso attracted attention against the trend, slightly rising 0.26%.
▪ The internet sector lacks positive catalysts and is overall in adjustment. Tencent Holdings fell 1.49%, Kuaishou-W dropped 1.40%, and Baidu-SW declined 2.36%. The leading companies maintained active trading but faced pressure, reflecting a cautious investor sentiment, making it difficult for the sector to attract incremental capital.
▪ The hardware sector is mainly in a wait-and-see mode for short-term funds, overall weak. Xiaomi Group-W fell 3.49%, with active trading but mainly capital outflow, Lenovo Group slightly dipped 0.31%, and BYD Group dropped 0.59%. The sector has fully exchanged hands, with significant short-term divergence between bulls and bears.
Macroeconomic Background
▪ Hong Kong's latest retail sales volume year-on-year is 5.3%, continuing to rise, with improvements in consumer spending providing some support to the market. However, the transmission of consumer momentum to the capital market still has a time lag, and short-term sentiment and external uncertainties continue to dominate the broader market, with a structural differentiation in capital flow. Large consumption and service sectors are still worth tracking.
Popular Stocks
▪ Base Champion Group surged 16.25% during the session, with a trading volume of HKD 9.1849 million. Although there are no significant news catalysts, its rise against the trend attracted short-term speculative funds, showing outstanding performance.
▪ HYGIEIA GROUP led the gains, rising 17.86%, with a trading volume of HKD 5.3248 million, receiving significant attention from funds during the session, with noticeable fluctuations.
▪ Zhejiang Shibao rose 12.90% during the session, with a trading volume of HKD 275 million, attracting main funds against the trend, becoming an active hotspot.
▪ Youjia Innovation rose 12.38% during the session, with a trading volume of HKD 156 million, with short-term funds following in, showing significant volatility.
▪ Yijun Group Holdings rose 12.39% during the session, with a trading volume of HKD 13.0119 million, performing strongly and favored by short-term funds.
Market Trading Volume TOP10
▪ Alibaba-W latest trading price is HKD 142.80, down 3.90%, with a trading volume of HKD 13.169 billion
▪ Tencent Holdings latest transaction price HKD 594, down 1.49%, transaction amount HKD 6.321 billion
▪ Xiaomi Group-W latest transaction price HKD 40.38, down 3.49%, transaction amount HKD 4.176 billion
▪ SMIC latest transaction price HKD 62.60, down 3.25%, transaction amount HKD 3.303 billion
▪ Ping An latest transaction price HKD 63.50, down 2.68%, transaction amount HKD 2.432 billion
▪ Meituan-W latest transaction price HKD 99.20, down 1.68%, transaction amount HKD 2.016 billion
▪ Hong Kong Stock Exchange latest transaction price HKD 394.40, down 2.33%, transaction amount HKD 1.585 billion
▪ Pop Mart latest transaction price HKD 187.20, down 1.84%, transaction amount HKD 1.549 billion
▪ China Life latest transaction price HKD 27.14, down 4.97%, transaction amount HKD 1.538 billion
▪ China Construction Bank latest transaction price HKD 7.38, down 2.25%, transaction amount HKD 1.448 billion

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The three major indices of the Hong Kong stock market collectively fell during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all retreating from their recent highs, reflecting a shift in overall market sentiment towards caution. Mainstream sectors such as retail, internet, and hardware collectively weakened, with a rapid decrease in risk appetite among investors. Leading stocks like Alibaba and Xiaomi Group saw significant declines, dragging down the overall market. Although Hong Kong's retail sales data continues to improve and the macroeconomic environment shows signs of recovery, this has not yet translated into explicit benefits for the capital market. Meanwhile, stocks such as Base Champion Group and HYGIEIA GROUP surged against the trend, stimulating activity in small-cap stocks, resulting in a significant divergence in the market

- Hong Kong stocks declined across major indices, with the Hang Seng Index falling 1.99% to 25,117.82 points after hitting a recent high.  
- The retail sector weakened due to insufficient consumption momentum, notably affecting Alibaba and JD, which fell 3.90% and 3.00%, respectively.  
- Despite a 5.3% year-on-year increase in retail sales, market sentiment remains cautious, and fund flow is showing structural differentiation.

Market Heartbeat

BABA-W

TENCENT

XIAOMI-W

SMIC

PING AN

Hang Seng Index

Hang Seng TECH Index

Hong Kong Stock Market Intraday | Hang Seng and Technology Index Decline During Trading, Over 10% Sector Rises Against the Trend, Significant Capital Divergence