Market Overview▪ As of noon, the main indices of the Hong Kong stock market have risen slightly.▪ The Hang Seng Index closed at 25,291.4 points at noon, up 0.22%.▪ The Hang Seng Tech Index reported 5,403.74 points, with a slight increase of 0.02% at noon.▪ The Hang Seng China Enterprises Index closed at 8,781.76 points at noon, up 0.27%.Sector Performance▪ The internet content and information sector rose slightly, with core leader Tencent Holdings up 0.50%, Kuaishou up 0.39%, and Baidu up 0.09%. Mainstream stocks in the sector were actively traded, reflecting that funds are still favoring large internet leaders with good liquidity as a stable allocation direction, with sentiment leaning positively.▪ The retail sector saw a moderate overall increase, with Alibaba up 0.55% and JD.com up 0.72%. This sector is driven by a steady recovery in consumer demand, with major funds increasing positions in certain consumer leaders. Miniso fell slightly by 0.21%, but the decline was limited.▪ The restaurant sector generally strengthened, with Meituan leading the way up 1.21%, Haidilao up 0.41%, and Yum China up 0.54%, reflecting a rebound in social dining demand, with the sector welcoming short-term capital inflows, and investors actively participating in sector rotation and exploring performance elasticity opportunities.Macroeconomic Background▪ Recently, the retail sales year-on-year growth in the Hong Kong stock market has maintained an increase, with an October growth rate of 5.3%, higher than the previous value, indicating that local consumption momentum continues, and the market's internal demand trend is further solidified.▪ Comprehensive manufacturing PMI, unemployment rate, and other macro indicators show that the current market is focused on opportunities for structural recovery and industry differentiation, driving proactive capital allocation in structural sectors.Popular Stocks▪ YOFC surged 10.73% during the session, with the latest price at HKD 42.50 and a trading volume of HKD 1,421.96 million. Stocks related to computing hardware collectively strengthened, with YOFC leading the sector's sentiment due to industry catalysts, reflecting an increase in market enthusiasm for computing power and optical communication themes, with funds concentrated in the optical communication and hardware sub-sectors.▪ WuXi AppTec -B rose 18.57% during the session. The company announced the publication of positive clinical results for tepotinib in a sub-journal of The Lancet, leading to a significant increase in the active sentiment of the biopharmaceutical theme, with a trading volume of HKD 259.30 million.▪ Zai Lab rose 10.46%, with a trading volume of HKD 171.53 million. The price of experimental monkeys is showing an accelerating upward trend, and preclinical CRO orders are steadily recovering. In the overall warming environment of the pharmaceutical sector, the company also received active speculation from funds.Top 10 Market Trading Volumes▪ Tencent Holdings (700.HK) latest trading price HKD 599.50, up 0.50%, trading volume HKD 4.694 billion.▪ Alibaba -W (9988.HK) latest trading price HKD 145.00, up 0.55%, trading volume HKD 4.088 billion.▪ Meituan -W (3690.HK) latest trading price HKD 100.70, up 1.21%, trading volume HKD 1.777 billion▪ Xiaomi Group-W (1810.HK) latest transaction price HKD 40.66, down 0.59%, transaction amount HKD 1.741 billion▪ YOFC (6869.HK) latest transaction price HKD 42.50, up 10.73%, transaction amount HKD 1.422 billion▪ AIA Group (1299.HK) latest transaction price HKD 80.20, up 0.50%, transaction amount HKD 978 million▪ SMIC (981.HK) latest transaction price HKD 63.75, up 0.47%, transaction amount HKD 935 million▪ CNOOC (883.HK) latest transaction price HKD 20.02, down 0.89%, transaction amount HKD 876 million▪ China Mobile (941.HK) latest transaction price HKD 84.35, up 0.06%, transaction amount HKD 838 million▪ Zijin Mining (2899.HK) latest transaction price HKD 33.52, up 1.76%, transaction amount HKD 775 million

As of noon, the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all showed slight upward fluctuations, with noticeable sector rotation. The internet, dining, and retail sectors are trending upward, with core leading stocks favored by major funds, as Meituan, Tencent, and Alibaba gently rise. On the macro front, the year-on-year retail sales growth remains, reinforcing the market's activity with signals of domestic demand recovery. YOFC surged during the session, and the computing hardware sector experienced collective movements, with funds focusing on short-term structural opportunities. The rotation of popular stocks and the leading trading volume of the broader market together shape the investment direction for the afternoon session

- As of midday, major indices in the Hong Kong stock market experienced slight increases, with the Hang Seng Index up 0.22% at 25,291.4 points.  
- The retail sector continued its gentle rise driven by steady consumer demand, while tech stocks showed active trading with major players like Tencent and Alibaba gaining.  
- Macro indicators indicate a positive economic outlook, with retail sales growth at 5.3% in October, leading to focused investments in structurally resilient sectors.

Market Heartbeat

Hang Seng China Enterprises Index

YOFC

Hang Seng Index

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

MEITUAN

HAIDILAO

YUM CHINA

TRANSTHERA-B

JOINN

TENCENT

XIAOMI-W

Alibaba

Tencent

Tencent Holdings Limited

Meituan

Hong Kong Stock Midday Review | The Hang Seng Index rose 0.22% at noon, with strong performance in the internet and catering sectors. YOFC saw a significant intraday surge