Market Overview
▪ As of noon, the three major indices of the Hong Kong stock market have all retreated.
▪ The Hang Seng Index closed at 26,136.72 points at noon, down 1.22%. The market shows a pullback from the recent peak, with short-term trends under pressure.
▪ The Hang Seng Tech Index closed at 5,673.84 points at noon, down 1.13%. Short-term momentum has weakened, maintaining near the previous platform.
▪ The China Enterprises Index closed at 9,034.76 points at noon, down 1.14%.
Sector Performance
▪ The retail sector overall declined, with capital flows becoming cautious. Weakened consumer demand has weighed on the performance of major leaders in the sector. Alibaba -W fell 1.51%, with the latest transaction amounting to HKD 5.103 billion, JD.com -SW dropped 1.58%, and Miniso plummeted 3.28%. There were no significant catalytic events for these stocks, indicating a dominant risk-averse sentiment and a strong wait-and-see atmosphere.
▪ The internet content and information sector generally fell, with investor confidence low and the sector under pressure. Tencent Holdings dropped 1.68%, with the latest transaction amounting to HKD 5.012 billion, Kuaishou -W fell 2.51%, and Baidu -SW plummeted 3.51%. There were no significant news stimuli for the leaders, and short-term funds in the sector deviated, with limited structural opportunities.
▪ The semiconductor manufacturers sector rose against the trend, showing structural capital inflows, boosted by expectations of increased chip demand. SMIC rose 2.21%, with the latest transaction amounting to HKD 4.391 billion, Hua Hong Semiconductor increased by 3.19%, and Wallop Technology rose 2.36%. Market funds have shown a preference for the technology hardware manufacturing sector, with internal activity higher than the overall market.
Macroeconomic Background
▪ The Hong Kong stock market is focusing on retail, export data, and manufacturing PMI and other macro indicators.
▪ Recent external environmental fluctuations have increased the impact on the elasticity of the export sector. The unemployment rate and inflation levels remain stable overall, with no unusual liquidity in the market, and market sentiment is increasingly focused on policy trends and the pace of capital inflows from the mainland.
▪ Macroeconomic uncertainties have made investors more cautious in the short term, with increased sector differentiation and active rotation of popular themes.
Popular Stocks
▪ Asia Pacific Satellite (1045.HK) rose 12.11%, with a transaction amount of HKD 83.1215 million. The company mainly engages in satellite communication services, and in the context of multiple catalysts in the commercial aerospace industry, trading data shows that there is still incremental demand for the satellite communication theme.
▪ Jinfang Pharmaceutical -B (2595.HK) rose 14.49%, with a transaction amount of HKD 41.8626 million. The company has no significant recent news, and the substantial inflow of funds during the day may be related to short-term thematic market trends, indicating that the stage theme highlights market activity.
▪ China Daye Nonferrous Metals (661.HK) rose 14.78%, with a transaction amount of HKD 27.0569 million. Short-term speculative trading is evident, with no sudden news catalysts for the stock, and a strong short-term speculative atmosphere.
▪ Yingsheng Science (209.HK) rose 15.34%, with a transaction amount of HKD 4.4535 million. The stock price has shown significant short-term fluctuations, with capital flows leaning towards active small-cap stocks
▪ Idali Holdings (720.HK) rose 29.41%, with a trading volume of HKD 1.7599 million, showing no news catalyst, indicating a faster rotation of small-cap themes, with main funds chasing oversold rebound varieties.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) latest trading price HKD 143.70, down 1.51%, trading volume HKD 5.103 billion
▪ Tencent Holdings (700.HK) latest trading price HKD 614.00, down 1.68%, trading volume HKD 5.012 billion
▪ SMIC (981.HK) latest trading price HKD 76.35, up 2.21%, trading volume HKD 4.391 billion
▪ Xiaomi Group -W (1810.HK) latest trading price HKD 37.48, down 1.78%, trading volume HKD 3.273 billion
▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 92.15, up 3.19%, trading volume HKD 2.560 billion
▪ Meituan -W (3690.HK) latest trading price HKD 101.60, down 2.78%, trading volume HKD 2.493 billion
▪ Ping An Insurance (2318.HK) latest trading price HKD 70.60, down 0.70%, trading volume HKD 1.806 billion
▪ Lenovo Group (992.HK) latest trading price HKD 8.80, down 5.38%, trading volume HKD 1.446 billion
▪ Kuaishou -W (1024.HK) latest trading price HKD 71.90, down 2.51%, trading volume HKD 1.312 billion
▪ AIA Group (1299.HK) latest trading price HKD 83.95, down 2.33%, trading volume HKD 1.220 billion

As of noon, the main indices of the Hong Kong stock market have collectively retreated, with the Hang Seng Index down 1.22%, the Hang Seng Tech Index down 1.13%, and the Hang Seng China Enterprises Index down 1.14%. Retailers and internet content sectors are generally under pressure, with Alibaba and Tencent Holdings leading the decline. The semiconductor sector performed outstandingly, with SMIC rising 2.21%, and Hua Hong Semiconductor also showing significant gains. The market is focused on retail, export data, and manufacturing PMI, with an overall cautious atmosphere and a structural differentiation in capital flow. Key popular stocks such as Kingforce Pharmaceutical -B and IDG Capital Holdings are among the top gainers, indicating active local themes. In the trading volume rankings, Alibaba, Tencent Holdings, and SMIC have the most concentrated capital

- Hong Kong's three major stock indices declined, with the Hang Seng Index dropping 1.22% to 26,136.72 points amid cautious market sentiment and weakened short-term momentum.  
- The retail and internet content sectors saw significant declines due to low consumer demand and investor confidence, while the semiconductor sector performed well, boosted by expectations of increased chip demand.  
- Investors remained cautious amidst macroeconomic uncertainties and fluctuating external environments, affecting market activity and leading to a disjointed sector performance.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

SMIC

HUA HONG SEMI

BIREN TECH

APT SATELLITE

GENFLEET-B

CDAYENONFER

WINSHINE SCI

AUTO ITALIA

XIAOMI-W

Hong Kong Stock Market Mid-Review | The Hang Seng Index fell 1.22%, the semiconductor sector rose against the trend, and SMIC increased by 2.21%, ranking high on the active list