Market Overview
▪ The three major indices of the Hong Kong stock market generally weakened during the trading session, with market sentiment being relatively cautious:
▪ The Hang Seng Index reported 26,019.28 points during the session, down 1.66%.
▪ The Hang Seng Tech Index reported 5,637.64 points during the session, down 1.76%.
▪ The China Enterprises Index reported 8,994.82 points during the session, down 1.57%.
Sector Performance
▪ The retail sector fell during the session, overall under pressure, with market sentiment becoming cautious. Alibaba -W dropped by 2.95%, with a transaction volume of HKD 10.01 billion, indicating significant capital outflow, becoming a major weight stock dragging down the index. JD.com -SW fell by 2.37%, with a transaction volume of HKD 729 million, and Miniso dropped by 2.19%, with a transaction volume of HKD 122 million, reflecting heavy selling pressure within the sector and a decrease in short-term capital risk appetite.
▪ The internet content and information sector was also weak, with Tencent Holdings dropping by 2.00%, with a transaction volume of HKD 7.729 billion, Kuaishou -W down by 3.46%, with a transaction volume of HKD 1.837 billion, and Baidu -SW down by 3.93%, with a transaction volume of HKD 1.415 billion. The sector was significantly affected by risk-averse sentiment, with capital actively reallocating out of tech heavyweight stocks, reflecting a decrease in market risk appetite for growth assets.
▪ The semiconductor manufacturers sector performed strongly against the trend, becoming the only rising mainline during the session. SMIC rose by 0.27%, with a transaction volume of HKD 5.980 billion, Hua Hong Semiconductor rose by 1.18%, with a transaction volume of HKD 3.404 billion, and Wallface Technology rose by 1.69%. The sector was boosted by chip demand and manufacturing technology drivers, attracting some active capital for increased attention. Compared to other sectors, the semiconductor direction showed outstanding structural opportunities.
Macroeconomic Background
▪ Over the past month, the Hong Kong stock market has been continuously influenced by macro data such as foreign exchange reserves, retail sales, and unemployment rates. Investors are focused on capital flows, consumption recovery, and changes in unemployment rates, with market fluctuations mainly driven by both internal and external economic environments and policy adjustments.
▪ At the current stage, capital has a low-risk appetite, and investors show high sensitivity to macro indicators and policy expectations, with short-term sentiment fluctuations amplified.
Popular Stocks
▪ Jinfang Pharmaceutical -B (2595.HK) rose by 15.16% during the session, with a transaction volume of HKD 51 million. Capital significantly intervened in the short term, becoming a highlight of high turnover on the market, with no specific news catalyst, possibly due to capital speculation and increased market activity.
▪ Lingxiong Technology (2436.HK) rose by 17.60% during the session, with a transaction volume of HKD 11 million. Under strong fluctuations, market main funds chased short-term thematic stocks, reflecting a structural short-term trading atmosphere.
▪ Junzhi Group (1300.HK) rose by 19.48% during the session, with a transaction volume of HKD 6 million; Yidali Holdings (720.HK) rose by 39.41%, with a transaction volume of HKD 3 million. The above stocks had no significant news driving them, and the leading gains were likely due to short-term capital speculation and market sentiment performance
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) Latest trading price HKD 141.50, down 3.02%, trading volume HKD 10.007 billion
▪ Tencent Holdings (700.HK) Latest trading price HKD 612.00, down 2.00%, trading volume HKD 7.728 billion
▪ SMIC (981.HK) Latest trading price HKD 74.90, up 0.27%, trading volume HKD 5.979 billion
▪ Xiaomi Group -W (1810.HK) Latest trading price HKD 37.70, down 1.21%, trading volume HKD 4.695 billion
▪ Meituan -W (3690.HK) Latest trading price HKD 99.95, down 4.35%, trading volume HKD 4.612 billion
▪ Hua Hong Semiconductor (1347.HK) Latest trading price HKD 90.35, up 1.18%, trading volume HKD 3.404 billion
▪ Ping An Insurance (2318.HK) Latest trading price HKD 69.85, down 1.76%, trading volume HKD 2.688 billion
▪ Lenovo Group (992.HK) Latest trading price HKD 8.68, down 6.67%, trading volume HKD 2.186 billion
▪ Kuaishou -W (1024.HK) Latest trading price HKD 71.20, down 3.46%, trading volume HKD 1.837 billion
▪ China Mobile (941.HK) Latest trading price HKD 80.75, down 0.80%, trading volume HKD 1.799 billion

The three major 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, intensifying market wait-and-see sentiment. Retailers and the internet content and information sector generally declined, with heavyweight tech stocks under pressure, leading the main board down were Alibaba -W and Tencent Holdings; the semiconductor sector rose against the trend, with SMIC and Hua Hong Semiconductor strengthening during the session, indicating a shift in funds towards manufacturing and technology as the main line. The stocks with the highest trading volume were concentrated, with some stocks showing significant gains and short-term activity increasing. Recently, the flow of funds and trading sentiment in the Hong Kong stock market mainly revolved around the technology main line and adjustments in policy expectations

- Hong Kong stocks are generally weak, with the Hang Seng Index down 1.66% to 26,019.28 points, reflecting cautious market sentiment.  
- Retail and internet content sectors are struggling, with major companies like Alibaba and Tencent seeing significant losses, indicating a preference for lower-risk assets among investors.  
- The semiconductor sector is an exception, showing gains driven by demand and manufacturing technology, while macroeconomic factors like unemployment and retail sales continue to impact market fluctuations.

Market Heartbeat

Hua Hong

BABA-W

JD-SW

MNSO

TENCENT

BIDU-SW

SMIC

KUAISHOU-W

BIREN TECH

GENFLEET-B

LX TECHNOLOGY

TRIGIANT

XIAOMI-W

MEITUAN

HUA HONG SEMI

Hong Kong stocks intraday | Three major indices collectively weakened, semiconductor sector rose against the trend, Hua Hong Semiconductor up 1.18%