Market Overview
▪ In the Hong Kong stock market, the three major indices continued to adjust overall. As of now, the Hang Seng Index is at 26,946.84 points, down 0.2%, retreating from high levels and continuing to consolidate after reaching a short-term peak.
▪ The Hang Seng Tech Index showed a significant decline during the session, currently at 5,810.74 points, down 1.65%, with short-term pressure evident at high levels.
▪ The National Enterprises Index is reported at 9,288.6 points, down 0.29%, maintaining a volatile pattern.
Sector Performance
▪ The retail sector performed poorly during the session, with strong cautious sentiment among investors, leading to an overall decline. Alibaba -W (9988.HK) fell 2.90%, with the latest transaction price at HKD 164.10 and a trading volume of HKD 9.113 billion, facing pressure as the sector leader with short-term capital outflow. The company's subsidiary Qianwen &#34;opens the era of service,&#34; evolving towards an AI Agent model. JD.com -SW (9618.HK) fell 0.69%, with a trading volume of HKD 259 million. The retail end lacks momentum, and sector funds are becoming cautious.
▪ The hotel, resort, and cruise sector led the decline, primarily due to significant drops in leading stocks. Trip.com Group -S (9961.HK) plummeted 18.45% during the session, with the latest transaction price at HKD 464.40 and a trading volume of HKD 7.063 billion, indicating substantial outflow of main funds. The State Administration for Market Regulation announced yesterday that it has launched an investigation into Trip.com Group Limited for suspected monopolistic behavior in violation of the Anti-Monopoly Law of the People's Republic of China. Peer stock Tongcheng Travel (780.HK) fell 10.04%, while China Travel Service (308.HK) slightly rose 1.46%. The sector is under significant pressure overall.
▪ The internet content and information sector generally declined, reflecting insufficient market confidence. Tencent Holdings (700.HK) fell 1.26% during the session, with the latest transaction price at HKD 625.00 and a trading volume of HKD 5.289 billion, facing pressure as the leading stock but maintaining active capital; Kuaishou -W (1024.HK) fell 2.81%, and Baidu -SW (9888.HK) slightly rose 0.48%. Overall, capital quickly converged, and short-term volatility in the sector intensified.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on import and export, retail data, and manufacturing PMI performance. External demand and the recovery of consumption are the main themes for market sentiment, while unemployment rates and CPI fluctuations are also key considerations for investors. The macroeconomic environment is generally neutral, with data facing uncertainties, leading to intensified short-term capital games and rotation of market hotspots.
Popular Stocks
▪ HAO TIAN INTL (1341.HK) surged 34.23% during the session, with a trading volume of HKD 578 million. There has been no recent news driving this, but the significant increase indicates prominent short-term capital speculation.
▪ Zhongqing Shares (1855.HK) rose 26.75%, with a trading volume of HKD 274 million. This stock performed outstandingly during the session, with short-term bullish sentiment among investors rising, driven by structural opportunities in the market
▪ Lion Group Holdings (2562.HK) rose 15.03%, with a trading volume of HKD 894 million. Although there is a lack of event catalysts, funds are actively pursuing it, increasing market enthusiasm.
▪ Dongyao Pharmaceutical -B (1875.HK) rose 66.00%, with a trading volume of HKD 81.3567 million. Main funds are concentrated on small-cap pharmaceutical stocks in a rotational game, with high fund activity.
▪ Delai Construction (1546.HK) surged 113.54% during the session, with a trading volume of HKD 6.5635 million. Although there are no obvious driving events, the extreme volatility of the stock has attracted short-term speculative interest.
Market Trading Volume TOP10
▪ Alibaba -W (09988.HK) latest trading price HKD 164.10, down 2.90%, trading volume HKD 9.113 billion
▪ Trip.com Group -S (09961.HK) latest trading price HKD 464.40, down 18.45%, trading volume HKD 7.063 billion
▪ Tencent Holdings (00700.HK) latest trading price HKD 625.00, down 1.26%, trading volume HKD 5.289 billion
▪ Alibaba Health (00241.HK) latest trading price HKD 7.15, down 8.10%, trading volume HKD 1.979 billion
▪ Ping An Insurance (02318.HK) latest trading price HKD 69.45, up 1.09%, trading volume HKD 1.781 billion
▪ Jingtai Holdings (02228.HK) latest trading price HKD 12.74, down 8.80%, trading volume HKD 1.535 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 37.70, down 0.21%, trading volume HKD 1.530 billion
▪ China National Offshore Oil Corporation (00883.HK) latest trading price HKD 22.16, up 2.31%, trading volume HKD 1.208 billion
▪ Hong Kong Stock Exchange (00388.HK) latest trading price HKD 436.60, up 0.41%, trading volume HKD 1.185 billion
▪ Meituan -W (03690.HK) latest trading price HKD 100.80, down 0.69%, trading volume HKD 1.140 billion

The three major indices in the Hong Kong stock market continued to adjust during the session, with the Hang Seng Tech Index leading the decline. Sectors such as retail, hotels, and internet content generally fell, and there was a strong wait-and-see sentiment among investors. Trip.com Group plummeted over 18% during the session, and Alibaba also weakened. The market is focused on macro indicators such as import and export data, retail data, and PMI. In terms of popular stocks, HAO TIAN INTL and Delai Construction and other small-cap stocks performed strongly against the trend, highlighting structural opportunities in the market

- The Hong Kong stock market experienced a general downward trend, with the Hang Seng Index at 26,946.84, down 0.2%.  
- Notably, Ctrip Group fell 18.45% amid an investigation for alleged monopolistic behavior, impacting the hotel and resort sector significantly.  
- In the macro context, market focus remains on import and export data, with uncertainties in external demand and CPI influencing investor sentiment.

Market Heartbeat

BABA-W

JD-SW

TRIP.COM-S

TONGCHENGTRAVEL

CHINA TRAVEL HK

TENCENT

KUAISHOU-W

BIDU-SW

ZONQING LTD

SYNAGISTICS

BIODLINK-B

THELLOY DEV

ALI HEALTH

PING AN

HAO TIAN INTL

Hong Kong Stock Market Update | The Hang Seng Index adjusts, with the technology and hotel sectors leading the decline, Ctrip drops over 18% due to antitrust investigation