Market Overview▪ The main indices of the Hong Kong stock market experienced slight adjustments during the trading session, with market sentiment being relatively cautious.▪ As of now, the Hang Seng Index is at 26,777.58 points, down 0.54%, marking a second consecutive day of decline, slightly retreating from the recent peak of the previous trading day, failing to refresh the high since last year.▪ The Hang Seng Tech Index is at 5,810.82 points, down 0.3%, also failing to break through the recent high set the previous day, with a moderate technical performance.▪ The latest reading for the China Enterprises Index is 9,202.5 points, down 0.69%, retreating from the recent high point in the short term, continuing to oscillate in the high range.Sector Performance▪ The retail sector showed volatility during the session, with mixed performance influenced by fluctuations in consumer demand, leading to significant capital divergence. Alibaba rose 0.55%, showing relative strength during the session, indicating some capital is focusing on its stable attributes; in contrast, JD.com fell 1.56%, and Miniso fell 1.30%, reflecting overall weak momentum on the consumer side, with trading activity far below peak levels.▪ The internet content and information sector experienced divergence, with rapid rotation of market hotspots. Tencent Holdings fell 1.13%, and Kuaishou fell 1.95%, showing pressure, indicating valuation corrections and capital withdrawal within the sector; conversely, Bilibili rose 1.64%, with some capital flowing in speculatively, but sustainability remains to be observed. Overall, the sector lacks consistent driving forces, with clear hotspot chasing and prominent signs of short-term capital reallocation.▪ The life sciences tools and services sector also showed mixed performance. WuXi Biologics fell 1.85%, while Crystal International Holdings rose 1.84%, and WuXi AppTec rose 0.42%. Individual stocks within the sector showed divergence, heavily influenced by industry sentiment, with no clear external drivers, and capital showing a wait-and-see attitude. Overall, the sector is more neutral, with some individual stocks experiencing short-term capital inflows under structural divergence.Macroeconomic Background▪ The Hong Kong stock market continues to focus on fluctuations in economic data, employment pressures, and changes in internal and external demand. Manufacturing PMI, imports and exports, three-month unemployment rate, and year-on-year retail sales have become focal points for capital, with heightened sensitivity in the financial and real estate sectors, leading to a dominant wait-and-see sentiment in the market. Currently, capital participation is primarily structural, with short-term market fluctuations significantly driven by macroeconomic data.Popular Stocks▪ MINIMAX-WP (100.HK) rose 16.48%, with a trading volume of HKD 849 million. The company announced the launch of its self-developed AI intelligent system, driving continued market enthusiasm for large models and artificial intelligence investments, strengthening its leading position in the AI sector, with ongoing capital inflows.▪ Zhaoyi Innovation (3986.HK) rose 14.25%, with a trading volume of HKD 620 million. Against the backdrop of a &#34;super bull market&#34; in the memory market, the company expects that the niche DRAM market will remain in a relatively tight supply environment for the next two years, with prices likely to rise further.Top 10 Market Trading Volumes▪ Alibaba-W (09988.HK) latest trading price is HKD 165.5, up 0.55%, with a trading volume of HKD 9.632 billion▪ Tencent Holdings (00700.HK) latest transaction price HKD 615.5, down 1.05%, transaction amount HKD 8.198 billion▪ WuXi Biologics (02269.HK) latest transaction price HKD 39.28, down 1.85%, transaction amount HKD 7.809 billion▪ Semiconductor Manufacturing International Corporation (00981.HK) latest transaction price HKD 79.1, up 2.26%, transaction amount HKD 5.498 billion▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 37.1, down 2.01%, transaction amount HKD 5.11 billion▪ Pop Mart (09992.HK) latest transaction price HKD 177.7, down 6.08%, transaction amount HKD 4.899 billion▪ Trip.com Group -S (09961.HK) latest transaction price HKD 459.6, down 0.09%, transaction amount HKD 4.084 billion▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 104.3, up 4.88%, transaction amount HKD 2.786 billion▪ Meituan -W (03690.HK) latest transaction price HKD 99.7, down 1.09%, transaction amount HKD 2.306 billion▪ Kuaishou -W (01024.HK) latest transaction price HKD 78.0, down 1.95%, transaction amount HKD 2.192 billion

The main indices of the Hong Kong stock market experienced slight adjustments during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index all retreating, reflecting a strong wait-and-see sentiment in the market. The performance of major sectors was mixed, with noticeable divergence in retail, internet content, and information sectors, while some leading stocks in technology and life sciences were active. Alibaba rose by 0.55%, attracting significant attention from investors; Tencent Holdings and WuXi AppTec fell by 1.13% and 1.85%, respectively. On the macro front, the market is focused on important economic data, with funds primarily engaged in structural rotation amid a cautious atmosphere

- The Hong Kong stock market showed slight adjustments, with the Hang Seng Index down 0.54%, reflecting cautious investor sentiment amid fluctuations in economic data and demand.  
- Retail and internet sectors exhibited mixed performances, with companies like Alibaba gaining while others like JD.com and Tencent faced declines, indicating weak consumer momentum.  
- Notable gainers included MINIMAX-WP rising 16.48% after announcing AI developments, and Zhaoyi Innovation up 14.25% due to a positive outlook in the memory market.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BILIBILI-W

WUXI BIO

XTALPI

WUXI APPTEC

MINIMAX-WP

GIGADEVICE

SMIC

XIAOMI-W

Hang Seng Index

Alibaba

Hong Kong stock market intraday | The Hang Seng Index fell 0.54% during the session, the semiconductor sector surged in the afternoon, and MINIMAX continued to soar over 15%