Market Overview
▪ The three major indices of the Hong Kong stock market collectively adjusted in the morning session. As of noon, the Hang Seng Index reported 27,471.27 points, down 1.78%, failing to maintain its high position from yesterday and unable to refresh the recent high, showing a downward trend compared to the peak created on January 29.
▪ The Hang Seng Tech Index closed at 5,736.27 points at noon, down 1.79%, also failing to continue the new high from yesterday, with short-term trends under pressure and a retreat from recent highs.
▪ The National Enterprises Index closed at 9,354.3 points at noon, down 2.08%, contrasting with yesterday's high, and has not yet broken through a new recent high, showing overall weak performance.
Sector Performance
▪ The retail sector generally declined, lacking positive news, with weak consumer demand and cautious market sentiment. Leading company Alibaba fell 2.71%, with a transaction volume of HKD 6.872 billion; JD.com fell 1.40%, and Miniso fell 4.01%, with funds generally flowing out of the sector.
▪ The internet content and information sector overall declined, with insufficient market confidence. Tencent Holdings fell 1.53%, with a transaction volume of HKD 5.744 billion, being one of the main declining stocks; Kuaishou fell 2.95%, Baidu fell 1.74%, and the entire sector saw an increase in risk-averse sentiment, showing significant short-term pressure.
▪ The gold sector experienced a significant retreat, with gold prices weakening and the sector showing weak performance. Zijin Mining fell 8.63%, with a transaction volume of HKD 4.983 billion; Zijin Gold International fell 10.05%, and Shandong Gold fell 12.91%, with large-scale outflows of funds from the sector, leading the market decline.
Macroeconomic Background
▪ The macro data for January remained generally stable, with unemployment rate, inflation, and foreign trade indicators stable. Retail and manufacturing PMI reflected fluctuations in domestic demand, and foreign exchange reserves were sufficient. Overall market sentiment was cautious, with investors focusing on economic recovery and related policy dynamics, presenting a coexistence of defensive and structural opportunities during the trading session.
Popular Stocks
▪ China Spring (1969.HK) rose 69.55%, with a transaction volume of HKD 759 million. The company benefited from favorable policies and the expansion of the private higher education industry, reaching a four-month high during the session, becoming a focus for capital, with expectations of an enhanced industry position driving related sector valuations upward.
▪ Wanshun Group Holdings (1746.HK) rose 35.71%, with a transaction volume of HKD 6.4894 million. The company announced a short suspension of trading due to possible significant matters, and the market is highly attentive to its capital actions and uncertainties.
▪ Fenbi (2469.HK) rose 12.26%, with a transaction volume of HKD 491 million, with popular themes continuing to attract attention.
▪ Yangtze Optical Fibre and Cable (6869.HK) rose 9.50%, with a transaction volume of HKD 2.087 billion. Benefiting from the construction of AI data centers, demand for high-capacity optical fibers and high-end products increased, and the company became a target for capital pursuit due to technological innovation, also being the industry leader in terms of capital inflow on that day.
Market Transaction Volume TOP10
▪ Alibaba - W (09988.HK) latest transaction price HKD 168.60, down 2.71%, transaction amount HKD 6.872 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 612.50, down 1.53%, transaction amount HKD 5.744 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 42.16, down 8.63%, transaction amount HKD 4.983 billion
▪ CSPC Pharmaceutical Group (01093.HK) latest transaction price HKD 9.35, down 12.54%, transaction amount HKD 3.847 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 24.26, down 2.88%, transaction amount HKD 3.292 billion
▪ Xiaomi Group - W (01810.HK) latest transaction price HKD 35.62, down 2.73%, transaction amount HKD 2.477 billion
▪ Ping An Insurance (02318.HK) latest transaction price HKD 72.50, down 1.09%, transaction amount HKD 2.365 billion
▪ SMIC (00981.HK) latest transaction price HKD 75.70, down 2.01%, transaction amount HKD 2.334 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 85.85, up 9.50%, transaction amount HKD 2.087 billion
▪ AIA Group (01299.HK) latest transaction price HKD 90.75, down 0.22%, transaction amount HKD 1.763 billion

As of noon, the three major indices of the Hong Kong stock market have collectively adjusted, with the Hang Seng Index down 1.78% and the Hang Seng Tech Index down 1.79%. Mainstream sectors such as retail, internet, and gold have all declined, and market sentiment of wait-and-see continues to rise. Alibaba fell 2.71%, Tencent Holdings dropped 1.53%, and Zijin Mining plummeted 8.62%. Meanwhile, the private education stock China Spring rose sharply by 69.55%, and the leading company in the optical communication sector, Changfei Fiber Optic Cable, increased by 9.50%, showing significant divergence in hot spots. On the macro level, data remains stable, and investors are focused on domestic demand and policy dynamics

- The Hong Kong stock market saw all three major indices decline, with the Hang Seng Index falling 1.78% to 27,471.27 points, reflecting a retreat from its recent peak.  
- Retail and internet content sectors experienced significant drops due to low consumer demand and diminished market confidence, with major stocks like Alibaba and Tencent also declining.  
- In contrast, China Spring's shares rose substantially by 69.55% amidst favorable policies and a focus on private higher education expansion, attracting investor interest.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ZIJIN MINING

ZIJIN GOLD INTL

SD GOLD

CHINA CHUNLAI

YOFC

MAN SHUN GP

FENBI

CSPC PHARMA

CNOOC

Hong Kong Stock Market Mid-Review | Hang Seng Index down 1.78%, Technology Index adjusts, Gold sector leads decline, China Spring rises sharply by 69.55%