Market Overview
▪ In the Hong Kong stock market, market sentiment is under pressure, with all three major indices declining collectively.
▪ As of now, the Hang Seng Index is at 27,411.07 points, down 1.99%, failing to break through yesterday's peak and retreating from the highs in the short term.
▪ The Hang Seng Tech Index has dropped during the session, currently at 5,728.65 points, down 1.93%, also failing to refresh yesterday's peak and maintaining an adjustment pattern.
▪ The China Enterprises Index is currently at 9,330.69 points, down 2.32%, retreating from the previous trading day's high and still not reaching a new peak.
Sector Performance
▪ The retail sector has overall declined, with funds continuing a wait-and-see attitude, and tech events failing to provide effective support. Sector leader Alibaba -W is down 2.42%, JD.com -SW is down 2.01%, and Miniso is down 3.74%. Notably, Alibaba is participating in the IPO of Chinese chip design company Canqitech in Hong Kong and has become a cornerstone investor, indicating that major companies are continuing to increase their investments in AI and data center chips, but there has been no significant capital inflow, and current sentiment remains weak.
▪ The internet content and information sector has generally declined, with overall cautious funding and no structural positives driving the market. Sector heavyweight Tencent Holdings is down 2.01%, Kuaishou -W is down 3.32%, and Baidu -SW is down 1.48%. Mainstream players are under pressure, with no significant trading volume increase in the short term, and investors prefer defensive allocations.
▪ The gold sector has significantly retreated, becoming the leading decline direction during the session. Zijin Mining is down 7.67%, Zijin Gold International is down 10.29%, and Shandong Gold is down 14.23%. Although the sector had previously performed actively, it currently lacks new positive support, with risk-averse funds clearly flowing out and selling pressure rapidly released.
Macroeconomic Background
▪ The Hong Kong stock market is currently highly focused on core economic indicators such as retail, trade, and PMI, with the inflow and outflow of external funds dominating market fluctuations. Mainland economic data continues to affect market confidence, with investors focusing on economic recovery dynamics and changes in funding, and short-term trading is expected to remain disturbed by macro news.
Popular Stocks
▪ China Spring (1969.HK) has risen 61.86% during the session, with a transaction volume of HKD 1.036 billion, becoming the strongest popular stock of the day. Although there are no new announcements, the strong rise has driven investment enthusiasm in the sector, with funds concentrating in the short term.
▪ Wanshun Group Holdings (1746.HK) is up 48.21%, with a transaction volume of HKD 11.9929 million. The stock has shown active performance, with significant short-term fund chasing, and there has been no major fundamental news disclosed, with funds mainly driven by thematic speculation.
▪ LQ Culture (550.HK) has risen 21.05%, with a transaction volume of HKD 1.8777 million. Funds are active, with short-term speculation continuing to dominate.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price is HKD 169.20, down 2.37%, with a transaction volume of HKD 9.087 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 609.00, down 2.09%, transaction amount HKD 8.109 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 42.56, down 7.76%, transaction amount HKD 6.299 billion
▪ CSPC Pharmaceutical Group (01093.HK) latest transaction price HKD 9.66, down 9.64%, transaction amount HKD 4.842 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 24.26, down 2.88%, transaction amount HKD 3.714 billion
▪ Semiconductor Manufacturing International Corporation (00981.HK) latest transaction price HKD 76.00, down 1.62%, transaction amount HKD 3.290 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.62, down 2.73%, transaction amount HKD 3.258 billion
▪ Ping An Insurance (02318.HK) latest transaction price HKD 72.05, down 1.71%, transaction amount HKD 3.151 billion
▪ Yangtze Optical Fibre and Cable Joint Stock Limited Company (06869.HK) latest transaction price HKD 83.60, up 6.63%, transaction amount HKD 2.544 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 117.40, up 1.03%, transaction amount HKD 2.381 billion

The three major indices in the Hong Kong stock market continued to be under pressure during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index all failing to break through their recent highs. The gold sector led the decline, while mainstream sectors such as retail and internet content collectively fell, with the market lacking positive catalytic drivers. Core blue chips like Alibaba and Tencent Holdings experienced significant declines, and the sharp drop in Zijin Mining highlighted the rising risk aversion. Under the disturbance of macro capital flows and economic data, market volatility intensified, with a clear structural divergence among sectors, and short-term funds mainly adopting a wait-and-see approach

- The Hong Kong stock market shows negative sentiment with all three major indices declining; the Hang Seng Index is down 1.99% at 27,411.07 points.  
- The retail sector falls as major players like Alibaba and JD experience declines, despite Alibaba's strategic investment in a chip design firm.  
- Key macroeconomic indicators, particularly in retail and trade, continue to impact market confidence amid cautious investor behavior and the influence of external capital flows.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ZIJIN MINING

ZIJIN GOLD INTL

SD GOLD

CHINA CHUNLAI

MAN SHUN GP

ALLEGRO CULTURE

CSPC PHARMA

Hong Kong stocks intraday | Three major indices collectively adjusted, Hang Seng Index fell 1.99%, gold sector significantly declined