Market Overview
▪ As of noon, the Hang Seng Index reported 26,724.94 points, down 0.41%.
▪ The Hang Seng Tech Index closed at 5,347.3 points at noon, with a decline of 2.19%.
▪ The National Enterprises Index closed at 9,004.66 points at noon, down 0.54%.
Sector Performance
▪ The internet content and information sector collectively declined, with core leader Tencent Holdings down 3.36%, with a trading volume of HKD 17.606 billion. The adjustment of WeChat's red envelope product raised market concerns about the tightening of compliance regulations affecting the WeChat social ecosystem, coupled with an overall decline in market risk appetite, leading to capital outflow from tech leaders. Kuaishou-W fell 2.38%, and Meitu Inc. plummeted 12.10%.
▪ The retail sector weakened across the board, with Alibaba-W down 0.93%, trading at HKD 5.556 billion, JD-SW down 1.46%, and Miniso down 1.59%, reflecting pressure on the consumer sector, lacking catalytic drivers, and a strong wait-and-see atmosphere among major funds.
▪ The hardware, storage, and peripherals sector faced general pressure, with Xiaomi Group-W down 2.60%, trading at HKD 2.820 billion, Lenovo Group down 2.40%, and Longqi Technology down 1.25%. The valuation pressure in the tech growth sector has been released, with significant capital outflow.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on exchange rate stability, foreign trade performance, and consumer data driving economic recovery. Economic indicators show a moderate rebound in local demand, with manufacturing and employment steadily improving, but external pressures remain. Monetary and inflation levels continue to be a key focus for the market. Overall, funds are becoming more cautious, with structural opportunities and thematic rotation characteristics becoming evident.
Popular Stocks
▪ Yanzhou Coal Mining Company (1171.HK) rose 8.89% by noon, with a trading volume of HKD 861 million. The company benefits from the rise in commodity prices in the global mining market and active performance in the energy sector, with coal prices rebounding and market risk appetite improving, significantly increasing short-term capital attention.
▪ Guofu Hydrogen Energy (2582.HK) rose 23.23% by noon, with a trading volume of HKD 355 million. There has been no significant news catalyst recently, but the hydrogen energy theme is active, attracting short-term capital.
▪ Sunac China (1918.HK) rose 7.02% by noon, with a trading volume of HKD 663 million. Some Hong Kong real estate stocks rose against the trend, showing significant volatility.
▪ China Eastern Airlines Corporation (670.HK) rose 7.24% by noon, with a trading volume of HKD 174 million, reaching a new high in recent years. Official expectations indicate that passenger flow during this year's Spring Festival travel will reach a new historical high, driving demand for civil aviation and leading to significant gains in the aviation sector.
▪ China Cosco Shipping Energy Transportation (1138.HK) rose 8.73% by noon, with a trading volume of HKD 296 million, as the Hong Kong shipping sector strengthened, with reports of the Red Sea shipping resuming, and institutions holding a positive attitude towards the company's profitability.
Market Trading Volume TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 561.50, down 3.36%, transaction amount HKD 17.606 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 159.50, down 0.93%, transaction amount HKD 5.556 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 33.70, down 2.60%, transaction amount HKD 2.820 billion
▪ SMIC (00981.HK) latest transaction price HKD 68.45, down 2.84%, transaction amount HKD 2.271 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 91.15, down 2.20%, transaction amount HKD 2.124 billion
▪ Trip.com Group -S (09961.HK) latest transaction price HKD 455.20, down 6.11%, transaction amount HKD 1.805 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 91.00, down 4.16%, transaction amount HKD 1.744 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 41.32, down 0.10%, transaction amount HKD 1.540 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 228.00, down 1.55%, transaction amount HKD 1.364 billion
▪ Junda Co., Ltd. (02865.HK) latest transaction price HKD 49.48, up 8.27%, transaction amount HKD 1.291 billion

As of noon, all three major indices of the Hong Kong stock market are down, with the Hang Seng Index falling by 0.41%, the Hang Seng Tech Index declining by 2.2%, and the National Enterprises Index weakening. Sectors such as internet content and information, retailers, and hardware storage are under collective pressure, with leading funds active but generally declining. Tencent Holdings fell by 3.36%, Xiaomi Group -W dropped by 2.60%, Alibaba -W decreased by 0.93%, and Meitu Inc. plummeted by 12.10%. Overall market sentiment is cautious, with technology and consumption under pressure, leading to a divergence in fund preferences. JunDa Co., Ltd. had high trading volume and rose by 8.27%, becoming a highlight of the market

- As of midday, the Hang Seng Index decreased by 0.41% to 26,724.94 points, while the Hang Seng Tech Index dropped 2.19% to 5,347.3 points.  
- Major sectors faced declines, particularly in internet content, with Tencent Holdings falling 3.36%, reflecting market concerns over regulatory pressures on WeChat’s ecosystem.  
- Some stocks, such as Yancoal Energy, rose significantly due to the global commodity price recovery, showcasing selective market resilience amidst overall caution.

Market Heartbeat

TENCENT

KUAISHOU-W

MEITU

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LONGCHEER

YANKUANG ENERGY

GUOFUHEE

Sunac China

CHINA EAST AIR

COSCO SHIP ENGY

SMIC

MEITUAN

Hong Kong Stock Midday Review | Hang Seng Index down 0.41%, technology sector leads the decline, JunDa Holdings rises 8.27% against the trend