Market Overview▪ The three major indices of the Hong Kong stock market have stabilized after a decline, with the Hang Seng Index and the Hang Seng China Enterprises Index turning positive at midday, while the decline of the Hang Seng TECH Index has narrowed.▪ As of now, the Hang Seng Index is at 26,903.13 points, up 0.25%.▪ The Hang Seng TECH Index has seen the largest decline during the session, currently at 5,395.89 points, down 1.31%.▪ The Hang Seng China Enterprises Index is reported at 9,077.2 points, slightly up 0.27%.Sector Performance▪ The internet content and information sector has collectively declined, with the core leader Tencent Holdings down 3.10%, with a transaction volume of HKD 24.598 billion. This is influenced by adjustments to WeChat's red envelope product, raising market concerns about the tightening of regulatory compliance on WeChat's social ecosystem affecting business, compounded by a general decline in market risk appetite, leading to capital outflow from technology leaders. Kuaishou-W surged in the afternoon, up 0.20%, while Meitu's stock plummeted after opening, down 10.99%.▪ The retail sector saw a reduction in afternoon declines, benefiting from the recovery of leading companies' stock prices. Alibaba-W fell 0.37%, with a transaction volume of HKD 8.097 billion, while JD-SW's stock price also rebounded significantly at midday, with the decline narrowing to 0.73%. Miniso turned from decline to increase, rising 0.27% during the session, with capital sentiment gradually becoming optimistic.▪ The hardware, storage, and peripherals sector is generally under pressure, with Xiaomi Group-W down 1.33%, with a transaction volume of HKD 3.966 billion, Lenovo Group down 1.53%, and Longqi Technology down 0.86%. The valuation pressure in the technology growth sector has been released, with significant capital outflow.Macroeconomic Background▪ The Hong Kong stock market is currently focused on the momentum of economic recovery, including manufacturing PMI and foreign trade performance. Foreign exchange reserves are performing steadily, while retail data and unemployment rates serve as market barometers. Fluctuations in macroeconomic indicators significantly impact corporate profit expectations, and the differentiation in capital structure intensifies the speed of market theme rotation.Popular Stocks▪ Drinda (2865.HK) rose 10.07% during the session, with a transaction volume of HKD 1.722 billion. As a leader in new energy materials, it has attracted significant capital attention, driving its stock price to lead the industry strongly.▪ Guofu Hydrogen Energy (2582.HK) rose 20.27% during the session, with a transaction volume of HKD 449 million. This stock has shown extremely strong performance, with the market lacking significant event-driven signs, indicating concentrated capital chasing popular new energy themes.▪ Zhongshun Energy (2570.HK) rose 13.61% during the session, with a transaction volume of HKD 255 million. The new energy sector continues to attract capital attention, with active short-term trading.▪ SPT ENERGY (1251.HK) rose 24.49% during the session, with a transaction volume of HKD 3.7756 million. Market capital tends to favor high-volatility, low-market-cap stocks, stimulating a warming short-term atmosphere.▪ Contemporary Land (1107.HK) rose 26.67% during the session, with a transaction volume of HKD 3.3279 million. As a small-cap real estate company, the short-term surge has triggered rapid capital inflow and outflow, with a clear rotation effect in popular sectorsMarket Trading Volume TOP10▪ Tencent Holdings (00700.HK) Latest trading price HKD 563.00, down 3.10%, trading volume HKD 24.598 billion▪ Alibaba -W (09988.HK) Latest trading price HKD 160.40, down 0.37%, trading volume HKD 8.097 billion▪ Xiaomi Group -W (01810.HK) Latest trading price HKD 34.14, down 1.33%, trading volume HKD 3.966 billion▪ SMIC (00981.HK) Latest trading price HKD 68.70, down 2.48%, trading volume HKD 3.665 billion▪ Meituan -W (03690.HK) Latest trading price HKD 92.05, down 1.23%, trading volume HKD 3.060 billion▪ Trip.com Group -S (09961.HK) Latest trading price HKD 456.60, down 5.82%, trading volume HKD 2.399 billion▪ Yangtze Optical Fibre and Cable (06869.HK) Latest trading price HKD 91.65, down 3.48%, trading volume HKD 2.139 billion▪ Zijin Mining (02899.HK) Latest trading price HKD 41.56, up 0.48%, trading volume HKD 1.903 billion▪ Pop Mart (09992.HK) Latest trading price HKD 232.80, up 0.52%, trading volume HKD 1.855 billion▪ Drinda (02865.HK) Latest trading price HKD 50.30, up 10.07%, trading volume HKD 1.722 billion

Hong Kong stocks fluctuated during the session, with the Hang Seng Index and the National Enterprises Index turning from decline to rise at midday, while the Hang Seng TECH Index faced pressure. Popular leading stocks in hydrogen energy, energy, and high-growth sectors were all active, with Zhongfu Hydrogen Energy, SPT ENERGY, and Drinda leading the gains, strongly attracting funds in the market. The market is focused on the momentum of macroeconomic recovery, with a clear structural differentiation in institutional trading

- The Hong Kong stock market saw stabilizing three major indices, with the Hang Seng Index up 0.25% at 26,903.13 points, while the Tech Index fell by 1.31%.  
- The retail sector improved in the afternoon, influenced by leading firms like JD and Miniso, although technology stocks faced declines.  
- Notable stocks included JunDa Holdings, rising by 10.07%, and a significant rise of 24.49% for Hua You Energy, indicating strong market interest in high-volatility, low-market-cap stocks.

Market Heartbeat

TENCENT

KUAISHOU-W

MEITU

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LONGCHEER

DRINDA

GUOFUHEE

REFIRE

SPT ENERGY

MODERN LAND

SMIC

MEITUAN

Drinda

HSTECH ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

CAM HS TECH

ISHARESHSTECH

CSOP HS TECH

Hong Kong Stock Market Update | The Hang Seng Index turned positive at noon, Hengke's decline narrowed, Drinda led the strong sector, and Guofu Hydrogen Energy rose by 20.27%