Market Overview
On February 12, the three major indices of the Hong Kong stock market collectively weakened during the trading session, experiencing a technical correction after reaching yesterday's high.
▪ The Hang Seng Index reported 27,082.16 points at the time of publication, down 0.68%, temporarily departing from the recent peak set yesterday, under pressure and fluctuating throughout the day.
▪ The Hang Seng Tech Index led the market decline, dropping 1.58% to 5,413.34 points, failing to maintain yesterday's strong performance, facing selling pressure in the short term.
▪ The China Enterprises Index reported 9,202.41 points, down 0.71%, following the broader market into adjustment, with market sentiment becoming cautious.
Sector Performance
▪ The internet content and information sector generally declined, as the escalation of AI model competition raised concerns about the competitive landscape and capital expenditures. Leading stock Tencent Holdings fell 2.83%, with a trading volume of HKD 7.717 billion, as the company launched its flagship AI model to tackle the DeepSeek V4 challenge; Bilibili-W dropped 4.35%, and Kuaishou-W fell 2.12%, with the sector overall under pressure.
▪ The retail sector showed weak performance, with market sentiment subdued. Alibaba-W fell 1.87%, with a trading volume of HKD 3.042 billion, as the company entered the AI model competition for dominance in the consumer market; JD Group-SW dropped 1.09%, despite founder Liu Qiangdong being named one of the top ten internet figures of the year, which failed to effectively boost the stock price; Miniso fell 1.86%.
▪ The restaurant sector lacked positive drivers, with stock prices generally retreating. Meituan-W led the sector decline, falling 3.38%, with a trading volume of HKD 2.209 billion; Haidilao dropped 1.92%, and Yum China fell 1.39%, showing signs of capital outflow.
Macroeconomic Background
▪ The Hong Kong stock market is currently focused on the macroeconomic recovery in February. Investors are closely watching retail sales and import-export data to verify local consumption recovery and external demand resilience.
▪ The unemployment rate and overall CPI trends have become barometers for assessing policy space.
▪ Against the backdrop of fluctuations in M3 money supply, the resonance effect of liquidity in the capital market and the global interest rate environment will be the core variables driving the short-term performance of the Hang Seng Index.
Popular Stocks
▪ Lemo Technology (2539.HK) rose 17.33%, with a trading volume of HKD 6.0673 million. As a newly listed stock that hit a new low after its IPO, it has recently shown signs of capital speculation, with strong price recovery driven by oversold rebound demand, but caution is needed regarding subsequent unlocking pressure.
▪ Tianjin Jianfa (2515.HK) rose 27.50%, with a trading volume of HKD 1.8753 million. Despite the company issuing a profit warning expecting a net profit decline of about 97% year-on-year for the first half, the stock price soared back above HKD 1 after the negative news was fully priced in, indicating speculative buying in the market.
▪ Huayu Expressway (1823.HK) rose 14.68%, with a trading volume of HKD 1.7163 million. Reports indicate that the company has secured a loan of 300 million yuan to support project construction, with major funds buying against the market trend, alleviating capital pressure and boosting market confidence
▪ Boral Power (1685.HK) rose 22.22%, with a transaction amount of HKD 992,900. The mid-term performance showed a net profit growth of 14% year-on-year, and technically, the 10-day moving average crossed above the 20-day moving average, forming a &#34;golden cross,&#34; attracting significant buying interest.
Market Transaction Amount TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 532.50, down 2.83%, transaction amount HKD 7.623 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 157.30, down 1.75%, transaction amount HKD 3.002 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 85.85, down 3.38%, transaction amount HKD 2.180 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 45.14, up 3.72%, transaction amount HKD 1.865 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.90, down 0.54%, transaction amount HKD 1.777 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 118.30, up 10.05%, transaction amount HKD 1.421 billion
▪ WuXi Biologics (02269.HK) latest transaction price HKD 43.22, up 4.40%, transaction amount HKD 1.279 billion
▪ SMIC (00981.HK) latest transaction price HKD 69.75, down 0.36%, transaction amount HKD 1.104 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 253.40, down 0.63%, transaction amount HKD 1.047 billion
▪ SenseTime -W (00020.HK) latest transaction price HKD 2.60, up 3.59%, transaction amount HKD 902 million

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng TECH Index falling by 1.58%, leading the market decline. Affected by the escalation of the AI model war, the internet and retail sectors experienced widespread declines, with heavyweight stocks such as Tencent Holdings, Meituan, and Alibaba under pressure. Market sentiment has turned cautious, with funds closely monitoring macro data such as retail sales and imports and exports to verify the strength of the economic recovery

- On February 12, Hong Kong's stock indices experienced a collective downturn after reaching yesterday's highs, with the Hang Seng Index down 0.68% to 27,082.16 points.  
- The technology sector faced significant losses, particularly the Hang Seng Tech Index, which fell 1.58%, pressured by concerns over competition in the AI market.  
- Investors are focusing on macroeconomic data for February, especially retail sales and import-export figures, to gauge local consumption recovery and external demand resilience.

Market Heartbeat

TENCENT

BILIBILI-W

KUAISHOU-W

BABA-W

JD-SWR

YUM CHINA

MEITUAN

HAIDILAO

MNSO

LEMO SERVICES

TJCD

HUAYUEXPRESSWAY

BOER POWER

ZIJIN MINING

CSOP HS TECH

Tencent Holdings Limited

Hang Seng TECH Index

Tencent

Meituan

Hong Kong stock market intraday | Hang Seng TECH Index down 1.58%, Tencent down 2.83%, Meituan down 3.38%