Market Overview
The three major indices of the Hong Kong stock market faced pressure today, with the market experiencing profit-taking after reaching a temporary high yesterday, leading to a pause in bullish sentiment.
▪ As of the time of writing, the Hang Seng Index is at 26,622.96 points, with a decline of 1.52%. The index failed to stabilize after reaching a high yesterday and is showing a downward trend during the session.
▪ The Hang Seng Tech Index is at 5,342.06 points, down 1.24%;
▪ The National Enterprises Index is at 9,049.92 points, down 1.37%. The three major indices are moving in sync today, entering a short-term consolidation phase, indicating that selling pressure remains above, and the market is digesting recent gains.
Sector Performance
▪ The internet content and information sector is showing a downward trend, with macro sentiment being low, putting pressure on tech heavyweight stocks. Tencent Holdings (700.HK) fell 1.77%, despite no significant negative news for individual stocks, but adjusted with the broader market; Baidu -SW (9888.HK) fell 3.71%, although AI e-commerce applications have been implemented, it is still dragged down by the index; Kuaishou -W (1024.HK) fell 1.80%, with noticeable capital outflow in the short video sector.
▪ The retail sector generally declined due to concerns about the prospects for consumer recovery and rising risk aversion. Alibaba -W (9988.HK) fell 2.21%, with the market being cautious about consumer recovery expectations; JD -SW (9618.HK) fell 2.03%, with funds leaning towards safe-haven assets; Miniso (9896.HK) fell 1.98%, following the sector's adjustment.
▪ The restaurant sector is overall weak but shows divergence in performance, with funds reducing holdings in heavyweight stocks. Meituan -W (3690.HK) fell 3.30%, facing profit-taking; Yum China (9987.HK) fell 1.38%, following the broader market adjustment; while Haidilao (6862.HK) rose 1.56%, indicating defensive rotation of funds or positive expectations for specific operational data, creating an independent market trend.
Macroeconomic Background
▪ The current focus of the Hong Kong stock market is on verifying the recovery of the economic fundamentals. Investors are closely monitoring the upcoming comprehensive CPI and GDP data to assess the resilience of the recovery.
▪ HSBC's manufacturing PMI and retail sales data have become key indicators of domestic demand and business sentiment.
▪ The trend of M3 money supply is also attracting attention as a guide to the liquidity environment.
Popular Stocks
▪ Aixin Yuanzhi (600.HK) rose 13.68%, with a transaction volume of HKD 79.7991 million. The company was listed on the main board of the Hong Kong Stock Exchange today and, as a leading enterprise in the edge computing AI chip field, is receiving high attention due to the hot AI concept and the scarcity of the stock.
▪ Star Chain Group (399.HK) rose 52.73%, with a transaction volume of HKD 6.7075 million. The company recently completed a name change, and the market speculates that its business may shift towards blockchain or emerging technology fields, triggering expectations of speculative trading, leading to significant stock price fluctuations.
▪ Duoxiang Cloud (6696.HK) rose 10.17%, with a transaction volume of HKD 8.6299 million. The stock price showed significant fluctuations during the session, with increased trading volume, indicating short-term enthusiasm for the marketing technology sector, possibly related to sector rotation
▪ GUANZE MEDICAL (2427.HK) rose 10.07%, with a transaction volume of HKD 5.6829 million. Fude (Hong Kong) Investment Holdings completed the acquisition and proposed a mandatory unconditional cash offer. Despite the acquisition price being at a discount, the expected capital operations after the new shareholders take over support the rebound in stock price.
▪ Longqi Technology (9611.HK) rose 8.18%, with a transaction volume of HKD 24.3717 million. As a leading company that recently completed its &#34;A+H&#34; listing, it has gained continuous attention from institutional funds due to improved governance structure and the recovery of the technology hardware sector.
Market Transaction Volume TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 526.50, down 1.68%, transaction volume HKD 5.163 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 155.00, down 2.27%, transaction volume HKD 3.493 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 82.05, down 3.30%, transaction volume HKD 2.257 billion
▪ AIA Group (01299.HK) latest transaction price HKD 81.20, down 3.10%, transaction volume HKD 1.585 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 101.40, up 1.86%, transaction volume HKD 1.479 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.46, down 0.16%, transaction volume HKD 1.427 billion
▪ Hong Kong Stock Exchange (00388.HK) latest transaction price HKD 404.80, down 2.22%, transaction volume HKD 1.235 billion
▪ Changfei Optical Fiber and Cable (06869.HK) latest transaction price HKD 114.80, down 4.73%, transaction volume HKD 1.145 billion
▪ SMIC (00981.HK) latest transaction price HKD 70.25, up 0.64%, transaction volume HKD 1.099 billion
▪ Zhiyun (02513.HK) latest transaction price HKD 465.80, up 15.87%, transaction volume HKD 1.054 billion

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The three major indices of the Hong Kong stock market were all under pressure today, with the Hang Seng Index falling 1.52%, the Hang Seng Tech Index dropping 1.24%, as the market faced profit-taking after reaching a peak. The technology, internet, and retail sectors generally weakened, with heavyweight stocks Tencent Holdings down 1.77%, Alibaba down 2.21%, and Meituan down 3.30%. The restaurant sector showed mixed performance, with Haidilao rising 1.56% against the trend. In terms of individual stocks, Aisinyuan Intelligence surged 13.68% on its first day of listing, while Starry Chain Group experienced significant volatility due to name change expectations. Investors are closely monitoring upcoming CPI and GDP data to assess the economic recovery process

- The Hong Kong stock market showed declines today, with major indexes experiencing profit-taking after yesterday's highs.  
- The Hang Seng Index fell by 1.52% to 26,622.96 points, while tech and retail sectors suffered due to cautious consumer recovery expectations.  
- Market participants are focused on forthcoming economic data, including CPI and GDP, to assess recovery resilience, as trading activity indicates strategic movements towards certain sectors.

Market Heartbeat

TENCENT

BIDU-SW

KUAISHOU-W

BABA-W

JD-SW

MNSO

MEITUAN

YUM CHINA

HAIDILAO

AXERA

STARCOIN GROUP

MANY IDEA CLOUD

GUANZE MEDICAL

LONGCHEER

Hong Kong stock market intraday | The Hang Seng Index fell 1.52%, technology weighted stocks broadly declined, Meituan fell 3.30%, and Aisino surged 13.68%