Market Overview
▪ On November 24, the three major indices of the Hong Kong stock market rose collectively, with the Hang Seng Index up 1.36% to 25,563.35 points; the Hang Seng China Enterprises Index up 1.20% to 9,026.78 points; and the Hang Seng Tech Index up 1.87% to 5,496.57 points.
▪ As of the time of writing, there were 942 stocks rising, 558 stocks falling, and 1,226 stocks closing flat in the Hong Kong stock market, reflecting an overall bullish sentiment, with strong sectors driving a rebound in market activity.
▪ Funds showed a positive preference for leading technology and consumer assets, but there remains a noticeable divergence in some cyclical and growth sectors.
Sector Performance
▪ The retail sector saw a slight increase overall, driven by expectations of consumer recovery leading to a return of funds. Alibaba -W (9988.HK) rose 4.00%, with a transaction volume of HKD 8.128 billion, leading the market and becoming the most watched leader of the day. JD.com -SW rose 2.18%, with active trading. Miniso fell 5.97%, showing clear divergence. Overall, funds within the sector concentrated towards the leaders.
▪ The semiconductor manufacturers faced significant downward pressure, with performance expectations becoming a core influence and notable divergence among leaders. SMIC fell 3.78%, with a transaction volume of HKD 4.676 billion, and Hua Hong Semiconductor fell 6.35%, with a transaction volume of HKD 2.371 billion, leading to a significant outflow of funds from the sector, with market sentiment remaining cautious. InnoCare Pharma rose slightly by 0.22%.
▪ The hardware, storage, and peripherals sector performed poorly. Xiaomi Group -W rose 0.68%, with a transaction volume of HKD 3.602 billion, and Lenovo Group rose slightly by 0.41%. The overall sector lacked a clear main line, with structural activity within the sector but failing to drive an overall trend.
▪ The internet content and information sector was active, with Tencent Holdings rising 1.80%, with a transaction volume of HKD 2.968 billion, Kuaishou -W rising 4.69%, with a transaction volume of HKD 0.926 billion, and Baidu -SW rising 2.80%. This sector was actively pursued by funds, with some leaders seeing continuous volume increases, and market attention continuing to rise.
Macroeconomic Background
▪ Supported by an export year-on-year growth rate of 14.5% and an import year-on-year growth rate of 11.5%, the external demand environment for Hong Kong stocks improved, supporting economic expectations.
▪ However, Hong Kong's trade deficit remains high, with retail sales year-on-year growth rebounding to 3.8%. The slope of consumer recovery is moderate, and short-term domestic demand and structural adjustments warrant continued attention.
▪ The overall macroeconomic environment leans towards recovery, but structural pressures and fluctuations in risk appetite continue to dominate market performance.
Popular Stocks
▪ China Shangcheng (2330.HK) rose 5.56%, with a transaction volume of HKD 0.018 billion. This stock has gained short-term attention from funds, moving upward with increased volume, reaching a 52-week high, but without significant event-driven catalysts, with funds primarily speculating, necessitating caution against high-level pullback risks.
▪ Towngas (1635.HK) fell 4.50%, with a transaction volume of HKD 0.144 billion, experiencing fund outflows, weak sentiment, and a decline in market risk appetite
▪ Guofu Hydrogen Energy (2582.HK) rose by 10.68%, with a trading volume of HKD 257 million, becoming one of the more actively traded stocks in the market, showing strong short-term performance under capital support.
▪ Ganfeng Lithium (1772.HK) fell by 6.64%, with a trading volume of HKD 895 million, facing continuous selling pressure. The leading stocks in the sector have clearly weakened under pressure, with an increased willingness for capital to take profits.
▪ Tianyue Advanced (2631.HK) rose by 5.50%, with a trading volume of HKD 80 million, driven by emerging themes for short-term gains.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) latest trading price HKD 153.50, up 4.00%, trading volume HKD 8.124 billion
▪ SMIC (981.HK) latest trading price HKD 66.20, down 3.78%, trading volume HKD 4.675 billion
▪ Xiaomi Group -W (1810.HK) latest trading price HKD 38.34, up 0.68%, trading volume HKD 3.593 billion
▪ Tencent Holdings (700.HK) latest trading price HKD 620.50, up 1.72%, trading volume HKD 2.968 billion
▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 68.65, down 6.28%, trading volume HKD 2.370 billion
▪ Meituan -W (3690.HK) latest trading price HKD 97.85, up 2.41%, trading volume HKD 938 million
▪ Kuaishou -W (1024.HK) latest trading price HKD 67.00, up 4.69%, trading volume HKD 926 million
▪ China National Offshore Oil Corporation (883.HK) latest trading price HKD 20.92, down 2.88%, trading volume HKD 923 million
▪ Ganfeng Lithium (1772.HK) latest trading price HKD 47.58, down 6.52%, trading volume HKD 894 million
▪ XPeng Motors -W (9868.HK) latest trading price HKD 81.00, up 3.18%, trading volume HKD 766 million

On November 24th, Hong Kong stocks strengthened across the board, with all three major indices rising. The Hang Seng Tech Index led the gains, and funds flowed into the retail and internet content sectors. Alibaba rebounded strongly, leading the market, but the semiconductor sector showed significant divergence, with Hua Hong Semiconductor falling over 6%. Overall trading was active, with divergence within the heavyweight sectors, as funds continued to flow into leading stocks driven by performance and policy. On the macro front, exports and imports showed steady growth, but attention needs to be paid to the trade deficit and the extent of consumption recovery

- On November 24, Hong Kong's three major indices rose collectively, with the Hang Seng Index up 1.36% to 25,563.35 points.  
- The market showed a bullish sentiment, with 942 stocks rising and 558 falling, driven by strong performance in leading technology and consumer sectors, although some cyclical and growth sectors displayed notable divergence.  
- Macroeconomic indicators suggest a recovering external demand environment, but high trade deficits and moderate consumer recovery warrant ongoing attention to internal demand and structural adjustments.

Market Heartbeat

BABA-W

JD-SW

MNSO

SMIC

HUA HONG SEMI

INNOSCIENCE

XIAOMI-W

KUAISHOU-W

BIDU-SW

CHINA UPTOWN

DZUG

GUOFUHEE

GANFENGLITHIUM

SICC

TENCENT

Alibaba

Hong Kong stocks intraday | The Hang Seng Index rose over 1%, the technology index led the gains, Alibaba surged 4% driving consumption, and semiconductor leaders showed divergence