Hong Kong Stock Market Mid-Review | The Hang Seng Index and Technology Index both rise, over 900 stocks in the green, Alibaba up over 4% leading the way, semiconductor sector diverges with Huahong Semiconductor plummeting

Market Overview

▪ On November 24, the three major indices of the Hong Kong stock market rose collectively, with the Hang Seng Index up 1.42% to 25,578.88 points; the Hang Seng China Enterprises Index up 1.22% to 9,028.24 points; and the Hang Seng Tech Index up 1.65% to 5,484.46 points.

▪ As of the time of writing, there were 966 stocks rising, 709 stocks falling, and 1,051 stocks closing flat in the market, indicating a generally positive atmosphere. Most heavyweight stocks attracted capital attention, with the technology and internet sectors driving the market upward.

▪ Funds mainly flowed into high-quality technology leaders and individual active themes, with investors' risk appetite showing an increase and structural market characteristics becoming evident.

Sector Performance

▪ The retail sector showed sideways movement, with strong performance from large leaders boosting sector confidence. Alibaba -W rose 4.13%, with a transaction volume of HKD 16.228 billion, becoming a core gathering place for incremental market funds. JD.com -SW rose slightly by 1.45%, with a transaction volume of HKD 0.592 billion, indicating more stable capital. Miniso fell 6.43%, showing that small and medium retail stocks were neglected by funds, leading to increased internal differentiation within the sector.

▪ The semiconductor sector showed mixed performance, with leading stocks dragging down market sentiment. SMIC fell 5.23%, with a transaction volume of HKD 6.303 billion, indicating continued pressure on the industry chain's prosperity. Hua Hong Semiconductor saw a significant decline of 9.35%, with a transaction volume of HKD 3.499 billion, becoming the main focus of the sector's pullback, with short-term capital showing increased risk aversion. InnoCare Pharma fell slightly by 0.65%, with weak transaction activity, while small-cap stocks in the sector were relatively resilient but overall under pressure.

▪ The hardware, storage, and peripherals sector experienced overall fluctuations, with Xiaomi Group -W rising 0.74%, with a transaction volume of HKD 4.861 billion, indicating decent capital attention. Lenovo Group fell slightly by 0.21%, with a transaction volume of HKD 0.494 billion, while Legend Holdings rose slightly by 0.55%, showing rotation of blue-chip funds in the broader market, with internal performance differentiation and prominent structural opportunities.

Macroeconomic Background

▪ The year-on-year growth rate of Hong Kong's exports remains strong, but there is a significant trade deficit, with external demand improving while imports are growing rapidly. The year-on-year growth rates of retail and money supply are running at low levels, reflecting cautious consumer confidence and market liquidity.

▪ The market continues to focus on the impact of global environmental changes on economic recovery expectations, with investment structure and capital direction being driven by global macro expectations in the short term. Short-term funds prefer high-quality leaders and thematic hotspots with strong pressure resistance.

Popular Stocks

▪ JINGRUI Holdings (1862.HK) rose 50.00%, with a transaction volume of HKD 0.003 billion. Despite the small transaction volume, it ranked high in terms of growth, attracting short-term capital and increasing market attention.

▪ Guofu Hydrogen Energy (2582.HK) rose 5.09%, with a transaction volume of HKD 0.351 billion. Significant capital inflow was noted, with the hydrogen energy theme attracting attention, leading to noticeable performance during the day.

▪ China Resources Power (1635.HK) fell 5.75%, with a transaction volume of HKD 0.171 billion. There was a slight outflow of funds, and the stock's performance was significantly under pressure, with a decline in risk appetite ▪ China Shangcheng (2330.HK) rose 9.26%, with a trading volume of HKD 19 million. The increase is notable but the trading volume is small, mainly driven by speculative funds, with short-term enthusiasm concentrated.

▪ Tianyue Advanced (2631.HK) rose 3.63%, with a trading volume of HKD 124 million. Structural themes are favored, with some active funds chasing, reflecting a short-term speculative atmosphere in the market.

Market Trading Volume TOP10

▪ Alibaba -W (9988.HK) latest trading price HKD 153.70, up 4.13%, trading volume HKD 16.228 billion

▪ SMIC (981.HK) latest trading price HKD 65.20, down 5.23%, trading volume HKD 6.303 billion

▪ Xiaomi Group -W (1810.HK) latest trading price HKD 38.36, up 0.74%, trading volume HKD 4.861 billion

▪ Tencent Holdings (700.HK) latest trading price HKD 623.00, up 2.13%, trading volume HKD 4.784 billion

▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 66.40, down 9.35%, trading volume HKD 3.499 billion

▪ Kuaishou -W (1024.HK) latest trading price HKD 67.30, up 5.16%, trading volume HKD 1.735 billion

▪ China National Offshore Oil (883.HK) latest trading price HKD 21.04, down 2.32%, trading volume HKD 1.484 billion

▪ Meituan -W (3690.HK) latest trading price HKD 97.90, up 2.46%, trading volume HKD 1.387 billion

▪ Ganfeng Lithium (1772.HK) latest trading price HKD 47.04, down 7.58%, trading volume HKD 1.269 billion

▪ XPeng Motors -W (9868.HK) latest trading price HKD 80.10, up 2.04%, trading volume HKD 1.038 billion