Market Overview
▪ On November 25, all three major indices of the Hong Kong stock market rose, with the Hang Seng Index up 0.32% at 25,797.40 points; the Hang Seng China Enterprises Index up 0.46% at 9,120.89 points; and the Hang Seng Tech Index up 0.55% at 5,576.12 points.
▪ The overall market was active, with 938 stocks rising, 863 falling, and 924 closing flat, reflecting a preference for quality growth and popular sectors under positive sentiment.
▪ The structural differentiation in the index rebound remains evident, with funds focusing more on core assets that have growth concepts and industry prosperity, while some heavyweight sectors attracted main attention.
Sector Performance
▪ The retail sector showed volatile performance, with significant differentiation in industry performance affecting short-term capital flows. Leading company Alibaba rose 0.65%, with a transaction volume of HKD 17.768 billion, boosted by the performance of the AI application &#34;Qianwen&#34; App, enhancing overall sector attention. JD.com fell 0.62%, with a transaction volume of HKD 1.175 billion, influenced by news of the company's upcoming industrial IPO and B-end layout. Miniso slightly declined by 0.16%, with a transaction volume of HKD 0.074 billion. This sector reflects a high correlation between listed company performance and market hotspots, with significant differentiation in short-term capital chasing.
▪ The hardware, storage, and peripherals sector saw a slight increase. Although the overall trend is downward, the performance of leading stocks showed clear differentiation. Xiaomi Group surged 3.83%, with a transaction volume of HKD 10.363 billion, benefiting from the active sci-tech board and AI concepts, boosting sector sentiment. Lenovo Group fell 0.51%, while Lenovo Holdings dropped even more by 3.89%. Funds concentrated on growth leaders like Xiaomi.
▪ The internet content and information sector showed fluctuations, with leading companies exhibiting differentiated trends. Kuaishou rose 2.12%, with a transaction volume of HKD 2.956 billion, and Baidu increased by 3.85%, with a transaction volume of HKD 1.348 billion, both demonstrating strong market capital support. Tencent Holdings slightly fell by 0.40%, but the transaction volume still reached HKD 6.900 billion, indicating that the sector remains an active arena for market funds. Influenced by performance and policy factors, short-term speculation within the sector is evident.
Macroeconomic Background
▪ The latest macro data shows that the Hong Kong stock market is under pressure from foreign trade data, with a sustained high trade deficit.
▪ The annual retail sales growth rate and the M3 money supply growth rate have slightly rebounded, reflecting enhanced signs of domestic demand recovery. Export growth remains stable.
▪ The overall economic recovery is moderate, with the market continuing to focus on policy dynamics and real growth momentum, highlighting the macro environment's impact on structural opportunities.
Popular Stocks
▪ Leading the gains, Longpan Technology (2465.HK) rose 24.03%, with a transaction volume of HKD 0.768 billion.
▪ Changfei Fiber Optic Cable (6869.HK) rose 11.81%, with a transaction volume of HKD 1.268 billion.
▪ China Gas Holdings (1635.HK) rose 10.50%, with a transaction volume of HKD 0.386 billion
▪ The above popular stocks have no latest event news support, but the trading volume has increased, indicating a significant rise in short-term attention from funds on growth and innovation-themed targets, with prominent sector rotation characteristics.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) Latest trading price HKD 155.50, increase of 0.65%, trading volume HKD 17.768 billion
▪ Xiaomi Group -W (1810.HK) Latest trading price HKD 40.16, increase of 3.88%, trading volume HKD 10.363 billion
▪ Tencent Holdings (700.HK) Latest trading price HKD 622.50, decrease of 0.32%, trading volume HKD 6.900 billion
▪ SMIC (981.HK) Latest trading price HKD 67.40, decrease of 0.96%, trading volume HKD 4.365 billion
▪ Kuaishou -W (1024.HK) Latest trading price HKD 70.00, increase of 2.12%, trading volume HKD 2.956 billion
▪ Meituan -W (3690.HK) Latest trading price HKD 97.90, decrease of 0.25%, trading volume HKD 2.036 billion
▪ Hua Hong Semiconductor (1347.HK) Latest trading price HKD 70.70, increase of 1.51%, trading volume HKD 2.025 billion
▪ UBTECH (9880.HK) Latest trading price HKD 110.80, decrease of 0.63%, trading volume HKD 1.795 billion
▪ Ganfeng Lithium (1772.HK) Latest trading price HKD 49.32, increase of 2.71%, trading volume HKD 1.666 billion
▪ AIA Group (1299.HK) Latest trading price HKD 79.25, increase of 0.32%, trading volume HKD 1.387 billion

All three major indices rose, with the technology and internet sectors performing prominently. Market sentiment has recovered, and funds are focusing on hardware and AI concept leaders. Signs of macroeconomic recovery are emerging, with significant structural differentiation among sectors. Leading companies Xiaomi and Kuaishou saw notable gains, and many popular stocks on the main board were actively trading. The top 10 by trading volume were dominated by technology leaders such as Alibaba, Xiaomi, and Tencent Holdings, indicating that funds continue to concentrate on leading enterprises

- On November 25, Hong Kong's three major indices rose, with the Hang Seng Index up 0.32% to 25,797.40 points.  
- Market activity was robust, with 938 stocks rising and 863 falling, indicating a preference for quality growth and popular sectors amid structural differentiation.  
- Key stocks like Alibaba and Xiaomi saw gains, while macroeconomic data showed persistent trade deficits but signs of domestic demand recovery, highlighting the market's focus on policy dynamics and growth momentum.

Market Heartbeat

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

KUAISHOU-W

Baidu

TENCENT

LOPAL TECH

YOFC

DZUG

SMIC

Xiaomi Corporation

Alibaba

Tencent

Tencent Holdings Limited

MEITUAN

Meituan

Hong Kong stocks intraday | Three major indices rise together, technology hardware and the internet lead the gains, Xiaomi rises 3.83%, boosting sector confidence