Hong Kong stock market intraday | The Hang Seng Index opened lower with retail stocks moving sideways, POP MART leading with over 4% increase, and Xiaomi Group showing significant downward capital divergence

Market Overview

▪ On November 28, the three major indices of the Hong Kong stock market showed mixed results, with the Hang Seng Index falling 0.23% to 25,887.50 points; the Hang Seng China Enterprises Index down 0.17% to 9,149.40 points; and the Hang Seng Tech Index rising 0.16% to 5,607.02 points.

▪ As of the time of writing, 577 stocks in Hong Kong rose, 832 fell, and 1,312 closed flat, indicating significant market divergence, with short-term funds tending to be cautious and observant, and the rotation of hot sectors accelerating.

▪ The core assets on the market showed differentiation, with some leading stocks being chased by funds and strengthening against the trend, but the overall market still leaned towards volatility.

Sector Performance

▪ The retail sector experienced slight fluctuations overall, dominated by market wait-and-see sentiment, with internal differentiation in gains and losses. Alibaba -W (9988.HK) rose 1.20%, with a transaction volume of HKD 2.906 billion, showing significant fund inflow, indicating that some medium to long-term funds are optimistic about fundamental recovery; JD.com -SW (9618.HK) slightly rose 0.95%, and Miniso (9896.HK) rose 0.41%, but the overall differentiation pattern remained unchanged, with short-term fund flows still cautious.

▪ The internet content and information sector showed a consolidation pattern, with leading stocks maintaining stable performance and funds primarily on the sidelines. Tencent Holdings (700.HK) slightly fell 0.08%, with a transaction volume of HKD 1.609 billion; Kuaishou -W (1024.HK) rose 0.07%, and Baidu -SW (9888.HK) rose 0.27%. There were no significant catalysts within the sector, mostly structural fluctuations, with short-term funds engaged in speculation.

▪ The hardware, storage, and peripherals sector showed weak fluctuations, overall presenting downward pressure and lacking positive drivers. Xiaomi Group -W (1810.HK) fell 0.54%, with a transaction volume of HKD 1.295 billion, showing fund outflows; Lenovo Group (992.HK) fell 0.31%, and Legend Holdings (3396.HK) fell 0.10%. The overall sector continued to be under pressure, with heightened risk aversion among funds.

Macroeconomic Background

▪ The unemployment rate in Hong Kong over the past three months is 3.8%, and the annual CPI has risen to 1.2%, indicating steady progress in employment and inflation data.

▪ The year-on-year growth rate of imports and exports remains high, with import growth at 18.3% and export growth at 17.5%, while the trade deficit narrowed to HKD 39.9 billion, reflecting a continuous recovery in external demand and a moderate recovery in the overall economy.

▪ The stabilization of macroeconomic factors provides certain support for the Hong Kong stock market, especially as improved trade data enhances market risk appetite, but overall funds remain cautious, with significant structural differentiation.

Popular Stocks

▪ GAC Group (2238.HK) rose 8.73%, with a transaction volume of HKD 462 million, as Aion UT super commenced full delivery, and the all-solid-state battery production line was completed, accumulating over 20% increase this week, with the stock price reaching a 52-week high and significantly increased trading activity.

▪ Longpan Technology (2465.HK) rose 2.76%, with a transaction volume of HKD 280 million, with short-term funds speculating but lacking significant news support, with movements possibly driven by market rotation▪ Beijing Mechanical and Electrical Co., Ltd. (187.HK) rose 4.28%, with a trading volume of HKD 33 million, attracting short-term capital attention, with increased volatility during the session, and no significant news driving it.

▪ Tianyue Advanced (2631.HK) rose 3.53%, with a trading volume of HKD 129 million, as popular growth sectors attracted short-term trading, experiencing significant volatility in the short term, but no new changes in fundamentals.

▪ Shandong Molong (568.HK) rose 1.83%, with a trading volume of HKD 48 million. Despite the overall cautious market atmosphere, individual stocks showed structural activity, and investor sentiment gradually warmed.

Market Trading Volume TOP10

▪ Alibaba -W (9988.HK): Latest trading price HKD 152.40, up 1.20%, trading volume HKD 2.906 billion

▪ POP MART (9992.HK): Latest trading price HKD 228.20, up 4.39%, trading volume HKD 1.763 billion

▪ Tencent Holdings (700.HK): Latest trading price HKD 611.00, down 0.08%, trading volume HKD 1.608 billion

▪ Xiaomi Group -W (1810.HK): Latest trading price HKD 40.90, down 0.49%, trading volume HKD 1.294 billion

▪ Meituan -W (3690.HK): Latest trading price HKD 104.10, up 0.10%, trading volume HKD 974 million

▪ SMIC (981.HK): Latest trading price HKD 68.75, up 0.59%, trading volume HKD 930 million

▪ Hua Hong Semiconductor (1347.HK): Latest trading price HKD 74.05, up 2.07%, trading volume HKD 583 million

▪ Ganfeng Lithium (1772.HK): Latest trading price HKD 49.50, up 3.21%, trading volume HKD 510 million

▪ AIA Group (1299.HK): Latest trading price HKD 80.65, down 1.71%, trading volume HKD 463 million

▪ GAC Group (2238.HK): Latest trading price HKD 3.86, up 8.73%, trading volume HKD 462 million