Market Overview▪ On November 28, the three major indices of the Hong Kong stock market showed mixed results, with the Hang Seng Index down 0.18% at 25,898.78 points; the Hang Seng China Enterprises Index down 0.18% at 9,148.30 points; and the Hang Seng TECH Index up 0.21% at 5,609.72 points.▪ A total of 900 stocks rose, 902 stocks fell, and 919 stocks closed flat, indicating a structurally differentiated pattern in the overall market, with stable index performance and active trading.▪ Overall market sentiment is neutral, with clear structural hotspots, as funds focus on leading companies in core technology and new consumption, while some heavyweight stocks experience increased volatility, leading to differentiated investor preferences.Sector Performance▪ The retail sector showed overall volatility, with some core stocks performing differently. Alibaba -W (9988.HK) rose 0.60%, with a trading volume of HKD 10.111 billion, making it one of the most actively traded stocks in the market, driven by expectations of business synergy from the promotion of the &#34;integrated ecological innovation&#34; strategy, with funds generally favoring the leaders. JD.com -SW (9618.HK) slightly increased by 0.26%, with a trading volume of HKD 1.082 billion, continuing its steady trend. Miniso (9896.HK) fell slightly by 0.82%, with a trading volume of HKD 0.075 billion, showing significant divergence in sector funds, with consumer data having a differentiated impact on individual stocks.▪ The internet content and information sector experienced fluctuations and adjustments, with leading stocks showing varied performance. Tencent Holdings (700.HK) remained flat, with a trading volume of HKD 8.087 billion, maintaining fund attention. Kuaishou -W (1024.HK) fell 0.88%, with a trading volume of HKD 1.289 billion, showing clear signs of short-term fund outflow. Baidu -SW (9888.HK) rose 0.98%, with a trading volume of HKD 0.732 billion, driven by short-term buying interest. The entire sector remains influenced by policy and changes in traffic, with an intensifying differentiation pattern.▪ The restaurant sector performed steadily overall, with industry leaders operating stably. Meituan -W (3690.HK) fell 1.44%, with a trading volume of HKD 4.523 billion, under pressure for adjustment. Mixue Group (2097.HK) rose 2.91%, with a trading volume of HKD 0.184 billion, becoming the strongest performer in the sector, reflecting active fund inflow and consumer demand support. Gu Ming (1364.HK) rose 0.80%, with a trading volume of HKD 0.173 billion. Overall, the restaurant sector still attracts some funds amid consumer recovery.Macroeconomic Background▪ Recent retail sales data in the Hong Kong stock market has maintained positive growth, with sales increasing by 3.8% year-on-year and sales volume increasing by 3.2% year-on-year.▪ The annual growth rate of M3 money supply reached 4%, indicating ample market liquidity.▪ The driving force of economic recovery led by consumption and liquidity has become a focal point for the market, providing short-term favorable support for local consumption, dining, and financial sectors, enhancing structural opportunities in the market.Popular Stocks▪ Longpan Technology (2465.HK) rose 2.28%, with a trading volume of HKD 0.436 billion. Funds continue to flow in, with structural hotspots attracting attention in the short term, reflecting a preference for innovation in the segmented manufacturing industry▪ Shanghai Xiao Nan Guo (3666.HK) rose 4.44%, with a turnover of HKD 28 million. The internal capital flow in the sector is active, with low-priced active varieties attracting buying interest.▪ Shandong Molong (568.HK) rose 2.09%, with a turnover of HKD 161 million. It outperformed the market, reflecting that some cyclical stocks benefit from improved economic expectations.▪ Tianyue Advanced (2631.HK) rose 5.95%, with a turnover of HKD 281 million. There was a significant net inflow of funds throughout the day, becoming a target favored by market funds for new categories.▪ Beijing Jingdian Co., Ltd. (187.HK) rose 2.61%, with a turnover of HKD 49 million. Trading was notably active, and high-growth stocks are favored by market funds.Market Turnover TOP10▪ Alibaba -W (9988.HK) latest transaction price HKD 151.50, up 0.60%, turnover HKD 10.111 billion▪ Tencent Holdings (700.HK) latest transaction price HKD 611.50, up 0.00%, turnover HKD 8.087 billion▪ Meituan -W (3690.HK) latest transaction price HKD 102.50, down 1.44%, turnover HKD 4.523 billion▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 41.02, down 0.19%, turnover HKD 3.507 billion▪ POP MART (9992.HK) latest transaction price HKD 224.80, up 2.84%, turnover HKD 3.338 billion▪ SMIC (981.HK) latest transaction price HKD 68.80, up 0.66%, turnover HKD 2.380 billion▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 74.50, up 2.69%, turnover HKD 1.593 billion▪ Zijin Mining (2899.HK) latest transaction price HKD 30.70, up 0.00%, turnover HKD 1.428 billion▪ China Construction Bank (939.HK) latest transaction price HKD 8.17, down 0.73%, turnover HKD 1.352 billion▪ AIA Group (1299.HK) latest transaction price HKD 80.60, down 1.77%, turnover HKD 1.336 billion

The three major indices of the Hong Kong stock market showed mixed performance today, with the Hang Seng TECH Index rising against the trend, and structural opportunities emerging in the technology and catering sectors. Alibaba and POP MART saw active trading, leading the gains among the leaders, while the internet and retail sectors showed significant divergence, with funds focusing on innovative consumption and high-tech directions. The market's attention to liquidity and the momentum of consumer recovery has increased, with hot stocks performing well and trading volume remaining high

- On November 28, Hong Kong's stock indices showed mixed results, with the Hang Seng Index down 0.18% at 25,898.78 points, while the Hang Seng Technology Index rose 0.21% to 5,609.72 points.  
- Market sentiment remained neutral with structural differentiation, as core technology and new consumption leaders attracted capital, while some heavyweight stocks experienced increased volatility.  
- Retail sales data indicated positive growth, with a year-on-year sales increase of 3.8%, contributing to a favorable short-term outlook for local consumption and financial sectors.

Market Heartbeat

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

MEITUAN

MIXUE GROUP

GUMING

LOPAL TECH

SHANGHAI XNG

SHANDONG MOLONG

SICC

JINGCHENG MAC

XIAOMI-W

POP MART

Alibaba

Hong Kong stocks closed | The Hang Seng Index fell 0.18%, falling below 25,900 points, while the technology sector rose against the trend, with Mixue Group leading the gains