Market Overview▪ As of December 1st, at the time of writing, all three major indices of the Hong Kong stock market recorded gains. The Hang Seng Index rose by 0.67%, closing at 26,032.82 points; the Hang Seng China Enterprises Index increased by 0.40%, closing at 9,166.49 points; the Hang Seng TECH Index climbed by 0.81%, closing at 5,644.71 points.▪ The market showed overall divergence, with 884 stocks rising, 920 stocks falling, and 917 stocks closing flat. While the index performance was positive, the individual stock movements were mixed, reflecting a clear rotation strategy of funds, and a cautious market sentiment remained.▪ Funds primarily targeted leading technology stocks and hardware, as well as the semiconductor sector, while overall market trading remained active, with concentrated hotspots but a neutral overall intensity.Sector Performance▪ The retail sector showed overall volatility, with divergence influenced by consumer sentiment. Alibaba -W rose by 3.04%, with a trading volume of HKD 11.581 billion, standing out in the industry and demonstrating resilience among leading stocks. JD.com -SW increased by 1.12%, while Miniso fell by 0.98%. Funds favored leading stocks, with some second-tier stocks under pressure, reflecting a cautious overall consumer confidence.▪ The restaurant sector generally strengthened, mainly driven by expectations of consumer recovery and performance. Haidilao rose by 2.62%, with a trading volume of HKD 302 million. Meituan -W fell by 2.63%, but its trading volume reached HKD 7.125 billion, while Gu Ming dropped by 2.38%. There was divergence within the sector, with funds leaning towards stable recovery and defensive targets.▪ The hardware, storage, and peripherals sector performed prominently, primarily driven by demand for AI hardware and semiconductors. ZTE surged by 13.24%, with a trading volume of HKD 3.065 billion, becoming a market focus. Lenovo Group rose by 0.41%, while Xiaomi Group -W fell by 2.15%, with a trading volume of HKD 6.052 billion, still receiving high attention. The sector was structurally active, with funds mainly flowing towards core technology and hardware leaders.Macroeconomic Background▪ In November 2025, the HSBC Manufacturing PMI for Hong Kong was 50.4, continuing to contract, indicating limited expansion momentum in the manufacturing sector. During the same period, foreign exchange reserves remained at USD 419.2 billion, with liquidity remaining stable. The overall macroeconomic environment reflects dual pressures from exports and domestic demand, leading to a cautious risk appetite among investors.▪ There was a strong sentiment of market caution, with a structurally clear distribution of trading, as investors focused on short-term hotspots and certain opportunities.Popular Stocks▪ Guanghe Tong (638.HK) surged by 17.58%, with a trading volume of HKD 420 million, becoming one of the top gainers of the day. The company showed significant intraday volatility, with concentrated fund inflows, indicating short-term enthusiasm focused on technology and communication stocks.▪ ZTE (763.HK) rose by 13.24%, with a trading volume of HKD 30.65 billion, becoming a core market hotspot driven by the AI and semiconductor market, pushing the technology sector and hardware direction to collectively strengthen.▪ Baofa Holdings (8532.HK) fell by 36.36%, with a trading volume of HKD 0.01 million, showing severe price fluctuations, indicating that stocks with lower liquidity are more susceptible to sudden emotional selling pressure▪ Longpan Technology (2465.HK) fell 3.71%, with a turnover of HKD 149 million. Main funds are cautiously short-term, and there is structural differentiation within the technology sector.▪ Capital World Financial Holdings (204.HK) rose 0.74%, with a turnover of HKD 95 million. Funds are in a wait-and-see state, and market attention to financial stocks is average.Market Turnover TOP10▪ Alibaba -W (9988.HK) latest transaction price HKD 156.20, up 3.10%, turnover HKD 11.581 billion▪ Meituan -W (3690.HK) latest transaction price HKD 99.80, down 2.63%, turnover HKD 7.125 billion▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 40.12, down 2.19%, turnover HKD 6.050 billion▪ Tencent Holdings (700.HK) latest transaction price HKD 617.50, up 0.98%, turnover HKD 5.187 billion▪ ZTE (763.HK) latest transaction price HKD 35.58, up 13.24%, turnover HKD 3.065 billion▪ SMIC (981.HK) latest transaction price HKD 69.45, up 0.94%, turnover HKD 2.145 billion▪ Pop Mart (9992.HK) latest transaction price HKD 216.00, down 3.91%, turnover HKD 2.138 billion▪ Zijin Mining (2899.HK) latest transaction price HKD 32.06, up 4.43%, turnover HKD 2.092 billion▪ China Construction Bank (939.HK) latest transaction price HKD 8.11, down 0.73%, turnover HKD 1.382 billion▪ China Pacific Insurance (2328.HK) latest transaction price HKD 16.93, down 4.13%, turnover HKD 1.300 billion

The three major indices of the Hong Kong stock market rose simultaneously during the session, led by technology stocks. Alibaba increased by over 3%, and ZTE saw a significant rise, with market funds focusing on technology hardware and semiconductors. The retail and catering sectors showed a mixed performance, and under macro pressure, the market continued its structural rotation. Stocks with high trading volumes were concentrated in the consumer and technology sectors, highlighting structural hotspots

- As of December 1, Hong Kong's three major indices recorded gains, with the Hang Seng Index up 0.67% at 26,032.82 points.  
- Market activity showed divergence, with 884 stocks rising and 920 falling, indicating a cautious investment atmosphere despite overall positive index performance.  
- Key sectors included technology and hardware, driven by AI demand, while retail and restaurant stocks displayed mixed results influenced by consumer sentiment.

Market Heartbeat

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

HAIDILAO

MEITUAN

GUMING

LENOVO GROUP

XIAOMI-W

FIBOCOM

POLYFAIR HLDGS

LOPAL TECH

CAPITAL REALM

TENCENT

Alibaba

Hong Kong stock market intraday | Hang Seng TECH Index rises 0.81%, Alibaba leads the market, ZTE surges 13%, leading the tech stock rally