Market Overview
▪ The three major indices of the Hong Kong stock market fluctuated and consolidated during the session, turning positive after a sluggish morning.
▪ As of now, the Hang Seng Index is at 25,465.21 points, up 0.12%.
▪ The Hang Seng TECH Index reached 5,566.27 points during the session, up 0.21%.
▪ The latest reading of the National Enterprises Index is 8,939.3 points, with an increase of 0.03%.
Sector Performance
▪ The retail sector showed active performance during the session. Driven by e-commerce mergers and year-end strategies, Alibaba -W rose 1.33%, JD.com -SW increased by 0.17%, Miniso's gains narrowed to 0.64%, with leading stocks performing prominently, and overall capital flow clearly favoring consumer electronics and e-commerce sectors.
▪ The internet content and information sector showed steady growth. Baidu -SW rose 1.24%, Kuaishou -W increased by 0.68%, reflecting short-term support for tech stocks under the effect of capital rotation, while Tencent Holdings slightly fell by 0.41% but maintained high trading activity, with blue-chip stocks continuously attracting capital attention.
▪ Some fluctuations were observed in the communication equipment sector. Changfei Fiber Optics surged 10.81% during the session, becoming one of the market's biggest gainers, driving local activity in the sector. BYD Electronics experienced a slight pullback, but ZTE Corporation fell by 2%, indicating a divergence within the sector, with capital more concentrated on leading targets.
Macroeconomic Background
▪ The latest annual retail sales volume in the Hong Kong stock market rose from 4.8% to 5.3%, reflecting a phase of recovery in consumer momentum.
▪ Confidence in the consumption and service industries was positively boosted by macro data, enhancing investors' expectations for retail recovery, highlighting short-term structural opportunities.
Popular Stocks
▪ Vanke Enterprises (2202.HK) rose 13.77%, with a trading volume of HKD 1 billion. Vanke held a meeting with creditors today, planning to pay part of the interest to attract support for debt extension. This move aims to avoid default, and the market reacted positively to the extension plan, resulting in a significant increase in stock price and trading volume.
▪ Yino Pharma -B (2591.HK) rose 12.81%, with a trading volume of HKD 168 million, showing a positive capital stance and a strong short-term speculative atmosphere.
▪ LEGEND UPSTAR (459.HK) surged 61.33% during the session, with a trading volume of HKD 4.1659 million. The company received a privatization offer from the chairman at a premium of 77.3%, and the stock price soared significantly upon resumption of trading, driven by short-term capital inflow, making it one of the best-performing stocks of the day.
▪ China Boton (3318.HK) rose 17.78%, with a trading volume of HKD 22.8877 million. The company announced that its indirectly wholly-owned subsidiary signed a land acquisition agreement with the local government, exchanging for cash compensation of HKD 2.2719 billion, showing active performance during the session.
▪ DESIGN CAPITAL (1545.HK) rose 53.01%, with a trading volume of HKD 1.3678 million. Short-term capital chasing led to a strong surge in stock price, significantly influenced by the active atmosphere in the sector.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) latest transaction price HKD 152.60, up 1.13%, transaction amount HKD 6.395 billion
▪ Tencent Holdings (700.HK) latest transaction price HKD 600.00, down 0.41%, transaction amount HKD 6.122 billion
▪ Yangtze Optical Fibre and Cable Joint Stock Limited Company (6869.HK) latest transaction price HKD 41.24, up 8.76%, transaction amount HKD 2.831 billion
▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 41.58, up 0.78%, transaction amount HKD 2.792 billion
▪ Meituan -W (3690.HK) latest transaction price HKD 99.90, up 2.62%, transaction amount HKD 2.632 billion
▪ Semiconductor Manufacturing International Corporation (981.HK) latest transaction price HKD 68.30, down 0.80%, transaction amount HKD 2.342 billion
▪ Pop Mart International Group Limited (9992.HK) latest transaction price HKD 191.30, up 0.53%, transaction amount HKD 2.297 billion
▪ China Construction Bank (939.HK) latest transaction price HKD 7.56, down 0.66%, transaction amount HKD 1.536 billion
▪ Horizon Robotics -W (9660.HK) latest transaction price HKD 9.02, up 3.68%, transaction amount HKD 1.413 billion
▪ China Merchants Bank (3968.HK) latest transaction price HKD 50.50, down 2.88%, transaction amount HKD 1.374 billion

The three major indices of the Hong Kong stock market fluctuated and consolidated during the trading session, with the Hang Seng Index, Hang Seng TECH Index, and the National Enterprises Index all turning positive at midday. The market showed a divergence in hotspots, with the retail sector declining overall due to weakened consumer demand, lacking leading stocks but with significant movements in some individual stocks. On the macro level, the year-on-year retail sales increase supports consumer and service confidence, with ongoing structural opportunities. Stocks like LEGEND UPSTAR and DESIGN CAPITAL surged significantly, with capital activity focusing on mainstream blue chips and stocks hitting new highs, indicating that structural opportunities still exist in the Hong Kong stock market

- Hong Kong stocks showed volatility, with the Hang Seng Index rising 0.12% to 25,465.21 points after a sluggish morning.  
- Retail and technology sectors performed well, driven by e-commerce mergers and year-end strategies, while macroeconomic data indicated a slight recovery in retail sales growth.  
- Notable stock movements included Vanke Enterprises up 13.77% and China Boton rising 17.78%, reflecting positive market sentiment and significant trading volumes.

Market Heartbeat

Hang Seng TECH Index

BABA-W

MNSO

JD-SW

BIDU-SW

KUAISHOU-W

TENCENT

YOFC

BYD ELECTRONIC

CHINA VANKE

INNOGEN-B

CHINA BOTON

XIAOMI-W

MEITUAN

LEGEND UPSTAR

DESIGN CAPITAL

Hong Kong stocks intraday | All three major indices turned positive at noon! LEGEND UPSTAR surged 61% during the session, showing a clear divergence from the retail sector