Market Overview
▪ The three major indices of the Hong Kong stock market closed lower today, with market sentiment becoming cautious.
▪ The Hang Seng Index experienced a pullback, closing at 25,235.41 points, down 1.54%. The index failed to maintain the previous trading day's peak performance and slightly retreated from the last peak (2025-12-15).
▪ The Hang Seng Tech Index closed at 5,402.51 points, down 1.74%. The index also did not refresh the previous day's (2025-12-15) high, showing short-term pressure.
▪ The China Enterprises Index closed at 8,757.93 points, down 1.79%, and also failed to break through the last peak (2025-12-15), indicating significant signs of high-level adjustment.
Sector Performance
▪ The retail sector generally retreated today, mainly due to a lack of significant improvement in consumer demand and cautious capital sentiment. Alibaba -W fell 2.96%, becoming one of the most actively traded stocks. JD.com -SW dropped 2.29%, with funds leaning towards risk aversion. In contrast, Miniso rose 0.26%, showing some defensive attributes, as certain funds positioned in stable performance targets.
▪ The internet content and information sector faced overall pressure, lacking clear positive catalysts, leading to an increased wait-and-see atmosphere among investors. Tencent Holdings fell 1.08%, Baidu -SW dropped 1.77%, and Kuaishou -W decreased 0.54%, with leading stocks in the sector adjusting to varying degrees, indicating a shift in sector funds.
▪ The hardware, storage, and peripherals sector showed mixed performance. Xiaomi Group -W fell 2.25%, with active trading. Lenovo Group rose 1.05%, indicating that funds within the sector are chasing structural opportunities. BNE Group slightly decreased by 0.20%, with small market fluctuations and clear capital divergence.
Macroeconomic Background
▪ Recently, the year-on-year growth rate of retail sales in the Hong Kong stock market reached 5.3%, an improvement from the previous period, reflecting signs of improved domestic demand. Economic recovery and the rebound of cross-border consumption have become focal points for investors, but current consumer demand has not formed a sustained driving force, and fluctuations in the RMB and capital flows significantly impact the short-term performance of Hong Kong stocks.
Popular Stocks
▪ BASETROPHY GP rose 25.00%, with a trading volume of HKD 12.4239 million. It performed prominently today, with speculative funds actively intervening, driving the stock price up rapidly, becoming a market focus, but there is no specific news support, highlighting short-term capital speculation characteristics.
▪ HYGIEIA GROUP rose 25.00%, with a trading volume of HKD 6.3009 million. It also received significant capital support, with continuous volume increases during the day, and future volatility may intensify, requiring investors to pay attention to risks.
▪ Zhejiang Shibao rose 12.90%, with a trading volume of HKD 327 million. The pursuit of high-elasticity varieties led to rapid increases, but there were no significant changes in news, with a large influx of capital.
▪ Yijun Group Holdings rose 12.39%, with a trading volume of HKD 16.7554 million. Short-term capital intervention was active, significantly driving stock price fluctuations, and the eye-catching increase attracted market attention
▪ Tianchen Holdings rose 22.22%, with a transaction volume of HKD 3.184 million. Small-cap stocks have attracted speculative funds, showing active trading, with no significant news to stimulate, reflecting the preferences of short-term capital operations.
Market Transaction Volume TOP10
▪ Alibaba -W latest transaction price HKD 144.20, down 2.96%, transaction volume HKD 17 billion
▪ Tencent Holdings latest transaction price HKD 596.50, down 1.08%, transaction volume HKD 9.521 billion
▪ Xiaomi Group -W latest transaction price HKD 40.90, down 2.25%, transaction volume HKD 5.945 billion
▪ SMIC latest transaction price HKD 63.45, down 1.93%, transaction volume HKD 4.082 billion
▪ Ping An Insurance latest transaction price HKD 63.90, down 2.07%, transaction volume HKD 3.315 billion
▪ Meituan -W latest transaction price HKD 99.50, down 1.39%, transaction volume HKD 3.198 billion
▪ Hong Kong Stock Exchange latest transaction price HKD 396, down 1.93%, transaction volume HKD 2.496 billion
▪ China Construction Bank latest transaction price HKD 7.39, down 2.12%, transaction volume HKD 2.389 billion
▪ China Life Insurance latest transaction price HKD 27.38, down 4.13%, transaction volume HKD 2.386 billion
▪ XPeng -W latest transaction price HKD 72.40, down 1.83%, transaction volume HKD 2.270 billion

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The three major indices of the Hong Kong stock market closed lower today, with the Hang Seng Index down 1.54%. The retail, internet content, and information sectors weakened overall, with Alibaba and Tencent facing selling pressure. Although the latest retail sales year-on-year growth rose to 5.3%, reflecting a marginal improvement in domestic demand, the consumption driving force remains limited. Mainstream blue-chip stocks in the market are under pressure, while stocks like BASETROPHY GP and HYGIEIA GROUP have strengthened against the trend, indicating a preference for high-elasticity stocks among speculative funds. Overall market sentiment is becoming cautious, and macro recovery signals need further verification

- Hong Kong's major indices closed lower, reflecting cautious market sentiment, with the Hang Seng Index down 1.54% at 25235.41 points.  
- The retail sector experienced declines due to unchanged consumer demand, with Alibaba falling 2.96% and JD.com down 2.29%, while Miniso rose slightly by 0.26%.  
- Despite a year-on-year retail sales growth of 5.3%, ongoing consumer demand issues and currency fluctuations are impacting short-term performance in the Hong Kong stock market.

Market Heartbeat

BABA-W

TENCENT

XIAOMI-W

SMIC

PING AN

Tencent

Tencent Holdings Limited

Alibaba

BASETROPHY GP

Hong Kong stocks closed | The Hang Seng Index fell 1.54%, with the technology and internet sectors under pressure, BASETROPHY GP leading the gains