Market Overview▪ In the Hong Kong stock market, the three major indices showed mixed performance:▪ The Hang Seng Index has slightly adjusted, currently at 25,466.53 points, down 0.01%.▪ The Hang Seng Tech Index opened lower, currently at 5,418.4 points, down 0.72%, with the tech sector under significant pressure and yet to break new highs.▪ The China Enterprises Index reported 8,825.21 points during the session, down 0.21%.Sector Performance▪ The retail sector faced pressure during the session, with leading company Alibaba -W down 1.10%, and Miniso down 1.52%. The pace of industry demand recovery has slowed, with stock performance diverging, and funds are taking a wait-and-see approach towards consumer recovery, leading to more cautious capital flow within the sector.▪ The internet content sector continued to decline slightly, with Tencent Holdings down 0.17%, Kuaishou -W down 0.31%, and Baidu -SW down 0.76%. Overall market trading was sluggish, lacking short-term catalysts, and investors remained cautious, resulting in decreased trading activity in the sector.▪ The communication equipment sector showed mixed fluctuations, with some leading stocks strengthening. YOFC rose 2.49%, becoming a market highlight, while Cambridge Technology fell 1.54%, and ZTE Corporation dropped 0.29%. The fiber optic and communication sub-sectors received significant attention from funds, driving related stocks higher against the trend.Macroeconomic Background▪ In December, the retail sales in the Hong Kong stock market increased by 5.3% year-on-year, indicating a marginal improvement in domestic demand, providing some uplift opportunities for certain sectors. However, external economic pressures and changes in the trade environment remain major uncertainties, with the market taking a wait-and-see attitude towards further policy implementation and consumer recovery progress, showing clear structural rotation of funds.Popular Stocks▪ MicroPort Medical rose 9.57% during the session, with a trading volume of HKD 185 million. The company expects the merger of MicroPort CardioFlow and CRM Cayman to be completed around tomorrow, leading to strong stock performance and increased market speculation enthusiasm, with short-term funds actively pursuing medical themes.▪ TRANSTECH surged 48.15%, with a trading volume of HKD 1.557 million. Small-cap stocks experienced a significant surge in volume, attracting concentrated speculative trading, with very high short-term fund activity.▪ ZhiHua Group rose 19.61%, with a trading volume of HKD 588,000. The noticeable intraday volatility reflects that small-cap stocks have attracted some fund attention, enhancing the speculative atmosphere.▪ Huamei Lele rose 22.64%, with a trading volume of HKD 429,000. The heat of the theme has increased, attracting rapid entry from short-term speculative funds.▪ LiQin Resources rose 8.25%, with a trading volume of HKD 63 million. Indonesia plans to significantly reduce its nickel ore production target by 2026 to prevent further declines in nickel prices, while LiQin Resources' nickel-iron project is progressing steadily, with all production lines expected to be completed by 2026.Top 10 Market Trading Volumes▪ Alibaba -W (9988.HK) down 1.10%, trading volume of HKD 2.233 billion▪ Tencent Holdings (700.HK) down 0.17%, trading volume of HKD 2.132 billion▪ YOFC (6869.HK) rose 2.45%, with a transaction amount of HKD 1.777 billion▪ Xiaomi Group -W (1810.HK) fell 2.81%, with a transaction amount of HKD 1.707 billion▪ SenseTime -W (20.HK) fell 3.55%, with a transaction amount of HKD 1.048 billion▪ China International Capital Corporation (3908.HK) rose 3.90%, with a transaction amount of HKD 0.995 billion▪ Semiconductor Manufacturing International Corporation (981.HK) rose 0.85%, with a transaction amount of HKD 0.856 billion▪ Meituan -W (3690.HK) rose 0.39%, with a transaction amount of HKD 0.613 billion▪ HSBC Holdings (5.HK) rose 0.51%, with a transaction amount of HKD 0.590 billion▪ Hua Hong Semiconductor (1347.HK) fell 1.03%, with a transaction amount of HKD 0.548 billion

The main indices of the Hong Kong stock market fluctuated at high levels during the trading session, with the Hang Seng Index slightly adjusting down by 0.01%, the Hang Seng Tech Index down by 0.72%, and the National Enterprises Index down by 0.21%. The performance of various sectors was mixed, with retailers and internet content sectors under significant pressure, and leading companies Alibaba and Tencent Holdings both experiencing pullbacks. The internal structure of the communication equipment sector showed divergence, with YOFC rising sharply against the trend. In terms of macro data, the year-on-year retail growth boosted market confidence, but external pressures and policy directions remain a concern. Several stocks, including TRANSTECH, showed notable gains, with funds continuing to rotate

- Hong Kong stock market shows mixed performance, with the Hang Seng Index slightly adjusting to 25,466.53 points, down 0.01%.  
- Retail and internet content sectors face pressure, while the communication equipment segment sees varied movements with some leaders showing strength.  
- December retail sales in Hong Kong rise 5.3%, indicating improvement in domestic demand, although external economic pressures and trade uncertainties remain key concerns for investors.

Market Heartbeat

YOFC

BABA-W

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

MICROPORT

GROWN UP GROUP

SV VISION

LYGEND RESOURCE

XIAOMI-W

SENSETIME-W

TRANSTECH

Hong Kong stock market intraday | The Hang Seng Index maintains high-level fluctuations, YOFC rises over 2% against the trend, TRANSTECH surges 48%