Market Overview▪ In the Hong Kong stock market, the three major indices continued to rebound. As of now, the Hang Seng Index is at 26,713.98 points, up 1.39%, still not breaking the recent high, and there is still a gap from the previous high of November 13 last year.▪ The Hang Seng Tech Index reached 5,840.31 points during the session, with an increase of 1.72%, but also failed to break through the recent high since November 13, 2025.▪ The China Enterprises Index performed relatively steadily, reporting 9,257.13 points during the session, up 1.19%, still having room to reach previous highs. Market sentiment is slightly warm but has not seen significant breakthroughs.Sector Performance▪ The retail sector fluctuated during the session, with individual stocks showing mixed performance and a strong wait-and-see sentiment in the market. The leading Alibaba -W fell 0.59%, with the latest transaction price at HKD 151.90 and a transaction volume of HKD 6.112 billion, showing divergent capital flows. Although it has market weight, momentum is temporarily limited. JD.com -SW rose 2.20%, with active trading and inflows of main capital, indicating continued expectations for consumer recovery.▪ The internet content and information sector continued to rise, driven by improved market sentiment and capital attention, showing overall strength. Tencent Holdings rose 2.08%, with the latest transaction price at HKD 637.50 and a transaction volume of HKD 5.074 billion, making it a popular blue-chip stock during the session. Kuaishou -W rose 3.06%, with the latest transaction price at HKD 75.85 and a transaction volume of HKD 1.626 billion, driven by overall market sentiment, showing clear capital preference. Baidu -SW increased by 1.74%, with active trading, continuing the overall strong style of the sector.▪ The semiconductor manufacturers sector performed prominently, driven by the strength of the Hang Seng Tech Index, with continuous capital inflow. SMIC rose 1.18%, with the latest transaction price at HKD 77.40 and a transaction volume of HKD 3.084 billion, showing good capital flow. Hua Hong Semiconductor rose 3.27%, with the latest transaction price at HKD 86.75 and a transaction volume of HKD 1.804 billion, catalyzed by news during the session, significantly outperforming peers, with main market capital actively pursuing it. InnoCare Pharma rose 1.03%, with relatively stable trading.Macroeconomic Background▪ Currently, the Hong Kong stock market has limited updates on economic indicators, and investors need to continuously pay attention to changes in import and export, retail, and GDP data. External demand and the recovery of the mainland economy remain the main reasons for fluctuations in the Hong Kong stock market, with capital flows and policy directions suggested as key focus areas. Macroeconomic changes and capital sentiment remain important factors affecting short-term market trends.Popular Stocks▪ Jiufang Zhitu Holdings (9636.HK) rose 18.73% during the session, with a transaction volume of HKD 245 million. As of the time of writing, no relevant news has been announced, but market attention has increased, and short-term capital intervention is evident.▪ Guotai Junan International (1788.HK) rose 13.96%, with a transaction volume of HKD 1.016 billion. Although there is no new news driving it, trading is active, and signs of capital speculation are quite evident▪ Different Group (6090.HK) rose 20.74%, with a transaction volume of HKD 13.5531 million. Influenced by market capital, volatility increased during the session.▪ Color Life (1778.HK) rose 22.46%, with a transaction volume of HKD 2.6398 million. The volatility was intense, with clear signs of capital inflow.▪ Zhixin Group Holdings (2187.HK) rose 20.63%, with a transaction volume of HKD 2.9006 million. No significant information has been disclosed, but the high turnover highlights short-term active characteristics.Market Transaction Volume TOP10▪ Alibaba -W (9988.HK) latest transaction price HKD 151.90, down 0.59%, transaction volume HKD 6.112 billion▪ Tencent Holdings (700.HK) latest transaction price HKD 637.50, up 2.08%, transaction volume HKD 5.074 billion▪ SMIC (981.HK) latest transaction price HKD 77.40, up 1.18%, transaction volume HKD 3.084 billion▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 38.94, down 1.02%, transaction volume HKD 2.076 billion▪ Meituan -W (3690.HK) latest transaction price HKD 107.00, up 1.52%, transaction volume HKD 2.019 billion▪ Ping An Insurance (2318.HK) latest transaction price HKD 71.30, up 3.94%, transaction volume HKD 2.006 billion▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 86.75, up 3.27%, transaction volume HKD 1.804 billion▪ Kuaishou -W (1024.HK) latest transaction price HKD 75.85, up 3.06%, transaction volume HKD 1.626 billion▪ Zijin Mining (2899.HK) latest transaction price HKD 38.76, up 5.84%, transaction volume HKD 1.536 billion▪ Cathay Pacific Airways (293.HK) latest transaction price HKD 12.83, down 1.99%, transaction volume HKD 1.362 billion

In the Hong Kong stock market, the three major indices continued to rebound, with the technology and semiconductor sectors leading the gains, boosting market sentiment. Tencent Holdings and Kuaishou, among other internet giants, performed outstandingly, with funds clearly flowing towards core technology and internet assets. The retail sector showed mixed fluctuations, with popular stocks experiencing significant volatility, resulting in a structurally driven market overall

- Hong Kong stocks show a continued rebound, with the Hang Seng Index currently at 26,713.98 points, up 1.39%, but still below its peak from November 2023.  
- Notable movements include Alibaba down 0.59% and Tencent up 2.08%, while semiconductor stocks like SMIC rise 1.18%, benefiting from strong investor interest.  
- Market sentiment remains cautious, influenced by external demands and the Chinese economy's recovery, with significant fluctuations in trading volumes for various stocks.

Market Heartbeat

Hua Hong

HUA HONG SEMI

BABA-W

JD-SW

TENCENT

KUAISHOU-W

BIDU-SW

SMIC

INNOSCIENCE

JF SMARTINVEST

GUOTAI JUNAN I

BUTONG GROUP

COLOUR LIFE

ZHIXIN GP HLDG

XIAOMI-W

Tencent

Tencent Holdings Limited

Hong Kong stocks intraday | Three major indices continue to rebound, semiconductor and technology sectors lead the rise, Hua Hong Semiconductor up 3.27%