Market Overview
▪ In the Hong Kong stock market, the three major indices are under collective pressure. As of now, the Hang Seng Index is at 26,401.34 points, down 1.16% for the day, retreating from yesterday's recent high, with a clear short-term high-level fluctuation pattern.
▪ The Hang Seng Tech Index is currently at 5,710.33 points, down 1.97% during the session, also retreating from yesterday's high, with no new highs reached in this phase, and market sentiment is becoming cautious.
▪ The National Enterprises Index is currently at 9,124.82 points, down 1.29%, also failing to break through yesterday's high, continuing the trend of high-level fluctuations.
Sector Performance
▪ The retail sector is generally declining during the session, lacking positive news to boost it, and the funding situation is tight. Within the sector, Alibaba -W is down 3.78%, with a transaction volume of HKD 17.457 billion, leading the decline. JD.com -SW is down 1.56%, and Miniso is down 1.19%, with no significant positive events driving them, reflecting the market's insufficient confidence in economic recovery and consumer rebound, leading to reduced sector activity.
▪ The internet content and information sector continues to adjust, overall weakening, with investors becoming cautious. Tencent Holdings is down 1.98%, with a transaction volume of HKD 9.965 billion, Kuaishou -W is down 2.52%, with a transaction volume of HKD 2.328 billion. Baidu -SW is down 0.82%, with a transaction volume of HKD 1.294 billion. On January 2, Baidu Holdings Kunlun Core announced the launch of its IPO in Hong Kong, planning to raise up to USD 2 billion. However, the overall boost to the sector is limited, and the rotation of hot spots has not become mainstream.
▪ The semiconductor manufacturers sector shows significant differentiation during the session. SMIC is down 1.65%, with a transaction volume of HKD 5.929 billion; Hua Hong Semiconductor is up 4.17%, closing at HKD 88.60, with a transaction volume of HKD 3.232 billion, becoming a hot leader; Wallen Technology is up 6.32%, with concentrated capital inflow. The active funding sector has shifted from the previous internet and consumer sectors to semiconductors, indicating clear short-term structural opportunities, with some funds speculating and focusing on domestic computing power, AI concepts, and other growth chains.
Macroeconomic Background
▪ From a macro perspective during the session, the Hong Kong stock market is still affected by retail and export adjustments, with manufacturing PMI and employment pressure becoming the market focus. Foreign exchange reserves are stable, and inflation pressure is mild, but the recovery of domestic and external demand remains a key factor affecting the market. Investors are more concerned about policy trends and changes in economic growth expectations, with a strong wait-and-see atmosphere and clear structural market characteristics.
Popular Stocks
▪ GCL-Poly Energy (451.HK) is up 21.15% during the session, with a transaction volume of HKD 88.7684 million. There is no significant news catalyst, but there are clear signs of short-term capital chasing higher prices, with high-risk preference sectors becoming active again.
▪ Shandong Hi-Speed (412.HK) is up 17.99%, with a transaction volume of HKD 55.1966 million, showing clear momentum of main capital inflow and a competitive market.
▪ Gaoke Bridge (9963.HK) is up significantly by 34.83% during the session, with a transaction volume of HKD 3.457 million, with capital once again focusing on high-volatility micro-cap stocks
▪ HASHKEY HLDGS (3887.HK) rose 14.66%, with a trading volume of HKD 51.0909 million, indicating increased capital attention in the short term.
▪ Naxinwei (2676.HK) increased by 12.83%, with a trading volume of HKD 193 million. High capital participation reflects a significant short-term excess return effect, indicating a preference for structural thematic targets.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) latest trading price HKD 145.10, down 3.78%, trading volume HKD 17.457 billion
▪ Tencent Holdings (700.HK) latest trading price HKD 620.00, down 1.98%, trading volume HKD 9.965 billion
▪ SMIC (981.HK) latest trading price HKD 74.35, down 1.65%, trading volume HKD 5.929 billion
▪ Xiaomi Group -W (1810.HK) latest trading price HKD 38.08, down 1.75%, trading volume HKD 4.958 billion
▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 88.60, up 4.17%, trading volume HKD 3.232 billion
▪ Meituan -W (3690.HK) latest trading price HKD 103.80, down 2.17%, trading volume HKD 3.040 billion
▪ China Life (2628.HK) latest trading price HKD 31.82, up 2.32%, trading volume HKD 2.582 billion
▪ BYD Company (1211.HK) latest trading price HKD 95.00, down 4.23%, trading volume HKD 2.439 billion
▪ Ping An Insurance (2318.HK) latest trading price HKD 70.90, down 1.53%, trading volume HKD 2.363 billion
▪ Kuaishou -W (1024.HK) latest trading price HKD 73.60, down 2.52%, trading volume HKD 2.328 billion

As of midday, the three major indices of the Hong Kong stock market have collectively retreated, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all experiencing adjustments, highlighting characteristics of high-level fluctuations. The retail and internet content sectors are generally under pressure, with Alibaba -W and Tencent Holdings leading the decline among the major stocks. The semiconductor sector is showing divergence, with Hua Hong Semiconductor leading in intraday gains, as funds focus on structural opportunities. Market sentiment is becoming cautious, with investors continuing to pay attention to economic recovery and policy trends, while the market shows characteristics of sector rotation, with some popular stocks exhibiting significant gains

- The Hong Kong stock market showed declines with the Hang Seng Index at 26,401.34, down 1.16%, reflecting cautious market sentiment.  
- Major sectors like retail and internet content suffered losses, while semiconductor stocks displayed a mixed performance, indicating shifting investment interest towards short-term structural opportunities.  
- Investors remain focused on macroeconomic factors, particularly retail and export adjustments, as well as manufacturing PMI and employment pressures affecting market dynamics.

Market Heartbeat

Hua Hong

HUA HONG SEMI

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

SMIC

BIREN TECH

GCL NEWENERGY

SDHG

TRANSTECH

HASHKEY HLDGS

NOVOSENSE

Alibaba

Hong Kong stocks intraday | The three major indices are under pressure, Alibaba -W fell 3.78%, Hua Hong Semiconductor rose 4.17%, with funds flowing into the semiconductor sector during the session