Market Overview
▪ During intraday trading of Hong Kong stocks, the three major indices showed a pullback. As of now, the Hang Seng Index is at 26,099.99 points, down 1.36% for the day, failing to continue the previous trading day's phase high, with the short-term peak still maintained at January 6.
▪ The Hang Seng Tech Index is currently at 5,667.66 points, down 1.23% intraday, also failing to refresh its phase high.
▪ The Hang Seng China Enterprises Index is currently at 9,026.77 points, down 1.23%, unable to break through the phase high set on January 6, with market sentiment becoming cautious.
Sector Performance
▪ The internet content and information sector faced pressure during intraday trading, with the overall sector declining due to weak consumer demand. The well-known leader Tencent Holdings fell 1.36%, with a transaction volume of HKD 3.167 billion. KUAISHOU-W and BIDU-SW dropped 3.12% and 3.65%, respectively, reflecting a short-term reversal of funds out of the sector and a decrease in market risk appetite.
▪ The retail sector also weakened, with most stocks declining, as weak retail consumption dragged down overall performance. Alibaba-W fell 1.23% during the day, with a transaction volume of HKD 3.038 billion; JD-SW dropped 1.75%, and MNSO fell 3.80%. Overall, funds showed a wait-and-see attitude, and the attractiveness of mainstream heavyweight stocks decreased.
▪ The semiconductor manufacturers sector rose against the trend, becoming the biggest highlight of the day. Funds concentrated on leading stocks in the sector, with SMIC rising 2.01%, and a transaction volume of HKD 3.014 billion. Morgan Stanley believes that SMIC is a key supporter of AI localization in China, with demand for advanced logic chips driving optimistic expectations in the industry. Additionally, HUA HONG SEMI rose 4.14%, with a transaction volume of HKD 2.053 billion, and BIREN TECH saw an intraday increase of 2.90%. Funds in the sector are inclined to be allocated to the AI and domestic chip industry chain, becoming a strong structural direction in the short term.
Macroeconomic Background
▪ The overall operation of the Hong Kong stock market during intraday trading is supported by macro data such as retail sales, unemployment rate, and PMI, with investors focusing on the sustainability of economic recovery and corporate fundamentals. Short-term fluctuations are closely related to fund flows, combined with the rotation performance of structural hot sectors, affecting intraday sentiment changes.
Popular Stocks
▪ BRAINAURORA-B (6681.HK) rose 11.79% during the day, with a transaction volume of HKD 0.277 billion. Funds concentrated on chasing innovative drug themes, quickly boosting market enthusiasm, making it a standout performer today.
▪ GENFLEET-B (2595.HK) rose 12.89% during the day, with a transaction volume of HKD 0.024 billion. The rebound in market risk appetite drove small-cap stocks to move, with significant inflows of funds chasing short-term gains.
▪ CDAYENONFER (661.HK) rose 13.91% during the day, with a transaction volume of HKD 0.021 billion, showing active trading and clear follow-up from funds.
▪ FDB HOLDINGS (1826.HK) rose 36.78% during the day, with a transaction volume of HKD 0.002 billion. The strong rise of small-cap stocks is primarily driven by short-term sentiment speculation
▪ TRIGIANT (1300.HK) rose 19.48% during the session, with a trading volume of HKD 0.003 billion, as funds increased their attention on low-priced stocks and short-term event-driven opportunities, creating a strong speculative atmosphere.
Market Trading Volume TOP10
▪ TENCENT (700.HK) latest trading price HKD 616.00, down 1.36%, trading volume HKD 3.166 billion
▪ BABA-W (9988.HK) latest trading price HKD 144.10, down 1.23%, trading volume HKD 3.035 billion
▪ SMIC (981.HK) latest trading price HKD 76.20, up 2.01%, trading volume HKD 3.014 billion
▪ HUA HONG SEMI (1347.HK) latest trading price HKD 93.10, up 4.26%, trading volume HKD 2.053 billion
▪ KUAISHOU-W (1810.HK) latest trading price HKD 37.74, down 1.10%, trading volume HKD 1.740 billion
▪ MEITUAN-W (3690.HK) latest trading price HKD 101.70, down 2.68%, trading volume HKD 1.526 billion
▪ CHINA PING AN (2318.HK) latest trading price HKD 70.35, down 1.05%, trading volume HKD 1.220 billion
▪ LENOVO GROUP (992.HK) latest trading price HKD 8.81, down 5.27%, trading volume HKD 1.007 billion
▪ KELUN-B (6990.HK) latest trading price HKD 470.40, down 0.72%, trading volume HKD 0.993 billion
▪ AIA (1299.HK) latest trading price HKD 83.90, down 2.39%, trading volume HKD 0.981 billion

The three major indices of the Hong Kong stock market all retreated during the session, with the Hang Seng Index and the Hang Seng Tech Index failing to break through the highs of the previous two trading days, leading to a cautious market sentiment. Mainstream consumer and internet content sectors were generally under pressure, with Tencent Holdings, Alibaba, and JD.com all recording declines. Funds flowed into high-growth sectors, with semiconductor manufacturers performing prominently; SMIC rose by 2.01%, and Hua Hong Semiconductor increased by 4.14%. Stocks like BRAINAURORA-B and GENFLEET-B surged strongly. The overall market style showed significant differentiation, with the top stocks by trading volume primarily consisting of technology and financial heavyweights

- Hong Kong's stock market is experiencing a downturn, with the Hang Seng Index down 1.36% at 26,099.99 points, failing to maintain previous gains.  
- The semiconductor sector stands out positively, driven by interest in AI and local chip industries, particularly with SMIC up 2.01% and gaining momentum from optimistic demand forecasts.  
- However, overall market sentiment remains cautious due to weak consumer demand impacting the internet and retail sectors, reflecting a trend of reduced risk appetite among investors.

Market Heartbeat

Hua Hong

HUA HONG SEMI

TENCENT

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

SMIC

BIREN TECH

BRAINAURORA-B

GENFLEET-B

CDAYENONFER

FDB HOLDINGS

TRIGIANT

Hong Kong stock market intraday | The three major Hang Seng indices corrected, with the semiconductor sector leading the gains, and SMIC rose by 2.01%