Market Overview
▪ In the Hong Kong stock market at noon, the three major indices continued their fluctuating rebound pattern.
▪ As of noon, the Hang Seng Index reported 26,877.42 points, up 1.01%, still some distance from the recent high.
▪ The Hang Seng Tech Index reported 5,885.42 points at noon, slightly up 0.38%, also failing to break through previous highs.
▪ The National Enterprises Index closed at 9,293.55 points at noon, up 0.8%, still below the previous high on November 17, 2025, with the index overall continuing its recovery trend.
Sector Performance
▪ The retail sector showed a mixed performance, with unstable consumer demand affecting results. Within the sector, leading companies showed significant divergence, with Alibaba -W up 3.5% at noon, trading volume of HKD 15.867 billion, performing strongly and attracting market funds' attention. JD.com -SW rose 1.11%, with a trading volume of HKD 775 million. Miniso Group, on the other hand, fell 2.2%, underperforming the sector mainstream, with a trading volume of HKD 48 million.
▪ The internet content and information sector overall exhibited a fluctuating trend, lacking strong positive drivers. Leading company Tencent Holdings rose 0.48%, with a trading volume of HKD 8.359 billion, indicating the sector's appeal to medium- and long-term allocation funds. Kuaishou -W fell 1.93%, with a trading volume of HKD 3.533 billion, while Baidu -SW dropped 1.38%. Funds rotated among the leaders, highlighting structural opportunities.
▪ The hardware, storage, and peripherals sector overall saw a slight decline, with a strong wait-and-see atmosphere in the market. Xiaomi Group -W fell 0.67%, with a trading volume of HKD 3.971 billion, showing a cautious approach with high turnover. Lenovo Group slightly declined by 0.11%, while Lenovo Holdings remained flat. Overall, market enthusiasm for the hardware sector is low, with insufficient short-term rebound momentum.
Macroeconomic Background
▪ Recently, fluctuations in the Hong Kong stock market have been significantly influenced by macroeconomic data expectations. Investors continue to focus on changes in exports and foreign exchange reserves, while also being wary of the actual impact of economic indicators such as unemployment rates and CPI on market confidence. Short-term market performance is closely related to the economic fundamentals. The sentiment of capital speculation is strong, and any slight macroeconomic negative or positive news can trigger rotation among sectors.
Popular Stocks
▪ FANGZHOU JIANKE (6086.HK) was up 37.55% at noon, with a trading volume of HKD 21.4 million. The stock price surged significantly without any obvious news stimulus, as funds chased strong thematic stocks in the short term.
▪ Hejia Holdings (704.HK) was up 60.00% at noon, with a trading volume of HKD 2.9639 million. Although the trading volume was limited, the increase ranked among the top of all active stocks, attracting attention from high-risk appetite funds.
▪ Yiyuan Liquor (8146.HK) rose 21.82%, with a trading volume of HKD 8.4821 million, being a lightweight target but with a prominent increase.
▪ Haotian International Construction Investment (1341.HK) rose 17.86%, with a trading volume of HKD 19.0 million, with short-term funds participating heavily, showing significant volatility
▪ Rongchang Biologics (9995.HK) rose 11.64%, with a transaction amount of HKD 1.430 billion, making it one of the actively popular stocks of interest to institutions based on transaction volume.
Market Transaction Amount TOP10
▪ Alibaba -W (9988.HK) latest transaction price HKD 159.70, increase of 3.5%, transaction amount HKD 15.867 billion
▪ Tencent Holdings (700.HK) latest transaction price HKD 626.00, increase of 0.48%, transaction amount HKD 8.359 billion
▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 38.48, decrease of 0.67%, transaction amount HKD 3.971 billion
▪ Kuaishou -W (1024.HK) latest transaction price HKD 78.70, decrease of 1.93%, transaction amount HKD 3.533 billion
▪ Meituan -W (3690.HK) latest transaction price HKD 104.10, decrease of 0.86%, transaction amount HKD 3.188 billion
▪ SMIC (981.HK) latest transaction price HKD 74.45, decrease of 1.13%, transaction amount HKD 2.704 billion
▪ BYD Company (1211.HK) latest transaction price HKD 98.75, increase of 3.19%, transaction amount HKD 2.575 billion
▪ Goldwind Technology (2208.HK) latest transaction price HKD 16.17, decrease of 6.64%, transaction amount HKD 2.111 billion
▪ Ping An Insurance (2318.HK) latest transaction price HKD 69.90, increase of 2.04%, transaction amount HKD 2.083 billion
▪ SenseTime -W (20.HK) latest transaction price HKD 2.53, decrease of 4.17%, transaction amount HKD 1.996 billion

The three major indices of the Hong Kong stock market rebounded in a volatile manner during the midday session, with the Hang Seng Index rising by 1.01%, the Hang Seng Tech Index slightly increasing by 0.38%, and the State-Owned Enterprises Index gaining 0.8%. Sector performance was mixed, with retail and internet content sectors fluctuating, while the hardware sector faced pressure. Technology consumer stocks such as Alibaba and Tencent Holdings led the trading volume, with notable movements in popular stocks like FANGZHOU JIANKE. The short-term market performance was dominated by expectations of macroeconomic data, with funds focusing on leading sectors and popular themes

- Hong Kong stocks experienced a volatile rebound, with the Hang Seng Index rising 1.01% to 26,877.42 points.  
- Retail sector showed mixed performance, particularly highlighted by Alibaba's 3.5% increase, while macroeconomic conditions remain a concern for investors, affecting market sentiment.  
- Notable gainers included Ark Health (+37.55%) and Hejia Holdings (+60.00%), reflecting investors' interest in high-risk assets amidst fluctuating market dynamics.

Market Heartbeat

BABA-W

JD-SW

Miniso

TENCENT

BIDU-SW

KUAISHOU-W

LENOVO GROUP

XIAOMI-W

HUSCOKE HLDGS

GRACEWINE

HAO TIAN INTL

REMEGEN

MEITUAN

Tencent

Tencent Holdings Limited

Alibaba

FANGZHOU JIANKE

Hong Kong Stock Midday Review | The Hang Seng Index rebounded during the session, Alibaba led the gains, and FANGZHOU JIANKE surged to lead the popular stocks