Market Overview▪ The main indices of the Hong Kong stock market showed moderate performance during the trading session, with the overall market exhibiting a narrow fluctuation pattern.▪ The Hang Seng Index reported 26,973.99 points during the session, up 0.47%, having recently surpassed the previous high point.▪ The Hang Seng TECH Index rose 0.5% during the session, currently at 5,899.32 points, with the increase narrowing compared to earlier in the day.▪ The Hang Seng China Enterprises Index recorded 9,311.75 points at the time of writing, with an increase of 0.28%.Sector Performance▪ The retail sector showed mixed performance during the session, with leading stocks experiencing volatility and adjustments. Alibaba -W rose 5.38%, with a transaction volume of HKD 33.346 billion, indicating significant capital inflow and a preference for core leaders; JD.com -SW fell 1.62%, and Miniso dropped 0.98%, reflecting market caution regarding the retail sector's future. Capital focus in this sector is concentrated on leading companies like Alibaba, with an overall heavy wait-and-see sentiment.▪ The internet content and information sector rose overall, driven by leading enterprises. Tencent Holdings increased by 1.04%, with a transaction volume of HKD 13.844 billion, Kuaishou -W rose 4.59%, with a transaction volume of HKD 4.839 billion, and Baidu -SW increased by 1.33%. There is a clear preference for leading enterprises, especially Kuaishou -W, which led the sector in growth, intensifying the concentration of internal hotspots.▪ The pharmaceutical retail sector performed strongly during the session, with an increase in industry prosperity. Alibaba Health surged 20.03%, with a transaction volume of HKD 6.064 billion, JD Health rose 4.23%, and Ping An Good Doctor increased by 6.26%. Leading stocks in pharmaceutical retail collectively rose, with capital chasing new high prosperity in pharmaceutical retail, making this sector the strongest hotspot during the session.Macroeconomic Background▪ Recently, the Hong Kong stock market has been significantly influenced by foreign exchange reserves and retail and trade data, with unemployment rate, CPI, and PMI changes also being key points of focus. Under macroeconomic pressure, investors are paying attention to capital flows and the recovery progress in consumption and manufacturing industries. The overall environment leads market capital to favor core assets and high-certainty sectors, with limited short-term market risk appetite.Popular Stocks▪ Lion Group Holding (2562.HK) rose 46.69% during the session, with a transaction volume of HKD 1.919 billion. The company has no significant recent news, but there are clear signs of capital chasing, with short-term sentiment driving stock price fluctuations, reflecting active speculation by retail investors.▪ Zhongqingbao (1855.HK) rose 23.08% during the session, with a transaction volume of HKD 264 million, showing significant capital movement and increased short-term market attention.▪ Haotian International Construction Investment (1341.HK) rose 18.28% during the session, with a transaction volume of HKD 362 million, showing a clear rebound in sector rotation funds and an enhanced atmosphere for market speculation.Top 10 Market Transaction Volumes▪ Alibaba -W (09988.HK) latest transaction price HKD 168.40, up 5.32%, transaction volume HKD 33.341 billion▪ Tencent Holdings (00700.HK) latest transaction price HKD 634.50, up 1.12%, transaction volume HKD 13.834 billion▪ ALI HEALTH (00241.HK) latest transaction price HKD 7.85, increase of 20.03%, transaction amount HKD 6.058 billion▪ Meituan-W (03690.HK) latest transaction price HKD 101.20, decrease of 3.53%, transaction amount HKD 5.996 billion▪ Kuaishou-W (01024.HK) latest transaction price HKD 82.00, increase of 4.53%, transaction amount HKD 4.837 billion▪ SMIC (00981.HK) latest transaction price HKD 75.15, increase of 0.94%, transaction amount HKD 4.825 billion▪ Xiaomi Group-W (01810.HK) latest transaction price HKD 37.80, decrease of 0.47%, transaction amount HKD 4.812 billion▪ China Life (02628.HK) latest transaction price HKD 32.78, decrease of 0.67%, transaction amount HKD 2.939 billion▪ Ping An (02318.HK) latest transaction price HKD 68.70, decrease of 1.86%, transaction amount HKD 2.762 billion▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 93.35, increase of 4.07%, transaction amount HKD 2.655 billion

The main indices of the Hong Kong stock market maintained narrow fluctuations during the trading session, with the Hang Seng TECH Index rising by 0.5% and the Hang Seng Index increasing slightly by 0.28%. There was significant sector differentiation, with the pharmaceutical retail and internet content sectors performing prominently, and ALI HEALTH soaring by 20.03% during the session. Market sentiment is characterized by a strong wait-and-see attitude, with trading activity concentrated on a few leading stocks, as funds chase after top enterprises. Current macro data changes dominate market sentiment, with investors focusing on signs of recovery in consumption and manufacturing

- The Hong Kong stock market shows moderate index performance with the Hang Seng Index at 26,973.99 points, a 0.47% increase.  
- Retail sector performance is mixed, highlighted by Alibaba's 5.38% rise amid cautious market sentiment, while pharmaceutical retail stocks like Alibaba Health surged by 20.03%.  
- Macro factors, including foreign exchange reserves and economic indicators, direct investor focus towards core assets, limiting short-term risk appetite.

Market Heartbeat

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

TENCENT

JD HEALTH

PA GOODDOCTOR

SYNAGISTICS

ZONQING LTD

HAO TIAN INTL

MEITUAN

ALI HEALTH

Hong Kong stocks intraday | The technology index rebounded moderately, leading pharmaceutical retail stocks surged, ALI HEALTH rose over 20%