Market Overview▪ The main indices of the Hong Kong stock market are fluctuating and consolidating. As of now, the Hang Seng Index is at 26,884.85 points, down 0.43%, showing a pullback trend today after reaching a recent high in the previous trading day.▪ The Hang Seng Tech Index closed at 5,811.4 points, with a decline of 1.64%, showing significant volatility recently.▪ The State-Owned Enterprises Index is currently at 9,257.67 points, down 0.62%.Sector Performance▪ The technology/internet sector is experiencing overall fluctuations and adjustments, with investment funds focusing on thematic opportunities. AI capital inflows have driven some leading stocks higher. Alibaba-W held a Q&amp;A AI product iteration conference today, but its stock performance was poor, dropping 2.90% during the session, with a trading volume of HKD 17.593 billion; Tencent Holdings fell 1.82%, with a trading volume of HKD 11.748 billion. The overall direction of the sector remains fluctuating, with a cautious atmosphere.▪ Leading companies in the semiconductor sector rose against the trend at midday, indicating a recovery in market expectations for industry fundamentals and policies. SMIC rose 0.86%, with a trading volume of HKD 2.972 billion, Hua Hong Semiconductor surged 3.85%, and Innolux turned from decline to rise, increasing by 2.38%, reflecting that funds are still focused on growth stocks, with the sector showing elasticity and structural opportunities.Macroeconomic Background▪ The Hong Kong stock market has recently focused on economic data performance and fluctuations in the RMB exchange rate, with retail, exports, and PMI indicators continuously under scrutiny. Macroeconomic pressures and external factors are affecting investor confidence, and short-term market trends are still dominated by policy expectations and capital flows. Overall, investor sentiment is becoming cautious, but thematic catalysts are bringing structural opportunities.Popular Stocks▪ HAO TIAN INTL (1341.HK) rose 23.42% during the session, with a trading volume of HKD 921 million. Although there is no latest news, the stock price has shown significant fluctuations, rising sharply for four consecutive trading days, reflecting short-term funds chasing hot stocks and a notable increase in market enthusiasm.▪ Dongyao Pharmaceutical-B (1875.HK) rose 61.60% during the session, with a trading volume of HKD 140 million. WuXi AppTec announced a comprehensive acquisition offer for Dongyao Pharmaceutical-B at a price of HKD 4 per share, stimulating a surge in the company's stock price at the market open.▪ Zhongqing Shares (1855.HK) rose 16.56% during the session, with a trading volume of HKD 430 million. The company has no recent capital or business announcements, and there are no industry favorable drivers, with stock price fluctuations dominated by market activity and short-term sentiment.▪ Shangshan Gold (1939.HK) rose 53.75% during the session, with a trading volume of HKD 38.6039 million. There are no significant transactions or management adjustments reported, and the short-term performance of the shares is strongly correlated with gold prices, with industry sentiment heating up leading to capital inflows.▪ Delai Construction (1546.HK) rose 84.90% during the session, with a trading volume of HKD 9.9924 million. There are no related news disclosures, and speculative funds have driven up the stock price, with short-term trading being quite activeMarket Trading Volume TOP10▪ Alibaba -W (09988.HK) Latest trading price HKD 164.10, down 2.90%, trading volume HKD 17.593 billion▪ Trip.com Group -S (09961.HK) Latest trading price HKD 458.60, down 19.47%, trading volume HKD 12.302 billion▪ Tencent Holdings (00700.HK) Latest trading price HKD 621.50, down 1.82%, trading volume HKD 11.748 billion▪ Alibaba Health (00241.HK) Latest trading price HKD 7.07, down 9.13%, trading volume HKD 3.152 billion▪ Ping An Insurance (02318.HK) Latest trading price HKD 69.50, up 1.16%, trading volume HKD 3.112 billion▪ Xiaomi Group -W (01810.HK) Latest trading price HKD 37.90, up 0.32%, trading volume HKD 3.009 billion▪ SMIC (00981.HK) Latest trading price HKD 76.60, up 0.86%, trading volume HKD 2.972 billion▪ Crystal International Holdings (02228.HK) Latest trading price HKD 12.23, down 12.46%, trading volume HKD 2.858 billion▪ Meituan -W (03690.HK) Latest trading price HKD 100.50, down 0.99%, trading volume HKD 2.705 billion▪ Zijin Mining (02899.HK) Latest trading price HKD 39.80, down 2.45%, trading volume HKD 2.558 billion

The main indices of the Hong Kong stock market experienced fluctuations and adjustments during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all failing to break through their recent highs. The semiconductor technology manufacturing sector performed outstandingly, with Hua Hong Semiconductor soaring by 9.623% and SMIC rising by 5.038%. The technology and internet sector saw fluctuations and adjustments, with Alibaba -W and Tencent Holdings increasing by 4.412% and 3.84%, respectively. The market is focused on economic data and fluctuations in the RMB exchange rate, with a clear preference for structural funds. Popular stocks such as HAO TIAN INTL and Dongyao Pharmaceutical surged strongly, showing signs of sector rotation and theme-driven effects

- The Hong Kong stock market showed fluctuations, with the Hang Seng Index down 0.43% at 26,884.85 points, following a recent high.  
- Investment sentiment remains cautious due to macroeconomic pressures, although sectors like semiconductors are seeing interest, indicated by gains in leading companies.  
- Notable stock movements included Haotian International up 23.42% and Dongyao Pharmaceutical -B soaring 61.60%, spurred by acquisition news, highlighting active trading focused on specific growth opportunities.

Market Heartbeat

BABA-W

TENCENT

SMIC

HUA HONG SEMI

INNOSCIENCE

BIODLINK-B

ZONQING LTD

SHANGSHAN GOLD

THELLOY DEV

TRIP.COM-S

ALI HEALTH

PING AN

HAO TIAN INTL

Hong Kong Stock Market Intraday | Hang Seng Index fluctuates, technology chips are all active, Hua Hong Semiconductor rises 9.623%, leading the sector