Market Overview
▪ In the Hong Kong stock market, the three major indices showed mixed performance, with market sentiment appearing slightly cautious.
▪ The Hang Seng Index reported 26,443.17 points during the session, down 0.17%.
▪ The Hang Seng TECH Index rose 0.23% during the session, currently at 5,696.42 points.
▪ The Hang Seng China Enterprises Index reported 9,067.13 points during the session, down 0.3%.
Sector Performance
▪ The hardware, storage, and peripherals sector continued to decline during the session, overall lacking positive catalysts, with market sentiment weak. Xiaomi Group -W fell 1.01%, with a transaction volume of HKD 7.251 billion, indicating capital outflow. Lenovo Group dropped 3.50%, while Legend Holdings fell 1.48%. The leading stocks in the sector were generally under pressure, with short-term trends showing significant divergence, reflecting a shift in capital preference towards defensive stocks or hot sector rotation.
▪ The internet content and information sector showed mixed performance during the session. Tencent Holdings slightly fell 0.17%, but Baidu -SW rose against the trend by 3.23%, with the latest transaction volume at HKD 2.137 billion, bringing an active trading atmosphere to the sector. Kuaishou -W rose 1.84%, with news that the company's video large model Kecai AI has surpassed 12 million monthly active users, with annual revenue expectations reaching USD 140 million, far exceeding targets, attracting attention to AI video and innovative businesses in the sector.
▪ The retail sector showed divergent trends, with overall sentiment cautious. Alibaba -W rose 1.13%, with a transaction volume of HKD 6.167 billion, attracting some incremental capital attention, boosting the performance of industry leaders. JD -SW fell 0.36%, while Miniso dropped 0.89%. Consumer momentum showed varied performance, with some leading stocks attracting capital, while the overall trading in the sector remained stable.
Macroeconomic Background
▪ Over the past month, the Hong Kong stock market has continuously focused on macro indicators such as foreign exchange reserves, retail sales, trade data, and PMI.
▪ The market remains highly attentive to both internal and external economic environments and policy adjustments, with the Hang Seng Index experiencing increased volatility in recent years. Investors are sensitive to structural opportunities in the short term, reflecting concerns about the pace of economic recovery and changes in liquidity.
Popular Stocks
▪ Skyworth Group (751.HK) rose 42.86% during the session, with a transaction volume of HKD 591 million. The company announced plans to spin off its controlling stake in Skyworth Photovoltaic for a separate listing and distribute shares of Skyworth Photovoltaic to all shareholders, while also implementing a share buyback plan to withdraw its existing listing status, involving an amount exceeding HKD 2.5 billion. Shareholders can choose cash buybacks or share swaps, aiming to unlock the value of the photovoltaic business and enhance overall valuation and liquidity, with the new energy strategy attracting capital interest.
▪ TCL Electronics (1070.HK) rose 15.06%, with a transaction volume of HKD 603 million. The company reached a memorandum of understanding with Sony, expecting to jointly establish a joint venture to expand home entertainment-related businesses, which is likely to enhance TCL Electronics' global technology and patent competitiveness and boost its international market share.
▪ LQ Culture (550.HK) surged 158.33%, with a transaction volume of HKD 25.8767 million. On December 1, the company completed its resumption of trading, with stock price fluctuations highlighting market speculation and interest from popular funds
▪ SF Holding (9699.HK) rose 20.13%, with a transaction volume of HKD 318 million. SF's operating data for the full year of 2025 has surpassed 300 billion yuan for the first time, and it recently announced an important strategic cooperation with ZTO Express. The company has once again received industry growth awards due to its advantages in full-scenario instant delivery, reinforcing its leading position and attracting continuous inflow of growth-oriented funds.
▪ Fong's Industries (607.HK) rose 38.18%, with a transaction volume of HKD 12.8959 million. There has been no significant news recently, and the company's stock price has been driven by short-term technical factors, with evident capital speculation, requiring attention to subsequent trading risks.
Market Transaction Volume TOP10
▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 35.10, down 1.07%, transaction volume HKD 7.251 billion
▪ Tencent Holdings (700.HK) latest transaction price HKD 600.00, down 0.17%, transaction volume HKD 6.490 billion
▪ Alibaba -W (9988.HK) latest transaction price HKD 161.40, up 1.06%, transaction volume HKD 6.167 billion
▪ SMIC (981.HK) latest transaction price HKD 76.85, up 3.15%, transaction volume HKD 4.900 billion
▪ China National Heavy Duty Truck Group (3808.HK) latest transaction price HKD 32.32, up 7.73%, transaction volume HKD 2.660 billion
▪ China Mobile (941.HK) latest transaction price HKD 78.15, down 1.45%, transaction volume HKD 2.658 billion
▪ Meituan -W (3690.HK) latest transaction price HKD 96.60, down 0.77%, transaction volume HKD 2.480 billion
▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 105.70, up 5.07%, transaction volume HKD 2.139 billion
▪ Baidu -SW (9888.HK) latest transaction price HKD 153.60, up 3.23%, transaction volume HKD 2.137 billion
▪ Anta Sports (2020.HK) latest transaction price HKD 77.30, down 6.36%, transaction volume HKD 2.108 billion

The three major indices of the Hong Kong stock market showed mixed trends during the trading session, with the Hang Seng Index down 0.17% and the Hang Seng TECH Index up slightly by 0.23%. The hardware, storage, and peripherals sectors faced overall pressure, with Xiaomi Group down 1.01% and Lenovo Group declining by 3.50%. The internet content and information sector experienced fluctuations, with Baidu up 3.23% and Kuaishou rising 1.84%. The retail sector showed mixed performance, with Alibaba up 1.13%. Some consumer electronics and home appliance stocks experienced significant volatility, market sentiment turned cautious, highlighting structural opportunities, and investors focused on macroeconomic indicators and policy direction

- The Hong Kong stock market showed mixed performance, with the Hang Seng Index down 0.17% and the Hang Seng Tech Index up 0.23%.  
- Hardware, storage, and peripherals sectors struggled, while internet content and retail showed varied movements, reflecting cautious market sentiment.  
- Notable stock movements included Skyworth Group rising 42.86% following a planned spin-off, and TCL Electronics up 15.06% after a partnership announcement with Sony.

Market Heartbeat

Hang Seng TECH Index

Hang Seng Index

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

TENCENT

BIDU-SW

KUAISHOU-W

BABA-W

JD-SW

MNSO

SKYWORTH GROUP

TCL ELECTRONICS

ALLEGRO CULTURE

SF INTRA-CITY

FULLSHARE

SMIC

SINOTRUK

Hong Kong Stock Market Update | Hang Seng Index down 0.17%, technology sector stabilizes, Baidu leads in gains