Market Overview
▪ During intraday trading, the three major indices of the Hong Kong stock market fluctuated sideways, with an increase in market wait-and-see sentiment.
▪ As of now, the Hang Seng Index is at 26,734.01 points, turning from gains to losses, down 0.06%.
▪ The Hang Seng Tech Index is currently at 5,712.46 points, with intraday losses expanding to 1.48%.
▪ The National Enterprises Index is reported at 9,137.21 points, down 0.26%.
Sector Performance
▪ The retail sector showed a mixed performance during intraday trading, overall lacking significant positive drivers, with funds continuing to adopt a wait-and-see approach. Leading stock Alibaba -W fell 2.02%, with the latest transaction price at HKD 165.00 and a transaction volume of HKD 8.422 billion. JD.com -SW rose against the trend by 1.05%, with the latest transaction price undisclosed and a transaction volume of HKD 658 million. Miniso fell 3.51%, with a transaction volume of HKD 122 million. The internal structure of the sector is differentiated, with some leading stocks under noticeable pressure.
▪ The internet content and information sector overall declined. Leading stock Tencent Holdings slightly rose by 0.42%, with the latest transaction price at HKD 598.00 and a transaction volume of HKD 7.344 billion. Kuaishou -W fell 3.63%, and Baidu -SW fell 3.61%. The sector lacks positive news, and investor sentiment is cautious in the short term, with significant outflow pressure on funds, leading stocks experiencing volatility.
▪ The gold sector performed strongly, becoming a highlight for funds seeking safe-haven assets during intraday trading. Zijin Mining rose 3.91%, with the latest transaction price at HKD 41.94 and a transaction volume of HKD 4.533 billion. Other gold stocks, such as Zijin Gold International, rose 0.68%, and Shandong Gold rose 3.64%. Funds continue to flow into the gold sector, reflecting an increased market focus on safe-haven assets.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on macroeconomic and consumer recovery trends, including unemployment rates, retail sales, PMI, and CPI changes. Investors are closely monitoring exports, trade balances, and foreign exchange reserves, being highly sensitive to interest rates and global capital flows. In the short term, market volatility remains significantly influenced by external environments, with risk appetite not showing a clear rebound.
Popular Stocks
▪ Changfei Fiber Optics (6869.HK) rose 16.42% during intraday trading, with a transaction volume of HKD 2.157 billion. The stock price peaked at HKD 62.05. Benefiting from the wave of AI applications and high industry prosperity, the optical communication sector is active, with liquidity funds continuously chasing, showing a clear short-term strength.
▪ Ark Health (6086.HK) rose 35.34% during intraday trading, with a transaction volume of HKD 687 million. The company released a positive profit forecast on January 25, expecting a revenue growth of about 30% year-on-year for the fiscal year 2025, with net profit expected to be in the range of HKD 7-10 million. The growth of the main business and the expansion of platform users drive profit expectations, leading to a significant influx of funds, enhancing the investment attractiveness of digital health and AI chronic disease management.
▪ Meijiayin Holdings (6939.HK) rose 80.00% during intraday trading, with a transaction volume of HKD 23.7639 million. The company resumed trading with a high opening, at one point rising over 93% during the day. The company received a mandatory full acquisition proposal from Jihai China at an 18.7% discount, with market expectations of a change in control, which is expected to improve corporate governance and shareholder returns
▪ Viva Biotech (1873.HK) rose 14.94% during the session, with a transaction amount of HKD 161 million. The company held the Viva Biotech Innovation Forum 2026, focusing on AI and multi-functional drug development, promoting the innovation drug industry ecosystem, and enhancing the company's long-term valuation and attention.
▪ Modern Dental Group (3600.HK) rose 16.83% during the session, with the stock price reaching a 4-year high and a transaction amount of HKD 40.2716 million. According to equity disclosures, Hillhouse Investors confirmed the purchase of a 17% stake in the company last Monday.
Market Transaction Amount TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 165.00, down 2.08%, transaction amount HKD 8.422 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 598.00, up 0.50%, transaction amount HKD 7.344 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 41.94, up 3.76%, transaction amount HKD 4.533 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.12, down 3.09%, transaction amount HKD 3.929 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 219.20, down 0.18%, transaction amount HKD 3.606 billion
▪ SMIC (00981.HK) latest transaction price HKD 75.35, down 3.52%, transaction amount HKD 3.448 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 23.54, up 4.90%, transaction amount HKD 3.043 billion
▪ Laopuhuangjin (06181.HK) latest transaction price HKD 844.00, up 7.11%, transaction amount HKD 2.430 billion
▪ Junda Co., Ltd. (02865.HK) latest transaction price HKD 38.16, down 2.15%, transaction amount HKD 2.362 billion
▪ Innovent Biologics (02577.HK) latest transaction price HKD 60.75, down 4.03%, transaction amount HKD 2.352 billion

The three major indices of the Hong Kong stock market fluctuated sideways during the trading session, with the Hang Seng Index slightly retreating and the Hang Seng Tech Index experiencing notable declines. The gold sector performed well, with Zijin Mining leading the gains, while sectors such as consumption and internet content faced overall pressure, showing significant divergence. Popular stocks like Ark Health and Meijiayin Holdings exhibited strong upward momentum, reflecting the market's focus on high-growth and event-driven varieties. Risk aversion sentiment among investors continues, actively flowing towards gold and emerging growth concepts, with the overall market remaining cautious

- Hong Kong's stock market showed mixed performances, with the Hang Seng Index slightly down by 0.06% to 26,734.01 points, reflecting rising market caution.  
- The retail sector exhibited varied movements; Alibaba dropped by 2.02%, while JD.com increased by 1.05%.  
- The gold sector attracted investors seeking safety, with Zijin Mining rising by 3.91%, highlighting a shift in market sentiment towards risk assets due to macroeconomic concerns.

Market Heartbeat

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ZIJIN MINING

SD GOLD

ZIJIN GOLD INTL

YOFC

MEGAIN

VIVA BIOTECH

MODERN DENTAL

XIAOMI-W

POP MART

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

FL2CSOPGOLD

FANGZHOU JIANKE

SPDR GOLD TRT

ChinaAMC Gold ETF

Hong Kong stock market intraday | Hang Seng Index fluctuates slightly down, technology sector under pressure, Zijin Mining leads gold stocks