Market Overview
▪ The Hong Kong stock market performed strongly during the trading session, with the Hang Seng Index up 1.04%, reporting 27,408.53 points, reaching a new high for the phase and continuing to lead the three major indices.
▪ The Hang Seng Tech Index rose slightly by 0.53% during the session, currently at 5,784.96 points, approaching the previous phase high (January 23, 2026).
▪ The China Enterprises Index also showed strong performance during the session, currently up 0.93%, reporting 9,331.28 points. Although it has not broken through the high since November 13, 2025, it continues to maintain a strong pattern.
Sector Performance
▪ The semiconductor sector performed outstandingly during the session, with market sentiment clearly favoring growth tracks. SMIC rose 2.42%, Hua Hong Semiconductor increased by 4.82%, and JunDa shares were up 1.13%. The sector's performance was driven by the rebound in chip demand and expectations of industry recovery, with significant capital inflow leading the market.
▪ The internet content and information sector experienced fluctuations during the session but remained active overall. Tencent Holdings rose 1.15%, Kuaishou increased by 1.84%, while Baidu's performance was relatively stable. The sector was boosted by sentiment towards Chinese concept stocks, with capital maintaining focus on leading tech companies, although short-term bullish and bearish divergences increased.
▪ The retail sector showed a mixed performance, with Alibaba -W down 0.53%, JD.com slightly up by 0.62%, and Miniso experiencing a slight decline. Trading activity decreased slightly, lacking sustained driving factors, and market capital remained relatively cautious.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on economic data performance, particularly the momentum of foreign trade, employment, and consumption recovery. Macroeconomic data indicates that the economic recovery is still moderate, with capital flows and policy expectations dominating the market. Investors are closely watching policy dynamics and changes in the external environment's impact on valuations, with overall market sentiment being positive but still showing divergences.
Popular Stocks
▪ CloudWalk Technology (9678.HK) rose 23.20% during the session, with a trading volume of HKD 272 million. The company expects revenue from large model-related businesses to reach RMB 600 million to 620 million in 2025, a year-on-year surge of 1057% to 1095%. The core technology of large models and the implementation of AI in healthcare have driven the company's business explosion, with valuation enhancement expectations leading to significant capital inflow, making it the biggest market hotspot during the session.
▪ Naxin Microelectronics (2676.HK) rose 14.31% during the session, with a trading volume of HKD 126 million. Although there are no major announcements, significant capital inflow and active performance during the session reflect the market's strong preference for semiconductor growth stocks.
▪ Zhaoyi Innovation (3986.HK) rose 8.41% during the session, with a trading volume of HKD 380 million. The company previously announced a 46% increase in net profit for 2025, benefiting from the recovery of the semiconductor cycle and warming market demand, with performance expectations exceeding forecasts leading to continuous capital inflow.
▪ Emperor Watch and Jewelry (887.HK) rose 34.62% during the session, with a trading volume of HKD 21.2393 million. The company expects net profit for the fiscal year 2025 to grow by over 60% year-on-year, driven by high-end watch and jewelry sales, significantly boosting market confidence
▪ China General Nuclear Power Corporation (1164.HK) rose 8.33% during the session, with a transaction volume of HKD 223 million. Influenced by the industry's expectations for global nuclear energy development and rising uranium prices, there is a clear rotation in the sector, with funds chasing short-term opportunities for resource valuation recovery.
Market Transaction Volume TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 614.00, up 1.15%, transaction volume HKD 4.395 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 169.10, down 0.47%, transaction volume HKD 3.938 billion
▪ SMIC (00981.HK) latest transaction price HKD 78.45, up 2.42%, transaction volume HKD 2.834 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 43.70, up 0.69%, transaction volume HKD 2.077 billion
▪ CNOOC (00883.HK) latest transaction price HKD 24.42, up 3.83%, transaction volume HKD 2.017 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 70.35, up 7.98%, transaction volume HKD 1.972 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 119.70, up 4.82%, transaction volume HKD 1.582 billion
▪ China Life Insurance (02628.HK) latest transaction price HKD 34.54, up 1.29%, transaction volume HKD 1.349 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.74, up 0.51%, transaction volume HKD 1.296 billion
▪ Kingsoft Cloud (03896.HK) latest transaction price HKD 7.78, up 3.05%, transaction volume HKD 1.188 billion

Hong Kong stocks performed brightly during the session, with the Hang Seng Index reaching a new intraday high. The semiconductor sector led the gains strongly, with funds continuing to concentrate on growth and economic recovery. SMIC and Hua Hong Semiconductor rose by 2.42% and 4.82% respectively during the session. The internet and retail sectors showed a mixed performance, with Tencent Holdings and Kuaishou recently attracting investor attention. Fund enthusiasm is focused on the technology mainline and emerging growth stocks, with the macroeconomic backdrop characterized by moderate economic recovery and policy expectations. Concept stocks like CloudWalk and Naxinwei surged significantly during the session, driven by the explosive potential of frontier businesses, leading to active market sentiment

- The Hong Kong stock market shows strong performance with the Hang Seng Index increasing by 1.04% to 27,408.53, reaching a new recent high.  
- Semiconductor stocks lead the market, driven by rising chip demand, while popular stocks like Yunzhisheng and Naxinwei surged by over 20%.  
- Investors remain cautious amid a moderate economic recovery, focusing on external factors affecting valuations, with mixed sentiments observed.

Market Heartbeat

SMIC

HUA HONG SEMI

DRINDA

TENCENT

BIDU-SW

KUAISHOU-W

BABA-W

JD-SW

MNSO

UNISOUND

NOVOSENSE

GIGADEVICE

EMPEROR WATCH&J

CGN MINING

ZIJIN MINING

CNOOC

Guotai CSI All Share Integrated Circuit ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

Guotai CES Semiconductor Chip Industry ETF

Hua Hong

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

China Southern CSI Semiconductor Industry Custom ETF

Hong Kong stocks intraday | The semiconductor sector leads the gains, Hang Seng Index rises 1.04%, SMIC and HUA HONG SEMI significantly strengthen