Market Overview
▪ During intraday trading, the three major indices of the Hong Kong stock market collectively declined, with market sentiment being cautious.
▪ As of now, the Hang Seng Index is at 26,587.17 points, down 2.92%.
▪ The Hang Seng Tech Index is currently at 5,491.26 points, with a decline of 3.97%.
▪ The National Enterprises Index reported 9,021.39 points during intraday trading, down 3.17%.
Sector Performance
▪ The internet content and information sector fell sharply, with industry sentiment dragged down by macroeconomic uncertainty and a decline in risk appetite. Demand for sector allocation has cooled. Tencent Holdings fell 2.31%, with a trading volume of HKD 13.174 billion, making it the most active leader in the sector. Kuaishou-W and Baidu-SW fell 4.99% and 4.78%, respectively. Overall, there was significant capital outflow from related stocks, and short-term pressure is evident.
▪ The retail sector generally declined, with the consumption sector weakening under a risk-averse market atmosphere. Alibaba-W fell 4.61%, with a trading volume of HKD 13.021 billion; JD-SW fell 2.49%; Miniso fell 4.40%. Short-term consumer service stocks performed poorly, with capital avoiding high valuations and structural allocation preferences not showing significant improvement.
▪ The telecommunications services sector is also under pressure, with the overall sector continuing to weaken. China Mobile fell 2.51%, with a trading volume of HKD 6.321 billion; China Telecom fell 5.76%; China Unicom fell 6.67%. Recently, adjustments to the applicable scope of value-added tax for telecommunications services have changed some tax items from value-added telecommunications services to basic telecommunications services, with the corresponding VAT rate adjusted from 6% to 9%, negatively impacting the profitability of the sector. Capital mainly chose to wait and see, with trading activity declining compared to previous periods, indicating an adjustment trend.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on core macro indicators such as foreign exchange reserves, PMI, and retail sales, with the progress of economic recovery and consumer confidence becoming key points of interest for capital. The market remains influenced by external environments and policy expectations in the short term, with investors' risk appetite being cautious and sensitive to structural opportunities during trading.
Popular Stocks
▪ MINIMAX-WP (100.HK) rose 7.51%, with a trading volume of HKD 983 million. Recently, the AI Agent has gained significant attention, and the company launched desktop and &#34;expert agents,&#34; showing strong short-term performance, attracting incremental capital to high-growth stocks in the sector.
▪ Yunzhisheng (9678.HK) rose 8.4%, with a trading volume of HKD 729 million. According to previous news, the company expects to achieve revenue of approximately HKD 600 million to HKD 620 million from large model-related businesses by 2025, representing a year-on-year growth of over 1000% compared to 2024.
▪ Shenzhou Holdings (861.HK) rose 10.15%, with a trading volume of HKD 468 million. The company announced that its indirectly non-wholly-owned subsidiary, Shenzhou Information, is expected to turn a profit in net profit attributable to the parent company for the fiscal year 2025, leading to increased short-term capital attention and driving the stock higher
▪ Base Jinbiao Group (8460.HK) rose 26.58% during the session, with a transaction amount of HKD 14.7577 million. So far, no major news has been reported by authoritative mainstream media, and the industry and company disclosures are limited. Market performance may be more driven by speculative trading, and investors should pay attention to subsequent company announcements to avoid information risks.
▪ Outgoing Question (2438.HK) rose 14.75%, with a transaction amount of HKD 19.2002 million. Benefiting from the overall activity of AI and concept stocks, it has gained short-term favor in the market.
▪ Guorui Life (108.HK) rose 11.79%, with a transaction amount of HKD 3.9511 million. There have been no significant public events in the past three days, and market fluctuations may be related to industry capital flows. Close observation of new business developments is needed in the future.
Market Transaction Amount TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 591.50, down 2.39%, transaction amount HKD 12.093 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 162.70, down 3.84%, transaction amount HKD 11.548 billion
▪ China Mobile (00941.HK) latest transaction price HKD 77.65, down 2.69%, transaction amount HKD 6.041 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 38.62, down 7.83%, transaction amount HKD 5.604 billion
▪ SMIC (00981.HK) latest transaction price HKD 71.65, down 4.97%, transaction amount HKD 5.572 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 34.58, down 2.59%, transaction amount HKD 4.416 billion
▪ BYD Company (01211.HK) latest transaction price HKD 90.40, down 7.52%, transaction amount HKD 4.289 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 102.60, down 11.93%, transaction amount HKD 4.055 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 94.35, down 2.93%, transaction amount HKD 3.868 billion
▪ Ping An Insurance (02318.HK) latest transaction price HKD 70.10, down 3.58%, transaction amount HKD 3.313 billion

In the Hong Kong stock market, the three major indices collectively fell, with the Hang Seng Index losing its recent high. The Hang Seng Tech Index and the National Enterprises Index also saw significant declines. The retail sector is under noticeable pressure, with major leading stocks lacking significant positive news, and institutional and investor sentiment is cautious. Tencent Holdings fell by 2.39%, and Alibaba -W dropped by 3.84%. Currently, there are no significant new positive factors at the macro level, and funds are focused on global risk appetite and the exchange rate of the Renminbi. The overall market performance is under pressure, awaiting external and policy-driven momentum

- Hong Kong's stock market indices fell sharply, with the Hang Seng Index down 2.92%, reflecting cautious market sentiment.  
- Key sectors, including internet content and telecommunications, experienced significant declines due to macroeconomic uncertainties and shifts in investor risk appetite, leading to notable losses for major companies.  
- Despite the downturn, some stocks like MINIMAX-WP and Yunzhisheng saw substantial gains, driven by strong interest in AI-driven technologies and positive business forecasts.

Market Heartbeat

Hang Seng TECH Index

TENCENT

KUAISHOU-W

BIDU-SW

CHINA MOBILE

CHINA UNICOM

CHINA TELECOM

BABA-W

JD.com

MNSO

MINIMAX-WP

BASETROPHY GP

MANY IDEA CLOUD

UNISOUND

DC HOLDINGS

MOBVOI

GR LIFE STYLE

ZIJIN MINING

SMIC

Hong Kong stocks intraday | The three major indices collectively fell, with heavyweight stocks like Tencent and Alibaba experiencing significant declines, while the AI sector showed independent market performance