Market Overview
▪ The three major indices of the Hong Kong stock market collectively adjusted in the morning session. As of noon, the Hang Seng Index reported 26,506.44 points, down 1.27%, failing to continue yesterday's upward trend, and still a certain distance from the phase high on January 29.
▪ The Hang Seng Tech Index closed at 5,304.14 points at noon, down 1.16%, also failing to refresh its phase high, maintaining a certain pullback from the previous trading day's high.
▪ The China Enterprises Index reported 8,960.8 points at noon, down 0.97%, temporarily departing from the phase high, with the latest closing below yesterday's high.
Sector Performance
▪ The internet content and information sector experienced increased volatility, with divergent performances among leaders. Tencent Holdings fell 2.87%, becoming the main outflow of funds, with a transaction volume reaching HKD 24.438 billion. Kuaishou-W dropped 3.21%, reflecting risk-averse sentiment; Baidu-SW slightly rose 0.95%, indicating some funds are positioning at low levels. Overall, this sector is under pressure from its leaders, with short-term funds adopting a cautious attitude and a strong wait-and-see sentiment.
▪ The retail sector showed fluctuating performance, with Alibaba-W down 2.45%, as funds continued to reduce holdings, with a transaction volume of HKD 7.093 billion. JD-SW fell 0.74%, with overall funds remaining cautious. Only Miniso bucked the trend, surging 5.25%, attracting short-term funds. There is significant divergence within the sector, with funds focusing more on high-growth elastic stocks under the influence of consumer demand.
▪ The retail sector for jewelry/toys/stationery showed a slight overall increase, reflecting support from recovering consumption. Pop Mart rose 1.26%, with net fund inflow, achieving a transaction volume of HKD 3.479 billion, becoming a standout leader in its niche. China Duty Free rose 1.91%, also attracting fund attention, while Chow Tai Fook slightly fell 1.40%. This sector has clear structural opportunities, with some leaders benefiting from signals of consumption resumption.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on consumer data and employment performance, with significant fluctuations in retail sales and manufacturing PMI. Changes in the RMB exchange rate, external trade, and pressures on real estate companies, along with a high-interest environment, have had a considerable impact on market sentiment. Investors are mostly observing and pursuing structural opportunities in consumption and growth.
Popular Stocks
▪ BrainAurora-B (6681.HK) rose 16.13%, with a transaction volume of HKD 412 million, showing significant short-term fund inflow, becoming one of the strongest themes during the session, despite no major recent news, but market attention on innovative growth sectors has increased.
▪ JIU RONG HOLD (2358.HK) rose 45.45%, with a transaction volume of HKD 12.2387 million, showing strong performance throughout the day, with prominent fund buying.
▪ Contemporary Land (1107.HK) rose 33.33%, with a transaction volume of HKD 10.1502 million, showing clear short-term fund inflow and active performance.
▪ Yum China (9987.HK) rose 9.33%, with a transaction volume of HKD 546 million, outperforming its peers
▪ Haojiang Electromechanical (1408.HK) rose 32.00%, with a trading volume of HKD 3.7475 million, attracting short-term concentrated buying.
Market Trading Volume TOP10
▪ Tencent Holdings (00700.HK) latest trading price HKD 542.00, down 2.87%, trading volume HKD 24.438 billion
▪ Alibaba -W (09988.HK) latest trading price HKD 155.60, down 2.45%, trading volume HKD 7.093 billion
▪ Pop Mart (09992.HK) latest trading price HKD 240.20, up 1.26%, trading volume HKD 3.479 billion
▪ SMIC (00981.HK) latest trading price HKD 66.40, down 3.42%, trading volume HKD 2.963 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 34.18, up 0.65%, trading volume HKD 2.806 billion
▪ Zijin Mining (02899.HK) latest trading price HKD 39.04, down 6.24%, trading volume HKD 1.954 billion
▪ China Life (02628.HK) latest trading price HKD 33.86, down 3.70%, trading volume HKD 1.854 billion
▪ Meituan -W (03690.HK) latest trading price HKD 91.75, down 0.43%, trading volume HKD 1.632 billion
▪ Hua Hong Semiconductor (01347.HK) latest trading price HKD 96.50, down 5.76%, trading volume HKD 1.576 billion
▪ AIA Group (01299.HK) latest trading price HKD 86.75, down 4.36%, trading volume HKD 1.512 billion

As of noon, the three major indices of the Hong Kong stock market have collectively adjusted, with market sentiment becoming more cautious. The internet and retail sectors have shown divergence, with leading stocks experiencing mixed performance. Funds are focusing on structural opportunities, with popular stocks like BRAINAURORA-B and JIU RONG HOLD rising sharply, while technology and consumer heavyweight stocks are generally under pressure. The retail sub-sectors of jewelry, toys, and stationery have performed strongly against the trend, reflecting a shift in funds between the themes of consumer recovery and growth

- Hong Kong's major stock indices declined this morning, with the Hang Seng Index down 1.27% at 26,506.44 points.  
- Key sectors displayed mixed performance, particularly the internet and retail sectors, as market participants opted for caution amidst fluctuating consumer data and external pressures.  
- Prominent stocks included Brain Tech, which surged by 16.13%, while Tencent fell by 2.87%, reflecting overall market sentiment and trading volumes.

Market Heartbeat

JIU RONG HOLD

BRAINAURORA-B

MODERN LAND

YUM CHINA

MACAU E&M

POP MART

CHOW TAI FOOK

CTG DUTY-FREE

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.27% in the morning session, BRAINAURORA-B and JIU RONG HOLD led the gains strongly