Market Overview
▪ During intraday trading, the three major indices of the Hong Kong stock market continued to fluctuate and adjust.
▪ As of now, the Hang Seng Index is at 26,596.92 points, down 1.07%.
▪ The Hang Seng Tech Index is currently at 5,361.16 points, down 0.83%.
▪ The National Enterprises Index is currently at 9,045.66 points, down 0.52%.
Sector Performance
▪ The internet content and information sector is generally declining. In the absence of positive news, funds are relatively cautious. Tencent Holdings (700.HK) fell 1.70% during intraday trading, with a transaction volume of HKD 14.365 billion. Baidu -SW (9888.HK) fell 1.56%, and Kuaishou -W (1024.HK) fell 2.05%. The leading stocks in the sector are under pressure, reflecting strong risk-averse sentiment among investors.
▪ The retail sector continues to decline, affected by pressure on domestic demand. Alibaba -W (9988.HK) fell 2.57%, with a transaction volume of HKD 8.608 billion. JD -SW (9618.HK) fell 1.93%, and Miniso (9896.HK) showed even weaker performance, falling 4.00%. The entire sector lacks stimulating hot spots, and mainstream funds are adopting a wait-and-see attitude.
▪ The hardware, storage, and peripherals sector showed some differentiation. Xiaomi Group -W (1810.HK) rose 0.97% against the trend, with a transaction volume of HKD 3.432 billion, showing strong performance, indicating that some market funds are seeking performance and growth attributes. Lenovo Group (992.HK) fell 0.75%, and Legend Holdings (3396.HK) fell 0.70%, with overall sector sentiment still cautious.
Macroeconomic Background
▪ Currently, the Hong Kong stock market is sensitive to fluctuations in core macro indicators such as retail, foreign trade, and PMI. Export and consumption pressures remain, and manufacturing activity is subdued. The repeated macroeconomic data has substantially interfered with market risk appetite, and investors need to continuously pay attention to relevant economic data as an important reference for portfolio adjustment and stock selection.
Popular Stocks
▪ Long Resources (1712.HK) surged 45.81% during intraday trading, with a transaction volume of HKD 14.2 million. The company benefits from the sharp rise in global gold and non-ferrous metal prices in the previous period, expecting after-tax net profit to grow 3.5 to 3.8 times year-on-year by 2025. Recently, gold resource companies have shown significant fluctuations, with concentrated capital inflows, and the market is highly focused on short-term opportunities in gold resource companies, but attention should be paid to the impact of subsequent gold price changes on company valuations.
▪ Weilu Group (1196.HK) rose 14.39%, with a transaction volume of HKD 98.0807 million, also without significant news, belonging to a short-term capital rotation trend.
▪ Southern Communications (1617.HK) rose 53.23%, with a transaction volume of HKD 34.8810 million. There is no latest specific positive news, but the rise is mainly driven by short-term market sentiment and capital speculation.
▪ CMON (1792.HK) soared 66.96%, with a transaction volume of HKD 23.2640 million. Recently, the company signed a second supplementary agreement regarding the placement of shares, revising the placement price from HKD 0.80 per share to no less than HKD 0.95 per share, expecting a maximum net fundraising amount of about HKD 9.4 million, with the net proceeds intended to be used entirely for general working capital
In terms of business, the licensing and adaptation of anime into board games has gained widespread media attention, and the expansion of similar licensed businesses has driven performance expectations.
▪ Kingstone Holdings Group (1943.HK) rose by 39.29%, with a trading volume of HKD 21.576 million. There has been no significant news recently, possibly driven by fund inflows due to sector rotation.
Market Trading Volume TOP10
▪ Tencent Holdings (00700.HK) latest trading price HKD 549.00, down 1.70%, trading volume HKD 14.364 billion
▪ Alibaba -W (09988.HK) latest trading price HKD 155.50, down 2.57%, trading volume HKD 8.608 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 35.26, up 0.97%, trading volume HKD 3.432 billion
▪ AIA Group (01299.HK) latest trading price HKD 83.90, down 5.09%, trading volume HKD 3.080 billion
▪ SMIC (00981.HK) latest trading price HKD 68.40, up 1.41%, trading volume HKD 2.782 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest trading price HKD 93.75, up 8.38%, trading volume HKD 2.691 billion
▪ Pop Mart (09992.HK) latest trading price HKD 245.00, up 1.07%, trading volume HKD 2.438 billion
▪ Hong Kong Exchanges and Clearing (00388.HK) latest trading price HKD 407.60, down 1.64%, trading volume HKD 2.206 billion
▪ Meituan -W (03690.HK) latest trading price HKD 92.05, down 1.87%, trading volume HKD 2.168 billion
▪ HSBC Holdings (00005.HK) latest trading price HKD 135.00, down 2.53%, trading volume HKD 2.038 billion

The three major indices of the Hong Kong stock market experienced fluctuations and adjustments during the trading session, with the Hang Seng Index down 1.07% and the Hang Seng Tech Index down 0.83%. The internet content and information, as well as retail sectors, showed weak performance, with leading companies like Tencent Holdings and Alibaba facing significant pressure. The hardware sector exhibited structural differentiation, with Xiaomi Group performing strongly against the trend. Resource stocks such as gold and non-ferrous metals showed notable volatility, and the rotation of funds highlighted structural opportunities, while market confidence continued to be disturbed by macroeconomic data

- The Hong Kong stock market is experiencing fluctuations, with major indices down; the Hang Seng Index is at 26,596.92, falling 1.07%.  
- Internet and retail sectors are particularly affected by cautious investor sentiment, while certain hardware stocks, like Xiaomi, show slight gains amid market volatility.  
- Key macroeconomic indicators continue to weigh on the market, emphasizing the need for investors to closely monitor economic data for strategic decision-making.

Market Heartbeat

TENCENT

BIDU-SW

KUAISHOU-W

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

DRAGON MINING

REALORD GROUP

NANFANG COMM

CMON

KING'S STONE

SMIC

Hong Kong stock market intraday | The Hang Seng Index fell by 1.07%, leading tech stocks under pressure, small-cap stocks active, Long Resources surged 45.81% intraday