21st Century Business Herald Reporter Xiao Xia
On March 11, the Hong Kong stock market opened high but closed low, with all three major indices ending in the red.
The Hang Seng Index closed at 25,898.76 points, down 0.24%, with a turnover of HKD 254.481 billion; the Hang Seng TECH Index closed slightly down 0.11% at 5,054.85 points, with a turnover of HKD 65.541 billion; the Hang Seng China Enterprises Index fell 0.07% to 8,704.52.
In the early session, buoyed by the overnight rise in U.S. stocks and favorable news in technology, the Hang Seng Index opened up 0.59%, and the Hang Seng TECH Index opened up 0.87%, with Nio opening up 15%. However, as trading progressed, the indices gradually gave back their gains and turned negative in the afternoon.
In the Hong Kong main board, 884 stocks rose, while 830 stocks fell. Southbound funds had a net purchase of HKD 3.448 billion.
From a sector perspective, new energy and electricity themes performed strongly against the trend, while automotive electronics and CROs, which were previously popular sectors, faced significant pressure.
According to the Wind Hong Kong three-tier industry index, the top three sectors in terms of gains included Healthcare Technology III (+8.39%), Electrical Equipment III (+6.96%), and Coal III (+4.87%).
The healthcare sector led the gains in Hong Kong stocks today, with representative stocks including Health 160 (02656.HK) rising 28.5%. The company announced before the market opened that it is promoting the application of AI agents represented by OpenClaw in medical scenarios.
The electrical equipment sector continued its strong performance. Goldwind Technology (2208.HK) rose 4.19%.
The coal sector saw significant gains. The latest disclosed data shows that China's coal imports reached 77.22 million tons in January-February 2026, a year-on-year increase of 1.5%, setting a historical high for the same period.
In addition, the new energy sector performed well, with CATL rising 9.0%, as the company's net profit for the full year of 2025 is expected to grow by over 40%. Nio-SW (9866.HK) rose 14.05%, mainly driven by the company's new model orders exceeding expectations.
The three sectors with the largest declines included Software (-3.13%), Containers and Packaging III (-2.49%), and Textiles and Apparel III (-2.49%). In the software sector, KNOWLEDGE ATLAS fell 6.09%, SenseTime-W fell 2.13%, Kingdee International fell 2.15%, and Kingsoft fell 1.23%.
From the perspective of individual stocks, the top three gainers on the Hong Kong main board included Kun Group (0924.HK) rising 41.33%, mainly driven by expectations of business restructuring and asset injection. Harbor Digital (0913.HK) rose 35.42%, and Baikin Oil Services (2178.HK) rose 34.36%, ranking second and third respectively. In terms of declines, Ruifeng Power (2025.HK) fell 21.25%, becoming the stock with the largest decline today. Zhihuada Holdings (1707.HK) fell 18.75%, and Juteng International (3336.HK) fell 17.97%, ranking second and third in terms of declines.
In terms of news, the National Internet Emergency Center CNCERT issued a risk warning, stating that the recent download and usage of the OpenClaw application have been booming, but due to its extremely weak default security configuration, once attackers find a breakthrough, they can easily gain complete control of the system
According to reports from Iranian media cited by Xinhua, Israeli Foreign Minister Eli Cohen stated on the 10th that Israel does not seek an &#34;endless war&#34; with Iran and will coordinate with the United States at the appropriate time to decide when to end military actions against Iran.
Looking ahead to the Hong Kong stock market, Xing Cheng, the manager of the Hang Seng Qianhai Hong Kong Stock Connect Value Mixed Fund, recently told reporters that the short-term Hong Kong stock market will continue to experience fluctuations and adjustments. This is due to concerns raised by the Federal Reserve's potential advocacy for &#34;interest rate cuts + balance sheet reduction,&#34; as well as a shift in the AI narrative towards &#34;leading large models dominating&#34; and the hardware benefit chain, which has led to a deep adjustment in the software sector of the U.S. stock market and a decline in the Hang Seng Technology Index. He believes that the short-term impact does not change the medium-term trend, and that balance sheet reduction may be difficult to implement in the short term. Currently, the forward price-to-earnings ratio of leading internet companies has fallen to around 14 times, highlighting their investment value.
Looking ahead to 2026, Xing Cheng believes that macro-wise, the current wave of AI technology has not yet peaked, and he is firmly optimistic about the technology growth theme in terms of allocation, while also favoring the upstream raw materials sector, which is characterized by a tight balance of supply and demand and international pricing.
Du Houliang, Deputy Director of the Equity Research Department and Fund Manager at China Europe Fund, stated on March 10 that the recent weakness of the Hang Seng Technology Index is due to a mismatch between the index's weight structure and the current trends in the AI industry. The Hang Seng Technology Index is still primarily weighted towards traditional internet and software companies, but their business space has been continuously eroded under the impact of this round of AI. The significant changes in the AI industry have been fully priced in overseas markets, while the Hong Kong stock index has not reflected this in a timely manner. As more hard technology and computing power industry chain companies that align with the new AI trends are listed and enter the index, the structural shortcomings of the Hang Seng Technology Index will gradually be repaired, and the Hong Kong technology sector may shift towards a dual-driven model of AI computing power and global supply chains.
Data source: Wind

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The Hong Kong stock market opened high but closed low, with all three major indices ending in the red. The Hang Seng Index closed at 25,898.76 points, down 0.24%. In the morning session, boosted by the rise in U.S. stocks, the Hang Seng Index briefly rose by 0.59%. Southbound funds had a net purchase of HKD 3.448 billion. The healthcare technology sector led the gains, with the Health Care 160 index rising by 28.5%. The new energy sector performed well, with CATL rising by 9.0%. The software sector saw the largest decline, with KNOWLEDGE ATLAS falling by 6.09%

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Hong Kong stocks opened high but closed low, institutions say there is a mismatch between the structure of Hengke and the AI trend | Hong Kong stock review