On March 13, the Hong Kong stock market showed overall sluggish performance, with the three major indices continuing their downward trend. Market sentiment remained cautious. By the close, the Hang Seng Index fell 0.98% to 25,465.6 points, the Hang Seng Tech Index dropped 0.99% to 4,978.08 points, the State-Owned Enterprises Index decreased 0.32% to 8,671.48 points, and the Red Chip Index declined 0.45% to 4,329.75 points.
In terms of individual stocks, most large tech stocks rose, with Alibaba up 0.68%, Tencent Holdings up 0.18%, JD Group up 0.09%, Xiaomi Group up 0.06%, NetEase up 0.5%, Meituan down 0.98%, Kuaishou down 1.74%, and Bilibili down 1.25%. Gold stocks generally fell, with ZIJIN GOLD INTL dropping over 7%. Airline stocks also declined, with CATHAY PAC AIR down 5%. The semiconductor sector fell sharply, with Hua Hong Semiconductor down over 7%.
Mixed Earnings Performance for Individual Stocks
Highlights of Earnings Growth
Swire Properties (00019.HK) performed excellently, with revenue reaching HKD 90.467 billion in 2025, a year-on-year increase of 10%; net profit was HKD 11.373 billion, up 9%, demonstrating strong profitability and development momentum.
Guoquan (02517.HK) also reported impressive results, with revenue of HKD 7.81 billion in 2025, a year-on-year increase of 20.71%; net profit was HKD 433 million, up 87.76%, with net profit growth significantly outpacing revenue growth, indicating a substantial improvement in profitability.
QZ Group (00917.HK) achieved a turnaround, with revenue of approximately HKD 1.663 billion in 2025, a year-on-year increase of 24.2%, and net profit of approximately HKD 286 million.
Youzan (08083.HK) reported revenue of RMB 1.487 billion in 2025, a year-on-year increase of 3.1%; net profit was RMB 163 million, turning from loss to profit, with positive business development.
Qingke Holdings (01945.HK) expects significant earnings growth in 2025, with revenue estimated at approximately HKD 220 million to HKD 240 million, a year-on-year increase of about 14% to 25%; net profit is expected to be approximately HKD 68 million to HKD 85 million, a year-on-year increase of about 453% to 591%, indicating remarkable profit growth.
Challenges for Stocks with Declining Earnings
MTR Corporation (00066.HK) reported total revenue of HKD 55.465 billion in 2025, a year-on-year decrease of 7.6%; net profit was HKD 14.677 billion, down 6.9%, with both revenue and net profit declining.
United Pharmaceutical (03933.HK) expects net profit of approximately HKD 2 billion in 2025, down from approximately HKD 2.658 billion in the same period last year, indicating a decline in net profit.
Datang New Energy (01798.HK) completed electricity generation of 6.09825 million MWh in the first two months, a year-on-year decrease of 3.10%.
Rongxin China (03301.HK) reported total contract sales of approximately HKD 255 million in the first two months, a year-on-year decrease of 59.72%, facing challenges in business development.
Shide Global (00487.HK) expects a loss of approximately HKD 370 million to HKD 410 million in 2025, turning from profit to loss, with poor operating conditions
Some companies have new developments
Weichai Power (02338.HK) and China National Heavy Duty Truck Group Hydrogen Energy have increased their investment in Weichai New Energy Power Technology by 589 million yuan, which is expected to further expand their business in the new energy sector.
China Biologic Products (01177.HK) has achieved positive results in the Phase III clinical study of TQB3454 (IDH1 inhibitor) for biliary tract cancer, bringing new breakthroughs for the company in pharmaceutical research and development.
Xinyi International (00732) has won a bid for approximately 5.714% equity in Xinyi Renshou, with a bid price of about 502.5 million yuan, which will help the company expand its business layout.
Singularity Future Technology (01280.HK) has signed a sales contract for 200 AI servers, with a total price of approximately 278 million yuan, taking an important step in the AI field.
Capital Venture (02324.HK) successfully placed 276 million shares of unsubscribed rights issue shares, providing support for the company's capital operations.
Buyback wave demonstrates confidence
Yum China (09987.HK) spent approximately HKD 7.7241 million to repurchase 18,400 shares, with a repurchase price of HKD 417.2 - 426;
Xiaomi Group - W (01810.HK) spent HKD 76.9093 million to repurchase 2.3076 million shares, with a repurchase price of HKD 33.30 - 33.34.
Zheshang International believes that during market adjustments, large-scale buyback waves usually indicate that listed companies believe their current stock prices are far below their intrinsic values, sending a positive signal to investors that the current stock price is severely undervalued, thereby stabilizing investor confidence and company stock prices. The buyback data in the market has certain guiding significance for future market trends. The Hong Kong stock market has experienced five rounds of company buyback waves since 2008, all occurring during bear markets, followed by a wave of upward trends.
Divergence in institutional views
CICC stated that in the short term, the price-to-earnings ratio of Hong Kong technology stocks has reached one standard deviation below the mean, and the RSI indicator shows it may be in an oversold position, making it somewhat attractive. For some investors, the current valuation of Hong Kong technology stocks and market sentiment have provided opportunities for gradual left-side dollar-cost averaging. Looking ahead, the opportunity for Hong Kong stocks to outperform other markets comes from three conditions: rising expectations of Federal Reserve easing, the return of Hong Kong stock characteristics to market hotspots, and inflows of southbound funds.
CITIC Securities believes that geopolitical conflicts have triggered short-term adjustments in global financial markets, and the current emotional sell-off has been relatively sufficient. If the situation does not escalate further, the market will quickly return to the medium- to long-term trends dominated by domestic economy, policy, and liquidity. Future focus should be on a dual mainline layout of prosperity and certainty, with the prosperity mainline benefiting from accelerated AI computing power capital expenditure, and the certainty mainline core being HALO trading.
Guoyuan International pointed out that due to Iran's strong resistance and the resilience of its regime exceeding expectations, the conflict may be difficult to end in the short term. Therefore, the Hong Kong stock market may still face disturbances from external uncertainties this week. For the market, if the conflict becomes prolonged, energy prices may remain high for a longer time, which means that overseas markets may enter a stagflation trading phase, shifting from short-term sentiment trading to more long-term fundamental trading, in which case the adjustment period for Hong Kong stocks will also be extended

600489

00293

02259

The Hong Kong stock market performed sluggishly, with the Hang Seng Index falling 0.98% to 25,465.6 points, and the Technology Index dropping 0.99% to 4,978.08 points. Most large technology stocks rose, with Alibaba up 0.68% and Tencent up 0.18%. Gold stocks generally fell, with ZIJIN GOLD INTL down over 7%; airline stocks also declined, with CATHAY PAC AIR down 5%. Swire Properties and Guoquan reported impressive results, achieving revenue growth of 10% and 20.71%, respectively. MTR Corporation faces challenges with declining revenue

- On March 13, the Hong Kong stock market experienced a decline, with major indices continuing to fall, including the Hang Seng Index, which dropped 0.98%.  
- Several large tech companies showed slight gains, while gold and airline stocks generally fell, highlighting mixed earnings results among listed companies.  
- The article also notes a wave of stock buybacks, indicating confidence among companies in the undervaluation of their shares amid market adjustments, with potential implications for future market trends.

腾讯新闻 - 财经

ZHONGJIN GOLD

CATHAY PAC AIR

ZIJIN GOLD INTL

Hang Seng Index

ZIJIN MINING

SD-GOLD

Dacheng Hang Seng Technology ETF(QDII)

Hwabao CSI HK Equities Internet ETF

FI2 CSOP HSI

ChinaAMC Hang Seng ETF

SPDR GOLD TRT

ChinaAMC Hang Seng Technology ETF(QDII)

ChinaAMC Gold ETF

E Fund CSI HK Connect Internet ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

EFUND GOLD MI-R

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

FI2CAMNDQ100

Hang Seng TECH ETF I

China Southern Hang Seng ETF

FL2 CSOP HSI

MEITUAN

Hong Kong Stock Market Review: The Hang Seng Index fell by 0.98%, the Tech Index dropped below 5000 points, most tech stocks rose, gold stocks and airline stocks declined, ZIJIN GOLD INTL fell over 7%