Market Overview
▪ During intraday trading in Hong Kong stocks, all three major indices experienced significant adjustments, with market sentiment under pressure.
▪ As of now, the Hang Seng Index stands at 24719.624 points, down 0.13% intraday, failing to reach recent highs.
▪ The Hang Seng TECH Index is trading at 4667.49 points, with its decline widening to 0.48%, showing a significant pullback.
▪ The Hang Seng China Enterprises Index is at 8359.62 points, down 0.47% from the previous trading day, indicating overall weak performance.
Sector Performance
▪ The oil and gas sector experienced a significant intraday decline, primarily influenced by fluctuations in international oil prices, leading to overall pressure. CNOOC fell by 3.11%, UNITEDENERGY GP dropped by 5.00% intraday, and CNOOC-R declined by 3.45%, reflecting increased investor risk aversion and adjustments in industry earnings expectations.
▪ The internet content and information sector showed divergent trends. TENCENT edged up 0.17%, with turnover exceeding HK$3.3 billion. Its daily short-selling turnover was as high as HK$3.04 billion, ranking alongside BYD COMPANY and ALIBABA-W among the top for short selling, indicating significant market divergence and potential for increased short-term volatility.
▪ The application software sector traded with volatility, with some leading companies experiencing mild fund sentiment. KUAISHOU-W rose 0.13% intraday, as the company continues its share buyback program, indicating a clear intention by management to stabilize the stock price, which helps enhance short-term market confidence. SENSETIME-W fell 0.54% as it continues to promote its AI open-source ecosystem and industry standards to foster innovation. BIDU-SW rose 0.47%, with its fund investing in Corona Robotics, indicating continued institutional interest in the AI sector. PHANCY fell 2.85%, and HORIZONROBOT-W dropped 0.74%.
▪ The sector, overall, is influenced by short-selling divergence and share buyback activities by some companies. Competition among existing funds within the market is intense, with frequent internal sector rotations. Investors are exhibiting a wait-and-see attitude alongside structural allocations.
Macroeconomic Background
▪ During intraday trading, the market continued to focus on fluctuations in annual import growth rates. External economic conditions and policy changes in mainland China are impacting corporate earnings and liquidity.
▪ Short-term market sentiment appears slightly cautious, with core attention on capital flows, policy disruptions, and macroeconomic variables. A differentiated pattern in short-term risk appetite is expected to persist, with structural opportunities becoming prominent.
Hot Stocks
▪ The retailer sector showed significant intraday movement. XXF surged 13.76%, with a turnover of HK$36.8484 million, indicating clear short-term fund interest. JST GROUP saw a substantial intraday gain of 18.03%, with a turnover of HK$7.6565 million. Driven by inflows into the tech sector, its activity increased, with short-term fund chasing reinforcing market liquidity.
▪ COWELL rose 12.27% intraday, with a turnover of HK$20.9521 million, attracting short-term fund attention due to its technological attributes. J&amp;T EXPRESS-W climbed 10.02% intraday, with a turnover of HK$58.0773 million, demonstrating strong fund activity.
▪ Asymchem surged 12.29% intraday, with a turnover of HK$12.7247 million. The company announced that its 2025 net profit attributable to the parent company increased by 19.35% year-on-year, and it plans to continue distributing dividends over the next three years, with the annual dividend payout ratio not less than 10% of distributable profits. Strong financial reports and return plans boosted market confidence and attracted capital inflows.
Top 10 Market Turnover Stocks
▪ TENCENT (700.HK) Latest price HK$482.40, up 0.17%, turnover HK$3.334 billion
▪ CNOOC (883.HK) Latest price HK$28.02, down 3.04%, turnover HK$2.385 billion
▪ ALIBABA-W (9988.HK) Latest price HK$119.00, down 1.24%, turnover HK$2.198 billion
▪ YOFC (6869.HK) Latest price HK$188.20, down 4.47%, turnover HK$2.173 billion
▪ POP MART (9992.HK) Latest price HK$143.10, down 3.77%, turnover HK$2.029 billion
▪ XIAOMI-W (1810.HK) Latest price HK$32.16, down 0.68%, turnover HK$1.510 billion
▪ ZIJIN GOLD INTL (2259.HK) Latest price HK$177.70, down 0.17%, turnover HK$1.296 billion
▪ BYD COMPANY (1211.HK) Latest price HK$105.90, up 0.09%, turnover HK$1.279 billion
▪ MEITUAN (3690.HK) Latest price HK$83.75, down 0.53%, turnover HK$1.189 billion
▪ ZIJIN MINING (2899.HK) Latest price HK$34.50, up 0.82%, turnover HK$1.133 billion

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Today, Hong Kong's three major indices collectively trended lower, with market sentiment significantly pressured by the external environment and policy changes; the Hang Seng TECH Index retreated by nearly 0.5%. On the market front, the oil and gas sector fell across the board due to international oil price fluctuations, with CNOOC and UNITEDENERGY GP leading the declines. Internet giants diverged; while TENCENT rose slightly, its intraday short-selling turnover exceeded HK$3 billion, indicating intense long-short contention. Meanwhile, the market showed clear structural opportunities, with retailers and the AI sector performing actively. JST GROUP, COWELL, and other stocks surged significantly, while Asymchem jumped 12% against the trend, bolstered by strong earnings and dividend plans. Overall, competition among existing funds within the market intensified, and investor caution remained high, with capital flows tilting toward high-performance stocks and those supported by buybacks

- Hong Kong's major indices experienced significant adjustments, with the Hang Seng Index at 24,719.62, down 0.13%.  
- The oil and gas sector faced notable declines, influenced by international oil price fluctuations, while retail stocks showed volatility with significant gains for some companies.  
- Market sentiment remains cautious amid concerns over liquidity and external economic conditions, suggesting differentiated risk preferences and structural opportunities.

LB Select

CNOOC

UNITEDENERGY GP

TENCENT

KUAISHOU-W

SENSETIME-W

BIDU-SWR

PHANCY

HORIZONROBOT-W

JST GROUP

COWELL

J&T EXPRESS-W

Asymchem

YOFC

POP MART

XIAOMI-W

ZIJIN GOLD INTL

BYD COMPANY

ZIJIN MINING

MEITUAN

Hong Kong Stocks Intraday | Hong Kong's Three Major Indices Fall Across the Board: TENCENT Edges Up Against the Trend Amid Divergence, Oil and Gas Sector Plunges to Lead the Decline