Market Overview
▪ At the midday close, the three major HK stock indices generally exhibited narrow fluctuations;
▪ The Hang Seng Index closed at 26,416.980 points, up 0.26%;
▪ The Hang Seng Tech Index closed at 5,096.930 points, up 0.52%;
▪ The SOE Index closed at 8,891.620 points, up 0.10%.
Sector Performance and Hot Stocks
Strong Performance from JD and Meituan; Divergent Trends Among Internet Leaders
▪ JD-SW (09618.HK) surged over 7% to HK$126.8; Meituan-W (03690.HK) rose over 5% to HK$88.45. The market holds optimistic expectations for JD's user growth in the first quarter.
▪ Tencent Holdings (00700.HK) rose 1.3% to HK$463.2; while Alibaba-W (09988.HK) fell nearly 1%, and Kuaishou-W (01024.HK) dropped nearly 2%. Although Kuaishou benefited from valuation boosts due to its AI spin-off, it was suppressed by factors such as slowing core business growth.
CPO and PCB Concepts Strengthen Across the Board; AI Hardware Supply Chain Catalyzed
▪ FIT Hon Teng (06088.HK) soared over 10% to HK$10.28. Reports indicated that Foxconn's all-optical CPO cabinets were delivered to Nvidia ahead of schedule, with shipment targets significantly revised upward.
▪ Han's CNC (03200.HK) rose nearly 15%, AAC Technologies (02018.HK) gained over 9%, and Kingboard Laminates (01888.HK) increased by nearly 5%. Nvidia's Q1 revenue forecast exceeding expectations and news of Jensen Huang's visit to China continued to benefit the supply chain.
Pop Mart's Overseas Business Pulls Back; Competition Intensifies in New Energy Vehicle Sector
▪ Pop Mart (09992.HK) fell over 1% to HK$160.6. Management stated that high overseas growth saw a significant pullback as traffic from hit products declined.
▪ Geely Auto (00175.HK) dropped nearly 5% to HK$21.46; BYD Company (01211.HK) fell nearly 2%. Although BYD leads in market share, competition in the sector has further intensified.
Significant Divergence Within the Semiconductor Sector
▪ Innoscience (02345.HK) rose over 10%, while SMIC (00981.HK) fell more than 2%, and Hua Hong Semiconductor (01347.HK) dipped slightly.
Macro Background
▪ High Prosperity in AI Hardware: Significant upward revisions in shipment volumes from Nvidia's supply chain, coupled with strong earnings guidance, directly drove the valuation repair of related CPO and PCB concept stocks in the HK market.
▪ Gaming Between Consumption and New Energy: The logic behind the overseas expansion of the trendier toy leader faces traffic tests, while the Chinese new energy vehicle market share is highly concentrated, putting greater price and competitive pressure on second-tier manufacturers.
Top 10 Market Turnover
▪ Tracker Fund of Hong Kong (02800.HK) Last traded at HK$26.58, up 0.38%, with turnover of HK$6.2 billion
▪ Tencent Holdings (00700.HK) Last traded at HK$463.20, up 1.31%, with turnover of HK$5.8 billion
▪ Alibaba-W (09988.HK) Last traded at HK$132.10, down 0.90%, with turnover of HK$5.2 billion
▪ CSOP Double Long Hynix (07709.HK) Last traded at HK$100.00, up 8.72%, with turnover of HK$4.5 billion
▪ SMIC (00981.HK) Last traded at HK$74.85, down 2.28%, with turnover of HK$3.8 billion
▪ Pop Mart (09992.HK) Last traded at HK$160.60, down 1.41%, with turnover of HK$3.7 billion
▪ CSOP Hang Seng TECH Index ETF (03033.HK) Last traded at HK$4.986, up 0.36%, with turnover of HK$3.4 billion
▪ Hang Seng China Enterprises Index ETF (02828.HK) Last traded at HK$91.18, flat, with turnover of HK$2.9 billion
▪ Hua Hong Semiconductor (01347.HK) Last traded at HK$129.20, down 0.23%, with turnover of HK$2.6 billion
▪ Meituan-W (03690.HK) Last traded at HK$88.45, up 5.11%, with turnover of HK$2.3 billion

09618

06088

At the midday close of HK stocks on May 13, the three major indices showed mixed performance, maintaining an overall narrow fluctuation pattern, with the Hang Seng Tech Index rising slightly by 0.52%. Divergence emerged within the internet sector, where JD and Meituan performed strongly, driven by earnings expectations and industry potential, leading gains among tech heavyweights. Catalyzed by positive news from Nvidia's supply chain, CPO and PCB concept stocks rallied collectively, with FIT Hon Teng surging over 10%. Meanwhile, Pop Mart weakened due to a pullback in overseas performance, and Geely Auto led declines in the new energy vehicle sector

- On May 13, Hong Kong stocks showed mixed results, with the Hang Seng Index slightly up by 0.38%.  
- Key players included JD.com, which surged over 7%, and Meituan, rising more than 5%, while market concerns impacted stocks like Geely and Pop Mart.  
- Notably, Hon Teng Precision advanced over 10% following strong demand forecasts for CPO products, indicating positive momentum in segments like AI hardware.

Market Pulse

JD-SW

FIT HON TENG

Hang Seng Index

TRACKER FUND

Hang Seng TECH Index

Hang Seng China Enterprises Index

JD.com

MEITUAN

INNOSCIENCE

SMIC

POP MART

GEELY AUTO

TENCENT

BABA-W

Alibaba

KUAISHOU-W

JPMorgan Chase

AAC TECH

KB LAMINATES

HANS CNC

NVIDIA

Citigroup

BYD COMPANY

Tesla

XL2CSOPHYNIX

CSOP HS TECH

HSCEI ETF

HUA HONG SEMI

Hua Hong

JD-SWR

MEITUAN-WR

Meituan

Meituan HK SDR 5to1

SMIC HK SDR 5to1

POP MART HK SDR 20to1

GEELY AUTO-R

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Geely Auto

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

BABA-WR

Alibaba HK SDR 5to1

KUAISHOU-WR

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Han's CNC

NVIDIA Corporation

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BYD HK SDR 10to1

BYD Company

BYD Company Limited

BYD COMPANY-R

HK Stock Market Midday Review | Three Major Indices Fluctuate Narrowly; JD and Meituan Lead Internet Sector Gains; CPO and PCB Concepts Surge Across the Board