---
title: "Hong Kong stocks opened strong in the first hour | All three major indices rose, with the Tech Index leading at 3.19%, and the technology sector performing strongly; Alibaba rose 4.47%, ranking first in trading volume"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/261801480.md"
description: "The three major Hong Kong stock indices rose across the board in the first hour of trading, with the Hang Seng Tech Index leading the market with a surge of 3.19%, reflecting a significant increase in market risk appetite. The technology and large-cap blue-chip sectors received concentrated capital support, with leading stocks such as Alibaba and Tencent Holdings showing notable gains. The pharmaceutical sector experienced fluctuations and consolidation, revealing a divergence in capital. The stabilization of the RMB exchange rate and net inflows of southbound funds, along with other macroeconomic and liquidity benefits, jointly propelled the index recovery"
datetime: "2025-10-20T02:38:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/261801480.md)
  - [en](https://longbridge.com/en/news/261801480.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/261801480.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/261801480.md) | [繁體中文](https://longbridge.com/zh-HK/news/261801480.md)


# Hong Kong stocks opened strong in the first hour | All three major indices rose, with the Tech Index leading at 3.19%, and the technology sector performing strongly; Alibaba rose 4.47%, ranking first in trading volume

## **Current Performance of the Three Major Indices**

-   Hang Seng Index (HSI): Up 2.27%
-   Hang Seng China Enterprises Index (HSCEI): Up 2.31%
-   Hang Seng Tech Index (HSTECH): Up 3.19%

The overall market saw 1,149 stocks rise, 411 stocks fall, and 1,158 stocks remain unchanged (data from the first hour of trading).

* * *

### **Technology Sector: Strong Rise of 3.19% in the First Hour, Significant Capital Inflow**

The technology sector performed strongly in the first hour of trading, with an overall increase of 3.19%. The positive earnings expectations of industry leaders, combined with the anticipation of new applications, quickly attracted capital inflow after the market opened, particularly notable for southbound capital accumulation.

-   Alibaba ( 9988.HK ): Up 4.47% in the first hour, with a transaction volume of HKD 7.124 billion. The company's core e-commerce and innovation business previously disclosed earnings that exceeded market expectations, coupled with significant accumulation of southbound capital after the market opened, further boosting market confidence in its subsequent growth.
-   Tencent Holdings ( 0700.HK ): Up 3.37% in the first hour, with a transaction volume of HKD 3.707 billion. The logic of steadily increasing core business revenue has been recognized, and the trend of continuous growth in cloud and innovation business revenue has attracted attention, with long-term capital actively positioning after the market opened, driving the stock price steadily higher.
-   Xiaomi Group ( 1810.HK ): Up 2.83% in the first hour, with a transaction volume of HKD 2.963 billion. Driven by innovation in smart hardware, its global market share continues to rise, attracting simultaneous attention from southbound capital and institutions in the first hour, accelerating the pace of market capitalization recovery.

* * *

### **Pharmaceutical Sector: Fluctuating Consolidation in the First Hour, Rising Wait-and-See Sentiment**

The pharmaceutical sector showed a fluctuating consolidation trend in the first hour of trading, affected by industry policy changes and market news disturbances, leading to increased capital divergence and a rise in short-term wait-and-see sentiment compared to before the market opened.

-   CanSino Biologics ( 9926.HK ): Down 3.75% in the first hour, with a transaction volume of HKD 1.179 billion. Changes in industry policies combined with short-term market volatility have intensified short-term capital speculation in the first hour, putting pressure on stock prices amid differentiated institutional holdings.
-   WuXi Biologics ( 2269.HK ): Capital mainly adopted a wait-and-see approach in the first hour, with the progress of the innovation pipeline not meeting market expectations in the short term, coupled with ongoing strengthening of industry regulations, limiting the upward momentum of the sector in the first hour.
-   Innovent Biologics ( 1801.HK ): The progress of new drug launches remains stable, and positive policy expectations have gradually attracted institutional attention in the first hour, with the current market focus more on the pace of long-term R&D results.

* * *

### **Large Cap Blue Chip Sector: Slight Upward Movement in the First Hour, Weight Stocks Attracting Capital**

The large-cap blue-chip sector slightly rose in the first hour of trading, benefiting from the recovery of market risk appetite and the inflow of large funds. The leading stocks became the key focus for incremental capital allocation.

-   China Life ( 2628.HK ): Up 2.61% in the first hour, with a transaction volume of HKD 1.568 billion. The life insurance main business shows a clear trend of stable growth, with expectations for improved interest spreads continuing to strengthen, making it a preferred defensive allocation target in the first hour.
-   Zijin Mining ( 2899.HK ): Down 1.23% in the first hour, with a transaction volume of HKD 1.051 billion. Short-term fluctuations in commodity prices affect short-term performance expectations, but the resource endowment advantage supports the medium to long-term trend, with increased capital divergence under risk aversion in the first hour.
-   Meituan ( 3690.HK ): Up 2.49% in the first hour, with a transaction volume of HKD 1.306 billion. The expansion plans for new retail and local life services have been recognized by the market, attracting institutional capital backflow in the first hour, with business growth logic being viewed positively in the short term.

* * *

### **Core Market Focus**

**Macro and Industry Drivers**: The Federal Reserve's decision to maintain interest rates, the stabilization of the RMB exchange rate, and marginal improvements in macro data for June continue to release positive signals during the first hour of trading, boosting risk appetite in the Hong Kong stock market.

**Capital Movements**: During the first hour of trading, southbound funds recorded a cumulative net purchase of about HKD 7 billion, with both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect showing net inflows; among them, technology leaders Alibaba and Tencent saw net purchases exceeding HKD 500 million in the first hour, directly driving the sector to lead the gains.

**Sector Structure**: The semiconductor sector is affected by overseas regulatory news, with related chip leaders in Hong Kong showing signs of industry chain adjustment in the first hour; current capital allocation is more inclined towards sectors with strong policy certainty and clear performance expectations.

* * *

### **Top Ten Stocks by Transaction Volume in the First Hour**

1.  Alibaba -W ( 9988.HK ): Current price HKD 161.30, up 4.47% in the first hour, transaction volume HKD 7.124 billion
2.  Tencent Holdings ( 0700.HK ): Current price HKD 628.50, up 3.37% in the first hour, transaction volume HKD 3.707 billion
3.  SMIC ( 0981.HK ): Current price HKD 72.00, up 4.20% in the first hour, transaction volume HKD 2.983 billion
4.  Xiaomi Group -W ( 1810.HK ): Current price HKD 47.26, up 2.83% in the first hour, transaction volume HKD 2.963 billion
5.  China Life ( 2628.HK ): Current price HKD 23.56, first hour increase 2.61%, trading volume HKD 1.568 billion
6.  Hua Hong Semiconductor ( 1347.HK ): Current price HKD 78.40, first hour increase 3.43%, trading volume HKD 1.452 billion
7.  Meituan-W ( 3690.HK ): Current price HKD 96.85, first hour increase 2.49%, trading volume HKD 1.306 billion
8.  Pop Mart ( 9992.HK ): Current price HKD 275.80, first hour increase 0.15%, trading volume HKD 1.271 billion
9.  Kangfang Bio ( 9926.HK ): Current price HKD 118.00, first hour decrease 3.75%, trading volume HKD 1.179 billion
10.  Zijin Mining ( 2899.HK ): Current price HKD 32.20, first hour decrease 1.23%, trading volume HKD 1.051 billion

### 相关股票

- [BABA-W (09988.HK)](https://longbridge.com/zh-CN/quote/09988.HK.md)
- [TENCENT (00700.HK)](https://longbridge.com/zh-CN/quote/00700.HK.md)
- [SMIC (00981.HK)](https://longbridge.com/zh-CN/quote/00981.HK.md)
- [XIAOMI-W (01810.HK)](https://longbridge.com/zh-CN/quote/01810.HK.md)
- [CHINA LIFE (02628.HK)](https://longbridge.com/zh-CN/quote/02628.HK.md)

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