Hong Kong stocks closed | All three major indices rose, with the Tech Index leading with a 3.08% increase; the technology and consumer sectors were active, with Alibaba rising 4.99% to the forefront

LB Select
2025.10.20 08:00
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All three major Hong Kong stock indices closed higher, with the technology index leading the gains, boosting market sentiment. The technology and consumer sectors were particularly strong, with leading stocks like Alibaba and Tencent Holdings surging, resulting in a significant increase in trading volume. On a macro level, the renminbi stabilized, southbound capital continued to flow in, and overseas policies along with consumption recovery became the market focus. Short-term volatility still requires attention to the Federal Reserve's interest rate direction and global risk changes

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI.HK): Up 2.49%
  • Hang Seng China Enterprises Index (HSCEI.HK): Up 2.51%
  • Hang Seng Tech Index (HSTECH.HK): Up 3.08%

The overall market saw 1,311 stocks rise, 606 stocks fall, and 801 stocks remain flat.

Retail Sector

The sector saw a slight increase driven by the popularity of e-commerce and the recovery of domestic demand, with leading stocks experiencing a month-on-month increase in trading volume and improved market performance expectations.

  • Alibaba (9988.HK): Up 4.99%, trading volume HKD 15.24 billion. Driven by e-commerce popularity and expectations for Double Eleven, the company's performance outlook has been upgraded, with significant capital inflow, leading the retail sector.
  • Meituan (3690.HK): Up 2.22%, trading volume HKD 3.64 billion. Local life and takeaway businesses show resilience, with positive expectations for consumption upgrades, leading to multiple target price increases by institutions.
  • Pop Mart (9992.HK): Down 1.09%, trading volume HKD 2.676 billion. Short-term adjustments are evident, but expectations for new cultural products and channel expansion remain, with capital divergence becoming apparent.

Internet Content and Information Sector

The sector surged significantly, with innovative applications and improved performance expectations driving continuous capital inflow into leading stocks, supported by ample liquidity.

  • Tencent (0700.HK): Up 3.29%, trading volume HKD 8.78 billion. Benefiting from AI and advertising recovery, the gaming and social business performed well, with continuous accumulation by northbound funds.
  • Alibaba (9988.HK): Up 4.99%, trading volume HKD 15.24 billion. Deepening cloud computing and cross-border e-commerce layout, with significant growth in new businesses, contributing prominently to the sector.
  • Meituan (3690.HK): Up 2.22%, trading volume HKD 3.64 billion. Accelerated growth in local life services, stable main business, and clear expectations for valuation recovery.

Hardware, Storage, and Peripheral Sector

The sector rose steadily, with domestic substitution and recovery in prosperity driving capital attention, resulting in active trading.

  • SMIC (0981.HK): Up 3.91%, trading volume HKD 6.05 billion. Advanced process capacity continues to be released, with strong downstream demand and enhanced confidence from policy support
  • Hua Hong Semiconductor ( 1347.HK ): Up 2.77%, turnover of HKD 3.273 billion. Capacity expansion leads to performance growth, and the localization logic strengthens institutional funding favor.
  • Xiaomi Group ( 1810.HK ): Up 2.57%, turnover of HKD 6.32 billion. Stable sales of consumer electronics, expansion of IoT business, and improved valuation recovery momentum.

Energy and Commodities Sector

Large energy and mining stocks show mixed performance, with international commodity price fluctuations affecting valuations.

  • China National Offshore Oil Corporation ( 0883.HK ): Up 2.31%, turnover of HKD 2.422 billion. The rebound in international oil prices boosts profit expectations, and its value attributes attract long-term capital allocation.
  • Zijin Mining ( 2899.HK ): Down 0.31%, turnover of HKD 2.556 billion. Metal prices fluctuate narrowly, and the market focuses on the company's resource expansion and cost control capabilities.

Insurance and Financial Sector

The sector rebounds with the index, insurance company valuations improve, and capital preferences rise.

  • China Life Insurance ( 2628.HK ): Up 2.44%, turnover of HKD 2.688 billion. Premium income warms up, and stable government bond yields enhance financial performance.

Market Focus

  • The Federal Reserve maintains high interest rates and the RMB exchange rate stabilizes, boosting foreign capital risk appetite, with short-term support for fundamentals.
  • Net inflow of southbound funds exceeds HKD 8 billion today, with technology and large-cap leaders receiving major increases, as funds from Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect continue to flow in, with Alibaba and Tencent Holdings seeing significant northbound increases.
  • Domestic CPI turns positive year-on-year and e-commerce consumption heats up, driving technology and consumer stocks to continue strengthening, with attention on the Federal Reserve's subsequent statements and changes in global risk sentiment.

Top Ten Stocks by Turnover

  1. Alibaba -W ( 9988.HK ), closing price HKD 162.10, up 4.99%, turnover HKD 15.24 billion
  2. Tencent Holdings ( 0700.HK ), closing price HKD 628.00, up 3.29%, turnover HKD 8.78 billion
  3. Xiaomi Group -W ( 1810.HK ), closing price HKD 47.14, up 2.57%, turnover HKD 6.32 billion
  4. SMIC ( 0981.HK ), closing price HKD 71.80, up 3.91%, turnover HKD 6.05 billion
  5. Meituan-W (3690.HK), closing price HKD 96.60, increase of 2.22%, trading volume HKD 3.64 billion
  6. Hua Hong Semiconductor (1347.HK), closing price HKD 77.90, increase of 2.77%, trading volume HKD 3.273 billion
  7. China Life (2628.HK), closing price HKD 23.52, increase of 2.44%, trading volume HKD 2.688 billion
  8. Pop Mart (9992.HK), closing price HKD 272.40, decrease of 1.09%, trading volume HKD 2.676 billion
  9. Zijin Mining (2899.HK), closing price HKD 32.50, decrease of 0.31%, trading volume HKD 2.556 billion
  10. China National Offshore Oil (0883.HK), closing price HKD 19.04, increase of 2.31%, trading volume HKD 2.422 billion
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