Hong Kong Stock Market | The Hang Seng Index rose 1%, the technology sector under pressure; Meituan up 5%, Junshi Biosciences surged 6.42%

The three major indices of the Hong Kong stock market showed mixed performance during the session. The Hang Seng Index rose slightly due to capital inflows, while the Hang Seng Tech Index's pullback suppressed the overall upward trend. The technology and semiconductor sectors faced pressure, while the biopharmaceutical and energy sectors moved against the trend. Giant Biologics surged 6.42%, and Meituan performed actively. Southbound funds saw strong net inflows, with a focus on leading stocks and structural rotation opportunities

Current Situation of the Three Major Indices

Hang Seng Index (HSI.HK): Up 0.24%, at 17,523.60 points

Hang Seng China Enterprises Index (HSCEI.HK): Up 0.22%, at 5,950.85 points

Hang Seng Tech Index (HSTECH.HK): Down 0.29%, at 4,136.92 points

A total of 571 stocks rose, 1,219 fell, and 932 remained flat.

Technology Sector

The sector overall fell 0.29%, due to fluctuations in the US tech sector and rising external uncertainties, leading to short-term capital outflows. Trading is mainly short-term, with main funds avoiding high-valuation tracks.

Tencent Holdings (0700.HK): Up 0.72%, with a transaction volume of HKD 5.025 billion. Industry consolidation and AI application implementation drive strong fundamentals, with institutional funds continuously increasing positions, providing a hedge attribute, and limited short-term volatility.

Alibaba (9988.HK): Up 0.19%, with a transaction volume of HKD 8.580 billion. Cloud business reforms and expectations of domestic demand recovery boost market confidence, with continuous net inflows from southbound funds, enhancing valuation attractiveness.

Meituan (3690.HK): Up 3.43%, with a transaction volume of HKD 4.830 billion. Recovery in dining consumption drives profit improvement, with funds concentrating on increasing positions, and significant net buying from large orders.

Biopharmaceutical Sector

The sector overall rose 2.15%. Expectations for new drug approvals and capital attention have boosted the sector's activity, with leading companies continuously benefiting.

Zhongke Bio (2367.HK): Up 6.42%, with a transaction volume of HKD 2.499 billion. Smooth progress in new product line approvals and upward revision of performance guidance, with significant inflows from southbound funds driving market capitalization growth.

WuXi Biologics (2269.HK): Down 0.26%, with a transaction volume of HKD 1.168 billion. Performance remains stable due to compliance issues in overseas biopharmaceuticals, with R&D progress attracting market attention, and capital divergence leading to moderate trading.

Genscript Biotech (1548.HK): Down 2.02%, with a transaction volume of HKD 619 million. Industry sentiment fluctuations have led to increased short-term profit pressure, with institutions conducting multiple surveys, and the company's fundamentals still have highlights.

Resources and Energy Sector

The sector rose 1.10%. Geopolitical conflicts have driven up commodity prices, benefiting Hong Kong stocks related to energy with increased capital supportChina National Offshore Oil Corporation ( 0883.HK ): Up 2.31%, turnover of HKD 2.617 billion. The recent rebound in international oil prices has boosted performance expectations, while geopolitical factors have driven risk aversion, leading to significant accumulation of southbound funds.

PetroChina Company Limited ( 0857.HK ): Down 0.48%, turnover of HKD 937 million. Increased volatility in oil prices has constrained the sector due to macro factors, while low valuations attract funds for bargain hunting.

China Shenhua Energy Company Limited ( 1088.HK ): Up 1.05%, turnover of HKD 674 million. High coal prices support performance, and policies to stabilize production and ensure supply safeguard market demand, resulting in continued net inflows of funds.

Market Focus

Core macro and industry focus news: Recently, the Federal Reserve has signaled easing, combined with the narrowing of the China-U.S. interest rate spread and stabilization of the RMB exchange rate, providing support for attracting risk-seeking funds to the Hong Kong stock market and alleviating liquidity pressure. The latest domestic data for September shows a rebound in social financing and PMI, driving strength in consumption and new economy sectors, with market expectations for China's economic recovery heating up.
Fund flows: Today, southbound funds recorded a net inflow of HKD 2.28 billion, with the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects collectively increasing positions in leading technology and pharmaceutical stocks by nearly HKD 1.5 billion. The overall turnover of Hong Kong stocks exceeded HKD 450 billion, with core funds favoring leading stocks like Meituan and Junzi Biological, driving related stocks to break out during trading.

Top Ten Stocks by Turnover

POP MART ( 9992.HK ), trading price HKD 232.80, down 9.20%, turnover HKD 10.194 billion.

Alibaba -W ( 9988.HK ), trading price HKD 162.20, up 0.19%, turnover HKD 8.580 billion.

SMIC ( 0981.HK ), trading price HKD 73.50, down 1.80%, turnover HKD 5.621 billion.

Tencent Holdings ( 0700.HK ), trading price HKD 628.00, up 0.72%, turnover HKD 5.025 billion.

Meituan -W ( 3690.HK ), trading price HKD 99.40, up 3.43%, turnover HKD 4.830 billion.

Huahong Semiconductor ( 1347.HK ), trading price HKD 71.65, down 5.66%, turnover HKD 3.903 billionXiaomi Group -W ( 1810.HK ), trading price HKD 46.26, down 0.17%, trading volume HKD 2.932 billion.

China National Offshore Oil Corporation ( 0883.HK ), trading price HKD 19.95, up 2.31%, trading volume HKD 2.617 billion.

Giant Biogene ( 2367.HK ), trading price HKD 41.10, up 6.42%, trading volume HKD 2.499 billion.

China Mobile ( 0941.HK ), trading price HKD 84.85, up 0.47%, trading volume HKD 1.990 billion