Hong Kong Stock Market | The Hang Seng Index rose nearly 0.8%, with retail technology strengthening together; Alibaba rose 1.99%, and Ping An rose 3.65%

LB Select
2025.10.30 02:36
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The three major indices of the Hong Kong stock market rose during the session, with the Hang Seng Index up nearly 0.8%, indicating a warming of market risk appetite. The retail and technology sectors led the gains, with leading stocks such as Alibaba and Ping An seeing significant increases, becoming key targets for capital allocation. Southbound funds net bought HKD 6 billion, with both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect increasing their positions in core blue chips. The Federal Reserve's expectation of maintaining the status quo and the recovery of macro data support the market's continued rebound, highlighting structural opportunities

Current Situation of the Three Major Indices

  • Hang Seng Index: Up 0.78%
  • Hang Seng China Enterprises Index: Up 0.83%
  • Hang Seng Tech Index: Up 0.67%

Stock Performance: 737 stocks rose, 870 stocks fell, and 1,119 stocks closed flat.

Sector Performance

Retail Sector

The retail sector overall rose, benefiting from recent improvements in consumer spending and the implementation of various domestic consumption promotion policies, restoring market confidence, with continued net inflows of southbound funds into related leading stocks.

  • Alibaba (9988.HK): Up 1.99%, turnover of HKD 6.182 billion. The company continues to promote new retail and overseas expansion, driving trading enthusiasm, coupled with industry policy dividends and stable performance release. Recently, southbound funds have significantly increased their positions. The market generally believes that its e-commerce sector has long-term growth potential.
  • Meituan (3690.HK): Up 2.40%, turnover of HKD 2.050 billion. The local service business continues to expand, with market expectations for profit improvement. The number of active platform users maintains high growth, and the O2O ecosystem continues to improve. It has received continuous increases in southbound fund allocations.
  • Xiaomi Group (1810.HK): Down 1.16%, turnover of HKD 4.839 billion. Dragged down by short-term profit-taking, despite an increase in market share for its mobile phone business. The rapid layout of smart cars and IoT has attracted market attention, but it is affected by fluctuations in the global consumer electronics market.

Technology Hardware and Semiconductor Sector

The technology hardware, storage, and peripheral industries show a high-low differentiation, with major high-quality companies attracting capital, leading to increased index volatility, and the logic of domestic semiconductor substitution continues to ferment.

  • Tencent Holdings (700.HK): Up 2.09%, turnover of HKD 4.718 billion. Strongly benefited from better-than-expected advertising and fintech businesses, with stable recovery in gaming. The policy environment has marginally improved, with continuous net inflows of capital. The market is optimistic about its long-term layout in AI and video accounts.
  • SMIC (981.HK): Up 0.87%, turnover of HKD 4.529 billion. Driven by strong domestic substitution and demand for domestic chips. Quarterly performance is stable, coupled with industry expectation recovery. It has received continuous inflows from southbound funds.
  • Hua Hong Semiconductor (1347.HK): Up 1.28%, turnover of HKD 2.295 billion. The company's new capacity release and recovery in downstream demand drive stock performance. Benefiting from policy support for the domestic semiconductor industry chain. Foreign capital is optimistic about its medium to long-term growth elasticity.

Financial and Resource Sector

Leading financial and resource companies rose against the trend, boosted by macroeconomic recovery and the rebound in insurance and bank capital adequacy ratios, with gold and non-ferrous sectors being favored due to the stabilization of international gold prices.

  • Ping An (2318.HK): Up 3.65%, turnover of HKD 2.524 billion. The improvement in the fundamentals of insurance companies and the rebound in investment returns drive market sentiment. Regulatory policies encourage diversified asset allocation, effectively pushing stock prices higher. There are clear signs of net buying of funds
  • AIA Group (1299.HK): Up 0.34%, turnover HKD 1.196 billion. The insurance industry chain is recovering, and the demand for protection from mainland residents is rebounding. The value of new business continues to grow. Southbound funds have seen net inflows for several consecutive days.
  • Zijin Mining (2899.HK): Up 5.46%, turnover HKD 1.289 billion. The high international gold prices have driven investment enthusiasm in the mining sector. The company's capacity expansion and profit growth expectations are strong. Performance and commodity price resonance boost stock price upward.

Market Focus

1. Macroeconomic Policy and Industry Dynamics: The Federal Reserve maintains interest rates, the US dollar index weakens, the RMB exchange rate stabilizes in the short term, and the mainland's September CPI rises year-on-year to 0.2%, while the manufacturing PMI steadily recovers, collectively boosting the risk appetite for Hong Kong stocks, with active performance in the cyclical, consumer, and technology sectors.

2. Capital Flow: On October 30, southbound funds net bought HKD 6 billion (HK-Shanghai Stock Connect HKD 3.2 billion, HK-Shenzhen Stock Connect HKD 2.8 billion), with overall trading activity being active, and technology and consumer blue chips receiving continuous accumulation. Leading stocks such as Tencent, Alibaba, and Ping An have seen significant net inflows of funds, with increased enthusiasm for margin financing.

Top Ten Stocks by Turnover

  1. Alibaba (9988.HK), trading price HKD 174.40, increase 1.99%, turnover HKD 6.182 billion
  2. Xiaomi Group (1810.HK), trading price HKD 44.40, decrease 1.16%, turnover HKD 4.839 billion
  3. Tencent Holdings (700.HK), trading price HKD 658.50, increase 2.09%, turnover HKD 4.718 billion
  4. SMIC (981.HK), trading price HKD 80.80, increase 0.87%, turnover HKD 4.529 billion
  5. Ping An (2318.HK), trading price HKD 58.20, increase 3.65%, turnover HKD 2.524 billion
  6. Hua Hong Semiconductor (1347.HK), trading price HKD 87.25, increase 1.28%, turnover HKD 2.295 billion
  7. Meituan (3690.HK), trading price HKD 102.40, increase 2.40%, turnover HKD 2.050 billion
  8. ZTE Corporation (763.HK), trading price HKD 36.10, decrease 8.76%, turnover HKD 2.036 billion
  9. Zijin Mining (2899.HK), trading price HKD 32.78, increase 5.46%, turnover HKD 1.289 billion
  10. AIA Group (1299.HK), trading price HKD 74.85, increase 0.34%, turnover HKD 1.196 billion
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