Hong Kong stocks closed | The Hang Seng Tech Index fell nearly 0.7%, while the financial sector strengthened against the trend; Tencent rose 0.93%, and SMIC fell over 1%

LB Select
2025.10.30 08:13
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The three major indices of the Hong Kong stock market all fell, continuing the weak oscillation, with the technology index leading the decline by nearly 0.7%, showing significant differentiation within the technology sector. Tencent and Alibaba rose steadily, while chip leader SMIC and Xiaomi declined, and the financial sector rose against the trend. Southbound funds net bought HKD 7.9 billion that day, focusing on leading companies like China Telecom, boosting the rebound of related stock prices. On the macro front, the dovish signals from the Federal Reserve, the narrowing of the China-U.S. interest rate spread, and the weakening of China's PMI collectively influenced market risk appetite

Current Situation of the Three Major Indices

  • Hang Seng Index: down 0.24%
  • Hang Seng China Enterprises Index: down 0.31%
  • Hang Seng Tech Index: down 0.68%

A total of 791 stocks rose, 1,176 stocks fell, and 759 stocks closed flat.

Sector Performance

Technology Sector

The technology sector fluctuated during the session, with some differentiation within the sector. Supported by demand for AI and semiconductors, some leading companies performed well, but chip companies faced pressure. Southbound funds continued to flow into technology blue chips.

  • Tencent Holdings (700.HK): up 0.93%, with a turnover of HKD 14.26 billion. AI and gaming businesses are steadily growing, maintaining a reallocation position among institutions. High capital attention, with turnover rate leading peers. Valuation repair, combined with a warming market risk appetite, supports stock prices.
  • Alibaba -W (9988.HK): up 0.64%, with a turnover of HKD 19.35 billion. E-commerce business is stable, with improved expectations for cloud computing and new AI businesses. Southbound funds continue to increase positions, with significant foreign capital allocation. Active turnover during the day, with the market deeply exploring the company's fundamentals.
  • Meituan -W (3690.HK): up 2.40%, with a turnover of HKD 10.37 billion. Core local life recovery drives revenue, with profitability improving beyond expectations. Marginal capital inflow attracts short-term trading speculation. Short-term performance recovery solidifies valuation support.
  • SMIC (981.HK): down 1.12%, with a turnover of HKD 11.25 billion. The chip cycle is under pressure, with short-term performance limited. Intensified industry competition affects market sentiment. Capital allocation is cautious, leading to amplified stock price fluctuations.
  • Xiaomi Group -W (1810.HK): down 1.69%, with a turnover of HKD 10.90 billion. Affected by slowing smartphone demand, short-term growth is under pressure. Innovative ecological layout is advancing, but market expectations are weakening. Southbound funds have significantly reduced holdings, with risk appetite contracting.

Financial Sector

The financial sector rose against the trend, benefiting from expectations of macroeconomic recovery, with northbound funds continuously laying out core weights.

  • Ping An Insurance (2318.HK): up 1.69%, with a turnover of HKD 5.47 billion. Insurance and banking businesses are steadily growing, with overall valuation being enhanced. Economic stabilization drives incremental capital speculation, with significant northbound fund accumulation. The stock price has continued to rebound this month, highly correlated with fundamentals.
  • AIA Group (1299.HK): slightly up 0.27%, with a turnover of HKD 2.98 billion. Recovery in Hong Kong and Macau businesses boosts new single premium growth, revealing long-term value. Foreign capital continues to pay attention, with active capital frequently appearing during the session. Asset allocation adjustments optimize the company's performance expectations.
  • HSBC Holdings (0005.HK): slightly down 0.11%, with a turnover of HKD 2.16 billion. Fluctuations in interest rates and exchange rates drag down short-term profitability. Global financial business maintains resilience and stable expectations. Low-level capital absorption strengthens, with volatility amplified.

Healthcare Sector

The healthcare sector is undergoing narrow consolidation, influenced by unclear policies and external liquidity disturbances, with significant institutional portfolio adjustments

  • Hansoh Pharmaceutical (3692.HK): Up 0.59%, with a transaction volume of HKD 601 million. Innovative drug performance continues to grow, coupled with expanding R&D investment. Rational capital inflow drives improvement in fundamentals. Changes in policy expectations bring upward elasticity.
  • China National Pharmaceutical Group (1177.HK): Down 0.68%, with a transaction volume of HKD 450 million. Increased risks from drug procurement intensify performance pressure. Market risk appetite shrinks, and southbound capital operations become cautious. There are still innovative highlights in the medium to long term, but short-term pressure is significant.
  • Innovent Biologics (1801.HK): Slightly up 0.30%, with a transaction volume of HKD 789 million. Frequent approvals of innovative drugs drive revenue expansion. Valuation shows clear bottom characteristics, and industry sentiment is marginally recovering. Foreign capital maintains a wait-and-see attitude, focusing on policy disturbance factors.

Market Focus

1. Core macro and industry focus news: In the past month, the Federal Reserve has continuously released dovish signals, leading to a narrowing of the interest rate differential between China and the U.S., with the RMB maintaining a range of 7.24 against the USD, and liquidity improvement driving a recovery in risk appetite. China's official PMI has been in the contraction zone for two consecutive months, indicating weak economic recovery momentum, which constrains valuations in the Hong Kong stock market and A/H market. Under the intertwining of macro bullish and bearish factors, market structure is differentiated, and capital flows towards mainstream leaders.

2. Capital flow: On October 30, southbound funds net bought HKD 7.9 billion, with net inflows throughout the Shanghai/Shenzhen-Hong Kong Stock Connect, significantly boosting the total transaction volume of Hong Kong stocks for the day. Funds focused on increasing positions in leading stocks like China Telecom (holding 9.879 billion shares, reaching a new high of 71.18%), driving the stock price to rebound over 14% this month, indicating an increase in capital risk appetite and a pursuit of mainline sectors.

Top Ten Stocks by Transaction Volume

  1. Alibaba-W (9988.HK), transaction price HKD 172.10, increase 0.64%, transaction volume HKD 19.35 billion
  2. Tencent Holdings (700.HK), transaction price HKD 651.00, increase 0.93%, transaction volume HKD 14.26 billion
  3. SMIC (981.HK), transaction price HKD 79.20, decrease 1.12%, transaction volume HKD 11.25 billion
  4. Xiaomi Group-W (1810.HK), transaction price HKD 44.16, decrease 1.69%, transaction volume HKD 10.90 billion
  5. Meituan-W (3690.HK), transaction price HKD 102.40, increase 2.40%, transaction volume HKD 10.37 billion
  6. Ping An Insurance (2318.HK), transaction price HKD 57.10, increase 1.69%, transaction volume HKD 5.47 billion
  7. Hua Hong Semiconductor (1347.HK), transaction price HKD 86.15, unchanged, transaction volume HKD 5.30 billion
  8. ZTE Corporation (763.HK), transaction price HKD 35.06, decrease 11.38%, transaction volume HKD 3.54 billion
  9. Pop Mart (9992.HK), transaction price HKD 229.80, increase 0.70%, transaction amount HKD 3.22 billion
  10. NetEase -S (9999.HK), transaction price HKD 220.00, decrease 2.05%, transaction amount HKD 3.12 billion
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