Hong Kong Stock Market | The Hang Seng Index rises nearly 0.5%, stabilizing at 26,300, semiconductor sector under pressure; Tencent up 1.81%, SMIC down over 3%

Market Heartbeat
2025.11.10 02:39
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During the Hong Kong stock market, the Hang Seng Index rose nearly 0.5%, stabilizing above 26,300 points, outperforming the Hang Seng Tech Index. The semiconductor sector led the decline, with significant drops in leading companies like SMIC, while there was a clear divergence in technology and retail sectors. Southbound funds saw a net outflow of HKD 2.3 billion, with main funds showing an increasing short-term wait-and-see sentiment. On the macro front, the RMB exchange rate stabilized, and mainland economic data showed signs of recovery, providing emotional support for tech and consumer stocks

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI.HK): Up 0.48%, at 26,366.88 points
  • Hang Seng China Enterprises Index (HSCEI.HK): Up 0.63%, at 9,326.24 points
  • Hang Seng Tech Index (HSTECH.HK): Down 0.22%, at 5,824.78 points

The overall market saw 961 stocks rise, 593 stocks fall, and 1,171 stocks remain unchanged.

Sector Performance

Internet Content and Information Sector

The sector fluctuated during the session, with improved earnings expectations and AI innovations driving strong performances from some leading companies, while southbound capital slightly reduced positions, deepening sector differentiation.

  • Tencent Holdings (700.HK): Up 1.81%, with a turnover of HKD 3.686 billion. The company's fundamentals are resilient, supported by growth in advertising and fintech businesses. Continuous capital inflow and market attention on the third-quarter earnings report. Overall risk appetite improvement benefits the leaders.
  • Kuaishou-W (1024.HK): Up 0.59%, with a turnover of HKD 661 million. The AI strategy upgrade continues to advance, with high growth in user base and B-end cooperation. Valuation recovery within the sector, with the market expecting long-term growth potential. Improved liquidity drives short-term performance.
  • Baidu-SW (9888.HK): Up 0.48%, with a turnover of HKD 513 million. The commercialization of AI technology drives main business growth, while cloud business expansion supports overall performance. Steady foreign capital accumulation and sector valuation recovery.

Retail Sector

The sector showed stable differentiation, with leaders driven by quarterly earnings expectations and recovery in consumer demand, while industry capital inflow remained limited.

  • Alibaba-W (9988.HK): Up 0.81%, with a turnover of HKD 3.534 billion. The recovery in online consumption stabilizes the main business, with the third-quarter report to be disclosed this week. Short-term capital is cautious, leading to increased stock price volatility.
  • JD-SW (9618.HK): Slightly down 0.24%, with a turnover of HKD 265 million. Consumer electronics drag down earnings expectations, with the company set to announce its earnings report soon. Sector capital is cautious, with trading volume declining.
  • MNSO (9896.HK): Slightly up 0.05%, with a turnover of HKD 35.2 million. Market expectations diverge as the earnings report approaches, with offline recovery bringing improved gross profit margins. Some capital takes profits, weakening short-term bullish sentiment.

Semiconductor Manufacturers Sector

The semiconductor sector is under pressure due to weak industry demand and capital outflows, with the market focusing on earnings report disclosures causing volatility.

  • SMIC (981.HK): Down 3.64%, with a turnover of HKD 2.965 billion. As the earnings report approaches, market concerns about capacity utilization and profit expectations arise, with downstream demand recovering slowly. Capital outflows drive stock price fluctuations downward.
  • HUA HONG SEMI (1347.HK): Down 2.83%, with a turnover of HKD 1.563 billion. Earnings guidance remains weak, with no significant improvement in demand structure. Some institutions realize profits, leading to a phase valuation adjustment
  • INNOSCIENCE (2577.HK): Down 3.77%, with a trading volume of HKD 135 million. Market sentiment has cooled under performance pressure, with funds avoiding the downward trend. The stock price is approaching support levels, and volatility may increase.

Market Focus

1. Core Macro and Industry Focus: In the past month, the Federal Reserve has maintained a high interest rate policy, pausing rate hikes to observe inflation. The RMB to USD exchange rate has recently stabilized, mainland China's October PMI has returned to the expansion range, and CPI has moderately rebounded, leading to an increase in risk appetite for Hong Kong stocks.

Top Ten Stocks by Trading Volume

  1. TENCENT (700.HK), trading price HKD 645.50, up 1.81%, trading volume HKD 3.527 billion
  2. Alibaba -W (9988.HK), trading price HKD 161.30, up 0.75%, trading volume HKD 3.424 billion
  3. SMIC (981.HK), trading price HKD 72.55, down 3.84%, trading volume HKD 2.732 billion
  4. XIAOMI-W (1810.HK), trading price HKD 41.70, down 1.28%, trading volume HKD 2.575 billion
  5. POP MART (9992.HK), trading price HKD 217.60, up 6.25%, trading volume HKD 2.196 billion
  6. HUA HONG SEMI (1347.HK), trading price HKD 77.10, down 2.96%, trading volume HKD 1.473 billion
  7. Ganfeng Lithium (1772.HK), trading price HKD 55.15, up 4.65%, trading volume HKD 1.066 billion
  8. CNOOC (883.HK), trading price HKD 21.70, up 2.46%, trading volume HKD 1.036 billion
  9. Meituan -W (3690.HK), trading price HKD 102.20, up 0.20%, trading volume HKD 996 million
  10. XPeng -W (9868.HK), trading price HKD 88.30, down 2.86%, trading volume HKD 960 million
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