Hong Kong stock market intraday | The Hang Seng Index rises nearly 0.2% leading the way, technology sector under pressure; Alibaba rises 2.17% against the trend

Market Heartbeat
2025.11.13 06:39
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The three major indices of the Hong Kong stock market experienced high-level fluctuations in the morning session, with the Hang Seng Index rising nearly 0.2%, leading the performance. The technology sector faced overall pressure, while Alibaba rose against the trend. There was a clear divergence in funds, with active trading and a focus on innovative drugs and new economy leaders. The Federal Reserve maintained interest rates, and mainland policies boosted risk appetite

Current Situation of the Three Major Indices

  • Hang Seng Index (HSI.HK): Up 0.29%, at 27,002.13 points
  • Hang Seng China Enterprises Index (HSCEI.HK): Up 0.38%, at 9,575.52 points
  • Hang Seng Tech Index (HSTECH.HK): Up 0.34%, at 5,954.12 points

Individual stock closing performance: 1,085 stocks up, 1,052 stocks down, 986 stocks flat.

Sector Performance

Retail Sector

The retail sector shows mixed fluctuations, with intensified competition among leading funds. Influenced by AI benefits and market news, overall trading volume is high, with structural opportunities being the main focus, and core stocks like Alibaba receiving incremental allocations.

  • Alibaba -W (9988.HK): Up 2.17%, trading volume of HKD 10.8 billion. The company promotes the "Thousand Questions" large model and AI personal assistant applications, actively benchmarking against ChatGPT, enhancing expectations for technological growth. Favorable policies combined with technological innovation attract funds to increase positions against the trend.
  • JD Group -SW (9618.HK): Up 0.40%, trading volume of HKD 900 million. After a previous rebound, it lacks catalysts, leading to increased short-term market volatility. Intense competition in e-commerce prompts some funds to realize profits, accelerating sector rotation.
  • MINISO (9896.HK): Down 1.15%, trading volume of HKD 133 million. Affected by industry rotation and a decline in sentiment, funds flow out in the short term. Leading stocks dominate performance, with overall trading focused on structural opportunities.

Technology and Internet Content Sector

The technology and content sector is under overall pressure, mainly dragged down by overseas interest rate hikes, industry uncertainty, and valuation pressure. Short-term liquidity is tightening, with funds concentrating on leading stocks.

  • Tencent Holdings (700.HK): Down 0.61%, trading volume of HKD 6.737 billion. Fluctuations in performance expectations and pressure from social advertising and cloud business lead to short-term adjustments. High liquidity makes the stock price relatively resilient, but market sentiment dominates trading.
  • Kuaishou -W (1024.HK): Up 0.14%, trading volume of HKD 1.462 billion. The tech index's low opening drags down performance, with advertising demand under pressure and intensified competition affecting fund inflows. The extent of stock price adjustments expands, with noticeable fund rotation.
  • Baidu Group -SW (9888.HK): Up 3.17%, trading volume of HKD 964 million. The AI mainline strengthens short-term inflows, with attention on the progress of AI implementation. The company's innovation-driven approach boosts investor confidence, with performance exceeding that of the same sector.

Hardware, Storage, and Peripheral Sector

The industry overall adjusts with the market, showing significant sector differentiation. Leading stocks experience short-term pullbacks, with most funds on the sidelines, while innovative targets are in high demand.

  • Xiaomi Group -W (1810.HK): Down 0.64%, trading volume of HKD 5.118 billion. Expectations for smartphone market conditions weaken, with the market waiting for new product catalysts. Funds maintain high turnover, with core focus on innovative business directions
  • Lenovo Group (992.HK): Down 1.55%, turnover HKD 328 million. The PC market has not fundamentally improved, and macro fluctuations have increased investment difficulties. Limited liquidity in funds has led the sector into a structural adjustment phase.
  • Pangang Group (1263.HK): Up 1.99%, turnover HKD 20 million. Small-cap stocks are driven by technological innovation, showing strong phase rebounds. New technological advancements stimulate market participation, but the sector's contribution is limited.

Market Focus

1. Core Macro and Industry Focus: Recently, the Federal Reserve announced at the November FOMC meeting that interest rates would remain unchanged, alleviating pressure on dollar liquidity. The renminbi has appreciated in the short term, providing momentum for foreign capital inflows into Hong Kong stocks. The mainland's October CPI fell to -0.2% year-on-year, reflecting mild inflation, while the manufacturing PMI rose to 50.2%, indicating a slow improvement in domestic demand. Continued high-level policies to stabilize growth support market risk appetite.

2. Fund Flows: Yesterday, the Hang Seng Index main board's turnover exceeded HKD 120 billion, with innovative drugs, technology, and new economy leaders continuing to attract attention. BeiGene's stock price reached a new high, while technology and medical ETFs have consistently attracted capital, with a preference for structural opportunities.

Top Ten Stocks by Turnover

  1. Alibaba (9988.HK), trading price HKD 160.02, increase 2.17%, turnover HKD 10.8 billion
  2. Tencent Holdings (700.HK), trading price HKD 653.00, decrease 0.61%, turnover HKD 6.737 billion
  3. Xiaomi Group (1810.HK), trading price HKD 43.36, decrease 0.64%, turnover HKD 5.118 billion
  4. SMIC (981.HK), trading price HKD 74.95, increase 2.32%, turnover HKD 3.753 billion
  5. CHINA RES MIXC (1209.HK), trading price HKD 44.50, decrease 3.52%, turnover HKD 3.190 billion
  6. Meituan (3690.HK), trading price HKD 101.90, increase 0.10%, turnover HKD 2.214 billion
  7. Ping An Insurance (2318.HK), trading price HKD 61.00, increase 1.16%, turnover HKD 2.073 billion
  8. Ganfeng Lithium (1772.HK), trading price HKD 58.95, increase 10.51%, turnover HKD 2.042 billion
  9. BeiGene (6160.HK), trading price HKD 228.60, increase 7.54%, turnover HKD 1.789 billion
  10. China Construction Bank (939.HK), trading price HKD 8.41, increase 0.12%, turnover HKD 1.752 billion
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