Hong Kong Stock Mid-Review | Hang Seng Index fell 0.80%, technology and internet sectors under pressure, Ganfeng Lithium leads in gains

Market Overview

• The Hang Seng Index closed at 26,359.22 points, down 0.80%; the Hang Seng China Enterprises Index closed at 9,323.85 points, down 0.79%; the Hang Seng Tech Index closed at 5,743.57 points, down 1.19%.

• As of the time of writing, there were 672 gainers, 1,409 decliners, and 1,043 stocks unchanged in the Hong Kong stock market, showing a clear weakness overall, with more stocks declining than rising, reflecting a decrease in investor risk appetite.

• There is a strong wait-and-see attitude among funds, but some active sectors still have structural opportunities, highlighting the market's differentiation characteristics.

Sector Performance

• The technology sector showed overall volatility, influenced by the performance of leading Chinese concept stocks and market sentiment. Alibaba (9988.HK) fell 0.58%, with a trading volume of HKD 107.26 billion. Although DingTalk released version 8.1.5 to enhance the AI meeting "text and image minutes" function, which has a positive effect on collaborative office work, the market is more focused on overall performance. Xiaomi Group (1810.HK) fell 1.13%, with active trading, indicating that tech funds remain cautious.

• The internet content and information sector continued to face pressure. Tencent Holdings (700.HK) fell 0.62%, with a trading volume of HKD 41.88 billion; Baidu (9888.HK) fell 2.82%; Kuaishou (1024.HK) fell 1.19%. In terms of funding, there is a clear differentiation among leading internet companies, with selective market behavior after the earnings period, and some funds flowing out affecting sector performance.

• The hardware, storage, and peripherals sector showed a mixed trend. Lenovo Group (992.HK) saw a significant decline of 3.90%, while Bilan Group (1263.HK) rose 1.76% against the trend, but the overall trading volume was relatively limited, having a minor impact on the sector.

• The insurance and financial sector saw a slight pullback, influenced by market wait-and-see sentiment, with no significant increase in fund inflows.

• The energy sector rose slightly, driven by a small rebound in oil prices, but the overall increase was limited, with short-term funds mainly focusing on rotation opportunities.

• The banking sector saw a slight decline, influenced by macroeconomic data, with investors remaining cautious about profit expectations.

• The consumer sector experienced fluctuations, with terminal demand recovering less than expected. Related leaders such as Miniso (9896.HK) fell 0.86%, lacking strong catalysts in the short term.

• The pharmaceutical sector saw a slight decline, with industry policies and profit pressures continuing to affect fund allocation willingness.

• The gaming and cultural tourism sector saw a slight retreat, with uncertainty in the pace of recovery leading to reduced fund participation.

Macroeconomic Background

• In the short term, the macro environment facing the Hong Kong stock market is overall mild, with a composite CPI annual rate of 1.1%, indicating low inflation pressure; Hong Kong's latest (July to September) seasonally adjusted unemployment rate is 3.9%, up from the previous 3.7%, reaching the highest level in three years. Hong Kong's Financial Secretary Paul Chan stated that as the economy gradually improves and the market stabilizes, the unemployment rate is expected to ease and may decline soon

• The manufacturing PMI is slightly above the boom-bust line, and foreign exchange reserves remain stable. Export and import data maintain double-digit growth, and the trade deficit has narrowed, indicating that the economy still has recovery momentum.

• Investor sentiment is generally cautiously optimistic. Although the market shows significant differentiation, the macro environment provides some support for the market bottom.

Popular Stocks

Funds clearly prefer the new energy sector, which is one of the few sectors that rose against the trend today:

• Ganfeng Lithium (1772.HK) surged 7.78%, with a transaction volume of HKD 1.586 billion, showing active performance and reaching a 52-week high.

• Tianqi Lithium (9696.HK) rose 6.39%, with a transaction volume of HKD 610 million, showing active performance and reaching a 52-week high.

• Starry Chain Group (399.HK) plummeted 66.81%, with a transaction volume of HKD 18.1156 million, becoming the stock with the largest decline in the market. Although there are no obvious negative news, short-term funds have significantly flowed out.

• Shandong Molong (568.HK) rose 0.95%, with a transaction volume of HKD 102 million, showing stable performance with signs of slight fund inflow.

• Guofu Hydrogen Energy (2582.HK) fell 13.86%, with a transaction volume of HKD 323 million, facing significant pressure, mainly due to profit-taking.

• Longpan Technology (2465.HK) rose 1.30%, with a transaction volume of HKD 165 million, gaining increased market attention and positive short-term fund flow.

Market Transaction Volume TOP10

• Alibaba (9988.HK), down 0.58%, transaction volume of HKD 10.726 billion

• Tencent Holdings (700.HK), down 0.62%, transaction volume of HKD 4.189 billion

• Xiaomi Group (1810.HK), down 1.13%, transaction volume of HKD 2.943 billion

• SMIC (981.HK), up 0.41%, transaction volume of HKD 2.899 billion

• Hua Hong Semiconductor (1347.HK), up 1.75%, transaction volume of HKD 2.054 billion

• Ping An Insurance (2318.HK), down 0.42%, transaction volume of HKD 1.629 billion

• Ganfeng Lithium (1772.HK), up 7.78%, transaction volume of HKD 1.586 billion

• Meituan (3690.HK), down 0.05%, transaction volume of HKD 1.550 billion

• Pop Mart (9992.HK), down 0.09%, transaction volume of HKD 1.490 billion

• China Merchants Bank (3968.HK), down 1.06%, transaction volume of HKD 1.301 billion