Market Overview▪ On December 2, the three major indices of the Hong Kong stock market showed mixed performance, with the Hang Seng Index rising 0.24% to close at 26,095.05 points; the Hang Seng China Enterprises Index up 0.11% to 9,182.65 points; and the Hang Seng Tech Index down 0.37% to 5,624.04 points.▪ By the close, there were 881 stocks rising, 935 stocks falling, and 905 stocks unchanged, indicating a mixed overall performance. Investor risk appetite remains divergent, with capital focusing on structural opportunities.▪ There is a clear divergence among mainstream leaders, with intensified internal rotation in some sectors. Overall trading activity is acceptable, with a prevailing wait-and-see trend.Sector Performance▪ The retail sector experienced volatile trading today, with active capital turnover. Alibaba rose 1.36%, becoming the market focus with a transaction volume of HKD 11.717 billion. Benefiting from the divergence in the consumer sector and industry rotation, Alibaba showed active short-term performance, while JD.com fell 0.94%, indicating a divergence in capital performance. Miniso slightly increased by 0.67%, showing varied internal momentum within the sector.▪ The restaurant sector overall saw a slight increase, driven by the recovery in dining consumption, but there was internal divergence among leaders. Meituan fell 3.06%, with a transaction volume of HKD 7.832 billion, reflecting some capital reallocation within the sector and a significant increase in trading volume. Haidilao and Yum China rose slightly by 0.50% and 0.48%, respectively, focusing on stable performance and recovery logic, which helped to moderately restore industry sentiment.▪ The internet content and information sector saw a slight decline, with adjustments in leading stocks putting overall pressure on the sector. Tencent Holdings fell 0.40%, with a transaction volume of HKD 7.090 billion, Kuaishou rose slightly by 0.88%, and Baidu increased by 0.09%. The internal capital flow within the sector showed divergence, indicating that investors are heavily focused on short-term operations in tech-heavy stocks.Macroeconomic Background▪ Recently, the Hong Kong stock market has been paying attention to the decline in manufacturing PMI and the stability of foreign exchange reserves, indicating limited economic recovery momentum.▪ Major macro data has released a wait-and-see sentiment, and short-term market volatility is expected to increase. Investors are paying more attention to economic trends and liquidity, with market activity being dominated by macro expectations.Popular Stocks▪ China Goldstone (1380.HK) rose 30.00%, with a transaction volume of HKD 0.029 billion. The increase is notable, and although the total transaction volume is small, there is a strong willingness for short-term speculation, indicating high market speculation enthusiasm.▪ Longpan Technology (2465.HK) rose 4.10%, with a transaction volume of HKD 3.38 billion. There are clear signs of capital speculation under sector rotation, making it a target of capital attention for the day.▪ Jihong Co., Ltd. (2603.HK) rose 4.32%, with a transaction volume of HKD 2.85 billion. The trading was active today, with significant capital inflow, making it a hotspot for short-term trading in the market.▪ Guanghetong (638.HK) fell 0.16%, with a transaction volume of HKD 3.81 billion. Although the stock price fluctuated little, capital turnover continued, indicating structural speculation is not lacking▪ Lion Group Holdings (2562.HK) fell 9.09%, with a trading volume of HKD 322 million. The stock price dropped significantly, and capital outflow was evident, reflecting a rise in short-term risk aversion.Market Trading Volume TOP10▪ Alibaba -W (9988.HK) latest trading price HKD 157.00, up 1.36%, trading volume HKD 11.717 billion▪ Meituan -W (3690.HK) latest trading price HKD 96.50, down 3.06%, trading volume HKD 7.832 billion▪ Tencent Holdings (700.HK) latest trading price HKD 617.00, down 0.40%, trading volume HKD 7.090 billion▪ Xiaomi Group -W (1810.HK) latest trading price HKD 40.70, up 0.99%, trading volume HKD 5.713 billion▪ Kuaishou -W (1024.HK) latest trading price HKD 68.95, up 0.88%, trading volume HKD 3.264 billion▪ BYD Company (1211.HK) latest trading price HKD 100.10, up 2.19%, trading volume HKD 2.635 billion▪ ZTE Corporation (763.HK) latest trading price HKD 33.78, down 5.64%, trading volume HKD 2.524 billion▪ XPeng Motors -W (9868.HK) latest trading price HKD 78.75, down 5.52%, trading volume HKD 2.366 billion▪ Zijin Mining (2899.HK) latest trading price HKD 32.72, up 1.24%, trading volume HKD 1.936 billion▪ Pop Mart (9992.HK) latest trading price HKD 218.80, up 1.67%, trading volume HKD 1.923 billion

On December 2nd, the three major indices of the Hong Kong stock market showed mixed results, with the Hang Seng Index stabilizing above 26,000 points. The retail, internet, and catering sectors exhibited divergent performances, with core leaders like Alibaba attracting attention. The rotation of mainstream capital was prominent, and some popular stocks performed remarkably well. Macroeconomic data released a wait-and-see sentiment, leading to increased volatility

- On December 2, Hong Kong's three major indices showed mixed performance, with the Hang Seng Index rising 0.24% to 26,095.05 points, while the Hang Seng Tech Index fell 0.37% to 5,624.04 points.  
- Market activity reflected a divergence in investor risk appetite, with 881 stocks rising and 935 falling, indicating structural opportunities amid volatility.  
- Notable stock movements included Alibaba's 1.36% increase, while Meituan dropped 3.06%, highlighting sector rotation and varying investor sentiment across different industries.

Market Heartbeat

BABA-W

JD-SW

MNSO

MEITUAN

HAIDILAO

YUM CHINA

TENCENT

KUAISHOU-W

BIDU-SW

CHI KINGSTONE

LOPAL TECH

JIHONG CO

FIBOCOM

SYNAGISTICS

XIAOMI-W

Alibaba

Hong Kong stock market closing | The Hang Seng Index rose 0.19%, stabilizing above 26,000 points, with retail leader Alibaba leading the rise at 1.36%, while Meituan saw a significant decline, indicating a clear market divergence