Market Overview
▪ In the Hong Kong stock market, the three major indices showed divergent trends.
▪ As of now, the Hang Seng Index continues to hit new highs, rising to 27,931.62 points during the session, up 0.38%. At one point during the lunch break, it broke through 28,000 points again, refreshing the recent high and showing strong performance.
▪ The Hang Seng Tech Index, on the other hand, retreated during the session, reporting 5,826.71 points, with the decline expanding to 1.24%, indicating a clear short-term adjustment.
▪ The latest report for the China Enterprises Index during the session is 9,535.65 points, slightly up 0.25%, approaching the recent high point of November 2025.
Sector Performance
▪ The internet content and information sector experienced fluctuations during the session, with more evident structural positioning by investors. Industry leader Tencent Holdings rose 0.16% during the session, with active trading and relatively stable funds; Kuaishou increased by 0.55%, continuing the enthusiasm for the tech sector. Overall, the sector sentiment is stable, with no significant catalysts, and individual stock performance is mixed.
▪ The retail sector declined during the session, with funds avoiding traditional consumer leaders. Alibaba -W fell 0.69%, JD.com -SW dropped 1.72%, and Miniso fell 0.69%, indicating a decrease in investor interest in this sector. Related businesses in the Alibaba ecosystem (the merger of Cainiao and Zelos) have become structural highlights, driving technological innovation in the company's supply chain, but the short-term impact on stock prices is limited.
▪ The hardware, storage, and peripherals sector showed volatility during the session, with clear differentiation. Xiaomi Group -W rose 0.83%, with increased competition for existing funds within the sector. Lenovo Group slightly fell 0.22%, and Longqi Technology dropped 0.39%, indicating a preference for leading stocks. Overall, the sector lacks significant external catalysts, with funds flowing towards structural opportunities.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has been influenced by external capital flows and local economic data. Unemployment rates, retail, and import/export indicators have become focal points for the market. Investors are particularly focused on the impact of macro policy changes and the RMB's movements on liquidity, compounded by changes in policy expectations, leading to noticeable short-term volatility.
Popular Stocks
▪ Sunac China (1918.HK) rose 25.24% during the session, with a trading volume of HKD 2.687 billion. The company's chairman, Sun Hongbin, converted mandatory convertible bonds into 7.9572 million shares, diluting his holding from 47.78% to 38.23%, signaling a capital structure adjustment. This move enhances the company's financial flexibility but dilutes the equity of existing shareholders, leading to increased market expectations for the company's cash flow and capital optimization, with active short-term funds.
▪ WELIFE TECH (1703.HK) surged 98.33% during the session, with a trading volume of HKD 29.6025 million. The company announced a profit attributable to shareholders of HKD 9.3 million for the first half of the year, turning a profit and driving a 34% year-on-year revenue increase. The momentum for profit recovery is strong, with short-term funds actively flowing in, and market confidence has significantly rebounded.
▪ SOUTH MANGANESE (1091.HK) rose 28.77% during the session, with a trading volume of HKD 41.3353 million. The company's subsidiary in Tiandeng has suspended production due to severe losses and has implemented cost-cutting and efficiency-enhancing measures. The recent rise in electrolytic manganese product prices has driven significant fluctuations in the company's stock price, with notable upward momentum, but short-term operational risks should be monitored, with funds primarily engaged in speculative behavior
▪ Longfor Group (3380.HK) rose 21.64% during the session, with a transaction volume of HKD 225 million. The sector benefited from adjustments to commercial property loan policies, improving market expectations for real estate companies' liquidity and sales, leading to a recovery in sentiment and increased capital attention on leading stocks.
▪ Meijiaxin Holdings (6939.HK) rose 31.68% during the session, with a transaction volume of HKD 14.1153 million. The company's major shareholder, Geehy International, acquired approximately 40.67% of the shares through a tender offer, netting HKD 61.28 million for research and development and market expansion. Changes in governance structure and significant capital injection stimulated market sentiment and drove stock price fluctuations, with noticeable short-term capital inflow.
Market Transaction Volume TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 621.50, up 0.08%, transaction volume HKD 9.903 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 172.20, down 0.75%, transaction volume HKD 8.010 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.62, up 0.83%, transaction volume HKD 5.283 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 45.82, up 2.37%, transaction volume HKD 4.766 billion
▪ Ping An Insurance (02318.HK) latest transaction price HKD 73.25, up 3.24%, transaction volume HKD 4.110 billion
▪ SMIC (00981.HK) latest transaction price HKD 76.70, down 3.28%, transaction volume HKD 4.070 billion
▪ CNOOC (00883.HK) latest transaction price HKD 25.14, up 1.95%, transaction volume HKD 3.688 billion
▪ Kuaishou -W (01024.HK) latest transaction price HKD 82.65, up 0.43%, transaction volume HKD 2.798 billion
▪ Sunac China (01918.HK) latest transaction price HKD 1.29, up 25.24%, transaction volume HKD 2.687 billion
▪ China Construction Bank (00939.HK) latest transaction price HKD 8.15, up 1.49%, transaction volume HKD 2.665 billion

In the Hong Kong stock market, the three major indices showed divergent trends. The Hang Seng Index rose to 27,931.62 points, up 0.38%, once again setting a new high for the period. The Technology Index fell back, dropping 1.24% during the session, with a clear rotation structure among sectors. Internet content and information, hardware, and other sectors experienced fluctuations, while the retail sector generally declined, with leading company Alibaba -W down 0.69%. Stocks such as Sunac China, WELIFE TECH, and SOUTH MANGANESE showed significant movements, becoming the focus of market attention. The market's liquidity and macro expectations dominated short-term performance

- In the Hong Kong stock market, the Hang Seng Index reached a new high of 27,931.62 points, up 0.38%, while the Hang Seng Tech Index saw a decline of 1.24%.  
- Notable movements included China Fortune Land Development rising 25.24%, and Weilai Life Technology soaring 98.33%, reflecting investor optimism after strong earnings reports.  
- External funding flows and local economic indicators significantly influenced market dynamics, with unemployment and retail figures becoming focal points for investors.

Market Heartbeat

WELIFE TECH

TENCENT

KUAISHOU-W

BABA-W

MNSO

XIAOMI-W

LENOVO GROUP

LONGCHEER

Sunac China

SOUTH MANGANESE

LOGAN GROUP

MEGAIN

ZIJIN MINING

PING AN

Hong Kong stock market intraday | The Hang Seng Index briefly rose above 28,000 points, the Technology Index retreated, WELIFE TECH surged 98%