Market Overview▪ On February 11, the three major indices of the Hong Kong stock market showed a fluctuating stabilization trend during the trading session, with a noticeable recovery in the technology sector's sentiment. As of the time of publication:▪ The Hang Seng Index is currently at 27,239.34 points, up 0.21%. The index is currently in a consolidation range below the peak level reached on January 30, with a stalemate in the long and short positions during the session, and no breakthrough momentum has yet emerged.▪ The Hang Seng Tech Index led the three major indices, reporting 5,508.07 points during the session, with an increase of 1.05%. Although it has not yet reached the previous high before February 2, the rebound strength is significantly stronger than the broader market, indicating a renewed interest from funds in technology growth stocks.▪ The China Enterprises Index reported 9,262.25 points, up 0.21%, moving in sync with the Hang Seng Index, continuing to maintain a narrow consolidation near the high levels since the end of January.Sector Performance▪ The internet content and information sector showed mixed performance, with Bilibili leading the gains and Tencent experiencing a slight pullback. Bilibili -W (09626.HK) rose 4.16%, with a transaction volume of HKD 446 million, indicating increased market attention on the content sector; Tencent Holdings (00700.HK) fell 0.82%, with a transaction volume of HKD 5.368 billion; Kuaishou -W (01024.HK) rose 0.64%, showing overall divergent trends.▪ The hardware, storage, and peripherals sector saw a broad increase driven by positive news from Xiaomi's business, with optimistic market sentiment. Leading stock Xiaomi Group -W (01810.HK) continued to rise during the session, up 4.55%, with a transaction volume of HKD 3.536 billion, as the market holds an optimistic view on its recent business developments and hardware prospects, with significant capital inflow; Lenovo Group (00992.HK) rose 1.28%.▪ The semiconductor manufacturers sector weakened across the board, with SMIC leading the decline and noticeable capital outflow. SMIC (00981.HK) fell 3.91%, with a transaction volume of HKD 2.934 billion; Hua Hong Semiconductor (01347.HK) fell 2.27%; JunDa Co., Ltd. (02865.HK) fell 3.04%, with the sector overall under pressure.Macroeconomic Background▪ The current focus of the Hong Kong stock market is on the strength of macroeconomic recovery and marginal changes in liquidity. Although there have been no core macro data releases recently, investors need to closely monitor the upcoming trade balance, retail sales data, and HSBC manufacturing PMI to verify the quality of domestic demand and export recovery.▪ In the absence of data guidance during this vacuum period, market sentiment may be more influenced by external fluctuations and exchange rate trends.Popular Stocks▪ Zhizhu (2513.HK) rose 9.82%, with a transaction volume of HKD 354 million. As the &#34;first global large model stock,&#34; its market value has surpassed HKD 150 billion, with the market giving high valuations to the commercialization of general AI large models and the company's leading position in the industry, showing strong confidence in capital pursuit.▪ Lexin Outdoor (2720.HK) rose 48.10%, with a transaction volume of HKD 36.6925 million. As the &#34;first fishing stock&#34; recently listed on the Hong Kong Stock Exchange, it fills a gap in the sector, enhancing brand influence and showing strong stock price performance▪ Kingboard Laminates (1888.HK) rose 9.98%, with a transaction amount of HKD 486 million. The stock price showed significant fluctuations.▪ Jinli Permanent Magnet (6680.HK) rose 9.15%, with a transaction amount of HKD 156 million.▪ China National Building Material (3323.HK) rose 8.82%, with a transaction amount of HKD 309 million.Market Transaction Amount TOP10▪ Tencent Holdings (00700.HK) latest transaction price HKD 546.50, down 0.82%, transaction amount HKD 5.306 billion▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 37.30, up 4.83%, transaction amount HKD 3.488 billion▪ SMIC (00981.HK) latest transaction price HKD 68.90, down 3.70%, transaction amount HKD 2.911 billion▪ Alibaba -W (09988.HK) latest transaction price HKD 162.00, up 0.93%, transaction amount HKD 2.640 billion▪ Pop Mart (09992.HK) latest transaction price HKD 260.20, down 3.56%, transaction amount HKD 1.952 billion▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 111.90, down 1.84%, transaction amount HKD 1.322 billion▪ Meituan -W (03690.HK) latest transaction price HKD 88.95, up 0.17%, transaction amount HKD 1.298 billion▪ SenseTime -W (00020.HK) latest transaction price HKD 2.52, up 3.28%, transaction amount HKD 1.078 billion▪ Zijin Mining (02899.HK) latest transaction price HKD 43.66, up 3.17%, transaction amount HKD 990 million▪ BYD Company (01211.HK) latest transaction price HKD 100.10, up 4.49%, transaction amount HKD 974 million

On February 11th, the three major indices of the Hong Kong stock market showed a fluctuating stabilization trend during the trading session, with the Hang Seng Technology Index performing strongly, leading with a rise of 1.05%, indicating a rebound in investor interest in technology growth stocks. The Hang Seng Index slightly increased by 0.21% to 27,239.34 points. Sector performance was notably mixed: the hardware and storage sectors saw widespread gains driven by positive news from Xiaomi's business, with Xiaomi Group rising by 4.55%; the internet sector experienced mixed results, with Bilibili rising over 4% while Tencent saw a slight pullback; the semiconductor sector weakened across the board, with SMIC falling nearly 4%. Additionally, popular stocks Zhihu and Lexin Outdoor showed significant gains. The market is currently focused on the strength of macroeconomic recovery, awaiting further economic data guidance

- On February 11, Hong Kong's main indexes stabilized, with the Hang Seng Index at 27,239.34, rising 0.21%.  
- The Hang Seng Technology Index led with a 1.05% increase, reflecting a recovery in tech stocks, while the Enterprise Index also gained 0.21%.  
- Market focus remains on macroeconomic recovery and liquidity changes, with upcoming trade and retail data essential for assessing domestic demand and export resilience.

Market Heartbeat

BILIBILI-W

TENCENT

KUAISHOU-W

XIAOMI-W

LENOVO GROUP

SMIC

HUA HONG SEMI

DRINDA

KNOWLEDGE ATLAS

RIDGE OUTDOOR

KB LAMINATES

JLMAG

CNBM

BABA-W

VanEck Semiconductor ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

Direxion Semicon Bull 3X

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC Hang Seng Technology ETF(QDII)

iShares Semiconductor ETF

CSOP HS TECH

SPDR S&P Semicon

Tencent

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Dacheng Hang Seng Technology ETF(QDII)

Guotai CSI Semiconductor Material Equipment Theme ETF

Hang Seng TECH ETF I

Tianhong Hang Seng TECH ETF(QDII)

Huaan Hang Seng Technology ETF(QDII)

Hong Kong stock market intraday | Hang Seng TECH Index rose 1.05%, Xiaomi Group rose 4.55%, SMIC fell 3.91%