Market Overview
On February 24, during the Hong Kong stock market session, the three major indices collectively weakened in the morning, as the market faced profit-taking pressure after reaching a high yesterday, showing an overall trend of volatile adjustment.
▪ As of the time of writing, the Hang Seng Index is at 26,634.12 points, down 1.65%, showing a significant pullback from yesterday's high.
▪ The Hang Seng Tech Index performed weakly, leading the market decline, currently reported at 5,263.87 points, down 2.26%.
▪ The National Enterprises Index also fell, reported at 9,040.74 points, down 1.7%, clearly under short-term pressure.
Sector Performance
▪ The internet content and information sector overall declined, significantly affected by macro pressures and risk-averse sentiment. Tencent Holdings (700.HK) fell 3.16%, Kuaishou-W (1024.HK) dropped 3.43%, and Meitu Inc. (1357.HK) decreased by 8.4%. Market sentiment is bearish, with funds flowing out of heavyweight stocks.
▪ The retail sector saw widespread declines, mainly influenced by negative external market transmissions, with pressure on Chinese concept stocks. Alibaba-W (9988.HK) fell 2.5%, JD-SW (9618.HK) decreased by 0.47%, and Miniso (9896.HK) dropped 2.98%.
▪ The communication equipment sector showed mixed performance, with individual stocks moving independently. Yangtze Optical Fibre and Cable (6869.HK) rose against the trend by 3.84%, leading the sector; Cambridge Technology (6166.HK) increased by 2.65%; while BYD Electronics (285.HK) fell by 2.28%. Optical fibre stocks are receiving high attention from funds.
Macroeconomic Background
The current Hong Kong stock market is highly focused on the endogenous growth momentum of the economy. Investors are closely monitoring Hong Kong's retail sales and unemployment rate data to verify the strength of local consumption recovery; at the same time, the comprehensive CPI and import-export data are also key to assessing inflation and external demand. Under the interplay of liquidity and policy expectations, the marginal improvement of the aforementioned macro indicators will directly determine the short-term rebound sustainability and fund flow in the Hong Kong stock market.
Popular Stocks
▪ KNOWLEDGE ATLAS (2513.HK) rose 13.57%, with a transaction volume of HKD 1.351 billion. The company launched the GLM-5 model on February 12, with programming development scene performance improved by over 20% compared to the previous generation, and received positive outlooks from multiple institutions regarding its commercialization prospects. Despite issuing an apology on February 23 due to service interruptions caused by traffic exceeding expectations, the release of the new flagship model and the price increase of commercialization packages continue to boost the stock price, with a market capitalization exceeding HKD 323.2 billion.
▪ Kingboard Laminates (1888.HK) rose 11.19%, with a transaction volume of HKD 485 million. The company issued a profit warning, expecting net profit for the fiscal year 2025 to exceed HKD 2.39 billion, a year-on-year increase of over 80%. Boosted by this news, the stock price briefly broke through the HKD 20 mark during the session, setting a new high since its listing. Recently, the copper-clad laminate and upstream material markets have shown a trend of rising volume and price, with recovering demand for electronic products driving price increases
▪ Shandong Molong (568.HK) rose 11.41%, with a transaction amount of HKD 370 million. Influenced by the rise in international oil and gas prices and the global resource development boom, the oil and gas equipment sector is active. The market is focused on the company's potential for a turnaround as a manufacturer of oil drilling machinery, expecting it to benefit from increased industry capital expenditure and heightened funding attention.
▪ Aido New Energy (2623.HK) rose 38.53%, with a transaction amount of HKD 31.3509 million. The company announced plans to invest approximately AUD 39.5 million to subscribe for about 9.95% of shares in Australian gold producer Horizon Minerals, laying out its gold mining business. Stimulated by the acquisition news, the stock price surged dramatically after resuming trading, and the market reacted enthusiastically to this cross-border merger.
▪ Zhaoyi Innovation (3986.HK) rose 8.18%, with a transaction amount of HKD 411 million. The Shenzhen Stock Exchange announced that the company has been included in the Hong Kong Stock Connect eligible securities list, attracting southbound capital inflow. Recently benefiting from the recovery of the global semiconductor cycle and accelerated domestic substitution, the demand for the company's storage and microcontroller product lines has warmed up, supporting valuation increases.
Market Transaction Amount TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 522.0, down 2.97%, transaction amount HKD 6.218 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 148.6, down 2.37%, transaction amount HKD 3.596 billion
▪ YOFC (06869.HK) latest transaction price HKD 132.9, up 4.07%, transaction amount HKD 1.703 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 81.45, down 4.18%, transaction amount HKD 1.498 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 240.2, down 3.30%, transaction amount HKD 1.363 billion
▪ KNOWLEDGE ATLAS (02513.HK) latest transaction price HKD 631.0, up 12.68%, transaction amount HKD 1.337 billion
▪ SMIC (00981.HK) latest transaction price HKD 69.25, down 2.60%, transaction amount HKD 1.301 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.36, down 0.55%, transaction amount HKD 1.216 billion
▪ AIA Group (01299.HK) latest transaction price HKD 85.0, down 0.76%, transaction amount HKD 1.143 billion
▪ SenseTime -W (00020.HK) latest transaction price HKD 2.61, down 5.78%, transaction amount HKD 1.09 billion

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On February 24th, during the Hong Kong stock market, the three major indices collectively weakened, with the Hang Seng Tech Index leading the decline, down 2.26%. The internet and retail sectors were under pressure, and market risk aversion increased, with Tencent Holdings falling 3.16% and Alibaba dropping 2.50%. The communication equipment sector showed mixed performance, with YOFC rising against the trend by 3.84%. In terms of individual stocks, KNOWLEDGE ATLAS surged 13.57% due to the release of its flagship model, while Jiantao's laminated board rose 11.19% on positive earnings expectations. Investors are closely watching Hong Kong's retail and unemployment rate data

- On February 24, Hong Kong stocks experienced a decline as profit-taking pressures emerged after reaching recent highs, with the Hang Seng Index down 1.65% at 26,634.12 points.  
- Notable declines were observed in the tech sector, led by Tencent, Kuaishou, and Meitu, while the retail sector also suffered due to external market influences.  
- Investors are closely monitoring economic indicators such as retail sales and unemployment rates to gauge local consumer recovery, impacting market momentum and liquidity expectations.

Market Heartbeat

TENCENT

KUAISHOU-W

MEITU

JD-SW

BABA-W

MNSO

BYD ELECTRONIC

KNOWLEDGE ATLAS

SHANDONG MOLONG

YOFC

ADD NEW ENERGY

GIGADEVICE

MEITUAN

Hong Kong stock market intraday | The Hang Seng Index fell 1.65%, the Tech Index fell 2.26% leading the decline, KNOWLEDGE ATLAS surged 13.57%, YOFC strengthened against the trend