Market Overview
The three major indices of Hong Kong stocks collectively adjusted during the session, as the market entered a technical consolidation after reaching a temporary high yesterday.
▪ As of the time of writing, the Hang Seng Index fell 0.58% to 26,609.88 points, unable to maintain its upward momentum due to profit-taking pressure, with the index repeatedly contesting around the 26,600-point mark.
▪ The Hang Seng Tech Index led the market decline, dropping 1.57% to 5,177.92 points, with several heavyweight stocks retreating from yesterday's highs, leading to a cautious market sentiment.
▪ The China Enterprises Index fell 1.34% to 8,913.92 points, temporarily departing from yesterday's high, and is currently entering an adjustment and fluctuation range along with the broader market.
Sector Performance
▪ The retail sector generally weakened, with the pullback of e-commerce giants dragging down sector performance. Alibaba -W fell 2.43%, JD.com -SW fell 1.4%, and Miniso fell 3.66%. The expectations for consumer recovery still need further validation, with cautious funding sentiment.
▪ The internet content and information sector collectively declined, with several heavyweight stocks under pressure. Kuaishou -W fell 2.56%, Baidu -SW fell 2.48%, and Tencent Holdings fell 0.86%. The sector adjusted along with the broader market, showing clear signs of profit outflow.
▪ The building materials sector had the largest declines, with cement leaders suffering significant losses. Conch Cement fell 7.19%, China National Building Material fell 3.82%, and Western Cement fell 1.63%. The market holds a conservative attitude towards the outlook for infrastructure demand.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has entered a critical window for earnings and policy observation. The market focus mainly revolves around three aspects: first, the marginal impact of the repricing of the Federal Reserve's monetary policy expectations on Hong Kong stock liquidity; second, the verification of the strength of the mainland economic recovery, especially the high-frequency data performance in real estate and consumption; third, the realization of corporate profit expectations.
▪ Current market sentiment is cautious, with funds actively seeking certainty in high-dividend and defensive sectors, awaiting clearer policy signals.
Popular Stocks
▪ Fulin Group Holdings (01443.HK) surged 63.27% during the session, with a turnover of HKD 5.8306 million. Despite the significant price fluctuations, there are no clear major positive news in the market, and as a small-cap restaurant stock, such volume-less surges carry high risks.
▪ Qiaoyang International Holdings (08070.HK) rose 60.87%, with a turnover of HKD 1.1724 million. The company released a profit warning announcement, expecting a year-on-year increase of approximately 121.8% in net profit for the fiscal year 2025 to HKD 38.92 million, providing strong support for the stock price.
▪ Putian Communication Group (01720.HK) increased by 23.44%, with a turnover of HKD 14.2550 million. This stock has been actively traded recently, reaching a new recent high, possibly influenced by the recovery of the Hong Kong stock communication sector or fund rotation, but there is significant divergence between bulls and bears.
▪ Meigaoyu (01985.HK) rose 18.46%, with a turnover of HKD 16.0778 million. The stock price showed significant abnormal movements, but the company has not released specific positive announcements, which may belong to short-term speculative behavior by market funds
▪ Southern Communications (01617.HK) rose 15.56%, with a transaction amount of HKD 15.1026 million. The optical cable manufacturer has seen a continuous increase in volume over several days, possibly related to expectations of potential demand in the optical communication industry, but after consecutive large increases, attention should be paid to the risk of high-level fluctuations.
Market Transaction Amount TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 144.60, down 2.49%, transaction amount HKD 4.585 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 518.00, down 0.86%, transaction amount HKD 4.030 billion
▪ Conch Cement (00914.HK) latest transaction price HKD 24.80, down 7.12%, transaction amount HKD 2.391 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 140.30, up 6.85%, transaction amount HKD 2.153 billion
▪ HSBC Holdings (00005.HK) latest transaction price HKD 145.70, up 2.10%, transaction amount HKD 1.618 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.80, up 0.56%, transaction amount HKD 1.397 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 24.80, down 2.67%, transaction amount HKD 914 million
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 97.80, down 4.86%, transaction amount HKD 914 million
▪ Kuaishou -W (01024.HK) latest transaction price HKD 64.60, down 2.64%, transaction amount HKD 911 million
▪ AIA Group (01299.HK) latest transaction price HKD 86.10, up 1.89%, transaction amount HKD 893 million

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The three major Hong Kong stock indices collectively adjusted during the session, with the Hang Seng TECH Index leading the market decline, down 1.57%. In terms of sectors, retailers, internet, and building materials sectors generally weakened, with heavyweight stocks under significant pressure. In terms of individual stocks, Alibaba fell 2.43%, Kuaishou dropped 2.56%, and CONCH CEMENT plummeted 7.19%. Market sentiment is becoming cautious, closely monitoring expectations for Federal Reserve policy and data on the recovery of the mainland economy

- The Hong Kong stock market experienced a collective decline, with the Hang Seng Index dropping 0.58% to 26,609.88 points as profit-taking pressure hindered further gains.  
- Notable declines were seen in the Hang Seng Tech Index and the Hang Seng China Enterprise Index, reflecting a cautious market sentiment amid concerns over economic recovery and the performance of various sectors.  
- Key stocks related to retail and construction suffered significant losses, while select small-cap stocks experienced sharp increases, indicating volatility and market speculation.

Market Heartbeat

BABA-W

JD-SW

MNSO

KUAISHOU-W

BIDU-SW

TENCENT

CONCH CEMENT

CNBM

WESTCHINACEMENT

FULUM GP HLDG

KEEN OCEAN

PUTIAN COMM

MICROWARE

NANFANG COMM

Dacheng Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

HSTECH ETF

CSOP HS TECH

Harvest Hang Seng SCHK Technology ETF

Hang Seng TECH ETF I

Hang Seng TECH Index

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Alibaba

Hong Kong stock market intraday | Hang Seng Tech Index down 1.57%, Alibaba down 2.43%, CONCH CEMENT down 7.19%