According to a report from Financial Association on November 12 (editor Feng Yi), affected by the strengthening usd, today's Asia-Pacific stock markets generally fell, and Hong Kong stocks also declined throughout the day. At the close, the Hang Seng Index and the hang seng china enterprises index fell by 2.84% and 3.11% respectively, while the hang seng tech index performed the worst, dropping 4.19%.

Let's take a look at today's market hotspots: Blue chip weights generally fell, and the Hang Seng Index broke downwards. Short-term short-selling pressure continues; the October financial data showed limited highlights, but the fundamentals show initial signs of improvement; the usd has risen continuously, exposing the offshore risk characteristics of Hong Kong stocks.

[Blue chip weights generally fell, and the Hang Seng Index broke downwards. Short-term short-selling pressure continues.]

In terms of market performance, today's core technology stocks continued their short-term downtrend, with Meituan and jd.com falling more than 5%, baidu dropping 4%, alibaba down 3.77%, and Kuaishou, Xiaomi, and tencent each declining more than 2%.

In other sectors, large financial and blue chips beginning with middle letter collectively declined, impacting the large cap.

Additionally, short-term active sectors such as semiconductors and autos also experienced pullbacks. Consumer stocks in dining, beer, and concepts related to gold and oil commodities showed very weak performance.

Among the rising sectors, only the cryptos concept stood out, and biomedical stocks were relatively resilient.

Overall, after several challenges to the 21,000-point level by the hang seng index confirming pressure, with the overseas Trump trade heating up and causing risk spillovers, the index has once again entered a downward trend, breaking through the important 20,000-point level today. Whether the bulls can rebound afterward will greatly influence market sentiment.

Today, the hang seng index recorded a total turnover of 234.224 billion HKD, with a total short sale amount of 24.926 billion HKD, accounting for 10.64% of the short-selling funds, which remains above the average level of the past week.

Meituan-W, Xiaomi Group-W, and tencent ranked as the top three in terms of short sale amount, at 2 billion HKD, 1.468 billion HKD, and 1.378 billion HKD respectively.

[October financial data highlights limited; early signs of improvement in fundamentals.]

In terms of market trends, today the index suffered a heavy decline, with sector hotspots mixed, showing a pattern of widespread decline.

Among them, sectors significantly affecting the index, such as finance and real estate stocks, experienced the largest declines, partly reflecting the market's attitude towards the latest October financial data released by the central bank.

According to central bank data, the cumulative increase in the scale of social financing for the first ten months is 27.06 trillion yuan, which is 4.13 trillion yuan less than the same period last year.

A report released by china international capital corporation stated that currently private sector demand is insufficient, and there is limited space for improvement in future financial data, with the economic fundamentals likely to stabilize moderately.

Haitai Securities believes that short-term PMI and M1 have shown initial signs of improvement, but indicators reflecting the economic reality, such as inflation, remain weak.

Overall, domestic policies are still continuously introducing increments, which may also be reflected in financial data in the future, warranting investor attention.

China International Capital Corporation also expects that monetary policy will remain accommodative, forecasting a significant increase in government bond financing from November to December, which will slightly stabilize the year-on-year growth rate of social financing balance.

[USD index continues to rise, exposing the offshore risk characteristics of Hong Kong stocks]

It is worth mentioning that the short-term Hong Kong stock market has started to detach from the influence of A-shares, showing noticeably less resilience under adjustment pressure compared to A-shares.

As of the time of writing, the USD index is still rising, which implies that the risk characteristics of the offshore Hong Kong stock market will continue to be exposed.

Soochow Securities previously pointed out that the current Hong Kong stock market is mainly dominated by hedge funds and neutral strategies. If USD assets continue to strengthen, it will affect the inflow pace of overseas long-term capital.