①The Hang Seng Index has seen consecutive reductions in trading volume, with both bulls and bears becoming cautious again. What changes are occurring among short-term bears? ②Institutions continue to favor the technology sector. Which segments still have independent market dynamics?
Cailian Press, January 16 (Editor: Feng Yi) Today, Hong Kong stocks opened high but closed low, with weak fluctuations. As of the close, the Hang Seng Index fell by 0.29%, the Hang Seng China Enterprises Index dropped by 0.5%, and the Hang Seng Tech Index declined by 0.11%.
[The Hang Seng Index sees continued reduction in trading volume as caution returns for both bulls and bears; selling pressure persists at the 27,000-point level.]
On the market, most large technology stocks performed poorly. Xiaomi fell by 2%, while JD.com, Meituan, Tencent, and Baidu all experienced declines. Alibaba, however, bucked the trend and closed nearly 1% higher.
In other sectors, cyclical industries such as shipping, real estate, oil, and steel collectively declined. Strong sectors like gold and non-ferrous metals were also affected. Additionally, film and entertainment, as well as new consumption concepts, weakened.
Among rising sectors, AI application concepts remained active. Semiconductor chip stocks strengthened in the afternoon session. Power equipment and infrastructure sectors benefited from policy support, showing notable gains.
Overall, today the Hang Seng Index opened high but retreated quickly after surpassing the 27,000-point mark, with persistent selling pressure above. Total turnover for the day was HKD 255.079 billion, marking the second consecutive day of reduced trading volume.
In terms of short selling, total short-selling value today amounted to HKD 24.055 billion, equivalent to 9.43% of the Hang Seng Index's turnover. Short-seller activity also decreased, with both longs and shorts exercising renewed caution.
Alibaba-W, Pop Mart, and Xiaomi Group-W ranked as the top three stocks in terms of short-selling amounts, at HKD 1.951 billion, HKD 1.469 billion, and HKD 1.406 billion respectively.
[Market volatility continues as hot sectors remain highly differentiated, with semiconductor and AI concept stocks drawing concentrated attention.]
In terms of market performance, the major popular sectors continued to see divergent gains and losses. Notably, the semiconductor sector emerged as a resilient bullish mainline today.
Driven by Taiwan Semiconductor's robust quarterly report, many related stocks surged. Coupled with the upcoming earnings season, this also attracted significant capital inflows for speculative trading. Subsequently, AI application concepts such as MINIMAX and Zhipu also gained momentum.
Additionally, the central bank unveiled a policy 'package' the previous day, eliciting positive responses from sectors such as infrastructure, energy, and machinery, adding more highlights to the market dynamics.
In the short term, the Hong Kong stock market remains influenced by macroeconomic tailwinds, technical pressures, and policy adjustments, maintaining a volatile trend.
[A-share Market Continues Adjustment, Testing 4,100 Points; Institutions Favor Hong Kong Tech Sector]
On the other hand, the A-share market continues its short-term adjustment, with all three major indices closing lower, which has dampened bullish sentiment for further advances. The total turnover of the Shanghai and Shenzhen markets reached 3.03 trillion yuan, with the Shanghai Composite Index closing near the 4,100-point level. More than 2,900 stocks across the market declined, while the semiconductor supply chain collectively strengthened.
Looking ahead, CITIC Securities stated that the '15th Five-Year Plan' proposal emphasized building a modern industrial system and accelerating high-level technological self-reliance. Emerging industries such as new energy, new materials, aerospace, and future industries like quantum technology may receive new policy support. Looking toward 2026, Hong Kong stocks are expected to benefit from internal '15th Five-Year Plan' catalysts. Investors are advised to seize investment opportunities in AI-related sub-sectors and tech directions such as consumer electronics.
