On July 25, 2026, the Hang Seng Index opened over 150 points higher, then fluctuated narrowly around 24,100 points, finally closing at 24,135.67 points, up 0.23%, with turnover of about 102 billion HKD, slightly lower than the previous trading day. The Hang Seng China Enterprises Index rose 0.15%, while the Hang Seng Tech Index fell 0.32%, showing significant divergence in the tech sector.
Weighted blue chips mixed
Financial stocks were stable: HSBC Holdings (00005.HK) closed up 0.45% at HKD 58.90; AIA Group (01299.HK) edged down 0.12%; HKEX (00388.HK) fell 0.33% to HKD 345.20. Property stocks: CK Asset Holdings (01113.HK) rose 0.67%, Sun Hung Kai Properties (00016.HK) fell 0.21%.
Tech stocks divergence intensifies
Significant divergence within the tech sector: Alibaba (09988.HK) fell 1.23% to HKD 102.80; Meituan (03690.HK) fell 0.78% to HKD 205.40; JD.com (09618.HK) fell 1.55%. Tencent Holdings (00700.HK) rose against the trend, closing up 1.12% at HKD 398.20, once hitting HKD 400 during the session, marking a nearly one-month high.
Market analysts pointed out that Tencent has been continuously bought by southbound funds recently, coupled with its cloud business and AI large model commercial progress exceeding expectations, making it a safe haven among tech stocks. Another internet giant NetEase (09999.HK) also rose 0.89% to HKD 176.30, benefiting from expectations of summer game revenue recovery.
Northbound fund flows: Tencent net bought >1.5B HKD
According to Shanghai-Shenzhen-Hong Kong Stock Connect data, today's southbound funds (northbound) net bought Hong Kong stocks about 2.85 billion HKD. Among them, Tencent Holdings got a net buy of 1.52 billion HKD, accounting for over 53% of the total net buy; followed by Ping An (02318.HK) with a net buy of 0.43 billion HKD; Meituan suffered a net sell of 0.21 billion HKD.
Analysts believe that northbound funds prefer low-valuation blue chips and targets with strong earnings certainty. Tencent's current P/E is about 22 times, at a mid-low historical level, and its buyback plan is still ongoing, making it attractive to long-term funds.
Sector rotation: Consumer & healthcare gain attention
In terms of sector performance, consumer and healthcare sectors saw significant fund inflows. China Resources Beer (00291.HK) rose 1.85% to HKD 65.30; Mengniu Dairy (02319.HK) edged up 0.6%; WuXi Biologics (02269.HK) rose 2.3% to HKD 39.40. The new energy sector saw a pullback, with BYD Company (01211.HK) falling 0.95% to HKD 277.80.
In the Hong Kong Stock Connect, healthcare stocks such as Innovent Biologics (01801.HK) rose 3.2%, Sino Biopharmaceutical (01177.HK) rose 1.9%; consumer electronics stock Sunny Optical (02382.HK) fell 1.1%. Market sentiment was generally cautious, with investors awaiting the Fed's policy meeting next week.
Outlook: Hong Kong stocks may remain volatile short-term
For the Hong Kong market outlook, institutions have divergent views. CICC's report pointed out that Hong Kong stock valuations are at historical lows, but attention should be paid to changes in overseas liquidity. The Hang Seng Index currently has a P/E of about 10 times, providing a safety margin, but lacks catalysts. Ping An Securities believes that continued southbound fund inflows and corporate earnings improvement will support Hong Kong stocks, recommending attention to consumer, tech and high-dividend sectors.
Technically, the 24,000-point level provides strong support, while the 24,500-point area is a short-term resistance. If northbound funds maintain net inflows, the index may oscillate upward. Investors can watch for subsequent adjustments to Stock Connect targets and half-year earnings forecasts.
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