Xin Lang Cai Jing·2025-10-17 03:48Market Performance - The Hang Seng Index and the Technology Index have experienced cumulative declines of 4.99% and 9.53% respectively since the beginning of October [2][3] Short Selling Activity - Short selling activity in the Hong Kong stock market has been notably active, with total short selling volume increasing significantly from October 2 to October 13, followed by a slight decrease from October 13 to October 16 [4] - On October 13, the total short selling amount reached 78 billion HKD, marking the highest level since April 10, 2025 [5] Individual Stock Analysis - Tencent Holdings (00700.HK) saw its short selling shares rise from 2.7764 million at the beginning of the month to a peak of 5.9450 million, before dropping to 1.9703 million on October 16; corresponding short selling amounts fluctuated from 1.884 billion HKD to a peak of 3.779 billion HKD, and then decreased to 1.228 billion HKD [7] - Alibaba's short selling shares increased from 15.3229 million to a peak of 39.1938 million, before falling to 12.6560 million on October 16; short selling amounts followed a similar trend, rising from 2.812 billion HKD to a peak of 6.289 billion HKD, and then dropping to 2.042 billion HKD [8] - Semiconductor Manufacturing International Corporation (SMIC) experienced a rise in short selling shares from 5.5320 million to a peak of 29.1790 million, before declining to 12.4455 million on October 16; short selling amounts increased from 480 million HKD to a peak of 2.219 billion HKD, and then rose to 928 million HKD [9] Market Outlook - According to a recent report by China Merchants Securities International, the Hong Kong stock market is expected to experience a "first suppress then rise" trend in the short term, with a potential slow bull market in the medium to long term; the report suggests that as multiple marginal benefits accumulate, the upward space will further open in the fourth quarter [12][14]