三大指数齐跌 恒生科技指数重挫2.82%

Market Overview - On November 14, Hong Kong's three major indices collectively declined, with the Hang Seng Index closing at 26,572.46 points, down 1.85% [1] - The Hang Seng Tech Index fell by 2.82% to 5,812.80 points, while the Hang Seng China Enterprises Index dropped 2.09% to 9,397.96 points [1][2] - The total market turnover was HKD 232.8 billion, with net inflows from southbound funds amounting to HKD 12.887 billion [1] Stock Performance - Major tech stocks experienced significant declines, with Baidu Group-SW down 7.21% to HKD 117.1 per share, JD Group-SW down 6.03% to HKD 116.9, and Alibaba-W down 4.38% to HKD 154.9 [2] - The Hong Kong Stock Exchange fell by 2.61%, and China Life dropped 3.25%, indicating a broader downturn in the market [3] Specific Company Updates - Xiaoma Zhixing-W saw a substantial drop of 13.89%, closing at HKD 93.00 per share, with a cumulative decline of over 30% since its IPO [5] - Tencent Holdings fell by 2.29%, despite Goldman Sachs maintaining a positive outlook on its third-quarter performance, citing the fastest revenue growth in four years [8] - JD Health rose 6.59%, driven by strong revenue growth of 28.7% year-on-year in Q3 2025, surpassing market expectations [10] Analyst Insights - UBS maintains an overweight position on China within emerging markets, highlighting the early stage of the tech/AI cycle and the favorable microeconomic conditions [11][13] - UBS emphasizes that companies benefiting from AI demand and those with low leverage and reasonable valuations are well-positioned for growth [12]