Today’s performance of the Hang Seng Index can be said to have firmly established a foothold at the 25,500 level. The index tested this level several times during the session but managed to hold it each time, indicating that market sentiment has clearly shifted compared to previous days. If trading volume continues to increase, this Christmas rally will likely gain momentum.
Review of individual Hong Kong stocks
Alibaba (-1.7%, HKD 150.6)
Alibaba experienced a notable adjustment today, but it remains within the normal range of volatility. Over the past two days, the market has been actively discussing themes such as consumer recovery, improvements in e-commerce operations, cross-border e-commerce expansion, and acceleration in cloud services, all of which are generally favorable. I accumulated shares at 148 and 150, and my current position cost is quite comfortable. The deeper the short-term decline, the more relaxed the mid-term outlook becomes. My projection for Alibaba to reach 200 before the Lunar New Year remains unchanged. This is now a phase of trading time for potential upside.
Xiaomi Group (+0.96%, HKD 42.18)
Xiaomi Group continues to hold steady above 42, with its strength becoming even more pronounced than yesterday. Market sentiment regarding production expectations for automobiles, plans for new product lines, and the pace of AI smartphone development has been reinforced over the past two days, indicating a recovery in investor confidence toward Xiaomi. I am still holding my base position acquired at 37, and the current price movement does not concern me at all. As long as there are no issues on the automotive front, Xiaomi will avoid significant problems, and any pullback represents an opportunity to accumulate more shares.
Tencent Holdings (-0.25%, HKD 601.5)
Tencent continued to consolidate today, but its resilience remains among the strongest in the market. Better-than-expected advertising performance, accelerated commercialization of Video Accounts, and robust gaming metrics have bolstered Tencent’s defensive strength in a weak market...

The Hang Seng Index's recent movement remains in an 'energy-consolidation' structure, neither breaking upward nor downward. However, as long as it does not break key support levels, this sideways consolidation is essentially building energy for the next upward phase. Many people feel nervous about short-term pullbacks, but I view them differently—declines represent buying opportunities. The trend remains unchanged; what matters is maintaining a steady rhythm. Both capital flows and external conditions are improving, awaiting only an emotional trigger point. Once trading volume expands again, an acceleration phase could follow. At this stage, maintaining composure is more important than active trading.
Review of individual Hong Kong stocks
Alibaba (-1.63%, HKD 150.9)
Alibaba continues to adjust today but remains within a reasonable range of fluctuations. Over the past two days, news surrounding platform policy optimization, operational efficiency improvements, and expectations of consumer recovery has emerged, all of which add value to its overall valuation. I accumulated some shares at the low price of 148, and my position feels very comfortable. In the short term, the 150 level acts as emotional support; from a medium-term perspective, the logic of reaching 200 before the Lunar New Year remains solid. Declines do not alter the direction—they merely provide opportunities to increase positions.
Xiaomi Group (-3.1%, HKD 42.58)
Xiaomi experienced relatively high volatility today, primarily due to sentiment-driven pressures, coupled with conservative discussions about automotive data. On the other hand, news about new product cycles, AI device planning, and capacity expansion has bolstered market confidence. My core position added at 37 remains stable, and significant short-term declines suggest a higher probability of 'overshoot.' As long as the price holds above 41, this represents strong consolidation within the ongoing oscillation.
Tencent Holdings (-0.41%, HKD 602...)

The Hang Seng Index’s rise today has truly rewarded the patience shown during this period. From my repeated emphasis that 'the area around 25,200 presents an opportunity, not a risk,' to earning substantial profits through swing trading during the mid-October downturn, and then maintaining a firm position while continuously adding to holdings, the market has indeed provided direct rewards.
Especially $Southern Two-Times Short NVIDIA (07388.HK)$, from my repeated emphasis on 'waiting for 175 to take profit' to today's actual gain of 25% — after holding for a full month, the timing and expectations were completely aligned. All operations are transparent, and I hope friends who followed along were able to make money in the market.
Today’s rally was not sudden but rather the result of a logical chain: valuation compression → sentiment crash → capital inflow → increase in trading volume → index recovery.
The Hang Seng Index has reached this point by materializing this process.
Review of individual Hong Kong stocks
Alibaba (-2.24%, HKD 154.9)
Alibaba experienced adjustments today, but it remains within my expected range. Over the past two days, news regarding the recovery of consumer spending, stabilization in e-commerce competition, and growth in international business has remained positive overall, so the stock price is primarily moving in tandem with broader market volatility.
The position I acquired at HKD 148 remains unshaken; in fact, the more it fluctuates, the steadier it feels. My projection to reach HKD 200 before the Lunar New Year remains unchanged—this kind of price movement for Alibaba exemplifies the principle of 'accumulating more gains by holding onto low-cost positions.'
Xiaomi Group (-1.76%, HKD 40.3)
Xiaomi Group continued to fluctuate today, with developments in the automobile sector and...

The Hang Seng Index’s performance this week can be summarized in one sentence: “A daily rise followed by a pullback, but the overall direction remains upward.” While such repeated fluctuations may test the patience of many, this is a typical consolidation rhythm during an uptrend—not necessarily bad, and could even be positive. Continuous exchange of positions helps wash out unstable holdings, paving the way for a more solid upward trajectory later.
Review of individual Hong Kong stocks
Alibaba (-2.71%, HKD 150.6)
Alibaba continued its slight pullback today, primarily influenced by the broader market and sentiment-driven pressures. However, there has been no change in the fundamentals: e-commerce remains robust, overseas operations are accelerating, and local retail is improving. These have been the key highlights that the market has continuously focused on over the past couple of days. The low-cost positions acquired last week remain very comfortable, and the rationale for expecting a price target of 200 before the Lunar New Year remains unchanged. The 150 level is a critical observation zone; if it drops further, I would actually feel more confident adding to my position.
Xiaomi Group (+2.49%, HKD 41.1)
Xiaomi performed well today, with steady progress in both its automotive and smart device segments, and the market's sales expectations showing some recovery. In the short term, it will continue to fluctuate along with the technology sector, but the overall trend is gradually stabilizing. There is no issue holding the positions acquired last week and yesterday. For me, fluctuations around the 40 mark fall within the normal range, and what I am waiting for is a significant breakout on higher volumes in the future.
Tencent Holdings (-1.29%, HKD 611.5)
Tencent experienced a market-driven adjustment today, but its overall trend remains stable. Advertising continues to recover, gaming...

This week, the Hang Seng Index has largely been in a cycle of 'surge—retreat—resurge,' which may seem somewhat frustrating, but structurally it still reflects relatively strong volatility with an upward trend. The process is just more repetitive. Continuous exchange of positions at higher levels actually provides better entry opportunities.
Review of individual Hong Kong stocks
Alibaba (-1.9%, HKD 154.8)
Alibaba saw a minor decline today, but overall, it remains stable within the range. Recently, there have been positive developments around consumption recovery, rationalization of e-commerce market competition, and acceleration of overseas business. Alibaba’s internal organizational adjustments are also starting to show efficiency. There’s no issue with holding the batch of lower-priced shares bought last week; my clear expectation remains to see it reach 200 before the Lunar New Year. Short-term fluctuations persist, but the trend remains intact, with 150–155 being excellent levels for attention.
Xiaomi Group (-0.59%, HKD 40.1)
Xiaomi's recent fluctuations are entirely in line with expectations. Positive signals regarding the stable pace of new models and the recovery in smartphone shipments are gradually strengthening. However, the market remains divided on the smart vehicle sector in the short term, resulting in daily volatility. The positions acquired last week and yesterday are still within a safe range, and the resilience around HKD 40 is also evident. If the price moves to the range of HKD 38-39 later, it would be a point for me to consider adding more.
Tencent (-0.88%, HKD 619)
Tencent experienced a minor pullback today in line with the broader market but remains relatively strong overall. Advertising recovery, robust gaming performance, and continued improvement in cloud services reinforce its long-term logic...

The Hang Seng Index's performance today genuinely reminded me of last Friday’s thought: 'If only I had bought a little more.' However, what we did purchase is satisfactory. At least the direction has been fully validated, and market sentiment has gradually recovered from the previous panic. Individual stocks have started to recover in batches, with overall momentum proving steadier than expected.
Review of individual Hong Kong stocks
Alibaba (+2.14%, HKD 157.8)
Alibaba’s upward trend continues to steadily rebound. The low-cost positions acquired last week are looking increasingly favorable. Recently, market expectations for a recovery in consumer spending, easing competition in e-commerce, and improved growth in local services have been rising, aligning well with Alibaba’s focus on optimizing its business structure. Short-term fluctuations are inevitable, but the rationale for reaching 200 before the Lunar New Year remains intact. Downside potential at this level is very limited, and the closer it pulls back, the nearer it gets to its value zone.
Xiaomi Group (+4.35%, HKD 40.34)
Xiaomi performed exceptionally well today, with the positions taken last week and yesterday already showing immediate results. On the news front, the delivery pace of new models remains strong, recovery signals in smartphones are becoming increasingly clear, and major financial institutions have started to reiterate that Xiaomi’s valuation was unduly punished. The HKD 40 range has historically been a key support level, and breaking above it again indicates further potential for recovery.
Tencent (+0.08%, HKD 625)
Tencent remained relatively flat today, with almost no significant fluctuations. In fact, recent developments indicate sustained strength in advertising demand, steady scheduling for new gaming releases, and ongoing recovery in cloud services...

To be honest, today’s performance of the Hang Seng Index made me somewhat regret not buying more last Friday. Although I didn’t get a full position, I still managed to accumulate some low-cost chips, which serves as a validation of my judgment. Market sentiment is starting to recover from consecutive sharp adjustments. While the index hasn’t fully rebounded yet, individual stocks have already begun to show strength.
Review of individual Hong Kong stocks
Alibaba (+4.67%, HKD 154.5)
Alibaba demonstrated strong performance today, with significant support visible from funds at lower levels. The chips accumulated last week at lower prices are now proving to be highly rewarding. Recent developments around the recovery in consumption, rationalization of e-commerce competition, and improvements in local retail have all provided support to the stock price. Alibaba currently benefits from a dual logic of 'expectation recovery + valuation repair,' and the target of reaching 200 before the Lunar New Year remains unchanged. As long as the market isn’t disrupted by major negative sentiment, this upward trajectory will become increasingly smooth.
Xiaomi Group (+1.52%, HKD 38.66)
Xiaomi continued to stabilize today, and I added some positions within my planned range. Although sentiment in the auto sector remains subdued recently, news regarding production ramp-ups, channel feedback, and new model orders has been consistently positive. Additionally, there are signs of stabilization in smartphones, so the stock price appears to have priced in excessive pessimism in advance. Below HKD 40, the valuation looks increasingly attractive, and I am not concerned about the medium term.
Tencent (+2.38%, HKD 624.5)
Tencent saw a clear inflow of funds today, making it one of the most stable performers among tech stocks. Advertising demand has recently shown signs of recovery...

The Hang Seng Index is truly experiencing 'one misfortune after another.' Just yesterday, we were discussing whether it could stabilize during trading, and then another wave of news hit last night, further dampening sentiment at today’s opening. However, as I have consistently emphasized, the calmer you remain during such phases, the better. Today, I continued to add a bit more to my position during trading. After all, the closer it gets to the value zone, the less we should worry about the speed, as long as there is an opportunity to buy at lower prices.
Review of individual Hong Kong stocks
Alibaba (-4.65%, HKD 147.6)
Alibaba's recent pullback, compounded by sentiment-driven selling, has unfolded quite comprehensively. Various external factors coupled with market risk aversion have led to weaker-than-expected short-term performance. However, the deeper this downward movement goes, the closer it gets to the 'value zone.' Below HKD 150 was always my targeted range for adding positions, and although patience is still required, the rationale for reaching HKD 200 before the Lunar New Year remains intact—it’s just that the market is taking a longer route.
Xiaomi Group (+1.01%, HKD 38.08)
Xiaomi edged up slightly today, and I also bought some shares around HKD 38. In fact, the market has been overly amplifying short-term concerns about the mobile phone and automobile sectors recently. However, the latest news specifically mentioned that supply chain operations are proceeding normally and production schedules for new models next year look optimistic. This improvement in fundamentals will gradually be reflected in the stock price. Market sentiment has been magnified after the drop below HKD 40, but the lower the price goes, the less there is to worry about.
Tencent (-1.77%, HKD 610)
Tencent remains one of the most stable among tech stocks, but with the overall market under pressure, it is difficult for Tencent to remain unaffected. The recent regulatory tone has turned more positive, and advertising demand is recovering...

Yesterday, I mentioned the Hang Seng Index – “the decline has slowed down, and the key is whether it can stabilize during today’s trading session before deciding whether to bottom-fish.” As a result, there was indeed a relatively comfortable low-suction opportunity during today’s session, and I took the chance to pick up some shares. Now, we will continue observing whether this stabilization trend can be sustained. Overall, market sentiment is notably better than the past two days. Although weakness persists, panic has begun to subside. As long as capital flows stabilize, a short-term bottom is likely to emerge.
Review of individual Hong Kong stocks
Alibaba (-1.02%, HKD 154.8)
Alibaba continued to follow the broader market downward today. The magnitude of the entire drop has been significant, but this is not due to fundamental issues; rather, it reflects ongoing risk aversion in the market. The HKD 150 level remains a critical support area that I am closely watching. If it dips to HKD 150 or even lower, I will take action again. My year-end target of HKD 200 remains unchanged; in fact, the more it drops, the closer it gets to that target.
Xiaomi Group (-2.89%, HKD 37.7)
The decline in Xiaomi's stock today is mainly due to the pressure from market sentiment, particularly as both the automotive and consumer electronics sectors have been broadly sold off over the past two days. However, there is no significant negative news impacting Xiaomi. On the contrary, the delivery of new energy vehicle models and the strengthening of its IoT ecosystem continue to unlock mid-term value. The stock has started to show signs of being oversold at this level. If it stabilizes during tomorrow’s trading session, I will consider adding to my position.
Tencent (-0.24%, HKD 621)
Tencent has once again demonstrated strong resilience today, and its ability to hold steady in a weak market indicates that investors remain confident in the company...

The downward momentum of the Hang Seng Index has significantly slowed today, with market panic gradually easing. The key now is not to rush into bottom-fishing but to observe whether stability can be achieved during tomorrow's trading session. If signs of stabilization emerge, it would be more prudent to act then. Overall, the broader trend remains a healthy correction; as long as the rhythm is well managed, this pullback is not something to fear.
Review of individual Hong Kong stocks
Alibaba rose by 1.16%, closing at HKD 156.4.
Alibaba's recent price movement is a typical case of being driven by market sentiment. The fundamentals are completely solid, but the stock price has been pressured downward by the overall market. The key level to watch is 150. If it reaches around 150 or even lower, it would be an area where I'd be very willing to make another move. The logic of seeing 200 before the Chinese New Year hasn't changed; the more it pulls back, the closer it gets to a profitable range.
Xiaomi Group fell by 4.81%, closing at HKD 38.82.
Today's decline is mainly due to the dual impact of sentiment and sector weakness. While it may seem alarming, the drop to this level already hints at an 'overshoot.' Personally, I will wait to see if the price stabilizes during tomorrow’s trading session before considering adding to my position. The auto sector is under short-term pressure, but new model sales and delivery schedules are proceeding as planned, making the mid-term outlook still promising.
Tencent declined by 0.16%, closing at HKD 622.50.
Tencent has shown clear resilience today, especially when compared to other technology stocks, reflecting strong investor confidence. The recovery in advertising, stability in gaming, and improvements in cloud services remain intact as long-term drivers. At 560...