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...

Market Outlook: Tech Resilience Amidst Volatility
Last week's market saw major indices, including the Nasdaq, experience sharp pullbacks, with the Nasdaq 100 futures enduring an intraday drawdown of up to 6%. However, the session closed with a notable V-shaped reversal, as the QQQ found robust support at its 50-day moving average—a key technical level that has repeatedly proven resilient. This technical pattern, coupled wi...