Caixin News on November 12th (Editor Fang Yi): Affected by the strength of the US dollar, today the Asia-Pacific stock market generally fell, with the Hong Kong stock market unilaterally down for the whole day. As of the close, the Hang Seng Index and the Hang Seng China Enterprises Index fell by 2.84% and 3.11% respectively, with the Hang Seng Tech Index down 4.19%, showing the worst performance.

Let's look at today's market highlights: Blue-chip weights have generally fallen, with the Hang Seng Index breaking through and probing lower, short-term bearish pressure continues; October's financial data has limited highlights, with initial signs of a fundamental turnaround; the US dollar index continues to rise, exposing the offshore risk characteristics of Hong Kong stocks.

[Blue-chip weights collectively fell, with the Hang Seng Index breaking through and probing lower, short-term bearish pressure continues]

On the market, core technology stocks continued their short-term decline today, with Meituan and JD.com falling by over 5%, Baidu down by 4%, Alibaba by 3.77%, Kuaishou, Xiaomi, Tencent down by over 2%.

In other sectors, the simultaneous decline of large financials and stocks beginning with the middle letter such as blue-chips collectively impacted the broader market.

Furthermore, in the short term, active industries like semiconductors, autos, etc., have also experienced a downturn. Consumption stocks such as dining, beer, and commodity concepts like gold, oil have shown very weak performance.

Among the rising sectors, only the concept of cryptocurrencies stands out, while biomedical stocks show relative resilience to declines.

Overall, after the Hang Seng Index repeatedly challenged the 21,000 level and confirmed resistance, with the risk spillover caused by the overseas Trump trade warming up, the index once again entered a downward trend. Today, breaking through the important level of 20,000 points, whether the bulls can fight back in the future will greatly determine the market sentiment.

The Hang Seng Index traded 234.224 billion Hong Kong dollars all day today, with a total short-selling amount of 24.926 billion Hong Kong dollars, accounting for 10.64%, remaining above the average level of the past week.

Meituan-W, Xiaomi Group-W, and Tencent Holdings are the top three in short selling amounts, with 2 billion Hong Kong dollars, 1.468 billion Hong Kong dollars, and 1.378 billion Hong Kong dollars respectively.

Limited highlights in October financial data, initial signs of improvement in fundamentals.

In terms of the market situation, today's sharp decline in the index led to a mixed picture of sectors, showing a general downward trend.

Among them, sectors such as finance and real estate, which have a significant impact on the index, saw the largest declines, reflecting the market's attitude towards the central bank's latest announced financial data for October.

According to central bank data, the cumulative incremental scale of social financing in the first ten months was 27.06 trillion yuan, which is 4.13 trillion yuan less than the same period last year.

A report released by China International Capital Corporation stated that at present, there is insufficient demand in the private sector, with limited room for improvement in subsequent financial data, and the economic fundamentals are expected to stabilize moderately.

Huatai Securities believes that in the short term, basic signals such as PMI and M1 have shown initial signs of improvement, but indicators reflecting economic reality such as inflation are still relatively weak.

Overall, the current domestic policy is still continuously introducing incremental measures, which may continue to be reflected in financial data, and investors should pay attention.

China International Capital Corporation also expects monetary policy to remain loose, with government bond financing expected to significantly increase from November to December, leading to a slight stabilization in the year-on-year growth rate of social financing balance.

USD index continuous rise exposes offshore risk characteristics of Hong Kong stocks.

It is worth noting that the short-term Hong Kong stock market is starting to decouple from the influence of A shares, showing less resilience under adjustment pressure compared to A shares.

As of the time of writing, the USD index is still rising, indicating that the risk characteristics of the offshore Hong Kong stock market will continue to be exposed.

Soochow Securities previously pointed out that the current Hong Kong stock market is mainly dominated by hedge funds and neutral strategies. If USD assets continue to strengthen, it will affect the pace of overseas long money inflow.