Hong Kong stocks closed lower: the Hang Seng Index fell 0.73% and the Hang Seng Tech Index fell 1.48%. Major decliners included Longfor Group (00960.HK) down about 7%, HSBC Holdings (00005.HK) down more than 5% and Xiaomi Group (01810.HK) down more than 4%.

2026年10月26日，A股低於3%換手率股票佔比略微回升至71.32%；高於5%換手率股票佔比小幅降至14.05%，繼續保持在17%參考閾值下方；整體來看，換手率陷入了低位波動中。 -------- 注：1、當換手率低於3%的股票佔比上升接近中長期的高位，尤其是接近歷史高位附近（圖中虛線，圖爲反轉走勢）時，意味着市場很有可能遇到一個階段低點，容易產生反轉或反彈。 2、當高換手率高於5%的股票佔市場總數比例保持在閾值（圖中虛線）上方，市場纔會出現強的賺錢效應，使得行情具有持續性。牛市的時候，該指標會持續保持在閾值上方，市場迎來普漲行情；而熊市的時候，該指標大多時候在閾值下方，偶爾超過閾值反而要小心衝高回落的風險。 3、圖中換手率均經過9日均線平滑處理。

A-share storage sector has corrected, with some names down more than 40%. At Huaqiangbei spot, 16GB DDR5 modules are quoted 1,400–1,600 yuan, 32GB 2,000–3,000+ yuan, and 1TB SSDs 800–1,000+ yuan — slightly below recent peaks but still elevated. Sales volumes have fallen about 20–30% since October. Channel sellers under funding pressure are liquidating to raise cash, causing modest local markdowns, but high-cost inventory limits deeper cuts, leaving quotes firm, turnover thin and pockets of price inversion; channel inventory and funding stress are accumulating.