* SSEC -0.3 pct, CSI300 -0.4 pct, HSI -0.1 pct
* China treasury bonds steady on central bank cash injection
* China Oct PMI falls more than expected
SHANGHAI, Oct 31 (Reuters) - China and Hong Kong stocks eased on Tuesday morning, with investor risk appetite curbed by a sharper-than-expected slowdown in China's factory activity as well as weakness on Wall Street.
But there were no signs of the kind of panic-selling seen on Monday, triggered by liquidity concerns on the mainland. China's treasury bonds steadied on Tuesday as the central bank moved to calm the market with cash injections.
China's blue-chip CSI300 index fell 0.4 percent, to 3,995.68 points at the end of the morning session, while the Shanghai Composite Index lost 0.3 percent, to 3,381.78 points.
In Hong Kong, both the Hang Seng index and the Hong Kong China Enterprises Index dipped 0.1 percent, easing to 28,314.27 points and 11,553.15 points, respectively.
Investors were circumspect after the official Purchasing Managers' Index (PMI) on Tuesday showed growth in China's manufacturing sector cooled more than expected in October in the face of a weakening property market and tighter pollution rules.
However, some investors said they are not bothered by a slowdown in China's headline growth figures.
"In general, China's GDP growth has been trending lower, but does that mean few investment opportunities? We don't think so," said Bin Shi, portfolio manager of China Equities Strategies at UBS Asset Management.
"Beneath the slowdown figures are seismic structural shifts that provide huge opportunities for investors who can capture them."
He pointed to Hong Kong-listed Tencent, China-listed Kweichow Moutai and Hangzhou Hikvision , as among a growing number of Chinese-listed firms that benefit from China's transformation into a high technology- and consumption-driven economy.
On Tuesday, Hangzhou Hikvision rallied 5 percent to a fresh peak, after the world's leading video surveillance products supplier reported solid growth in the third quarter.
Tencent also firmed, rising 0.6 percent and hovering near record highs. Even after an 85 percent jump in the Chinese tech giant this year, the stock still has much room to grow, as its international expansion has just begun, said UBS Asset Management's Shi.
Most sectors in China were down on Tuesday, with banking shares leading the decline, despite four of China's 'Big Five' state-owned banks reporting higher quarterly profits and slower growth in bad loans.
In the medium term, however, Chinese fund managers boosted their suggested equity exposure for the next three months to the highest level in seven months and cut their suggested bond and cash allocations, a monthly Reuters poll showed.
Sector performance was mixed in Hong Kong. Consumer and IT rose but finance and telecom shares fell.
(Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)