SHANGHAI, Nov 8 (Reuters) - China stocks slipped on Tuesday, as some investors chose to book profits on concerns that the recent rally fuelled by bets of an eventual economic reopening was not sustainable.

** The blue-chip CSI 300 Index retreated 0.8% by the end of the morning session, while the Shanghai Composite Index fell 0.5%.

** The Hang Seng Index was almost flat, while the Hang Seng China Enterprises Index declined 0.4%.

** The CSI 300 Index had risen 7.6% since Oct. 31, as of Monday's close, and the Hang Seng Index surged 13% on rumours of a possible end to China's stringent COVID-19 lockdowns, even as Beijing reaffirmed its zero-COVID policy.

** "The recent rally in assets and currencies linked to the prospects of China's economy on hopes that authorities in China will relax their 'zero-COVID' policy is unlikely to last," analysts at Capital Economics said in a note.

** "There have been several similar rallies this year when the COVID situation in China appeared to improve, which proved short-lived as new outbreaks emerged and restrictions were re-imposed."

** Meanwhile, the Wall Street Journal reported that Chinese leaders were considering steps toward reopening after nearly three years of tough pandemic restrictions but were proceeding slowly and had set no timeline.

** Analysts say the most important thing to watch going forward is whether Beijing will signal a major policy pivot during the December Politburo meeting.

** Healthcare stocks, consumer staples and semiconductor companies lost roughly 1.5% each.

** Tech giants listed in Hong Kong dropped 0.8%, with Alibaba and Meituan both down more than 1.5%.

** Still, Tuesday's correction is mild compared with strong gains in the previous sessions, with some asset managers saying the market had bottomed out.

** "China's A-shares might have gone past the trough of this round of decline, standing at the starting point of a new round of long-term bull market," wrote Li Bei, a fund manager at Shanghai Banxia Investment Management Center.

** "The first step is risk appetite repair, and the second step is a stabilisation and recovery of the economy and corporate earnings." (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)