If the connection is less than 24hrs (scheduled) than you can check your luggage through to final destination. If more than 24hrs you have three choices for not lugging the stuff around town:
1. If your connection is only marginally more than 24hrs, collect the bags at HKG, then wait until your flight is 24hrs away and check in after passing through arrivals (checkin for CX/KA flights opens 24hrs before)
2. Retrieve your luggage and take the airport express train to Hong Kong Central, get off there. If your flight is the next day (even if more than 24 hrs) on CX/KA you can then check in there at the city counter - use the train ticket to access it
3. If more than next day, you can leave your luggage there. Look for Luggage storage signs (its less than 2min walk from the train platform). charged by piece in 24hrs segments, starting from I think 60 HKD.