Core Viewpoint - The Hong Kong stock market experienced a slight decline and volatility during the half-day trading session on February 16, influenced by tightened liquidity due to the closure of the Stock Connect and various favorable factors over the weekend [1]. Market Performance - The Hang Seng Index opened at 26,501.2 points and reached 26,573.67 points by 10:16 AM, showing a slight increase of 6.55 points or 0.02% [1]. - The Hang Seng Technology Index opened lower, down 0.19%, following the overall market trend [1]. - Over the past three months, the Hang Seng Index has accumulated a rise of 2.41%, but it has recently shown a trend of volatility and decline [1]. Sector Analysis - The technology sector, represented by the Hang Seng Technology Index, is a market focus, benefiting from multiple positive factors such as expectations of interest rate cuts by the Federal Reserve, advancements in AI commercialization, and supportive platform economy policies [3]. - Core stocks like Tencent, Xiaomi, and NetEase showed slight pullbacks, but their long-term investment value is recognized by institutions, with AI advertising, gaming, and cloud services being key highlights [3]. - The gold and precious metals sector opened strongly and remained stable, becoming a preferred choice for risk-averse investors, with companies like Zhaojin Mining and Zijin Mining benefiting from a weaker dollar and increased physical demand during the Spring Festival [3]. - The consumer sector saw slight gains due to holiday catalysts, with companies like Yum China and Haidilao experiencing minor increases before stabilizing [3]. - The real estate and financial sectors showed weakness due to underwhelming policy expectations and significant performance pressures, leading to a lack of notable improvement [3]. Future Outlook - According to China Merchants Securities, the recent significant decline in the Hang Seng Technology Index presents substantial allocation value, suggesting that the current market volatility is primarily due to liquidity shocks [4]. - The firm believes that the ongoing market fluctuations are not fundamentally different from those seen in November 2025, and positive factors are accumulating, recommending buying on dips and holding stocks through the holiday [4].

Core Viewpoint - The property "Foshan Jinsha Contemporary Reading" is being auctioned for the fourth time, reflecting the decline in the real estate market and the challenges faced by the developer, Contemporary Real Estate, which has seen significant financial difficulties and project delays [2][6]. Group 1: Auction Details - The auction for the land use rights and unfinished buildings will start on March 16, with a starting price of approximately 128 million yuan, which is nearly a 70% decrease from the original acquisition price of 392.5 million yuan in 2021 [1][4]. - The project has been stalled since January 2022, with an overall completion rate of only 56.44%, and significant portions of the construction remain unfinished [5][6]. Group 2: Market Context - The property was once considered a "land king" due to its high acquisition price, but it has now become a distressed asset, illustrating the broader changes in the real estate industry, which is shifting from high-leverage, high-turnover models to a focus on existing stock [7][12]. - The average new home price in the Dali Town area is currently around 26,300 yuan per square meter, contrasting sharply with the original acquisition price of over 20,000 yuan per square meter [7]. Group 3: Developer's Situation - Contemporary Real Estate has faced severe financial issues, including a bond default in late 2021, which was attributed to macroeconomic conditions and industry regulations [12][13]. - The company has sold off most of its assets in Foshan, marking a complete exit from the market, and has struggled with liquidity, leading to a significant drop in revenue and ongoing losses [13].

Core Viewpoint - MINIMAX-WP (00100.HK) has seen a significant increase in its stock price, rising over 9% and reaching a new high since its listing [1] Group 1 - The stock price of MINIMAX-WP increased by 9.04%, trading at 741.5 HKD at the time of reporting [1] - The stock reached an intraday high of 764 HKD, marking a new record since its initial public offering [1] - The trading volume was reported at 549 million HKD [1]

（文章来源：每日经济新闻） 中央气象台2月16日10时继续发布寒潮蓝色预警：受强冷空气影响，预计，2月16日14时至17日08时，江 南中南部和东部、贵州东南部、华南北部和西部等地将降温6~8℃，局地降温可达10℃。2月17日凌晨最 低气温0℃线将南压到江淮至江汉中部一带。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of gold stocks in the Hong Kong market, with specific companies showing significant gains [1] - Lingbao Gold (03330.HK) saw an increase of 6%, Shandong Gold (01787.HK) rose by 4%, and Zijin Mining (02899.HK) experienced a 3% increase [1] - The announcement from Hang Seng Index Company on February 13 indicates that Lingbao Gold will be included in the Hang Seng Composite Index as of December 31, 2025 [1]

每经AI快讯，2月16日，中慧生物-B(02627.HK)涨16.12%，报59.8000港元，股价创历史新高，总市值 235.28亿港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，据灯塔专业版实时数据，截至2月16日8时42分，影片《熊出没·年年有熊》预售总票房突 破4000万。 ...

Group 1 - The Hong Kong Hang Seng Index opened down by 0.25% [1] - The Hang Seng Tech Index decreased by 0.19% [1]

2月16日，中国白银集团港交所公告，将按每股0.51港元的价格合计配发及发行9.1亿股认购股份。 0:00 ...

2月16日，中慧生物港交所公告，公司H股已获选定并将纳入恒生综合指数成份股，自2026年3月9日起 生效。恒生综合指数作为全面的H股指标，涵盖在香港交易所主板上市的累计市值最高95%的公司，并 获指数基金、互惠基金及业绩评估系统的广泛应用。 0:00 ...