Market Overview - The Hang Seng Index rose by 83.23 points, an increase of 0.31%, closing at 27,266.38 points with a total turnover of HKD 217.218 billion [1] - The National Enterprises Index increased by 25.43 points, closing at 9,268.18 points, a rise of 0.28% [1] - The Hang Seng Tech Index gained 48.96 points, closing at 5,499.99 points, reflecting a growth of 0.9% [1] Blue-Chip Stocks - Tencent Holdings decreased by 0.54%, closing at HKD 548 [1] - Hong Kong Exchanges and Clearing rose by 0.19%, closing at HKD 418 [1] - China Mobile increased by 0.06%, closing at HKD 78.45 [1] - HSBC Holdings fell by 0.36%, closing at HKD 139.8 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.21%, closing at HKD 46.82 [1] - Sun Hung Kai Properties increased by 0.62%, closing at HKD 129.8 [1] - Henderson Land Development gained 0.49%, closing at HKD 32.96 [1] Chinese Financial Stocks - Bank of China remained unchanged, closing at HKD 4.72 [1] - China Construction Bank rose by 0.37%, closing at HKD 8.15 [1] - Industrial and Commercial Bank of China decreased by 0.15%, closing at HKD 6.56 [1] - Ping An Insurance fell by 1.29%, closing at HKD 72.5 [1] - China Life Insurance dropped by 3.94%, closing at HKD 34.12 [1] Oil and Petrochemical Stocks - Sinopec rose by 1.66%, closing at HKD 5.51 [1] - PetroChina increased by 0.75%, closing at HKD 9.38 [1] - CNOOC gained 0.65%, closing at HKD 24.8 [1]

Core Viewpoint - HSBC Holdings has reached a historical high in stock price, closing at 139.3 HKD on February 9, with a daily increase of 3.34%, reflecting strong market sentiment ahead of its earnings report [1][6]. Technical Analysis - The stock's technical chart shows a combination of "new highs" and "overbought indicators," indicating a battle between bullish and bearish signals [1]. - The stock price is significantly above key moving averages, particularly MA30 at 130.05 HKD and MA60 at 121.38 HKD, suggesting a solid medium to long-term upward trend [1]. - Short-term indicators, such as the 10-day moving average (MA10) at 137.14 HKD, indicate a potential correction as the stock price diverges from this level [1][2]. - The 14-day RSI has reached 66, indicating accumulated profit-taking pressure, while other oscillators also signal overbought conditions [2]. Key Support and Resistance Levels - The first resistance level is identified at 143.4 HKD, which aligns with historical volatility and concentrated call option positions [3]. - The primary support level is at 134.4 HKD, which coincides with the 10-day moving average and is crucial for determining short-term strength [3]. Market Sentiment and Fund Flows - The privatization of Hang Seng Bank is a key fundamental catalyst driving HSBC's stock price, with estimated pre-tax synergies of 800 to 900 million USD, enhancing growth expectations [6]. - There is a notable divergence in fund flows, with large orders showing net outflows while smaller orders exhibit significant net inflows, indicating differing sentiments between institutional and retail investors [6][7]. Derivative Market Insights - The derivative market shows a concentration of bullish sentiment with significant investments in far-out-of-the-money call options, reflecting aggressive investor expectations [7]. - Recent performance of warrants indicates that they can amplify returns in a low-volatility environment, with specific call options showing gains of 6% to 8% [8]. Product Analysis and Strategy - For investors expecting a breakout above resistance, call options with strike prices slightly above 143.4 HKD are recommended, offering leverage of approximately 7.2 times [10]. - Conversely, for those anticipating a potential pullback, put options with strike prices well below the second support level of 129.2 HKD are suggested as high-leverage hedging tools [11][12].

Group 1 - The first batch of compliant stablecoin licenses in Hong Kong is expected to be issued by the end of March, with HSBC and Standard Chartered likely to be among the first approved institutions [1] - Following the issuance of the first batch of licenses, the approval process for the second batch is anticipated to proceed quickly, with further announcements expected soon [1]

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

Market Performance - The Hang Seng Index closed up 0.58%, while the Hang Seng Tech Index rose by 0.62% [1] - Notable gainers in the Hang Seng Index included CSPC Pharmaceutical Group and Innovent Biologics, while New Oriental Education, Haidilao, and Longfor Group saw declines [2] - In the Hang Seng Tech Index, Horizon Robotics, SenseTime, and BYD were among the top gainers, whereas Meituan, Tongcheng Travel, and Alibaba Health experienced losses [2] Sector Highlights - The optical communication sector led the market, with Longi Green Energy rising by 8.8%, Dongfang Electric increasing over 7%, and Weichai Power up by 3.69% [2] - The biopharmaceutical sector also showed strength, with WuXi AppTec rising over 4%, Rongchang Bio up by 3.64%, and Kailai Ying increasing by 3.5% [2] - Notable stock performances included Zhiyuan Technology surging by 14.81% and Reading Group increasing by 15.41% [2] Historical Highs - A total of 80 stocks in the Hong Kong market reached historical highs, including major companies like Zoomlion Heavy Industry, HSBC Holdings, Fast Retailing, and Yanzhou Coal Mining [4] - Specific stocks that hit historical highs included Dah Sing Banking Group, United Group, CLP Holdings, and HSBC Holdings, among others [5][6] Company Developments - Li Auto's stock rose by 1.18%, with a market capitalization of HKD 147 billion. The company confirmed the implementation of a "store partner" plan to enhance operational efficiency and market responsiveness [6] - The plan will empower store managers with greater decision-making authority and shift the evaluation criteria from solely sales to a comprehensive assessment including sales, profits, and customer satisfaction [6] New Listings - AI perception and edge computing chip company Aixin Yuan Zhi Semiconductor officially listed on the Hong Kong Stock Exchange with a market capitalization of HKD 16.7 billion, becoming the first edge computing AI chip company to go public in Hong Kong [11] Regulatory Changes - The Hong Kong government plans to raise the statutory minimum wage from HKD 42.1 to HKD 43.1 per hour, an increase of HKD 1.0 or 2.38%, with the new wage expected to take effect on May 1, 2026, pending legislative approval [11] Market Outlook - Analysts from Galaxy Securities noted a clear "Spring Festival effect" in the Hong Kong market, with optimistic sentiment and early capital positioning. Following recent corrections, the valuation attractiveness of Hong Kong stocks has increased, with expectations of a volatile upward trend around the Spring Festival [12] - Bank of China International indicated that after a series of negative factors have been addressed, market sentiment is at a low point, and the upcoming "Spring Festival" could catalyze a rebound in the AI multi-modal industry chain [12]

Market Performance - The Hang Seng Index closed up 0.58% and the Hang Seng Tech Index rose 0.62% on February 10 [1] - Notable gainers in the Hang Seng Index included CSPC Pharmaceutical Group and Innovent Biologics, while New Oriental Education and Haidilao saw significant declines [1] - In the Hang Seng Tech Index, Horizon Robotics and SenseTime were among the top gainers, while Meituan and Alibaba Health experienced losses [1] Sector Highlights - The optical communication sector led the market, with Longi Green Energy rising 8.8% and Dongfang Electric increasing over 7% [1] - Biopharmaceutical stocks also performed well, with WuXi AppTec up over 4% and Rongchang Bio rising 3.64% [1] Notable Stock Movements - Zhiyuan Technology surged 14.81% and Reading Group increased by 15.41% [1] - A total of 80 stocks in the Hong Kong market reached new historical highs, including major companies like Zoomlion Heavy Industry and HSBC Holdings [3] New Listings - AI perception and edge computing chip company Aixin Yuan Zhi Semiconductor officially listed on the Hong Kong Stock Exchange with a market capitalization of HKD 16.7 billion, becoming the first edge computing AI chip company to do so [10] Economic Indicators - The Hong Kong government plans to raise the statutory minimum wage from HKD 42.1 to HKD 43.1 per hour, an increase of 2.38%, effective May 1 [10] Market Outlook - Analysts from Galaxy Securities noted a clear "Spring Festival effect" in the Hong Kong market, with optimistic sentiment and early capital positioning [11] - Bank of China International indicated that the market sentiment is at a low point, with potential rebounds expected in the AI multi-modal industry chain [11]

Core Viewpoint - HSBC Holdings (00005.HK) will hold a committee meeting on February 25, 2026, to review the year-end performance announcement for the year ending December 31, 2025, and to decide on the distribution of the fourth ordinary share dividend for 2025 [1] Group 1 - The meeting will take place on February 25, 2026 [1] - The performance announcement will cover the fiscal year ending December 31, 2025 [1] - The decision regarding the dividend distribution will be made during this meeting [1] Group 2 - If approved, the dividend will be distributed on April 30, 2026 [1] - Eligible shareholders include those registered in the UK, Hong Kong, Bermuda, and holders of American Depositary Shares in New York as of March 13, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 待董事會議通過及確認後，股息將於 2026 年 4 月 30 日派發予 2026 年 3 月 13 日已 登記於英國主要股東名冊、香港海外股東分冊或百慕達海外股東分冊之股份持有人 及紐約的美國預託股份持有人。 倘獲董事會議通過，我們將於業績公告中發布股息詳情。 2026 年 2 月 10 日 （香港股份代號：5） HSBC Holdings plc 滙豐控股有限公司 2025 年末期業績及審議會否派發 2025 年第四次股息 根據《香港聯合交易所有限公司證券上市規則》第 13.43條的規定，滙豐控股有限公 司宣布將於 2026 年 2 月 25 日召開董事會下設委員會會議（「董事會議」），審議 截至 2025 年 12 月 31 日止年度之末期業績（「業績」）公告及會否派發 2025 年普 通股第四次股息（「股息」）。 代表 滙豐控股有限公司 集團公司秘書長 麥安琦 於本公告發表之日，滙豐控股有限公司的 ...

Core Viewpoint - Citigroup's report indicates that Hong Kong bank stocks are expected to announce their second-half 2025 results in mid-February, with performance likely to meet expectations, although potential revenue growth may be offset by higher impairment charges [1] Group 1: Performance Expectations - The normalization of HIBOR is anticipated to support net interest income in Q4 2025 [1] - Growth in fee income may slow down due to high base effects [1] Group 2: Capital and Share Buyback - Despite Hong Kong banks having capital ratios at historical highs, Citigroup does not expect any share buyback announcements in the annual results [1] Group 3: Stock Recommendations - Citigroup favors international banks in Hong Kong, with HSBC as the top pick, expecting positive guidance for 2026 and improvements in non-net interest income to drive profit growth [1] - The target price for Bank of China Hong Kong has been raised from HKD 41.3 to HKD 47.6, with a "Buy" rating [1] - The target price for Bank of East Asia has been increased from HKD 12.6 to HKD 14.9, with a "Neutral" rating [1]

摩根大通发表研报指，香港银行股将自2月中旬开始陆续公布2025财年业绩，预计因净息差变动及信贷 成本波动影响，各银行盈利势头将现分化，但预计股息政策不会有重大变化；预计渣打及大新银行或表 现最佳，盈利预测增长超过30%，而东亚银行可能表现最差，预计盈利将下滑；其中大新银行及渣打在 2025财年的总股东回报表现更为突出。展望未来，摩通预计，尽管银行业的管理层对资产质量仍持谨慎 看法，但并不悲观，并对收入前景的态度将渐趋积极。在香港大型银行中，摩通仍更偏好渣打及汇丰控 股，而非中银香港。 ...