Market Overview - On January 16, the Hang Seng Index fell by 0.29%, with southbound funds totaling a transaction amount of HKD 110.94 billion, comprising HKD 55.52 billion in buying and HKD 55.42 billion in selling, resulting in a net buying amount of HKD 0.94 million [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total transaction amount of HKD 41.37 billion, with buying at HKD 20.23 billion and selling at HKD 21.14 billion, leading to a net selling amount of HKD 0.91 billion [1] - Conversely, the Stock Connect (Shanghai) saw a total transaction amount of HKD 69.57 billion, with buying at HKD 35.29 billion and selling at HKD 34.28 billion, resulting in a net buying amount of HKD 1.00 billion [1] Active Stocks - Alibaba-W had the highest transaction amount among southbound funds, totaling HKD 69.52 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 57.02 billion and HKD 56.66 billion, respectively [1] - In terms of net buying, SMIC led with a net buying amount of HKD 10.84 billion, with a closing price increase of 2.39%. Xiaomi Group-W followed with a net buying of HKD 8.67 billion, while Hua Hong Semiconductor had a net buying of HKD 5.85 billion [1] - The stock with the highest net selling was China Mobile, with a net selling amount of HKD 10.74 billion and a closing price decrease of 0.62%. Other notable net sellers included Alibaba Health and CNOOC, with net selling amounts of HKD 4.62 billion and HKD 1.08 billion, respectively [1] Continuous Net Buying - Among the stocks, SMIC, Xiaomi Group-W, and Hua Hong Semiconductor were listed as active stocks in both Stock Connect (Shenzhen) and (Shanghai), with SMIC having a total transaction amount of HKD 57.02 billion and a net buying of HKD 10.84 billion [2] - Tencent Holdings and Alibaba-W have seen continuous net buying for 8 days and 5 days, respectively, with Tencent Holdings having the highest net buying amount of HKD 96.85 billion, followed by Alibaba-W with HKD 44.24 billion [2]

Group 1 - On January 16, 2026, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 40.30 billion, 34.43 billion, and 33.48 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with transaction amounts of 29.23 billion, 23.54 billion, and 22.23 billion respectively [1] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a net buying amount of +56.02 million, Tencent Holdings (00700) with +57.91 million, and SMIC (00981) with +510 million [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net selling amount of -16.43 million, while SMIC (00981) recorded a net buying amount of +574 million [2]

Group 1 - The net buying of southbound funds amounted to 0.94 billion HKD, with the top three net purchases being SMIC, Xiaomi Group-W, and Hua Hong Semiconductor, which received net purchases of 10.84 billion HKD, 8.67 billion HKD, and 5.85 billion HKD respectively [1] - On the selling side, China Mobile, Alibaba Health, and CNOOC experienced net sales of 10.74 billion HKD, 4.62 billion HKD, and 1.08 billion HKD respectively [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth 93.5808 million HKD today [1] - Notable net purchases include SMIC at 1.084 billion HKD, Hua Hong Semiconductor at 585 million HKD, Pop Mart at 141 million HKD, and Sanhua Intelligent Control at 129 million HKD [1] - Significant net sales were observed in China Mobile at 1.074 billion HKD, Alibaba Health at 461 million HKD, and CNOOC at 108 million HKD [1] Group 2 - Southbound funds have net bought Tencent for 8 consecutive days, totaling 9.68457 billion HKD [1] - Alibaba has seen net purchases for 5 consecutive days, amounting to 4.42446 billion HKD [1] - China Mobile has experienced net sales for 10 consecutive days, totaling 8.06248 billion HKD [1]

Market Overview - A-shares experienced a volatile decline, with the Sci-Tech 50 index rising against the trend, and total trading volume in the A-share market returning to 3 trillion yuan [1] - The Shanghai Composite Index fell by 0.26% to 4101.91 points, while the Shenzhen Component Index and the ChiNext Index also saw slight declines [1] Semiconductor Sector - The semiconductor sector showed strong performance, with stocks like Tianyue Advanced and Yongxi Electronics hitting the 20% limit up, and several others reaching historical highs [4][5] - A report from Counterpoint Research indicated that the global storage industry has entered a "super bull market," with prices for DRAM and NAND Flash expected to rise significantly in the coming years, with a projected increase of over 40% by Q4 2025 [5][6] Ultra-High Voltage (UHV) Concept - The UHV concept gained momentum, with stocks like Electric Science Institute and Xihigh Institute hitting the 20% limit up, driven by the announcement of a 4 trillion yuan investment by the State Grid during the 14th Five-Year Plan period [8][10] - The investment will focus on building a new power system and enhancing technological innovation, which is expected to boost the industry [10] AI Application Sector - The AI application sector faced a downturn, with companies like BlueFocus and Kunlun Wanwei dropping over 10%, and several others hitting the daily limit down [12][13] - Notably, People's Daily, which had seen a continuous rise, experienced a sharp decline, indicating potential market overheating and irrational speculation risks [12][15]

Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index down 0.29% at 26,844.96 points, the Hang Seng Tech Index down 0.11% at 5,822.18 points, the National Enterprises Index down 0.5% at 9,220.81 points, and the Red Chip Index down 0.34% at 4,139.41 points [1] Company News - Tencent Holdings (00700.HK) repurchased 1.017 million shares for HKD 636 million at a price range of HKD 619-632 [2] - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 148 million at a price range of HKD 37.86-37.92 [3] - Six Fortune Group (00590.HK) reported a retail value increase of 26%, retail income increase of 17%, and same-store sales increase of 15% in Q3, exceeding expectations [3] - China Southern Airlines (01055.HK) reported a 11.89% increase in passenger capacity and a 19.28% increase in cargo capacity for December 2025 [6] Industry Insights - Tianfeng Securities noted that the Hong Kong stock market has a basis for short-term valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [7] - The firm suggested a focus on technology and consumer sectors that are relatively undervalued [7] - According to Huatai Securities, the market is experiencing a shift towards a bullish sentiment, with historical data indicating a high probability of price increases following a period of panic [8] - Industry recommendations include prioritizing leading companies in the AI sector and exploring opportunities in insurance, banking, energy, and new consumption areas [8]

根据协议，金赛药业与阿里健康将在儿童健康成长、痛风防治、呼吸与过敏、女性健康、儿童神经与精 神健康及营养补充六大板块开展深度协同。金赛药业将依托其在生物医药研发、临床诊疗经验等方面的 核心竞争力，结合阿里健康在数据技术、平台运营及用户触达方面的资源，共同探索"医+药+服务"一 体化数字健康新模式。 公司不断强化内分泌代谢和妇儿领域国际领先布局，并前瞻布局肿瘤、风湿免疫、皮肤、呼吸、肾脏、 眼科和神经疾病等细分领域。金赛药业以全球首创或原创（first-in-class) 、全球同类最优（best in class）为目标，依托前沿药物开发技术平台与多模态技术（大分子/小分子/小核酸/细胞和基因治疗）， 创制高竞争力的药物分子，加速成果转化。 公司无缝连接临床试验，打造了80+高潜力和高度差异化的创新药管线，覆盖内分泌代谢、肿瘤、免疫 等领域重大疾病。 2025年，公司多个核心项目进入关键临床阶段，丰富的管线储备进入收获期，有望持续释放增长新动 能。 据"金赛药业"微信公众号1月16日消息，1月15日，金赛药业与阿里健康在杭州正式签署战略合作协议。 此次合作不仅是双方资源与能力的结合，更是金赛药业在新一轮战略定 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in Alibaba Health, indicating strong investor interest and confidence in the company's future prospects [1] Group 1: Investment Activity - On January 15, southbound funds increased their holdings by 6.0196 million shares of Alibaba Health (00241.HK) [1] - Over the past 5 trading days, there has been a cumulative net increase of 86.556 million shares, with increases recorded on all 5 days [1] - In the last 20 trading days, there were 13 days of net increases, totaling 12.1306 million shares [1] - Currently, southbound funds hold 1.843 billion shares of Alibaba Health, representing 11.38% of the company's total issued ordinary shares [1] Group 2: Company Overview - Alibaba Health Information Technology Co., Ltd. is a holding company providing industrial internet solutions for the healthcare and pharmaceutical industry [1] - The company primarily engages in the sales of pharmaceutical health products and operates e-commerce platforms for pharmaceuticals and consumer healthcare services [1] - It leverages technologies such as cloud computing and big data to develop traceability, digital healthcare, and internet medical services [1]

Market Overview - On January 15, the Hang Seng Index fell by 0.28%, closing at 26,923.62 points, with a total net sell of 1.515 billion HKD through the southbound trading channel [1] - The total trading volume for the southbound trading was 119.834 billion HKD, with a net sell of 1.515 billion HKD [1] Southbound Trading Details - In the Shanghai-Hong Kong Stock Connect, the trading volume was 74.697 billion HKD with a net buy of 1.930 billion HKD, while the Shenzhen-Hong Kong Stock Connect had a trading volume of 45.137 billion HKD with a net sell of 3.446 billion HKD [1] - The top traded stock in the Shanghai-Hong Kong Stock Connect was Alibaba-W, with a trading amount of 84.25 billion HKD and a net buy of 17.90 billion HKD, despite a closing price drop of 2.60% [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading amount of 44.51 billion HKD, followed by Tencent Holdings and Xiaomi Group-W with trading amounts of 17.26 billion HKD and 14.74 billion HKD respectively [2] Stock Performance - The stock with the highest net buy was China National Offshore Oil Corporation, with a net buy of 3.00 billion HKD and a closing price increase of 2.49% [2] - The stock with the highest net sell was Xiaomi Group-W, with a net sell of 4.91 billion HKD, while its closing price increased by 0.21% [2] - Other notable stocks included China Mobile, which had a net sell of 7.91 billion HKD and a closing price drop of 0.25% [1][2]

Group 1: Market Overview - The Hang Seng Index (HSI) closed at 26,999 points on January 14, with investors divided on future movements, some expecting a rise to 27,200 points while others are cautious about breaking the 27,000 mark [1][2] - Resistance is noted at 27,300 points, with potential for an increase to 27,900 points if this level is surpassed, suggesting investors should consider longer-dated products for bearish positions [2][3] - Technical signals indicate a predominance of sell signals, with 9 sell signals compared to 5 buy signals, suggesting a short-term selling trend [3][7] Group 2: Individual Stock Analysis - Tencent Holdings (00700.HK) closed at 633 HKD, near its upper Bollinger Band, with 8 sell signals and 5 buy signals indicating a bearish outlook; potential support levels are at 618 HKD and 601 HKD [9][10] - Xiaomi Group (01810.HK) closed at 37.78 HKD, showing a weak performance; support is at 37 HKD, with potential further decline to 35.8 HKD; however, there are more buy signals suggesting a possible recovery [15][16] - WuXi Biologics (02269.HK) has shown strong performance, rising from around 31 HKD to 40 HKD, with resistance at 40.4 HKD and potential for further gains to 45.5 HKD, though sell signals are currently more prevalent [22][24] - Trip.com Group (09961.HK) experienced a significant drop to 569.5 HKD, with increased trading volume; the technical signals are neutral, suggesting investors should wait for clearer direction before buying [25][30] - Alibaba Health (00241.HK) closed at 7.78 HKD after a strong rise, but with sell signals dominating, a short-term correction is anticipated after breaking through key resistance levels [32][36]