智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部及土地注册处数据，2026年1月录得 2,213宗资助房屋按揭登记(包括居屋及其他资助性房屋)，较2025年12月的425宗环比急升4倍多，同比升幅达1.25 倍。受惠于2025年终多个大型新居屋落成上会，2026年资助房屋按揭迎来开年红盘。 | | | | 表一：2026年1月份本港銀行資助房屋按揭表現 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | | | 2026年1月份 | | 2025年12月份 | | 市佔率變化 | | 2026 年 1月份 | 2025 年 12 月份 | 銀行/財務機構 | 宗數 | 市佔率 | 宗數 | 市信率 | (自分點) | | 1 | 1 | 中银香港 | 1,180 | 53.3% | 224 | 52.7% | +0.6 | | 2 | 3 | 恒生銀行 | 526 | 23.8% | 62 | 14.6% | +9.2 | | 3 | 2 | 滙豊銀行 | 384 | 17.4% | 81 | 19.1% | ...

Group 1 - The outlook for Hong Kong financial stocks is positive due to an active IPO market, structural cross-border capital flows, and a preliminary recovery in the residential property market [1] - The Federal Reserve's policies are expected to normalize HIBOR, with a forecast of a one-month HIBOR remaining at 2.5% in the first half of this year [1] - Credit costs are viewed conservatively, with a preference for banks with stable balance sheets and prudent risk profiles [1] Group 2 - The peak of non-performing loans in the industry is believed to have passed, with expectations that commercial real estate-related non-performing loans will stabilize this year, followed by a de-risking process over one to two years [1] - The most favored stock is Hong Kong Exchanges and Clearing (00388), which is seen as having greater leverage and currently undervalued, with an upgraded rating to "Buy" and a target price raised from HKD 373.94 to HKD 502 [1] - Local bank stocks are expected to yield positive returns this year, but may underperform international peers due to lower capital return levels; Bank of China Hong Kong (02388) and Bank of East Asia (00023) are rated "Hold," with a preference for the former due to its resilient fundamentals and higher return levels [1]

Group 1 - The outlook for Hong Kong financial stocks is positive due to an active IPO market, structural cross-border capital flows, and a preliminary recovery in the residential property market [1] - The Federal Reserve's policies are expected to normalize HIBOR, with a forecast of a one-month HIBOR remaining at 2.5% in the first half of this year [1] - Credit costs are viewed conservatively, with a preference for banks with robust balance sheets and prudent risk profiles [1] Group 2 - The peak of non-performing loans in the industry is believed to have passed, with expectations that non-performing loans related to commercial real estate will stabilize this year, followed by a de-risking process over one to two years [1] - The most favored stock is Hong Kong Exchanges and Clearing (00388), which is seen as having greater leverage and currently undervalued, with an upgraded rating to "Buy" and a target price raised from HKD 373.94 to HKD 502 [1] - Local bank stocks are expected to yield positive returns this year, but may underperform international peers due to lower capital return levels; Bank of China Hong Kong (02388) and Bank of East Asia (00023) are rated "Hold," with a preference for the former due to its resilient fundamentals and higher return levels [1] - The target price for Bank of China is raised from HKD 31 to HKD 48, while Bank of East Asia's target price is increased from HKD 12 to HKD 16, with potential trading opportunities due to index inclusion and the recovery of the Hong Kong property market [1]

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 137.775, up 2.59% from the previous close in Hong Kong [2] - Tencent Holdings closed at HKD 531.758, an increase of 1.87% from the previous close in Hong Kong [2] Group 2 - Tencent Holdings reported a latest price of HKD 522.000, down HKD 11.000 or 2.06%, with an ADR price of HKD 531.758, showing an increase of HKD 9.758 compared to the Hong Kong stock price [3] - Alibaba Group (W) had a latest price of HKD 147.100, down HKD 7.600 or 4.91%, with an ADR price of HKD 150.874, reflecting an increase of HKD 3.774 compared to the Hong Kong stock price [3] - HSBC Holdings had a latest price of HKD 134.300, up HKD 0.100 or 0.07%, with an ADR price of HKD 137.775, indicating an increase of HKD 3.475 compared to the Hong Kong stock price [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,541.96, down by 163.98 points or 0.61% on February 19 [1] - The index opened at 26,658.57, reached a high of 26,674.58, and a low of 26,480.63, with a trading volume of 24.6391 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 135.722, up by 1.13% compared to the previous close [2] - Tencent Holdings closed at HKD 532.399, down by 0.11% compared to the previous close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 533.000, with a slight increase of 1.000 or 0.19% [3] - Alibaba Group (09988) latest price is HKD 154.700, down by 0.700 or 0.45% [3] - HSBC Holdings (00005) latest price is HKD 134.200, down by 1.500 or 1.11% [3] - AIA Group (01299) latest price is HKD 82.350, up by 2.050 or 2.55% [3] - Meituan (03690) latest price is HKD 82.050, down by 0.100 or 0.12% [3] - JD.com (09618) latest price is HKD 105.900, down by 0.500 or 0.47% [3]

Group 1 - In January 2026, there were 36 registered reverse mortgage applications, an increase of 6 applications month-on-month, representing a 20% rise, and a year-on-year increase of 1.8 times compared to January 2025, which had 13 applications [1] - The total number of reverse mortgage registrations for the year 2025 was 370, a decrease of 13% compared to 426 registrations in 2024 [1] - The highest annual registration volume for reverse mortgages was recorded in 2017 with 751 registrations, followed by 621 in 2018, during periods of rising property prices [1] Group 2 - In January 2026, there were 62 reverse mortgage applications, a decrease of 24% from 82 applications in December 2025, and a year-on-year decline of 21.5% compared to 79 applications in January 2025 [2] - The average age of reverse mortgage applicants is approximately 69 years, with an average property value of 5.5 million HKD, which has remained stable for five months [2] - The most popular option for annuity payment is the lifetime annuity, chosen by 54% of applicants, followed by a 10-year fixed term option at 20.7% [2]

Core Viewpoint - The Hang Seng Index (HSI) closed at 27,071.73, down 194.65 points or 0.71% from the previous close, indicating a decline in market performance [1]. Group 1: Market Performance - The HSI reached a high of 27,213.46 and a low of 26,949.38 during the trading session, with a trading volume of 40 million shares [1]. - The average price for the HSI was 27,081.42, while the 52-week high and low were 27,964.68 and 19,335.70, respectively [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 139.794, unchanged from the Hong Kong close, while Tencent Holdings closed at HKD 543.262, down 0.86% [2]. - Among the major stocks, Alibaba (HKD 160.100, down 0.25%), and Xiaomi (HKD 37.100, up 4.27%) showed varied performance [3]. - Notable gainers included BYD Company, which rose by 3.50% to HKD 99.150, while Pop Mart International fell by 5.49% to HKD 255.000 [3].

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 141.801, up 1.8% from the previous close [2] - Tencent Holdings closed at HKD 561.139, reflecting a 0.2% increase from the previous close [2] Group 2 - Tencent Holdings (00700) latest price is HKD 560.000, with an increase of HKD 12.500 or 2.28% [3] - Alibaba Group (09988) latest price is HKD 157.900, up HKD 2.900 or 1.87% [3] - HSBC Holdings (00005) latest price is HKD 139.300, up HKD 4.500 or 3.34% [3] - AIA Group (01299) latest price is HKD 86.350, up HKD 2.850 or 3.41% [3] - Meituan (03690) latest price is HKD 91.050, down HKD 0.350 or 0.38% [3] - China Ping An (02318) latest price is HKD 73.000, up HKD 3.400 or 4.89% [3] - Hong Kong Exchanges (00388) latest price is HKD 418.600, up HKD 11.000 or 2.70% [3] - Baidu Group (09888) latest price is HKD 142.200, up HKD 4.400 or 3.19% [3] - Kuaishou Technology (01024) latest price is HKD 69.300, down HKD 1.950 or 2.74% [3]

Core Viewpoint - Southbound funds have reduced their holdings in Bank of China Hong Kong (02388.HK) by 1.1185 million shares on February 9, with a total net reduction of 6.3805 million shares over the last five trading days and 14.8177 million shares over the last 20 trading days [1] Group 1: Shareholding Changes - Southbound funds currently hold 368 million shares of Bank of China Hong Kong, representing 3.47% of the company's total issued ordinary shares [1] - The reduction in holdings indicates a trend where southbound funds have decreased their investment in the bank, with 16 out of the last 20 trading days showing net reductions [1] Group 2: Company Overview - Bank of China Hong Kong is one of the three note-issuing banks in Hong Kong and the only RMB clearing bank in the region, holding a leading position in major business markets [1] - The bank leverages its advantages in RMB services to attract clients, providing comprehensive financial and investment services through a vast branch network and efficient electronic channels [1] - The bank offers full-scale and high-quality cross-border services to multinational companies, cross-border clients, and various institutions, facilitated by its close connection with its parent company, Bank of China [1]

Core Insights - The forum on "Cross-Border RMB and Local Currency Transaction Cooperation Potential under the LCT Framework" was held in Indonesia, attracting nearly 300 participants from various sectors, highlighting the growing financial collaboration between China and Indonesia [1][2] Group 1: Economic and Trade Relations - China has been Indonesia's largest trading partner for 12 consecutive years and among the top three sources of investment for 9 years [1] - The cross-border RMB and local currency settlement mechanism is a natural outcome of the comprehensive strategic partnership between China and Indonesia, contributing to the diversification of Indonesia's foreign exchange reserves and enhancing macroeconomic resilience [1][2] Group 2: Local Currency Transaction (LCT) Mechanism - Indonesia has established LCT cooperation mechanisms with multiple countries, including China, with the local currency settlement scale projected to reach $25.66 billion by 2025, with an average monthly user count of 7,568 [2] - The local currency settlement between Indonesia and China is expected to grow significantly from $4.9 billion in 2024 to $13.19 billion in 2025, reflecting strong recognition of the mechanism by enterprises [2] Group 3: Financial Infrastructure and Support - The Indonesian central bank emphasizes cooperation with Chinese financial institutions in local currency settlement and cross-border payment, aiming to enhance transaction efficiency and reduce costs [3] - The LCT mechanism has proven effective in promoting international trade and investment, with local industries in Central Java benefiting significantly from this framework [3] Group 4: Industry and Economic Development - The industrial agglomeration effect in regions like Semarang is accelerating, with increasing demand for financial support in manufacturing and related industries [4] - The China Banking Corporation in Jakarta is a leading player in cross-border RMB clearing, having maintained the top market position for 12 years and supporting cross-border QR payment connectivity [4]