Core Viewpoint - The Hong Kong stock market is undergoing significant adjustments in its major indices, with changes in constituent stocks for the Hang Seng Index and other related indices [2][4][8]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times (03750), Luoyang Molybdenum (03993), and Laopu Gold (06181), while removing Zhongsheng Group (00881) [2][4]. - Laopu Gold has shown a strong performance, with a cumulative increase of nearly 20% since the beginning of 2026 [4]. Group 2: Hang Seng China Enterprises Index Changes - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [6]. Group 3: Hang Seng Composite Index Changes - The Hang Seng Composite Index will add 53 stocks, including East Asia Bank (00023), and remove 28 stocks, increasing its total from 507 to 532 [8]. - The Hang Seng Technology Index will remain unchanged at 30 constituent stocks [8]. Group 4: Market Performance Analysis - Since the beginning of 2026, the Hang Seng Index has risen by 3.65%, while the Hang Seng Technology Index has decreased by 2.82% [10]. - In 2025, both indices saw increases, with the Hang Seng Index up by 27.77% and the Hang Seng Technology Index up by 23.45% [10]. - Among the 88 constituent stocks of the Hang Seng Index, 69 have risen, 18 have fallen, and 1 has remained flat since the end of 2025 [10]. Group 5: Notable Stock Performances - The top performers since the beginning of 2026 include New World Development (41.18%), Techtronic Industries (31.92%), and Pop Mart (31.81%) [11]. - Conversely, the worst performers include Trip.com (-24.22%), Meituan (-20.47%), and NetEase (-13.47%) [11].

Group 1: Hang Seng Index Changes - CATL (宁德时代, 03750), Luoyang Molybdenum (洛阳钼业, 03993), and Laopu Gold (老铺黄金, 06181) will be included in the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [1][2]. Group 2: Hang Seng China Enterprises Index Changes - Beike-W (贝壳-W, 02423) and Horizon Robotics-W (地平线机器人-W, 09660) will be added to the Hang Seng China Enterprises Index, while China Resources Beer (华润啤酒, 00291) will be removed, maintaining a total of 50 constituent stocks [4][5]. Group 3: Hang Seng Composite Index Changes - East Asia Bank (东亚银行, 00023) and Guofu Quantum (国富量子, 00290) will be added to the Hang Seng Composite Index, increasing the number of constituent stocks from 507 to 532 [8][9].

Core Viewpoint - The stock price of Lao Pu Gold (06181.HK) experienced a decline of 3.97% on February 13, 2026, amid broader market corrections in the gold sector and concerns over profit quality due to expected margin declines [1][2]. Group 1: Stock Performance - On February 13, 2026, Lao Pu Gold closed at 738.50 HKD, with a daily trading volume of approximately 843 million HKD and a price fluctuation of 6.76% [1]. - The overall gold sector in Hong Kong saw a pullback, with companies like Zijin Mining (601899) dropping over 7%, while the Hang Seng Index fell by 1.72% [1]. Group 2: Reasons for Stock Price Movement - Concerns over gross margin led to a downgrade in target price by Bank of America from 958 HKD to 860 HKD, citing a projected gross margin of 37.1% for the second half of 2025, a decrease of 4 percentage points year-on-year and 1 percentage point quarter-on-quarter [2]. - The international gold price has also seen a downturn, with domestic gold jewelry prices dropping approximately 70 HKD per gram on February 7, 2026, compounded by new regulations from Shenzhen that restrict pre-priced gold and leveraged trading [2]. Group 3: Company Fundamentals - Lao Pu Gold's sales are heavily reliant on consumer expectations of rising gold prices, with plans for three price increases in 2025. However, if gold prices decline, the brand's ability to maintain high pricing and customer loyalty may be challenged [3]. - The luxury goods market in China is expected to shrink in 2025, with consumers increasingly focused on the practicality of high-priced items, posing a risk to Lao Pu Gold's growth as it balances cultural attributes of traditional gold items with everyday wearability [3]. Group 4: Financial and Technical Analysis - On February 13, 2026, there was a net inflow of 30.51 million HKD from institutional investors, but retail investors showed a net outflow of approximately 384 million HKD, indicating selling pressure primarily from retail [4]. - Technically, the stock price fell below the 5-day moving average of 763.4 HKD, and the MACD histogram turned negative at -10.614, suggesting weak short-term momentum [4].

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

Group 1 - The stock of Laopu Gold (06181.HK) has experienced a decline of over 5%, specifically a drop of 5.14%, bringing the share price to 729.5 HKD [2] - The trading volume for Laopu Gold reached 238 million HKD at the time of reporting [2]

Group 1 - The core viewpoint of the article indicates that Lao Pu Gold (06181) is experiencing a decline in stock price, currently down 5.14% to HKD 729.5, with a trading volume of HKD 238 million [1] - Bank of America Securities reports that Lao Pu Gold benefits from rising gold prices and ongoing brand penetration, predicting a strong revenue growth of 165% year-on-year to RMB 13.2 billion for the second half of last year [1] - Adjusted net profit for the second half is expected to reach RMB 2.4 billion, reflecting a year-on-year increase of 169%, while the full-year adjusted net profit forecast is revised down by 5% to RMB 4.8 billion, indicating a year-on-year growth of 218% [1] Group 2 - Despite the positive revenue and profit growth, Bank of America anticipates pressure on Lao Pu Gold's gross margin due to an increase in the proportion of low-margin products, higher discount frequency, and inventory management challenges [1] - The expected gross margin for the second half of last year is projected to be 37.1%, which represents a year-on-year decline of 4 percentage points and a decrease of 1 percentage point compared to the first half [1] - The target price for Lao Pu Gold has been adjusted down from HKD 958 to HKD 860 by Bank of America [1]

美银证券发布研报称，老铺黄金受惠于金价上涨与品牌持续渗透，预计公司去年下半年收入增长强劲， 同比升165%至132亿元人民币；经调整纯利达24亿元人民币，同比增169%。全年经调整纯利预测则下 调5%至48亿元人民币，即同比增长218%。 然而，美银认为，由于老铺黄金的低毛利商品占比提升，加上折扣频率增加及面对库存管理挑战，预计 老铺黄金的毛利率仍然受压，料公司去年下半年的毛利率为37.1%，按年跌4个百分点，并较上半年降1 个百分点。该行将老铺黄金目标价由958港元调降至860港元。 智通财经APP获悉，老铺黄金(06181)现跌超5%，截至发稿，跌5.14%，报729.5港元，成交额2.38亿港 元。 ...

Group 1 - Korean investors have shown increasing enthusiasm for Chinese assets, with a total investment exceeding $88 million in the top ten stocks as of February 10, 2026 [3] - The top ten stocks purchased by Korean investors include MINIMAX-WP, Huaxia CSI 300 ETF, and Lanke Technology, with respective investments of $20.67 million, $19.18 million, and $18.64 million [1][2] - There is a noticeable shift in Korean investment focus towards emerging technology companies in China, compared to 2025, where the top investments were in companies like Xiaomi and Alibaba [4] Group 2 - The investment amounts for the top ten stocks in 2026 are as follows: MINIMAX-WP ($20.67 million), Huaxia CSI 300 ETF ($19.18 million), Lanke Technology ($18.64 million), and others, indicating a diverse interest in various sectors [2][4] - In 2025, the top investments were led by Xiaomi Group ($87.75 million) and Global X China Semiconductor ETF ($7.40 million), highlighting a different investment landscape compared to 2026 [5]

Group 1 - Korean investors are increasingly enthusiastic about allocating assets in China, with over $8.8 million invested in the Hong Kong Stock Exchange as of February 10 [1] - The top ten stocks purchased by Korean investors include MINIMAX-WP, 华夏沪深300ETF, and 澜起科技, among others, indicating a shift towards emerging technology companies [1][2] - The total investment amounts for the top ten stocks are as follows: MINIMAX-WP at $20.67 million, 华夏沪深300ETF at $19.18 million, and 澜起科技 at $18.64 million [2][3] Group 2 - Compared to 2025, Korean investors are now focusing on new emerging industries and technology companies, as evidenced by the change in their top ten investments [3] - In 2025, the top ten net purchases by Korean investors included Xiaomi Group and Global X China Semiconductor ETF, highlighting a different investment focus compared to 2026 [4][5] - The total investment amounts for the top ten stocks in 2025 were significantly higher, with Xiaomi Group at $87.75 million and Global X China Semiconductor ETF at $74.03 million [5]

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]