Market Performance - The Hang Seng Index closed at 27,027, up 1.76% with a year-to-date increase of 5.45% [1] - The Hang Seng Technology Index rose by 1.34% to 5,417, but is down 1.78% year-to-date [1] - The Shanghai Composite Index increased by 1.41% to 4,123, with a year-to-date rise of 3.89% [4] - The Dow Jones Index reached a new high, closing at 50,135, up 0.04% year-to-date [4] Currency Trends - The Renminbi Index is at 98.340, up 0.36% over the last month and 1.44% over the last six months [2] - The Euro to USD exchange rate is at 1.187, increasing by 1.98% in one month and 2.17% in six months [2] Commodity Prices - Brent crude oil is priced at $67.63 per barrel, up 7.71% in one month and 4.01% in six months [3] - Gold is priced at $5,022.91 per ounce, with an increase of 11.38% in one month and 50.27% in six months [3] - Silver has seen a significant rise of 117.60% over the last six months, currently priced at $81.85 per ounce [3] Company Financials - Hong Kong Telecom (06823) reported a 4% increase in EBITDA for the year ending December 31, 2025, with total revenue rising by 5% to HKD 36.553 billion [9] - The number of 5G plan users in Hong Kong Telecom's postpaid customer base exceeded 2 million, representing 60% of the total postpaid customers [10] - Local data service revenue grew by 6% to HKD 14.31 billion, contributing to a 3% increase in overall local telecom service revenue [10] Mortgage Insurance Trends - In January, new mortgage insurance applications in Hong Kong fell by 8.7% to 460 cases, the lowest since November 2018 [11] - The total amount of new mortgage insurance also decreased by 7.1% to HKD 2.36 billion [11] - The usage ratio of mortgage insurance has dropped to 12.1%, the lowest level since November 2019 [12] Economic Indicators - The New York Federal Reserve reported a decrease in one-year inflation expectations to 3.1% in January, down from 3.4% in December [13][14] - The Federal Reserve's outlook on the U.S. fiscal situation and economic growth remains optimistic, with expectations of a significant GDP growth boost due to tax policy changes [15]

Market Overview - The Hong Kong stock market showed a slight recovery with the Hang Seng Index up by 0.54% to 27,172.87 points, the Hang Seng Tech Index up by 0.84% to 5,463.17 points, and the National Enterprises Index up by 0.78% to 9,239.54 points, while the Red Chip Index fell by 0.1% to 4,391.08 points [1] Company Dynamics - Pop Mart (09992.HK) expects global sales of over 400 million units across all IP categories by 2025, with THE MONSTERS category alone projected to exceed 100 million units [2] - Youjia Innovation (02431.HK) has secured a contract with a leading domestic automotive brand to provide advanced driving assistance controllers and driver monitoring systems for several key models [2] - Ruifeng New Energy (00527.HK) signed an investment framework agreement to build the largest inference computing cluster park in North China, with a total investment of approximately RMB 24 billion [2] - Xian Dao Intelligent (00470.HK) set its H-share offering price at HKD 45.80 per share, with the adjustment rights fully exercised [3] - Hong Kong Telecom (06823.HK) reported a 5% year-on-year increase in total revenue to HKD 36.553 billion for 2025, with EBITDA rising 4% to HKD 14.234 billion, and attributable profit increasing 4% to HKD 5.286 billion, driven by stable operations and effective cost control [3] - China Nuclear International (02302.HK) issued a positive profit alert, expecting revenue for 2025 to exceed approximately HKD 2.46 billion, with gross profit expected to be at least HKD 260 million, primarily due to increased uranium trading volumes [3][6] - Mingyuan Cloud (00909.HK) anticipates a net profit of approximately HKD 26.9 million to HKD 32.8 million for 2025, representing a turnaround and growth of about 114% to 117%, attributed to improved operational efficiency [3] - Yingda Real Estate (00432.HK) reported a net loss of HKD 69 million for 2025, a 70% reduction year-on-year [4] - China Oriental Education (00667.HK) expects a 46% to 51% increase in net profit for 2025 [5] - Carrot (02549.HK) issued a profit warning, projecting a 25% to 35% decrease in profit for 2025 [7] - Xiaomi Group (01810.HK) repurchased 1.5 million shares for HKD 52.7268 million at prices between HKD 35.04 and HKD 35.24 [8] - Geely Automobile (00175.HK) repurchased 1.408 million shares for HKD 23.4587 million at prices between HKD 16.46 and HKD 16.81 [8] Institutional Insights - GF Securities noted that the Hang Seng Index has an 82% probability of rising in the three trading days before the Spring Festival, with no significant calendar effects post-holiday, indicating a potential "passive follow" increase due to stronger correlation with A-shares [9] - Everbright Securities highlighted a market environment of "moderate fundamental recovery and synchronized liquidity," recommending a "growth + value" strategy focusing on AI, non-ferrous metals, chemicals, and insurance [10] - Dongfang Caifu Securities pointed out that Hong Kong stocks are at historical low valuations (Hang Seng Index PE at only 12 times), making southbound capital attractive for bottom-fishing, with short-term sentiment boosted by this capital [10]

Market Overview - The Hong Kong stock market opened higher on February 10, with the Hang Seng Index rising by 0.65% to 27,202.96 points, the Hang Seng Tech Index up by 0.82% to 5,461.96 points, and the National Enterprises Index increasing by 0.64% to 9,226.56 points [1] - Major technology stocks saw gains, with Alibaba up 1.14%, Tencent Holdings up 0.54%, JD Group up 1.2%, Xiaomi up 0.85%, NetEase up 2.35%, and Kuaishou up 1.01% [1] - The new consumption concept stocks showed mixed results, with Pop Mart rising over 2% and Weilon falling over 2% [1] Corporate News - Pop Mart (09992.HK) expects global sales of all IP products to exceed 400 million units by 2025, with THE MONSTERS product line projected to sell over 100 million units [2] - Youjia Innovation (02431.HK) has secured a contract with a leading domestic automotive brand to provide several key products, including the iPilot 4 Plus driving controller and driver monitoring systems [2] - Ruifeng New Energy (00527.HK) signed an investment framework agreement to build the largest inference computing cluster park in North China, with a total investment of approximately RMB 240 billion [2] Earnings Forecasts - Hong Kong Telecom (06823.HK) reported a 5% increase in total revenue to HKD 36.553 billion for 2025, with EBITDA growing by 4% to HKD 14.234 billion and net profit attributable to shareholders increasing by 4% to HKD 5.286 billion [4] - China Nuclear International (02302.HK) anticipates revenue for 2025 to exceed HKD 2.46 billion, with gross profit expected to reach at least HKD 260 million, driven by increased uranium trading volumes [4][6] - Mingyuan Cloud (00909.HK) expects a net profit of approximately HKD 26.9 million to HKD 32.8 million for 2025, representing a growth of about 114% to 117% [4] - China Oriental Education (00667.HK) forecasts a 46% to 51% increase in net profit for 2025 [5] Market Dynamics - Several companies are actively repurchasing shares to boost market confidence, including Xiaomi Group-W (01810.HK), which repurchased 1.5 million shares for HKD 52.7268 million, and Geely Automobile (00175.HK), which repurchased 1.408 million shares for HKD 23.4587 million [8] - China Smart Energy (01004.HK) announced a share consolidation effective February 10, pending approval from the Stock Exchange [8] Institutional Insights - Galaxy Securities noted a significant "Spring Festival effect" in the Hong Kong market, with optimistic market sentiment and early capital positioning [10] - Dongwu Securities indicated that while short-term challenges remain, the market should be monitored for overseas risks and domestic AI catalysts [10] - Bank of China International believes that after the recent negative factors have subsided, market sentiment is at a low point, with potential rebounds in the AI multi-modal industry chain [10]

Group 1 - Lianqi Technology (澜起科技) debuted on the Hong Kong Stock Exchange on February 9, 2023, with a closing price of HKD 175 per share, marking a 63.72% increase on its first day of trading [1] - The company focuses on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure, with IPO proceeds aimed at R&D, commercialization, strategic investments, and general corporate purposes [1] - The strong market response reflects the company's technological barriers and the benefits of its sector, aligning with the demand for computing infrastructure upgrades [1] Group 2 - Tongcheng New Materials (彤程新材) has submitted a listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the exclusive sponsor [2] - The company is a leading comprehensive new materials service provider in China, focusing on advanced chemical products, including electronic materials and biodegradable materials [2] - The listing is expected to enhance R&D investment and global production capacity expansion, leveraging its first-mover advantage in domestic photolithography resin [2] Group 3 - China Nuclear International (中核国际) announced a positive earnings forecast, expecting revenue to reach at least HKD 2.46 billion and gross profit to increase to at least HKD 260 million in 2025 [3] - This represents a significant increase from the 2024 expected revenue of approximately HKD 1.841 billion and gross profit of HKD 234 million, driven by increased uranium trading volumes [3] - The company's growth is supported by its unique position within the China National Nuclear Corporation and the rigid demand from domestic nuclear power expansion [3] Group 4 - Hong Kong Telecommunications (香港电讯) reported a 5% year-on-year increase in total revenue for 2025, reaching HKD 36.553 billion [4] - EBITDA grew by 4% to HKD 14.234 billion, while profit attributable to shareholders increased by 4% to HKD 5.286 billion [4] - The steady growth is attributed to robust performance in 5G and data services, reinforcing its position as a leading utility provider in Hong Kong [4] Group 5 - The Hang Seng Index closed at 27,027.16, up 1.76% on February 9, 2023 [5] - The Hang Seng Tech Index rose by 1.34% to 5,417.60, while the Hang Seng Composite Index increased by 1.52% to 9,168.33 [5]

期内，EBITDA总计142.34亿元，同比增长3.57%，主要受惠于人工智能应用所带来的效率及生产力提 升。 来源：金吾财讯 金吾财讯 | 香港电讯-SS(06823)公告公布，截至2025年12月31日止年度，股份合订单位持有人应占溢利 52.86亿元（港币，下同），同比增长4.26%；每个股份合订单位基本盈利为港币69.76分。每个股份合 订单位的末期分派为47.97分，每个股份合订单位全年总分派81.77分，去年同期为78.8分。 期内，总收益为365.53亿元，同比增长5.18%。总收益（未计流动通讯产品销售）为330.16亿元，同比 增长3.08%。 期内，公司5G客户基础增长20%至209.6万；连同较高的漫游收益，带动流动通讯服务收益增长5%。 ...

2025 Annual Results For the year ended 31 December 2025 9 February 2026 Hong Kong Forward Looking Statement This presentation may contain "forward-looking statements" that are not historical in nature. These forward-looking statements, which include, without limitation, statements regarding HKT's future results of operations, financial condition or business prospects, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of HKT about the busi ...

Core Viewpoint - Hong Kong Telecommunications-SS (06823) reported a 5% year-on-year increase in total revenue to HKD 36.553 billion for 2025, with attributable profit to shareholders rising by 4% to HKD 5.286 billion [1] Revenue Breakdown - Local data service revenue grew by 6% to HKD 14.31 billion, driving local telecommunications service revenue up by 3% to HKD 17.785 billion, with local data services accounting for 80% of total revenue [1] - Pay television services generated revenue of HKD 2.264 billion, while local telephone services contributed HKD 1.8 billion [1] - International telecommunications service revenue also increased by 3% to HKD 7.343 billion, leading to a total telecommunications service revenue rise of 3% to HKD 25.128 billion [1] Mobile Communications Growth - The mobile communications business continued to grow, with service revenue increasing by 5% to HKD 9.157 billion, driven by the growth in roaming services, expansion of the 5G postpaid customer base, and rising demand for mobile communications enterprise solutions [1]

于2026年2月7日，香港电讯接获CM Silk Road Capital Management Limited(一家由招商局资本独家控制 的公司)提出的要约，以向香港电讯集团收购目标公司Regional Link Telecom Services Holdings Limited额 外9%的股权;及目标集团欠付目标公司现有股东若干股东应收账款的9%(进一步投资)。 香港电讯-SS(06823)发布公告，诚如先前公告所披露，投资者(一家由招商局资本控股有限责任公司(招 商局资本)独家管理及控制的公司)已向香港电讯集团收购目标公司40%的股权及应收账款。目标公司为 香港电讯的间接附属公司，而目标集团从事无源网络业务，即在香港及大湾区提供铜缆及光纤接入服 务，以及营运、维护及扩展铜缆及光纤接入网络的无源组件并提供相关服务的业务。 ...

智通财经APP讯，香港电讯-SS(06823)发布公告，诚如先前公告所披露，投资者(一家由招商局资本控股 有限责任公司(招商局资本)独家管理及控制的公司)已向香港电讯集团收购目标公司 40%的股权及应收 账款。目标公司为香港电讯的间接附属公司，而目标集团从事无源网络业务 ，即在香港及大湾区提供 铜缆及光纤接入服务，以及营运、维护及扩展铜缆及光纤接入网络的无源组件并提供相关服务的业务。 于2026年2月7日，香港电讯接获 CM Silk Road Capital Management Limited(一家由招商局资本独家控制 的公司)提出的要约，以向香港电讯集团收购目标公司Regional Link Telecom Services Holdings Limited额 外 9%的股权;及目标集团欠付目标公司现有股东若干股东应收账款的9%(进一步投资)。 ...

2026年2月7日，香港电讯接获CM Silk Road CapitalManagement Limited(一家由招商局资本独家控制的公 司)提出的要约，以向香港电讯集团收购(i)目标公司额外9%的股权；及(ii)目标集团欠付目标公司现有股 东若干股东应收账款的9%("进一步投资")。 格隆汇2月9日丨香港电讯-SS(06823.HK)发布公告，诚如先前公告所披露，投资者(一家由招商局资本控 股有限责任公司("招商局资本")独家管理及控制的公司)已向香港电讯集团收购目标公司40%的股权及应 收账款。目标公司为香港电讯的间接附属公司，而目标集团从事无源网络业务，即在香港及大湾区提供 铜缆及光纤接入服务，以及营运、维护及扩展铜缆及光纤接入网络的无源组件并提供相关服务的业务。 ...