Market Performance - The Hang Seng Index (HSI) rose by 44 points or 0.17%, closing at 26,629 points, after initially opening 165 points higher[1] - The Shanghai Composite Index increased by 5 points or 0.1%, closing at 4,122 points, with a total turnover of 1.2 trillion yuan[1] - The S&P 500 Index gained 37 points or 0.6%, closing at 6,913 points, continuing its upward trend[2] Economic Indicators - The annualized GDP growth rate for the US in Q3 was revised to 4.4%, slightly above the initial estimate of 4.3%, marking the strongest growth since Q3 2023[3] - In January, China's narrow passenger car retail market is expected to reach approximately 1.8 million units, a month-on-month decline of 20.4% but a year-on-year increase of 0.3%[3] - The overall consumer price index in Hong Kong rose by 1.4% year-on-year in December, up from 1.2% in November, driven by increased travel and transportation costs[3] Corporate Updates - MicroPort Medical (00853.HK) expects to report a net profit of no less than $20 million for 2025, a turnaround from a net loss of $268 million the previous year, primarily due to revenue growth and cost optimization[4] - Alibaba's subsidiary, Pingtouge, is set to pursue an independent IPO, although Alibaba has not commented on the reports[4]

Market Overview - The Hang Seng Index (HSI) rose by 97 points or 0.4%, closing at 26,585 points after a low opening[1] - The Shanghai Composite Index increased by 3 points or 0.08%, closing at 4,116 points with a total turnover of 1.18 trillion yuan[1] - The total market turnover for Hong Kong was 250.45 billion HKD[1] Currency and Monetary Policy - The People's Bank of China set the RMB/USD midpoint at 7.0014, down by 8 pips from the previous day[1] - A total of 363.5 billion yuan was injected through a 7-day reverse repo operation at a rate of 1.4%[1] Airline Performance - Cathay Pacific reported a passenger volume of 2.74 million in December, a year-on-year increase of 21.8%[3] - The total passenger volume for the year increased by 26.5%[3] Corporate Earnings - Kingdee International expects total revenue for the fiscal year ending December 31, 2025, to be between 6.95 billion and 7.05 billion yuan, reflecting a year-on-year growth of approximately 11.1% to 12.7%[3]

港股點評 2026年1月21日9:30 a.m 恒指跌 76 點，滬指跌 1 點，標普 500 跌 143 點 港股繼續偏軟。恒指低開 19 點，初段倒升 74 點高見 26,638 點後向下，曾跌 200 點一度低見 26,363 點，全日跌 76 點或 0.3%，收 26,487 點；國指跌 39 點或 0.4%， 收 9,094 點；恒生科指跌 66 點或 1.2%，收 5,683 點。大市全日成交總額 2,377.66 億元。 人民銀行 20 日公布，1 月一年期及五年期 LPR 分別為 3 厘及 3.5 厘，維持不變。 同日，人行在公開市場開展 3,240 億元人民幣七天期逆回購操作，操作利率持 平於 1.4%。有 3,586 億元逆回購到期，單日淨回籠 346 億元。人民幣兌美元中 間價按日上調 45 點，報 7.0006 兌一美元，續創逾 32 個月高。A 股三大指數高 開後轉跌，滬指微跌，創板一度跌近 2%。滬綜指全日跌不足 1 點，報 4,113 點， 成交 1.22 萬億元。深成指全日收跌 138 點或 1%，報 14,155 點，成交 1.56 萬億 元。創板指數全日收跌 59 點或 1 ...

港股點評 2026年1月20日9:30 a.m 恒指跌 281 點，滬指升 12 點，標普 500 跌 4 點 朗普要脅就格陵蘭問題向北約 8 國加徵關稅，美股道指期貨跌約 400 點。港股 隨外圍下跌。恒指低開 203 點，初段跌 311 點低見 26,533 點後反覆，曾高見 26,715 點跌 129 點，全日跌 281 點或 1.05%，收 26,563 點；國指跌 86 點或 0.9%， 收 9,134 點；恒生科指跌 72 點或 1.2%，收 5,749 點。大市全日成交總額 2,256.89 億元。 人民銀行 19 日起，下調再貸款及再貼現利率 0.25 個百分點，並下調各類結構 性貨幣政策工具利率 0.25 個百分點。人民銀行在公開市場開展 1,583 億元七天 期逆回購操作，操作利率持平於 1.4%。有 861 億元逆回購到期，單日淨投放 722 億元。人民幣兌美元中間價按日上調 27 點，報 7.0051 兌一美元，創逾兩年半 高。A 股三大指數低開後走勢分化。滬深兩市成交縮減至約 2.7 萬億元。滬綜指 全日升 12 點或 0.3%，報 4,114 點，成交 1.19 萬億元。深成指全日 ...

Market Performance - The Hang Seng Index (HSI) fell by 78 points or 0.3%, closing at 26,844 points after initially rising by 171 points[1] - The Shanghai Composite Index (SSE) decreased by 10 points or 0.3%, ending at 4,101 points[2] - The total market turnover for the day was HKD 255.08 billion[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted down by 14 points to 7.0078[2] - The People's Bank of China conducted a 7-day reverse repurchase operation of RMB 86.7 billion at an interest rate of 1.4%[2] - A net injection of RMB 52.7 billion was recorded for the day after RMB 34 billion in reverse repos matured[2] Real Estate and Economic Indicators - The minimum down payment ratio for commercial property loans was adjusted from 50% to 30% to adapt to changes in the real estate market[4] - Payments settled in euros by Chinese enterprises increased by 22.8% year-on-year, reaching RMB 1.18 trillion in 2025, marking the largest increase since 2010[4]

港股點評 2026年1月16日9:30 a.m 恒指跌 76 點，滬指跌 13 點，標普 500 升 17 點 港股四連升後反覆偏軟，恒指低開 27 點，初段曾倒升 207 點一度高見 27,206 點，其後曾跌 191 點見 26,808 點。午後內地公布下調各類結構性貨幣政策工具 利率四分一厘、19 日起下調再貸款及再貼現利率 0.25 個百分點，大市跌幅收 窄，全日跌 76 點或 0.3%，收 26,923 點；國指跌 48 點或 0.5%，收 9,266 點；恒 生科指跌 79 點或 1.4%，收 5,828 點。大市全日成交總額 2,904.55 億元。 人民幣兌美元中間價按日上調 56 點，報 7.0064 兌一美元，創自 2023 年 5 月 18 日新高。人民銀行 15 日在公開市場開展 1,793 億元人民幣七天期逆回購操作， 操作利率持平於 1.4%。有 40 億元逆回購到期，單日淨投放 1,753 億元。人行同 日將開展 9,000 億元買斷式逆回購操作。A 股三大指數早市回落，午後走勢分 化，滬指偏軟，深成創板回升。滬深兩市主板成交略回落至 2.91 萬億元。滬綜 指全日跌 13 點或 ...

面向中國市場的晶片 H20 不同，H200 是該公司 Hopper 架構的衍生版本，亦銷 往美國和其他市場。 攜程(09961.HK) 表示，接到國家市場監管總局通知，依法對公司涉嫌壟斷行為 進行立案調查。公司將積極配合監管部門調查，全面落實監管要求，與行業各 方攜手共建可持續發展的市場環境；目前各項業務均正常運行。 東曜藥業－Ｂ(01875.HK) 、藥明生物(02269.HK) 與藥明合聯(02268.HK) 聯合公 布，藥明合聯(要約人)提出自願要約收購東曜藥業全部股份，每股現金價 4 元， 較股份停牌前收報溢價 60%。連同購股權註銷價，最高代價約 27.9 億元，要約 人擬以內部資源支付。 港股點評 2026年1月15日9:30 a.m 恒指升 151 點，滬指跌 12 點，標普 500 跌 37 點 港股在阿里(09988.HK) 帶動下上升，恒指高開 123 點後升幅擴大，曾升 249 點 一度高見 27,097 點。滬深北交易所中午宣布上調融資保證金比例，恒指午後曾 倒跌 68 點見 26,780 點，全日升 151 點或 0.6%，收 26,999 點；國指升 30 點或 0.3%，收 9, ...

Market Performance - The Hang Seng Index (HSI) rose by 239 points or 0.9%, closing at 26,848 points, after reaching a high of 27,143 points during the day[1] - The Shanghai Composite Index (SSE) fell by 26 points or 0.6%, closing at 4,138 points, with a total trading volume of 1.48 trillion yuan[2] - The Shenzhen Component Index dropped by 197 points or 1.4%, closing at 14,169 points, with a trading volume of 2.17 trillion yuan[2] Currency and Economic Indicators - The RMB/USD central parity rate was adjusted up by 5 points to 7.0103[2] - The People's Bank of China conducted a 358.6 billion yuan reverse repo operation at a rate of 1.4%, resulting in a net injection of 342.4 billion yuan for the day[2] Automotive Market Insights - In December 2025, China's used car market saw a transaction volume of 1.8711 million units, a month-on-month increase of 7.15% but a year-on-year decrease of 1.53%, with a transaction value of 120.672 billion yuan[4] - The total used car transaction volume for 2025 exceeded 20.1 million units, marking a year-on-year growth of 2.52%[4] Company Performance - Qutai Technology (01478.HK) expects a significant profit increase of 400% to 450% for the year ending December 2023, compared to a profit of 279 million yuan in the same period of 2024[4] - China Coal Energy (01898.HK) reported a commodity coal production of 10.91 million tons in December 2025, a year-on-year decrease of 8%, with sales down 23% to 21.88 million tons[4]

Market Performance - The Hang Seng Index (HSI) rose by 376 points or 1.4%, closing at 26,608 points, driven by technology stocks[1] - The Shanghai Composite Index increased by 44 points or 1%, closing at 4,165 points, marking a ten-year high[2] - The S&P 500 Index gained 10 points or 0.2%, reaching a new closing high of 6,977 points[3] Trading Volume - The total trading volume in the Hong Kong market was approximately HKD 306.22 billion[1] - The combined trading volume of the Shanghai and Shenzhen markets exceeded CNY 36,000 billion, setting a historical record[2] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 20 pips to 7.0108, the highest since September 30, 2024[2] - The People's Bank of China conducted a CNY 34 billion reverse repo operation at a rate of 1.4%, with a net injection of CNY 36.1 billion for the day[2] Company Earnings - WuXi AppTec (02359.HK) projected a revenue increase of approximately 15.84% year-on-year, estimating revenue of CNY 45.456 billion[5] - The company also anticipates a net profit growth of about 102.65% year-on-year, estimating net profit of CNY 191.51 billion, influenced by asset sales[5]

Market Overview - The Hang Seng Index (HSI) rose by 82 points or 0.3%, closing at 26,231 points, after opening 123 points higher and briefly dipping to 26,114 points[1] - The total market turnover for the day was HKD 245.13 billion[1] - The Shanghai Composite Index increased by 37 points or 0.9%, closing at 4,120 points, with a trading volume of CNY 1.29 trillion[2] - The Shenzhen Component Index rose by 160 points or 1.2%, closing at 14,120 points, with a turnover of CNY 1.83 trillion[2] Currency and Economic Indicators - The RMB/USD central parity rate was adjusted up by 69 points to 7.0128, marking a new high since September 30, 2024[2] - The U.S. non-farm payrolls increased by 50,000, which was below expectations, while the unemployment rate fell to 4.4%[2] - The Federal Reserve is expected to maintain interest rates, contributing to a positive trend in U.S. stock markets[2] International Relations and Trade - Japan's Prime Minister criticized China's export controls on dual-use items, claiming they violate international norms[3] - Iran's protests have reportedly resulted in over 500 deaths, prompting discussions in the U.S. about various response strategies, including military options[4] - China announced adjustments to export tax rebates for photovoltaic products, effective from April, reducing the VAT rebate rate for battery products from 9% to 6%[4]