开门红！港股大涨，人民币大涨

Core Viewpoint - The Hong Kong stock market experienced a strong start in 2026, with significant gains across major indices, driven by technology stocks and the debut of Wallrun Technology, which saw a substantial increase in its share price [1][2][4]. Market Performance - On January 2, 2026, the three major indices in the Hong Kong stock market all rose by over 2%, with the Hang Seng Index recovering above the 26,000-point mark. The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index increased by 2.18%, 2.26%, and 3.38% respectively [2]. - Technology stocks led the market rally, with notable performances from Baidu Group, Alibaba, Kuaishou, and Tencent, all showing significant gains [4]. Wallrun Technology Listing - Wallrun Technology, known as the "first GPU stock" in Hong Kong, was listed on January 2, 2026, and saw its share price rise by as much as 120% during the morning session, ultimately closing up by 72.86% with a market capitalization exceeding 80 billion HKD [4][6]. - The company issued shares at a price of 19.6 HKD, raising a total of 5.583 billion HKD, with a subscription rate of 2,347.53 times [6]. Currency Movement - The offshore RMB strengthened significantly, breaking the 6.97 mark against the USD, reaching a high of 6.96755, the highest level since May 2023 [1][6]. Future Outlook - Analysts from Guolian Minsheng Securities are optimistic about the Hong Kong stock market's performance in 2026, citing factors such as a weak recovery in the domestic economy and continued liquidity from the Federal Reserve as supportive for the market [7]. - The report suggests that there is a potential inflow of 630 billion to 1,050 billion HKD from southbound capital, with passive index funds and insurance capital expected to play a significant role [7]. - The technology sector is highlighted as a potential area for investment, with current valuations aligning with earnings, but further increases in valuation will depend on earnings growth and improved liquidity conditions [8].