Market Overview - The Hong Kong stock market opened positively on January 2, 2026, with the Hang Seng Index rising over 700 points, a gain of 2.76%, and the Hang Seng Tech Index increasing by 4% [1] - The first trading day of the "GPU first stock" Wallen Technology saw its share price surge nearly 120% at one point, closing with a gain of over 75%, resulting in a total market capitalization of HKD 82.6 billion [2] Sector Performance - The semiconductor sector performed well, with Hua Hong Semiconductor rising over 9% and SMIC increasing by over 5% [2] - Tech stocks showed strong performance in the afternoon, with Baidu Group up over 9%, New Oriental up over 7%, and NetEase up over 6% [2][3] - Solar energy stocks also saw significant gains, with GCL-Poly Energy rising nearly 21% and GCL-Technology increasing by nearly 5% [4] Investment Trends - In 2025, the cumulative net inflow into Hong Kong stocks through the Stock Connect reached HKD 1.406 trillion, a year-on-year increase of 74%, indicating that domestic capital has become a stabilizing force in the market [6] - The Hang Seng Tech Index's price-to-earnings ratio stood at 24 times, significantly lower than the Nasdaq 100's 46 times and its historical average of 35 times, highlighting a valuation gap [6] - Investment focus for 2026 is expected to be on "growth momentum and value reconstruction dividends," with a bullish market outlook [6] Precious Metals - Precious metals experienced a significant rise, with spot silver and New York silver both increasing by 4%, and spot gold rising by 1.5% [9] - The price of aluminum on the LME reached USD 3,000 per ton for the first time since 2022 [9] - Long-term outlook for gold remains positive due to factors such as a weak dollar and a declining interest rate cycle, with no current reasons to be bearish on gold assets [10]
港股大涨超700点，百度涨超9%，壁仞科技最高涨120%，机构：2026年港股牛市延续