平安证券（香港）港股晨报-20260206

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Stock Connect [1] - The US stock market saw significant declines, with the Nasdaq dropping 1.59%, marking the worst three-day sell-off since April of the previous year [2] Key Insights - The report highlights that the Hong Kong and A-share markets achieved a strong start in 2026, with net inflows of 69 billion HKD in January [3] - The report emphasizes the importance of technology self-reliance and AI applications as core themes for future performance in the Hong Kong stock market, suggesting that leading companies in these sectors may see long-term growth opportunities [3] - The report recommends focusing on sectors supported by policies for "technology self-reliance," including AI, semiconductors, and industrial software, as well as sectors benefiting from "expanding domestic demand" policies, such as sports apparel and non-essential services [3] IPO Activity - As of the end of January 2026, the total market capitalization of the Hong Kong securities market reached 50.8 trillion HKD, a 44% increase from the previous year [8] - In January, 13 new companies were listed on the Hong Kong Stock Exchange, a 63% increase compared to the same period last year, with total fundraising amounting to 531 billion HKD, up 318% year-on-year [8] Company Performance - Notable stock performances included Haidilao, which rose by 4.0% due to improved operations, and Lenovo, which increased by 3.7% [1] - Semiconductor stocks in Hong Kong faced collective declines, influenced by a significant drop in AMD's stock price, with SMIC falling by 1.9% [1]