恒指收跌668点，科网股走低

Market Overview - The Hang Seng Index closed down by 491 points or 1.82%, ending at 26,590 points, after testing the 50-day moving average at 26,457 points [3][4] - The market saw a total turnover of HKD 250.99 billion, with a net inflow of HKD 3.13 billion from northbound trading [3] Sector Performance - Among 88 blue-chip stocks, 69 declined, with notable drops in technology stocks such as Tencent down 3.3% to HKD 520, Alibaba down 2.8% to HKD 148, and Meituan down 4.2% to HKD 81.4 [4] - The decline in the technology sector significantly impacted the overall market performance, with the Hang Seng Tech Index falling by 2.13% to 5,270 points [3][4] Economic Policy and Initiatives - The Hong Kong government plans to allocate HKD 100 to 200 million to establish the "Northern Metropolis Urban-Rural Integration Fund" aimed at promoting cultural tourism and identifying commercially attractive projects [7] - The upcoming budget is expected to show a significant improvement in the fiscal deficit for the 2025/26 fiscal year, with estimates ranging from a deficit of HKD 200 million to a surplus of HKD 5 billion, driven by increased stamp duty revenue and improved financial market conditions [8] Company News - Esprit Holdings (00330) anticipates a reduction in its annual loss to approximately HKD 7 million, down from HKD 1.227 billion in the previous year, due to a significant decrease in operating expenses and a strategic shift towards a light-asset model [11] - Pacific Place (03368) reported an expanded loss of RMB 186 million for the year ending December, with a total operating revenue of RMB 3.698 billion, reflecting a 0.77% year-on-year decline [12] - Cathay Pacific (00293) reported a passenger count exceeding 3.3 million in January, an 11% increase year-on-year, indicating a strong start to 2026 [13] Strategic Partnerships - Haizhi Technology Group (02706) has entered into a strategic cooperation framework agreement with Zhiyu (02513) to collaborate on model training and application scenarios, leveraging each other's technological strengths [14]