恒生指数创新高，金融股发力、科技股落后

Core Viewpoint - The article discusses the recent performance of the Hang Seng Index, highlighting the differences in market dynamics between the recent and previous index breakthroughs, with a focus on the varying contributions from different sectors [3][4]. Market Performance - On January 28, 2026, the Hang Seng Index opened high and reached a midday closing of 27,725 points, surpassing the previous high of 27,381 points from October 2, 2025, with a trading volume of 1,963 million HKD [3]. - The trading volume for the Hong Kong stock market has been around 3,000 million HKD, with a notable decrease from the peak of over 4,100 million HKD in September 2025, indicating a contraction in investor activity [3][4]. Sector Contributions - The recent index increase is primarily driven by traditional financial stocks and local real estate stocks, contrasting with the previous surge in September 2025, which was led by new economy and tech stocks [4]. - The trading volumes of tech stocks like Tencent and Alibaba were significantly higher in September 2025, with Tencent reaching over 200 million HKD in a single day, while recent trading volumes for financial stocks like HSBC and AIA have remained lower, typically in the tens of millions [4][5]. Market Structure and Weighting - Despite the lower trading volumes of financial stocks, their weight in the Hang Seng Index is substantial, with HSBC at 8.98% and AIA at 5.24%, comparable to Tencent at 7.91% and Alibaba at 7.41% [5]. - The structural characteristics of the index explain the differences in total trading volumes during the two breakthroughs, with the recent rally showing more pronounced sectoral divergence [5]. Future Market Outlook - The market is currently experiencing a lack of incremental capital inflow, with southbound capital flows showing signs of decline, leading to a cautious investment atmosphere [7]. - Analysts suggest that the market may remain in a consolidation phase, with a focus on stock selection rather than broad index movements, emphasizing the importance of fundamental analysis and sustainable growth in 2026 [8][9].