Market Overview - The Hong Kong stock market showed mixed performance 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 [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai Stock Connect contributing 283 million and Shenzhen Stock Connect 201 million [1] Sector Performance - Energy and real estate sectors performed well, with coal-related assets rising due to supply constraints from Indonesia, leading to Yanzhou Coal Mining increasing over 10% and China Shenhua Energy rising over 5% [1] - Domestic property stocks also saw gains, with Shimao Group up over 14%, Sunac China up over 8%, Vanke up over 6%, and Yuexiu Property up over 6% [1] - Conversely, chip and tech stocks declined, with Shanghai Fudan down over 5%, Hua Hong Semiconductor down nearly 5%, and Tencent Holdings down nearly 4% [1] US Market Performance - The US stock market had mixed results, with the Dow Jones up 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively [2] - Notable gainers included Amgen, which rose over 8%, and Nike, which increased by over 5% [2] - The tech sector faced challenges, with the Nasdaq China Golden Dragon Index down 1.95% and major chip stocks like AMD dropping over 17% [2] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see medium to long-term development opportunities [3] - It is recommended to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - The report highlights the continued value of Hong Kong stocks centered around Chinese assets, particularly in technology, consumer sectors, and undervalued state-owned enterprises [3] Company Highlights - ZTE Corporation (0763.HK) is noted for its comprehensive communication manufacturing capabilities, with a projected revenue of 121.299 billion for 2024, despite a slight decline [10] - The company maintains a high gross margin of 37.91% and is expected to see significant growth in its server and storage revenue, particularly in the AI computing sector [10] - Analysts predict ZTE's net profits for 2025 and 2026 to be 7.98 billion and 8.81 billion RMB respectively, indicating a relatively low valuation compared to its earnings potential [10]

2026 年 2 月 5 日 星期四 昨日港股窄幅波动。恒生指数及国企指数分别收报 26,847 点及 9,048 点，前者上升 0.1%，后者下跌 0.1%。港股成交合共 2,854 亿港元，较前日的 3,352 亿港元，下跌 14.9%，或反映投资者观望情绪增加。分类指数方面，能源、地产建筑、原 材料业指数分别上升 3.0%、2.1%、1.4%；资讯科技、非必需性消费则分别下跌 3.4%、0.4%。蓝筹个股方面，信义玻璃 (868 HK)及中国神华(1088 HK)领涨，分别上升 5.9%及 5.7%；携程集团(9961 HK)及腾讯控股(700 HK)领跌，分别下跌 6.1%及 4.0%。 主要内房港股明显上升，例如华润置地(1109 HK)、中国海外发展(688 HK)、越秀地产(123 HK)、万科企业(2202 HK)上涨 3.9%-6.2%。近期部分投资机构预期政府在短中期未来将公布更积极推动房地产政策。至目前为止,房地产销售数字仍需 突围，存销比率也较高。我们盼望推动政策的力度可较大。 ➢ 每日大市点评 昨晚美股表现分化，科技股受到抛售，例如 AMD(AMD US)下跌 17.3%，光伏股则上 ...

Market Overview - The Hang Seng Index is expected to hold at 26,000 points, influenced by the hawkish stance of the newly appointed Federal Reserve Chairman and a rebound in the US dollar index, which has led to market adjustments in commodities [2] - The Chinese GDP growth target for 2026 is anticipated to be set between 4.5% and 5%, lower than the previous target of around 5% for 2025, as local governments have begun to lower their GDP targets ahead of the Two Sessions [2] - Regulatory measures have been implemented to cool the market, including increased financing margin ratios on the Shanghai and Shenzhen stock exchanges, which has led to a collective reduction in leverage across the three markets [2] Sector Focus - Macau gaming stocks are favored in the short term due to January's gambling revenue exceeding expectations, with the upcoming Spring Festival serving as a catalyst for growth [3] Macro Focus - China's January RatingDog services PMI rose to 52.3, indicating an acceleration in service sector expansion, with new export orders showing strong growth [7] - The People's Bank of China emphasizes the need to support domestic demand and technological innovation in its 2026 credit market work [7] - The US ADP reported a lower-than-expected increase of 22,000 private sector jobs in January, indicating potential labor market weaknesses [7] Company News - Walden Materials (9981) is launching an IPO to raise approximately HKD 28 billion, with a share price capped at HKD 20.09 [9] - Baidu Group (9888) plans to repurchase USD 5 billion in shares and will announce its first dividend this year [9] - Meituan (3690) and Tencent (0700) are taking measures to regulate promotional activities on their platforms, reflecting a tightening of marketing practices [9] - BYD (1211) reported a tenfold increase in electric vehicle sales in Germany, significantly outperforming Tesla [9] - Tesla (TSLA.US) saw a 9.3% increase in electric vehicle sales in China but a 57% drop in the UK market [9]

截至2026年2月5日 09:41，中证港股通医药卫生综合指数(930965)上涨0.32%，成分股银诺医药-B上涨 10.07%，药明康德上涨2.73%，海吉亚医疗上涨2.65%，再鼎医药上涨2.13%，四环医药上涨1.89%。港 股医药ETF(159718)下跌0.22%，最新报价0.92元。 消息面上，政策持续支持医药产业，国家药监局称，"十五五"期间将大力支持生物制造产业创新发展。 港股医药ETF紧密跟踪中证港股通医药卫生综合指数，中证港股通医药卫生综合指数从港股通范围内选 取50只流动性较好、市值较大的医疗卫生行业上市公司证券作为指数样本，以反映港股通范围内医药卫 生上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证港股通医药卫生综合指数(930965)前十大权重股分别为药明生 物、百济神州、信达生物、康方生物、京东健康、石药集团、中国生物制药、翰森制药、药明康德、三 生制药，前十大权重股合计占比64.57%。 港股医药ETF(159718)，场外联接(平安中证港股医药ETF联接A：019598；平安中证港股医药ETF联接 C：019599；平安中证港股医药ETF联接E：024544 ...

港股一日游，低开低走后一路回撤，截至物品下跌0.61%。恒生互联网跌幅居前，恒生科技、恒生医疗等紧随其后，恒生银行逆势小涨。 恒生医疗低开低走，截至目前下跌2.12%，直逼前期低点。其中石油集团大跌2.83%，康方生物下跌2.48%，中国生物下跌2.37%，药明生物、药明康德、 翰森制药等多股跌幅均在2%上方。 恒生银行冲高回落，盘中一度上涨1.03%，截至目前上涨0.34%。其中青岛银行大涨4.78%，交通银行上涨2.25%，中国银行、重庆农村商业银行等股涨幅 均在1%上方；郑州银行、渣打银行、汇丰控股等均小幅下跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生互联网低开低走，截至目前大跌3.08%。其中商汤大跌3.73%，腾讯控股下跌3.7%，百度集团、地平线机器人、百度集团、快手、小米集团等超10只 个股跌幅在2%上方。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: WuXi Biologics (Cayman) Inc. 藥明生物技術有限公司*（於開曼群島註冊成立的有限公司）*僅供識別 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02269 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | 0.000008333333 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | U ...

冲高回落后探底回升，出现了止跌企稳的继续，截止午盘，恒生指数小涨0.21%。银行涨幅居前，恒生 医疗、大消费紧随其后，恒生科技逆势绿盘。 恒生科技高开低走，盘中一度下跌2.63%，截止午盘下跌0.97%。其中快手大跌4.35%，百度集团下跌 3.54%，腾讯控股下跌3.09%，比亚迪股份、阿里巴巴、美团、小米集团等股跌幅均在1%上方。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生医疗高开低走后探底回升，截止午盘上涨0.72%。其中石药集团大涨4.15%，药明生物上涨3.12%， 百济神州上涨2.78%；三生制药、康方生物、京东健康等股逆势回撤。 恒生银行跳空高开后维持在高位窄幅盘整，截止午盘上涨1.2%。其中渣打银行上涨3.84%，汇丰控股上 涨2.45%，中银香港上涨2.33%，大新银行、重庆银行、大新金融等股涨幅均在1%上方。 ...

当生物制药工艺赛道的国产化替代浪潮风起云涌，背靠药明生物这棵"大树"的多宁生物，却在资本市场的门外三度徘徊。 近日，这家国内首家商业化无血清培养基的生物工艺解决方案提供商，第三次向港交所递交招股书，试图以2025年前三季度扭亏为盈的业绩拐点，叩开上 市大门。 然而，这份看似回暖的成绩单背后，是无法回避的三重隐忧。 药明生物作为第二大股东、第一大客户兼供应商的双重绑定，让关联交易公允性质疑如影随形；8.43亿元商誉高悬，或存并购标的业绩不及预期的减值风 险；3.89亿元的短期借款，让仅有3.02亿元的类现金储备的多宁生物，资金链压力倍增。 三重枷锁之下，多宁生物的第三次IPO征程，终究要在机遇与风险的博弈中艰难前行。 狂奔二十年，陷"增收不增利"泥潭？ 早在2005年，多宁生物就已在中国扎根起步，彼时，公司仅是一家从事细胞培养基研发的小型技术企业。 由于动物细胞广泛应用于科研及生物药物开发生产，细胞培养基是维持动物细胞体外生长的核心必备原料，应用覆盖药物早期开发、基础科研及疫苗、抗 体等生物药物生产。 2016年，公司董事长兼首席执行官、执行董事王猛以18万元收购60%股权入主公司，此后通过持续引入外部融资、推 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy indicates that technology and artificial intelligence are entering an accelerated implementation phase, and the implementation of AI applications in leading technology companies is evident, supporting their performance growth [4]. - The Guozheng Hong Kong Stock Connect Technology Index focuses on leading technology companies in the Hong Kong stock market, has a high - weight concentration, and has relatively excellent historical performance. It also has differences and advantages compared with other Hong Kong technology indexes [4]. - The Huaxia Guozheng Hong Kong Stock Connect Technology ETF has increasing circulating shares and good on - site liquidity since its listing, and its fund managers have rich experience in managing ETF products [4]. 3. Summary According to Directory 3.1 Artificial Intelligence Accelerates Implementation, Supporting the Growth Momentum of Leading Technology Companies 3.1.1 Policy Points to Technology and Artificial Intelligence Entering an Accelerated Implementation Phase - On January 9, 2026, eight departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'". By 2027, China will promote the in - depth application of 3 - 5 general large - models in the manufacturing industry, form a large - scale application paradigm covering multiple industries, build 1000 high - level industrial intelligent agents, create 100 high - quality industrial data sets, and promote the implementation of 500 typical application scenarios [4][10]. 3.1.2 The Implementation of AI Applications in Leading Technology Companies is Evident, Supporting Performance Growth - Tencent Holdings: In the second quarter of 2025, AI - driven advertising technology upgrades significantly improved click - through rates and delivery efficiency, and marketing service revenue increased by about 20% year - on - year. The demand from enterprise customers for AI services has increased, and GPU leasing and API token usage have become new sources of revenue [13][14]. - Alibaba: In fiscal year 2025, the revenue growth rate of Alibaba Cloud's public cloud accelerated significantly, and the revenue of AI - related products has achieved triple - digit growth for seven consecutive quarters. The company clearly takes "AI + Cloud" as its core growth direction [14]. - Meituan: In 2025, it introduced AI technology and intelligent assistant tools in multiple scenarios, which helps optimize resource allocation and improve user and merchant experience [14]. - Xiaomi: By the end of 2024, the Xiaomi AIoT platform had connected 904 million devices (excluding smartphones and laptops), showing that AI has formed a real and continuous demand in the terminal [15]. 3.2 Guozheng Hong Kong Stock Connect Technology Index: Fully Covers the Hong Kong Technology Field and has High Offensive Elasticity 3.2.1 The Guozheng Hong Kong Stock Connect Technology Index Focuses on Leading Technology Companies in the Hong Kong Stock Market - The Guozheng Hong Kong Stock Connect Technology Index selects 30 listed company securities with large market capitalizations in the technology - related fields that are listed on the Hong Kong Stock Exchange and eligible for the Stock Connect program as index samples. As of December 31, 2025, the sum of the weights of the top five constituent stocks was 60.45%, and the sum of the weights of the top ten constituent stocks was 79.53%. Leading enterprises such as Tencent Holdings, Alibaba - W, Xiaomi Group - W, and Meituan - W have a weight of more than 10% [4][20]. 3.2.2 Comparison of the Guozheng Hong Kong Stock Connect Technology Index with Other Hong Kong Technology Indexes - In terms of the main industries covered by the index, the Guozheng Hong Kong Stock Connect Technology Index has a wider coverage. It includes the pharmaceutical industry compared with the Hang Seng Technology Index and adds hardware equipment, semiconductors, automobiles, and the pharmaceutical industry compared with the CSI Hong Kong Stock Connect Internet Index. In terms of the single - weight limit, it increases the weights of heavy - weight stocks compared with the Hang Seng Technology Index, making the index more elastic [4][28]. 3.2.3 The Guozheng Hong Kong Stock Connect Technology Index has Relatively Excellent Historical Performance - From 2019 to 2025, the annualized return of the Guozheng Hong Kong Stock Connect Technology Index was 12.98%, and the Sharpe ratio was 0.35, both significantly higher than those of the CSI Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index. In annual return comparisons, it has greater elasticity in good market conditions and smaller decline amplitudes in poor market conditions [4][36]. 3.3 Analysis of the Investment Value of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF 3.3.1 The Circulating Shares have been Continuously Increasing Since Listing and the On - site Liquidity is Good - Since its listing on September 3, 2025, the circulating shares of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF have been increasing. As of January 27, 2026, the circulating shares increased to 3.059 billion, a 131.22% increase compared with the listing. Its on - site average daily turnover was 341 million yuan, and the highest daily turnover reached 792 million yuan [4][42][43]. 3.3.2 The Current Fund Managers' Managed ETF Products - The current fund managers of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF are Mr. Xu Meng and Ms. Wang Xinwei. Taking Mr. Xu Meng as an example, as of January 27, 2026, he is currently managing 10 ETF products with a total scale of 222.98 billion yuan [49].

Core Viewpoint - The Hang Seng Index Company announced that the technology and biotechnology sectors will perform prominently in the Hong Kong stock market in 2025, with both the Hang Seng Technology Index and the Hang Seng Biotechnology Index achieving their best annual performance since their inception. In this context, the Hang Seng Dual Technology Index will be launched in January 2026, combining the constituents of both indices into a single index to highlight these two key themes [1][3]. Group 1: Performance of Indices - The Hang Seng Technology Index recorded a 23.5% increase in 2025, marking its highest annual growth since its launch in July 2020 [3]. - The Hang Seng Biotechnology Index achieved a remarkable 64.5% increase in 2025, representing its best annual performance since its inception in December 2019 [3]. - The strong performance of these indices is driven by structural factors and improvements in fundamentals [3]. Group 2: Industry Trends - The technology sector in China is a focal point, receiving clear and long-term policy support, with "significantly improving the level of technological self-reliance" being a major goal in China's 14th Five-Year Plan (2026-2030) [6]. - Artificial intelligence (AI) has become a key area of market focus, with Chinese AI models gaining global recognition [6]. - The Hang Seng Technology Index represents 30 of the largest technology companies listed in Hong Kong, focusing on areas such as smart technology, cloud computing, digital commerce, and fintech [6]. Group 3: Biotechnology Sector - The Chinese biotechnology sector has gained significant attention due to the increasing global recognition of innovative drugs developed in China, with the total value of outbound licensing transactions for innovative drugs reaching a record high of $136 billion in 2025 [7]. - This record transaction volume indicates a significant enhancement in the global competitiveness and technical capabilities of the Chinese biotechnology industry [7]. - The Hang Seng Biotechnology Index, which tracks the performance of the largest 30 biotechnology companies listed in Hong Kong, recorded a historic 64% annual increase in 2025 and continued to rise by 9% in January 2026 [8]. Group 4: Launch of the Hang Seng Dual Technology Index - The Hang Seng Dual Technology Index, launched on January 9, 2026, combines the two themes of technology and biotechnology, with a weight allocation of 75% to the Hang Seng Technology Index and 25% to the Hang Seng Biotechnology Index [12]. - The index recorded a 36% increase in 2025, with a continued upward trend into 2026, reflecting ongoing market interest in Chinese innovation themes [12]. - As of January 30, 2026, the index had a one-year annualized volatility of 34%, lower than the 35% and 40% of the Hang Seng Technology Index and Hang Seng Biotechnology Index, respectively, indicating a balanced risk profile [12].