Core Insights - The Hong Kong Stock Exchange (HKEX) reported a total market capitalization of HKD 47.4 trillion by the end of December 2025, representing a 34% increase from HKD 35.3 trillion in the same period of 2024 [1] Trading Activity - The average daily trading volume for 2025 was HKD 2,498 billion, a 90% increase from HKD 1,318 billion in 2024 [1] - The average daily trading volume for derivative warrants in 2025 was HKD 77 billion, up 48% from HKD 52 billion in 2024 [1] - The average daily trading volume for bull and bear certificates in 2025 was HKD 105 billion, an increase of 59% from HKD 66 billion in 2024 [1] - The average daily trading volume for exchange-traded funds (ETFs) in 2025 reached HKD 333 billion, a significant rise of 108% from HKD 160 billion in 2024 [1] - The average daily trading volume for leveraged and inverse products in 2025 was HKD 34 billion, up 17% from HKD 29 billion in 2024 [1] IPO and Fundraising - In 2025, there were 119 new listings, a 68% increase compared to 71 new listings in 2024 [1] - The total amount raised through initial public offerings (IPOs) in 2025 was HKD 2,858 billion, a remarkable 225% increase from HKD 880 billion in 2024 [1] - The total fundraising amount in 2025 reached HKD 6,444 billion, a 235% increase from HKD 1,922 billion in 2024 [1]

中资金融股方面，中国银行无升跌，收报4.45港元；建设银行跌1.42%，收报7.62港元；工商银行 跌1.13%，收报6.14港元；中国平安跌1.25%，收报71.1港元；中国人寿涨2.32%，收报31.82港元。 蓝筹股方面，腾讯控股跌1.26%，收报624.5港元；香港交易所跌0.51%，收报430.2港元；中国移动 跌0.97%，收报81.4港元；汇丰控股跌1.24%，收报127.2港元。 香港本地股方面，长实集团涨1.07%，收报41.58港元；新鸿基地产涨1.12%，收报99.6港元；恒基 地产涨0.56%，收报28.94港元。 新华社香港1月7日电 香港恒生指数7日跌251.5点，跌幅0.94%，收报26458.95点。全日主板成交 2761.34亿港元。 国企指数跌105.49点，收报9138.75点，跌幅1.14%。恒生科技指数跌86.74点，收报5738.52点，跌 幅1.49%。 石油石化股方面，中国石油化工股份涨0.85%，收报4.74港元；中国石油股份跌2.91%，收报8.02港 元；中国海洋石油跌3%，收报20.66港元。 【纠错】 【责任编辑:张樵苏】 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,526.37, down by 184.08 points or 0.69% from the previous close [1] - The index opened at 26,762.67 and reached a low of 26,524.46 during the trading session [1] - The trading volume was 44.585 million shares, with an average price of 26,644.01 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.849, down 0.74% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 630.832, down 0.26% from the Hong Kong close [2] - Alibaba Group (W) saw a decline of 1.31%, closing at HKD 150.800 [3] - China Ping An increased by 4.96%, closing at HKD 72.000 [3] - Meituan (W) had a slight increase of 0.66%, closing at HKD 106.100 [3] ADR Performance - Tencent's ADR price was USD 630.832, reflecting a decrease of 0.26% compared to its Hong Kong stock price [3] - Alibaba's ADR was USD 146.902, down 2.58% from its Hong Kong counterpart [3] - HSBC's ADR closed at USD 127.849, down 0.74% compared to its Hong Kong price [3]

Market Performance - The Hang Seng Index increased by 363.21 points, a rise of 1.38%, closing at 26,710.45 points [1] - The total turnover on the main board was 291.758 billion HKD [1] - The National Enterprises Index rose by 95.77 points, closing at 9,244.24 points, with a gain of 1.05% [1] - The Hang Seng Tech Index increased by 83.63 points, closing at 5,825.26 points, reflecting a rise of 1.46% [1] Blue-Chip Stocks - Tencent Holdings rose by 1.28%, closing at 632.5 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.9%, closing at 432.4 HKD [1] - HSBC Holdings saw a rise of 3.12%, closing at 128.8 HKD [1] - China Mobile decreased by 0.12%, closing at 82.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.11%, closing at 41.14 HKD [1] - Sun Hung Kai Properties rose by 3.14%, closing at 98.5 HKD [1] - Henderson Land Development increased by 1.2%, closing at 28.78 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.22%, closing at 4.45 HKD [1] - China Construction Bank rose by 0.78%, closing at 7.73 HKD [1] - Industrial and Commercial Bank of China remained unchanged, closing at 6.21 HKD [1] - Ping An Insurance increased by 4.96%, closing at 72 HKD [1] - China Life Insurance rose by 4.29%, closing at 31.1 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 1.95%, closing at 4.7 HKD [1] - PetroChina rose by 0.49%, closing at 8.26 HKD [1] - CNOOC increased by 0.76%, closing at 21.3 HKD [1]

Group 1 - The A-share and Hong Kong stock markets continue to rise, with the Shanghai Composite Index achieving a rare 13 consecutive days of gains, marking the longest streak in history and reaching a new high in over a decade [1] - Over 4,100 stocks in the market increased in value, with 143 stocks hitting the daily limit up, and the trading volume in the Shanghai and Shenzhen markets reached 2.81 trillion yuan, an increase of 260.2 billion yuan from the previous trading day [1] - Major brokerage stocks surged, with the Hong Kong Securities ETF from E Fund rising over 5%, and various other securities ETFs also seeing gains of over 4% [1] Group 2 - Open Source Securities indicates that regulatory policies are entering a "positive" cycle, with brokerage investment banking, public funds, and overseas businesses expected to support the profitability of the securities industry by 2026 [2] - The brokerage sector is currently undervalued, and institutional holdings remain low, presenting an opportunity for investment as performance forecasts and policy developments are likely to act as catalysts [2] Group 3 - Hualong Securities believes the securities industry is entering a phase of profound structural change and a shift in growth momentum, with regulatory support for the development of equity public funds and index investment [3] - Large brokerages with clear merger strategies, sufficient capital, and strong subsidiary synergies are expected to stand out during industry consolidation, reshaping the competitive landscape [3] - The industry is accelerating its structural transformation towards a synergy of light and heavy asset businesses, with brokerage, asset management, and investment banking forming organic links to enhance profitability without significantly increasing capital usage [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,481.49, up by 134.25 points or 0.51% as of January 5, 16:00 Eastern Time [1] - The index reached a high of 26,498.15 and a low of 26,202.71 during the trading session, with a trading volume of 51.5 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 126.560, an increase of 1.33% from the Hong Kong close [2] - Tencent Holdings closed at HKD 631.166, up by 1.07% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 624.500, with an increase of HKD 1.500 or 0.24% [3] - Alibaba Group (09988) latest price is HKD 152.800, up by HKD 3.800 or 2.55% [3] - HSBC Holdings (00005) latest price is HKD 124.900, up by HKD 0.600 or 0.48% [3] - China Construction Bank (00939) latest price is HKD 7.670, down by HKD 0.130 or 1.67% [3] - Xiaomi Group (01810) latest price is HKD 39.340, down by HKD 0.940 or 2.33% [3] - AIA Group (01299) latest price is HKD 83.900, up by HKD 0.600 or 0.72% [3] - NetEase (09999) latest price is HKD 222.600, down by HKD 6.200 or 2.71% [3] - Meituan (03690) latest price is HKD 105.400, up by HKD 0.800 or 0.76% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.210, down by HKD 0.130 or 2.05% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 420.200, up by HKD 4.400 or 1.06% [3] - Ping An Insurance (02318) latest price is HKD 68.600, up by HKD 1.800 or 2.69% [3] - Bank of China (03988) latest price is HKD 4.460, down by HKD 0.070 or 1.55% [3] - JD.com (09618) latest price is HKD 113.700, down by HKD 1.400 or 1.22% [3] - Kuaishou Technology (01024) latest price is HKD 73.600, up by HKD 7.350 or 11.09% [3] - BeiGene (06160) latest price is HKD 194.300, up by HKD 9.800 or 5.31% [3]

Group 1 - Hong Kong's economy is expected to grow by 3.2% in 2025, marking the third consecutive year of growth and returning to pre-pandemic levels, driven primarily by strong performance in logistics and financial flows [1][9][11] - The GDP growth in the first three quarters of 2025 was 3.3%, indicating an accelerating upward trend, with contributions of approximately 1.2 percentage points from financial flows and 1.1 percentage points from logistics [1][10][11] - Visitor numbers to Hong Kong are projected to increase by about 12% in 2025, with retail sales recovering positive growth since May, and import/export values rising by 13.8% and 13.6% respectively [1][18][25] Group 2 - For 2026, a more optimistic scenario suggests a GDP growth of 3.0%, with logistics and financial flows remaining key drivers, while the contribution from human flows is expected to remain stable [2][7][14] - Factors supporting this growth include reduced uncertainty around tariffs, liquidity released from Federal Reserve rate cuts, and improved fiscal conditions for the Hong Kong government [2][7][17] - The logistics sector is anticipated to benefit from resilient mainland exports and strong demand for AI-related products, with expectations of steady growth in re-export trade [2][22][26] Group 3 - The financial sector is projected to continue its positive trajectory, supported by an active capital market and favorable policies, while the real estate sector is expected to enter a recovery phase [2][29][31] - The Hang Seng Index saw a cumulative increase of 28.9% in 2025, with Hong Kong regaining its position as the top global IPO market [1][31][33] - The banking and insurance sectors are experiencing improved conditions, with a notable increase in market activity and a rise in the issuance of Chinese dollar bonds [31][34][35]

定息票据1指与中国联通及中国移动（600941）挂钩的定息票据;定息票据2指与煤气公司、港交所及阿 里巴巴挂钩的定息票据;定息票据3指与煤气公司、港交所及阿里巴巴挂钩的定息票据。 金辉集团(00137)发布公告，于2026年1月2日，买方AdvanceRichLimited为本公司拥有约55.69%权益的间 接附属公司，订立与股票挂钩的定息票据2及定息票据3，每份的本金金额为人民币700万元。 于2025年10月2日，买方为本公司拥有约55.69%权益的间接附属公司，订立一份与股票挂钩的定息票据 1，其本金金额为人民币1000万元。 ...

"定息票据1"指与中国联通及中国移动挂鈎定息票据；"定息票据2"指与煤气公司、港交所及阿里巴巴挂 鈎定息票据；"定息票据3"指与煤气公司、港交所及阿里巴巴挂鈎定息票据。 格隆汇1月5日丨金辉集团(00137.HK)公告，于2026年1月2日，买方Advance Rich Limited为公司拥有约 55.69%权益间接附属公司，订立与股票挂鈎定息票据2及定息票据3，每份本金金额为人民币七百万 元。于2025年10月2日，买方为公司拥有约55.69%权益间接附属公司，订立一份与股票挂鈎定息票据 1，其本金金额为人民币一千万元。 ...

Quantitative Models and Construction Methods Model Name: Hong Kong Stock Connect CCASS Preferred 20 Portfolio - **Model Construction Idea**: The model uses Hong Kong Stock Exchange CCASS data to track and replicate the monthly holdings of individual brokers, selecting high-performing brokers and their top holdings to construct a portfolio[4][34] - **Model Construction Process**: 1. **Broker Selection**: At the end of each month, all brokers are ranked based on their standardized excess Sharpe ratio and monthly win rate, and the top N brokers are selected to form a pool of high-performing brokers[34] 2. **Stock Selection**: Funds are equally allocated to the N brokers, and their latest holdings are aggregated. The top M stocks by weight are retained and equally weighted to form the portfolio[34] 3. **Parameters**: N = 10 (number of brokers), M = 20 (number of stocks)[34] - **Model Evaluation**: The model has shown strong performance with high excess returns and Sharpe ratios, indicating its effectiveness in selecting high-performing stocks[34][36] Model Backtesting Results Hong Kong Stock Connect CCASS Preferred 20 Portfolio - **December 2025 Performance**: Portfolio return of 0.91%, Hang Seng Index return of -0.88%, excess return of 1.79%[36] - **Annual Performance 2025**: Portfolio return of 49.9%, annualized excess return of 17.8%[36] - **Full Period Performance (2020.1~2025.12)**: Annualized excess return of 20.0%, excess Sharpe ratio of 2.52[36] Quantitative Factors and Construction Methods Factor Name: Excess Sharpe Ratio and Monthly Win Rate - **Factor Construction Idea**: These factors are used to evaluate and rank brokers based on their risk-adjusted returns and consistency in generating positive returns[34] - **Factor Construction Process**: 1. **Excess Sharpe Ratio**: Calculated as the ratio of excess return to excess volatility for each broker[34] 2. **Monthly Win Rate**: The proportion of months in which the broker's portfolio outperforms the benchmark[34] 3. **Standardization**: Both factors are standardized and equally weighted to form a composite score for ranking brokers[34] - **Factor Evaluation**: These factors effectively identify brokers with superior risk-adjusted performance and consistency, contributing to the overall success of the portfolio[34] Factor Backtesting Results Excess Sharpe Ratio and Monthly Win Rate - **Top Brokers Performance**: - **Phillip Securities (Hong Kong)**: Annualized excess return of 10.4%, excess Sharpe ratio of 1.73, monthly win rate of 73.61%[35] - **GF Securities**: Annualized excess return of 12.9%, excess Sharpe ratio of 1.29, monthly win rate of 79.17%[35] - **Grand Partners Securities**: Annualized excess return of 18.1%, excess Sharpe ratio of 1.65, monthly win rate of 73.61%[35] Portfolio Holdings for January 2026 - **Top Holdings**: - **Tencent Holdings (0700.HK)**: PEttm 22.9, ROEttm 4.7%, Market Cap 54630.2 billion HKD[40] - **Xiaomi Corporation (1810.HK)**: PEttm 21.2, ROEttm 5.1%, Market Cap 10236.6 billion HKD[40] - **SMIC (0981.HK)**: PEttm 118.5, ROEttm 0.9%, Market Cap 7006.8 billion HKD[40] - **Hong Kong Exchanges and Clearing (0388.HK)**: PEttm 30.0, ROEttm 7.7%, Market Cap 5167.7 billion HKD[40] - **Ping An Insurance (2318.HK)**: PEttm 7.7, ROEttm 2.9%, Market Cap 12924.9 billion HKD[40]