Core Viewpoint - The Hong Kong stock market demonstrated strong resilience in January 2026, with significant net inflows from southbound funds driving the Hang Seng Index up by 6.85% to 27,387.11 points, marking a nearly 7% monthly increase [1][2]. Fund Flow Analysis - In January, southbound fund flows exhibited clear phase characteristics, with net inflows exceeding 50 billion HKD on multiple days in early January due to favorable domestic policies, RMB appreciation, and AI industry valuation recovery expectations [2]. - Mid-January saw a temporary decline in fund accumulation due to rising geopolitical risks and valuation corrections in certain sectors, leading to net sell-offs in cyclical stocks like China Mobile and Zijin Mining [2]. - By late January, the Hang Seng Index successfully broke through the 27,000-point mark, supported by surging AI computing demand and better-than-expected earnings from leading consumer companies, with daily net inflows from southbound funds exceeding 30 billion HKD [2]. Industry Performance - The Hong Kong stock market in January reflected a "high prosperity track and policy dividend sector resonance" pattern, with the technology sector leading the gains [3]. - Notable performers in the technology sector included Longi Green Energy, which surged by 61.90% due to increased global AI data center demand, and Zhiyuan AI, which saw a 94.66% increase post-listing [3]. - In the consumer sector, new consumption leader Mingming Hen Mang rose by 73.71%, supported by store expansion and improved profitability, while Pop Mart benefited from a surge in demand for IP derivatives, increasing by 19.13% [3]. - In the financial and real estate sectors, China Life surged by 27.39% due to governance optimization and improved capital expectations, while China Jinmao and New World Development rose by 42.98% and 56.53%, respectively, benefiting from policy optimizations [3]. Fund Outflow Insights - The materials and telecommunications sectors faced significant pressure, with Zijin Mining experiencing a net sell-off of 4.565 billion HKD and China Mobile declining by 2.33% due to intensified industry competition, leading to a total southbound fund reduction of over 16.9 billion HKD [5]. Institutional Perspectives - Multiple institutions noted that the performance of the Hong Kong stock market in January validated the logic of "fundamental recovery + liquidity resonance," with expectations for continued structural rebounds in February [6]. - Everbright Securities highlighted that the current market is in an "earnings vacuum period," with high growth expectations in new economy sectors supported by policy catalysts [6]. - CITIC Securities advised monitoring the potential impact of a peak in lock-up expirations on liquidity in February, while emphasizing the allocation value of quality leaders like Tencent and Alibaba [6]. - Huatai Securities pointed out that Hong Kong stock valuations remain low globally, with a risk premium rate of 3.99% for the Hang Seng Index, significantly higher than the S&P 500, suggesting a dual drive of "profit growth + valuation enhancement" as southbound and foreign fund inflows become more balanced [6]. IPO Market Activity - The IPO market in Hong Kong remained active in January, with 12 companies listed by January 26, raising a total of 34.747 billion HKD, a year-on-year increase of 480.87% [7]. - Notable listings included domestic GPU company Birun Technology and AI model company Zhiyuan, attracting long-term investments from international funds [7]. - The market anticipates that the IPO fundraising scale in 2026 could exceed 300 billion HKD, with hard technology enterprises continuing to dominate the listing trend [7].

证券研究报告|海外策略周报 [Table_Date] 2026 年 1 月 31 日 [Table_Title] 地缘问题延续促使全球多数市场震荡较多 1[Table_Title2] --海外策略周报 [Table_Summary] 全球市场一周主要观点: 由于一些地区地缘问题的延续未决， 本周全球多数市场震荡。本周美股科技股波动较多。虽然本周 微软出现了较大调整，目前 TAMAMA 科技指数市盈率仍有 35.94，仍然处于高于 35 的区间。费城半导体指数市盈率上升至 47.83，逐步逼近 50 这个区间。纳斯达克指数的市盈率为 41.66，仍然处于 40 以上的区间。由于美股科技股估值偏高，叠 加特朗普关税政策的不确定性影响，美股科技指数中期仍积蓄 一定的回调压力。目前标普 500 席勒市盈率达到 40.81，较长时 间处于 40 以上区间。由于特朗普的经济、关税、外交等多方面 政策的不确定性较大，且美股估值仍然偏高，美股中金融、消 费、工业等行业里面一些偏高位资产中期维度仍存在震荡消化 的可能性。由于格陵兰岛的地缘问题尚未解决，本周欧洲多数 市场出现了明显震荡。由于欧洲经济偏疲软，欧洲多个重要市 场股指 ...

Core Viewpoint - New World Development issued a clarification announcement on the Hong Kong Stock Exchange, stating that Chow Tai Fook Enterprises informed the company about potential investors who have approached regarding possible investments, but no agreements have been reached yet [1] Group 1 - Chow Tai Fook Enterprises is in ongoing discussions with several potential investors [1] - No agreements have been made with any of the potential investors concerning the amount, nature, or form of any investment [1] - The proposals received do not intend to form a comprehensive offer for the company's shares and there is no guarantee that any potential investment will proceed [1]

Core Viewpoint - New World Development (00017) has announced that it is in discussions with Chow Tai Fook Enterprises regarding potential investments from several investors, but no agreements have been reached yet [1] Group 1: Investment Discussions - Chow Tai Fook Enterprises is in ongoing negotiations with potential investors about possible investments in New World Development [1] - No agreements have been made regarding the amount, nature, or form of any potential investment [1] - The discussions do not indicate any intention to make a comprehensive offer for the company's shares [1] Group 2: Disclosure and Information - The company confirms that it is not aware of any information that must be disclosed to prevent the creation of a false market in its securities [1] - There is no insider information that needs to be disclosed according to insider trading regulations [1]

Core Viewpoint - New World Development (00017) has announced that Chow Tai Fook Enterprises has informed the company about potential investors who have approached regarding possible investments, but no agreements have been reached yet [1] Group 1 - Chow Tai Fook Enterprises is in ongoing discussions with potential investors but has not finalized any agreements regarding the amount, nature, or form of any potential investment [1] - The company has confirmed that it is not aware of any other information that must be disclosed to prevent the creation of a false market for its securities, nor is it aware of any insider information that needs to be disclosed under insider trading regulations [1] - The proposals from potential investors do not intend to form a comprehensive offer for the company's shares, and there is no guarantee that any potential investment will proceed [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (於香港註冊成立之有限公司) (股份代號: 0017) 兹建議股東、債務及其他證券持有人及潛在投資者不要依賴有關本集團的市場傳言。有關 本集團的任何資訊僅應以本公司的官方公告為準。股東、債務及其他證券持有人及潛在投 資者於買賣本公司證券時務請審慎行事。 承董事會命 New World Development Company Limited (新世界發展有限公司) 聯席公司秘書 澄清公告 茲提述 New World Development Company Limited（新世界發展有限公司） （「本公司」） 於 2026 年 1 月 29 日刊發的澄清公告（「澄清公告」）。除文義另有所指外，本公告所用 詞彙與該澄清公告所界定者具有相同涵義。 經與周大福企業作出進一步查詢，本公司獲周大福企業告知其獲若干潛在投資者就可能投 資本公司之事宜接洽並收到彼等提出的建議。周大福企業正持續與該等潛在投資者進行磋 商，惟 ...

Market Overview - Recent surge in precious metals led to market excitement, but a sharp decline followed, with Hong Kong stocks dropping 2.08% [1] - International gold and silver prices experienced volatility, with gold surpassing $5,500 per ounce before falling below $5,200 [2] - Resource stocks, including those in gold and copper, saw significant declines, with companies like Zhaifeng Gold and Shandong Gold dropping over 14% [2] Geopolitical Developments - Trump announced plans to engage in dialogue with Iran, contingent on Iran not possessing nuclear weapons and ceasing repression of protesters, which may temporarily stabilize oil prices [1] - The U.S. Federal Reserve chair nomination is expected to favor a hawkish candidate, potentially leading to a stronger dollar [1] Corporate News - Longfor's subsidiary faced a ruling from Panama's Supreme Court declaring its port contracts unconstitutional, impacting its $22.8 billion global port asset sale [2][3] - The Chinese Foreign Ministry stated it would take measures to protect the rights of Chinese enterprises affected by the ruling [3] Sector Focus - AI investments are gaining traction, with OpenAI planning an IPO and Alibaba considering increasing its AI and cloud investment to 480 billion RMB over three years [3] - Companies like Changfei Optical Fiber and Cable saw stock increases of over 6% due to positive developments in the optical communication sector [3] Battery Technology - CATL launched sodium-ion battery products, which outperform lithium batteries in low-temperature environments and safety [4] - The introduction of sodium batteries could disrupt the lithium battery market, with companies like Ganfeng Lithium and Tianqi Lithium experiencing declines of over 10% [5] Earnings Reports - Tiger Med announced expected revenue of 6.66 to 7.68 billion RMB for 2025, with a net profit forecast of 830 million to 1.23 billion RMB, reflecting strong growth [5] - Shanghai Fudan anticipates a revenue increase of approximately 9.46% to 12.25% for 2025 [5] Film Industry Developments - The National Film Development Fund is promoting high-quality development in the film industry, with several new films set to release during the 2026 Spring Festival [6] - Beneficiaries include companies like Dama Entertainment and Maoyan Entertainment, involved in producing and distributing upcoming films [7] AI Growth - Kuaishou's AI product, Keling, has seen significant user growth, with monthly active users surpassing 12 million and a 350% increase in paid users [8] - The company expects substantial revenue growth, with projections of $140 million for 2025, significantly exceeding initial targets [9]

| Ａ惠理人民币－Ｒ | 1,003.600 | 1,004 | 0.08% | | --- | --- | --- | --- | | (83420) | | | | | 中国太平(00966) | 25.620 | 25.900 | 0.08% | | Ａ博时美元－Ｕ(09196) | 1,130.000 | 1,130 | 0.05% | | 工银南方国债(03199) | 116.900 | 117.100 | 0.04% | | Ａ博时港元(03152) | 1,115.700 | 1,116 | 0.04% | | Ａ南方人民币－Ｒ | 168.550 | 168.550 | 0.03% | | (83122) | | | | | Ａ华夏人民币－Ｒ | 1,056.700 | 1,057 | 0.01% | | (83161) | | | | 52周新低排行 智通财经APP获悉，截止1月30日收盘，有83只股票创52周新高，其中汇财金融投资(08018)、裕丰昌控 股(08631)、百奥赛图－Ｂ(02315)创高率位于前3位，分别为47.44%、36.00%、30.54%。 52周新高排行 | 股 ...

Market Performance - The Hong Kong stock market indices collectively rose this month, with the Hang Seng Index increasing by 6.85% to close at 27,387.11 points, the Hang Seng Tech Index rising by 3.67% to 5,718.18 points, and the China Enterprises Index up by 4.53% to 9,317.09 points [2] - The Hang Seng Index showed resilience, climbing from a low of 26,498.35 points at the beginning of the month to a recent high of 28,056.10 points before a slight pullback [3] Sector Performance - High-performing sectors this month included AI, consumer goods, and real estate, driven by favorable policies and strong earnings [4] - Notable stock performances included: - Zhizhu (02513.HK) surged by 94.66%, recognized as the "first global large model stock" with strong market confidence in its AGI technology [4] - Woan Robotics (06600.HK) also rose by 94.67%, benefiting from AI and smart manufacturing policies [4] - Mingming Hen Mang (01768.HK) increased by 73.71%, supported by impressive revenue growth of 75.2% year-on-year [4][5] - Changfei Optical Fiber (06869.HK) saw a 61.90% increase, driven by rising demand for optical fiber due to AI computing infrastructure [5] Declining Stocks - Declining stocks included: - Zhu Feng Gold (01815.HK), which fell by 22.13% due to fluctuations in international gold prices [8] - Ganfeng Lithium (01772.HK) decreased by 16.46% as lithium carbonate futures prices dropped significantly [9] Institutional Insights - Institutional perspectives suggest a continuation of the spring market rally, focusing on dual drivers of policy and earnings [10] - Everbright Securities noted that the Hong Kong market is transitioning from being driven by funds to being driven by earnings, with a structural rebound expected in Q1 [10] - CITIC Securities highlighted three key investment directions: "14th Five-Year Plan" policies, sectors benefiting from policy reversals, and areas likely to gain from the spring rally [10] Education and Technology Sector - The education sector saw significant gains, with China Spring (01969.HK) rising by 22.76% due to AI integration in educational applications [11] - Longfei Optical Fiber (06889.HK) also experienced a slight increase, reflecting ongoing high demand for computing power [13] Commodity Market Impact - The commodity market faced volatility, with gold and other precious metals experiencing significant price fluctuations, impacting related stocks negatively [15][18] - The Chicago Mercantile Exchange announced margin adjustments to curb excessive speculation, which may further influence market stability [17]

Core Viewpoint - Under debt pressure, New World Development, one of Hong Kong's "four major families" in real estate, is seeking potential investors, with Blackstone Group reportedly in talks to become the largest shareholder, potentially leading to a loss of control for the founding Cheng family [1][2]. Group 1: Company Situation - New World Development has confirmed that its controlling shareholder, Chow Tai Fook Enterprises, is in discussions with multiple potential investors, although no agreements have been reached yet [1]. - The company has faced significant debt pressure, with total debt amounting to HKD 1,460 billion and net debt at HKD 1,201 billion, making it one of the highly leveraged real estate firms in Hong Kong [3][4]. - The company is focusing on debt reduction, having sold various assets, including stakes in the Kai Tak Sports Park and landmark projects in Beijing and Shanghai, resulting in a decrease of total debt by HKD 5.7 billion year-on-year [3]. Group 2: Market Context - The Hong Kong residential market is showing signs of recovery after three years of stagnation, with private residential prices expected to rise by 3.3% in 2025, and predictions of a further increase of 5% to 10% in 2026 [5]. - New World Development holds substantial land reserves, with 3.38 million square feet of property development area in Hong Kong and 2.92 million square meters of land reserves in mainland China, which could serve as leverage in negotiations with potential investors [4][5]. - The interest from Blackstone Group is seen as a positive signal by the market, reflecting confidence in the long-term value of New World Development's assets [2].