Market Overview - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68% [1] - The Hang Seng Index is currently at 26,524.99, with a trading volume of 4.29 billion and a market capitalization of 429 billion [2] Stock Performance - AI application stocks in Hong Kong showed strong performance, with Haizhi Technology Group (2706.HK) rising by 19.25%, MINIMAX-WP (0100.HK) increasing by 11.63%, and Zhipu (2513.HK) up by 18.31%, bringing their market capitalization to 268 billion HKD [1] - Victory Securities (8540.HK) saw a rise of 13.12% following the approval of its virtual asset trading platform VDX by the Hong Kong Securities and Futures Commission [6] - Bitcoin-related stocks also performed well, with Star Chain Group (0399.HK) surging by 46.67% after news of the issuance of stablecoin licenses in Hong Kong [6] Declines in Tech Stocks - Many tech stocks experienced declines, with notable drops including Kingdee International and Baidu Group falling over 5%, Alibaba and Bilibili down over 4%, and Netease down by 3.95% [8] - Other companies such as Tencent Music, Meituan, and JD Group also saw declines of over 3% [8][9][10] Notable Gainers - Midea Group, Horizon Robotics, and SenseTime recorded gains, with Midea Group increasing by 1.47% [11]

Core Viewpoint - The Hong Kong government is optimistic about the market outlook for the Year of the Horse, despite a complex external environment, and aims to enhance market competitiveness through reforms and technological advancements [1] Group 1: Market Outlook - The Financial Secretary of Hong Kong, Paul Chan, expressed optimism for the market in the Year of the Horse, citing a favorable market environment and ongoing reforms [1] - The Hang Seng Index saw a significant increase of 6,500 points last year, representing a 32% year-on-year rise, marking the best performance in the Year of the Snake [1] Group 2: Technological Advancements - Rapid technological changes, including AI, life sciences, and quantum computing, are reshaping Hong Kong's competitiveness and influencing market development [1] - The Hong Kong government plans to attract more technology companies to list in the region and collaborate with regulatory bodies to explore new measures to enhance market competitiveness [1] Group 3: Market Infrastructure and Connectivity - The government aims to manage risks and disruptions effectively while continuing to improve market infrastructure and development [1] - The deepening and expansion of connectivity mechanisms are expected to bring higher liquidity to the capital markets [1]

Gary said the project has retained Bechtel to complete the next stage of engineering work, which management expects will support a final investment decision and groundbreaking by the end of the year. He added that the facility would be the first new smelter built using EGA’s EX smelting technology, which is expected to integrate Industry 4.0 and AI applications and improve production capacity by more than 20% versus prior technology.President and CEO Jesse Gary said Century made “substantial progress” in 20 ...

Group 1 - The article highlights the ongoing celebration of the Spring Festival and encourages users to engage with the "Shenma" AI feature for personalized greetings [1] - Users can create a customized "Mingma" New Year photo by uploading a front-facing portrait and selecting preferences, with a quick turnaround time of 15 seconds for generation [1] - The service offers additional options to print the generated photos into physical cultural products, such as folding mirrors and refrigerator magnets, with a prompt for address submission for delivery [1]

Market Overview - On February 20, the Hong Kong stock market opened lower on the first trading day of the Year of the Rabbit, with the Hang Seng Index down by 1.01%, the Hang Seng Tech Index down by 2.17%, and the Hang Seng China Enterprises Index down by 1.1% [1][2]. Sector Performance - AI and robotics sectors showed strong performance, with AI application stocks like Zhizhu rising over 21%, Haizhi Technology Group up 23%, and MINIMAX-WP increasing by 10% [3]. - The semiconductor sector also saw gains, with Lanke Technology rising by 3.22% to a new high of 217.80 HKD, and Tianshu Zhixin increasing by 4.68% to 281.60 HKD, marking a historical high [3]. - The robotics sector experienced significant growth, with companies like Yujian rising over 20% and Sutech increasing nearly 12% [3]. Oil Sector - The oil sector saw a notable surge, with China National Offshore Oil Corporation (CNOOC) rising by 2.23% to 25.70 HKD, achieving a historical high with a total market capitalization of 1,221.52 billion HKD [4]. Technology Sector - The technology sector faced declines, with companies such as Kingdee International down over 5%, Baidu Group down nearly 5%, and Bilibili down nearly 4% [4][5]. Precious Metals - Precious metals experienced adjustments, with spot gold down by 0.11% and spot silver down by 0.29%. Goldman Sachs projected that overall central bank gold purchases and increased exposure from private investors due to potential Fed rate cuts will gradually raise gold prices to 5,400 USD per ounce by the end of 2026 [5][6].

Group 1: Chinese Consumption Market Trends in 2025 - The Chinese consumption market in 2025 is characterized by both chaos and transformation, moving away from bubble narratives towards efficiency, value, and trust as core competitive elements [1] - The delivery service battle resulted in a loss of at least 30 billion yuan in Q2 2025, significantly impacting small businesses and delivery personnel [3][4] - The pre-prepared food crisis highlighted a significant trust gap between consumers and the food industry, leading to a call for national standards [6][8] Group 2: Delivery Service Battle - The delivery service war was ignited by JD's aggressive entry into the market, leading to a fierce subsidy competition among major players like Meituan and Alibaba [3][4] - The battle resulted in a dramatic increase in active users for JD and Meituan, but ultimately led to unsustainable financial losses [3][4] - The strategic rationale for giants like Alibaba and JD was to cultivate consumer habits of ordering food through their platforms, thereby enhancing their core e-commerce businesses [4] Group 3: Pre-prepared Food Crisis - The pre-prepared food crisis began with a public dispute involving a well-known restaurant, revealing deep-seated issues in the food industry's industrial transformation [6][7] - The crisis underscored the clash between consumer rights and the interests of food enterprises, with consumers demanding transparency [8][9] - The industry is expected to undergo significant regulatory changes, with new national standards being proposed to ensure consumer awareness and rights [9][10] Group 4: Discount Retail Trends - The discount retail sector in China is experiencing rapid expansion, with new players entering the market and established brands accelerating their store openings [11][12] - Hard discount models are thriving due to their focus on private label products and supply chain efficiency, while soft discount models are struggling [11][13] - The competition has shifted from price wars to a broader focus on supply chain efficiency and operational capabilities [13][14] Group 5: Health and Wellness Trends - The market for health and wellness products, particularly those related to traditional Chinese medicine, has surpassed 370 billion yuan, indicating a growing consumer interest in health [18][19] - The product offerings in this sector are diversifying, with new ingredients being added to the list of approved health foods [19][20] - Retail channels are increasingly focusing on health products, with major retailers launching specialized health product lines [22] Group 6: International Brands Selling Out - In 2025, several international brands, including Starbucks and Burger King, opted to sell their Chinese operations to local partners, indicating a shift in market strategy [23][24] - The decline in market share for these brands is attributed to their inability to adapt to the fast-paced and competitive Chinese market [24][25] - Successful local brands have demonstrated the potential for growth and profitability in the Chinese market, contrasting with the struggles of foreign brands [26] Group 7: Middle-Class Consumer Sentiment - The middle-class consumer segment in 2025 is experiencing significant discontent, driven by rising prices and perceived value discrepancies [28][30] - This demographic is increasingly critical of brands that do not meet their expectations for quality and value, leading to a reevaluation of brand loyalty [30][31] - The notion of the middle class is being challenged, with discussions around its existence and relevance in the current economic landscape [30] Group 8: Weight Management as a National Strategy - 2025 has been designated as the "Year of Weight Management," with government initiatives promoting healthy eating and lifestyle choices [33][34] - The market for weight management products is projected to reach 326 billion yuan, with a significant increase in demand for functional foods [35][36] - The trend reflects a broader societal shift towards health consciousness, influencing various sectors including food and fitness [36] Group 9: IPO Activity in Hong Kong - The Hong Kong stock market saw a surge in IPO activity in 2025, with 111 companies raising a total of 250.56 billion yuan, surpassing previous expectations [37][38] - The consumer sector was a major focus, with numerous retail and consumption-related companies going public [38][39] - The trend of dual listings (A+H shares) is gaining momentum, indicating a strategic move by companies to enhance their market presence [40]

Market Overview - The Hong Kong stock market opened lower on the first trading day after the holiday, with the Hang Seng Index down 0.18% at 26,657.84 points, the Hang Seng Tech Index down 0.69% at 5,330.61 points, and the National Enterprises Index down 0.19% at 9,052.67 points. The Red Chip Index, however, rose by 0.79% to 4,415.05 points [1] Company Performance Forecasts - Several companies in Hong Kong are facing significant profit declines for 2025. - Stone Four Pharmaceutical Group (02005.HK) expects a net profit of approximately HKD 1.061 billion, a decrease of 45% to 60% year-on-year [2] - Shougang Resources (00639.HK) anticipates a net profit between HKD 600 million to HKD 700 million, reflecting a year-on-year decline of about 53% to 60% [3] - Pearl River Shipping (00560.HK) projects a net profit between HKD 41 million to HKD 55 million, down 53% to 65% year-on-year [4] - Goodbaby International (01086.HK) expects a net profit decline of 35% to 45%, primarily due to reduced gross margins and increased income tax [5] - Hanyuan Holdings (00439.HK) has issued a profit warning, forecasting a net loss of approximately HKD 130 million to HKD 150 million for 2025 [6] - In contrast, China New Town (01278.HK) has issued a profit alert, expecting a net profit of approximately RMB 76 million for 2025 [7] Biopharmaceutical Sector Developments - The biopharmaceutical sector is experiencing positive developments with several new drug approvals. - Fuhong Hanlin (02696.HK) announced that its HLX15-SC (recombinant anti-CD38 fully human monoclonal antibody injection) for treating multiple myeloma has received FDA approval for a Phase 1 clinical trial [8] - CSPC Pharmaceutical Group (01093.HK) has also received FDA approval to conduct clinical trials for its GLP-1/GIP receptor dual agonist long-acting injection [8] - Bokan Vision Cloud-B (02592.HK) reported that its CBT-199 new drug clinical trial application has been approved for safety advancement [8] - Changfeng Pharmaceutical (02652.HK) has been included in the Hang Seng Composite Index, effective in the next index review cycle [9] Stock Buybacks - Xiaomi Group-W (01810.HK) repurchased 1.5 million shares for approximately HKD 54.7041 million, with a buyback price between HKD 36.38 and HKD 36.50 [10] - NetEase Cloud Music (09899.HK) repurchased 92,400 shares for approximately HKD 14.9949 million, with a buyback price between HKD 160.3 and HKD 163.7 [10] - Other companies such as Geely Automobile (00175.HK), Meitu (01357.HK), and Tanwan Games (09890.HK) also engaged in stock buybacks [10] Institutional Insights - Huatai Securities suggests that the current market volatility is high, with key variables influenced by U.S. stock performance, holiday consumption data, and AI technology advancements. They recommend a balanced allocation, focusing on sectors benefiting from AI progress, such as semiconductors, specialty consumption, and electrical equipment [12] - Daiwa Capital Markets notes that the mainland internet healthcare sector is entering a new phase, driven by AI innovation and policy support, despite ongoing profitability challenges [13] - Analysts from ING indicate that the recent decline in gold prices is a corrective pause rather than the start of a deep pullback, with expectations of stronger demand as market liquidity in Asia recovers [13]

港股马年首个交易日开盘，恒生指数低开0.18%，恒生科技指数跌0.69%。盘面上，油气板块强势，中 国海洋石油涨超2%；科网股集体走弱，阿里巴巴跌超3%。 关于港股后市 著名分析师张忆东在加盟国泰海通后，带领团队发布最新市场研判。首先，政策导向转为积极性和主动 性呵护中国股市。近期随着市场降温，上证4100点以下已经感受到托底的力量。其次，阶段性否极泰 来。港股整体卖空成交占比约19%，其中恒生科技指数卖空成交占比快速回升至21%。海外市场已出现 阶段性跌深反弹迹象，有利于港股短期反弹。 第三，保险为主的配置型战略投资者，开始趁市场调整而加大增持中国股市。第四，中国股市春季行情 的季节性规律，仍有望起作用。历史经验看，春节前市场若偏弱，节后随着资金回流与风险偏好修复， 市场往往更容易走强。中国基本面和资金面，才是决定中国股市行情的核心变量。后续各地两会、全国 两会、十五五规划实施、美国总统访华等一系列政治经济和产业层面的催化频出，内外资共振的增量资 金将推动今年春季行情。投资策略上可持股过节，享受春节红包，把握住近期市场调整倒车接客的时 机，布局2-3月的春季行情。 国联民生证券指出，港股科技前期表现显著滞涨 ...

In this article, we will look at the 11 Best Dip Stocks to Buy According to Hedge Funds.​On February 17, Mohamed El-Erian, Chief Economic Advisor at Allianz, appeared on a CNBC Television interview to discuss the way forward amidst the volatility. He noted that we are in a completely different market as compared to 2025, as there is no longer the investor’s love for AI. El-Erian highlighted that the current market is defined and will continue to be defined by three words: volatility, dispersion, and fragmen ...

In this article, we explore the 11 Best Alternative Energy Stocks to Invest In According to Analysts.The alternative energy sector entered 2026 with high optimism after enjoying a great run in 2025. Last year, the International Energy Agency (IEA) in its tenth edition of the World Energy Investment report, had predicted that global energy investment would reach $3.3 trillion. The lion’s share of the capital flow, at least $2.2 trillion, would go to clean technologies, the report detailed. Fast forward to 20 ...