Group 1 - The Hang Seng Index increased by over 30% throughout the year, closing with a rise of 0.52% on the last trading day before the Lunar New Year [1] - The Hang Seng Technology Index also showed a slight increase of 0.13% on the same day [1] - AI application concepts saw significant gains, with MINIMAX-WP rising by 24% and other companies in the sector, such as Zhiyuan and semiconductor firms, also experiencing notable increases [3] Group 2 - ByteDance announced the launch of the Doubao-Seed-2.0 model, optimized for large-scale production environments, enhancing capabilities in time series and motion perception [3] - Zhiyuan is planning a secondary listing on the STAR Market, with recent updates indicating a change in its IPO advisory firms [3] - Southbound funds have seen continuous net inflows for six weeks, with cross-border ETFs experiencing significant growth, totaling a net inflow of 313.87 billion yuan in February alone [3] Group 3 - GF Securities noted that the recent breakthrough of the Hang Seng Technology Index above the annual line indicates a release of emotional suppression, suggesting potential for market recovery [4] - The firm recommends gradual investments in technology leaders benefiting from the AI industry trend, while also highlighting the importance of monitoring the upcoming lock-up period for shares, which could involve nearly 100 billion yuan [4] - The market may find a temporary bottom if it adjusts to absorb selling pressure before the lock-up expiration [4]

Market Performance - The Hong Kong stock market closed positively on the last trading day of the Year of the Snake, with all three major indices rising: Hang Seng Index up 0.52%, Hang Seng China Enterprises Index up 0.42%, and Hang Seng Tech Index up 0.13% [1][2] - The Hang Seng Composite Industry Index saw all 12 sectors increase, with the materials, energy, and industrial sectors leading the gains at 3.96%, 2.21%, and 0.94% respectively [2][3] Yearly Performance - For the Year of the Snake (January 29, 2025, to February 16, 2026), the Hang Seng Index increased by 32.04%, the Hang Seng China Enterprises Index by 22.87%, and the Hang Seng Tech Index by 13.63% [4] - The top three performing stocks during this period were Junyu Foundation, Base Champion Group, and Jingxi International, with respective gains of 7,836.51%, 3,725.00%, and 2,736.36% [5] Sector Performance - All 31 first-level industries in the Shenwan classification rose, with 24 industries gaining over 30%, 10 industries over 50%, and 2 industries over 100%. The top three performing sectors were non-ferrous metals (189.59%), defense and military (103.90%), and machinery equipment (74.18%) [6] - The artificial intelligence, non-ferrous metals, and innovative pharmaceuticals sectors led the market, with significant price increases for major companies: Huahong Semiconductor up 337.20%, China Life up 143.70%, SMIC up 83.95%, Alibaba up 78.14%, HSBC up 77.30%, and Tencent up 34.01% [6][7] Market Outlook - Analysts expect the Hong Kong market to continue its upward trend in 2026, driven by factors such as ongoing interest rate cuts by the Federal Reserve, deepening domestic policies, improving corporate earnings, and sustained capital inflows [7] - Recommendations for post-Spring Festival market strategies include focusing on consumption, precious metals, energy, and technology sectors, with a barbell allocation strategy suggested for the second half of the year [7]

Market Performance - The Hong Kong stock market closed positively on the last trading day of the Year of the Snake, with all three major indices rising: Hang Seng Index up 0.52%, Hang Seng China Enterprises Index up 0.42%, and Hang Seng Tech Index up 0.13% [1][2] - The Hang Seng Composite Industry Index saw all 12 sectors increase, with the materials, energy, and industrial sectors leading the gains at 3.96%, 2.21%, and 0.94% respectively [2][3] Yearly Performance - For the Year of the Snake (January 29, 2025, to February 16, 2026), the Hang Seng Index increased by 32.04%, the Hang Seng China Enterprises Index by 22.87%, and the Hang Seng Tech Index by 13.63% [3][4] - The top three performing stocks during this period were Junyu Foundation, Base Champion Group, and Jingxi International, with significant percentage increases [4] Sector Performance - Among the 31 primary industries, all sectors experienced growth, with 24 sectors rising over 30%, 10 sectors over 50%, and 2 sectors over 100%. The top three performing sectors were non-ferrous metals (189.59%), defense and military (103.90%), and machinery equipment (74.18%) [4][5] - The artificial intelligence, non-ferrous metals, and innovative pharmaceuticals sectors led the market, with major stocks like Huahong Semiconductor rising by 337.20%, China Life by 143.70%, and SMIC by 83.95% [5][6] Market Outlook - Analysts suggest that the Hong Kong market's performance exceeded global investor expectations, driven by factors such as the Federal Reserve's interest rate cuts, technology sector revaluation, and significant inflows of southbound and foreign capital [6] - Looking ahead, analysts predict a positive market trend post-Spring Festival, with a focus on sectors like consumption, precious metals, energy, and technology [6]

Group 1 - The Hang Seng Index closed at 26,723.0 points, up 0.59%, while the Hang Seng Tech Index rose to 5,367.28 points, increasing by 0.13% [1] - The AI application sector saw significant gains, with MINIMAX-WP surging by 24%, and Zhihui rising by 4% [1] - The non-ferrous metals sector experienced a strong rally, with Luoyang Molybdenum rising over 5%, and Zijin Mining and Lingbao Gold both increasing by over 4% [1] Group 2 - The semiconductor sector strengthened, with Lattice Semiconductor rising over 14% and GigaDevice increasing by over 9% [1]

Market Performance - The Hong Kong stock market experienced a half-day trading session on February 16, with the Hang Seng Index rising by 0.59% to close at 26,723 points, while the Hang Seng Tech Index increased by 0.13% to 5,367.28 points, and the National Enterprises Index rose by 0.56% to 9,082.93 points [1] - For the year of the Snake, the Hang Seng Index has accumulated a gain of over 32%, the Hang Seng Tech Index has risen over 13%, and the National Enterprises Index has increased by over 23% [1] Sector Performance - The precious metals, semiconductor, and oil sectors showed strength, while defense, consumer discretionary, and hardware sectors underperformed [3] - Major technology stocks saw declines, with Alibaba down 0.26%, JD.com down 2.26%, and Xiaomi down 0.16%, while NetEase and Meituan saw gains of 2.32% and 0.43%, respectively [3] AI Sector Developments - AI application stocks surged, with Hong Kong's "AI twins" Zhizhu and MiniMax-W reaching new highs, with Zhizhu rising by 4.74% and MiniMax-W increasing by 24.26% [4] - Zhizhu launched its new flagship model GLM-5, which has gained popularity overseas, and announced a price increase for its AI programming subscription plan by at least 30% [6][7] Semiconductor Sector Insights - The semiconductor sector showed localized strength, with stocks like Zhaoyi Innovation and Lanke Technology rising by over 17% [9] - A price increase trend for storage chips is emerging, with Kioxia expected to implement a pricing policy that will raise average selling prices by approximately 50% starting in Q1 2026 [12] Precious Metals Market - The precious metals sector is performing strongly, with companies like Luoyang Molybdenum and Zijin Mining seeing gains of over 5% [8] - Analysts from ANZ have raised their Q2 gold price forecast from $5,400 to $5,800 per ounce, citing ongoing structural drivers despite recent price corrections [8]

Market Overview - The Hang Seng Index opened lower by 0.25% and later expanded its decline to nearly 1% [1] - The Hang Seng Technology Index initially fell by 0.19% and then increased its drop to nearly 2% [1] - The Hang Seng Index closed at 26,402.27, down 164.85 points or 0.62% [2] - The Hang Seng Technology Index closed at 5,258.50, down 101.92 points or 1.90% [2] Stock Performance - Alibaba (9988.HK) decreased by 3.02% to a price of 150.700 [3] - Tencent Holdings (0700.HK) fell by 0.45% to 529.620 [3] - Meituan (3690.HK) dropped by 3.16% to 79.550 [3] - Xiaomi Group (1810.HK) saw a decline of 3.47% to 35.560 [3] - Zijin Mining (2899.HK) increased by 3.37% to 42.980 [3] - Pop Mart (9992.HK) rose by 2.02% to 252.400 [3] - MINIMAX-WP (0100.HK) surged by 6.47% to 724.000 [3] - Semiconductor Manufacturing International Corporation (0981.HK) decreased by 1.56% to 69.250 [3] Sector Performance - AI application stocks in the Hong Kong market showed strength, with Haizhi Technology Group rising by 23.65% and MINIMAX-WP increasing by 6.47% [4] - The non-ferrous metals sector also performed well, with Lingbao Gold rising over 7% and Luoyang Molybdenum increasing over 5% [4]

Core Viewpoint - Despite warnings of an impending copper shortage as prices soar to historical highs, the global copper resources are not depleted [1] Group 1: Global Copper Inventory - The copper inventory held by the three major metal exchanges has surpassed 1.1 million tons for the first time since early 2003 [2] - Since the beginning of January, global exchange copper inventories have surged by 300,000 tons, indicating that the price surge has dampened manufacturing demand [3] - The CME copper inventory saw its first net decrease since late October last year, suggesting a halt in the previous accumulation trend [5] Group 2: U.S. Copper Market Dynamics - The U.S. refined copper imports reached 1.45 million tons in the first 11 months of 2025, an increase of over 600,000 tons year-on-year [7] - The CME's copper inventory rose from 85,000 tons at the start of 2025 to 536,000 tons, but this momentum is now slowing [7] - The copper premium in the U.S. has evaporated as the market reassesses the likelihood of import tariffs, leading to a high level of copper inventory [7] Group 3: Chinese Copper Inventory Trends - SHFE copper inventory has increased by 127,000 tons since January, reaching 272,475 tons, despite a drop in import demand indicators [8] - China appears to have sufficient surplus copper to replenish LME inventories [9] Group 4: Price Signals and Market Sentiment - As of late January, 70% of LME registered copper was from Chinese brands, with LME registered inventory rising by 40% to 203,875 tons [11] - The current copper price nearing the historical high of $13,618 per ton contrasts sharply with rising inventories and loosening price spreads [12] - The bullish sentiment around copper is based on the assumption of future supply shortages, which has not yet materialized as global inventories continue to rise [12]

Market Overview - The Hong Kong stock market opened with the Hang Seng Index down 0.25%, later expanding its decline to nearly 1% [1] - The Hang Seng Technology Index initially fell by 0.19%, with losses increasing to nearly 2% [1][2] Index Performance - Hang Seng Index closed at 26,402.27, down 164.85 points or 0.62% [2] - Hang Seng China Enterprises Index at 8,957.83, down 74.88 points or 0.83% [2] - Hang Seng Technology Index at 5,258.50, down 101.92 points or 1.90% [2] Stock Performance - Major tech stocks experienced declines: Alibaba down 3.02% to 150.70, Meituan down 3.16% to 79.55, and Xiaomi down 3.47% to 35.56 [3] - Notable gainers included Zijin Mining up 3.37% to 42.98 and Pop Mart up 2.02% to 252.40 [3] Sector Performance - AI application stocks in Hong Kong showed strength, with Haizhi Technology Group rising 23.65%, Fubo Group up 4.11%, and MINIMAX-WP up 6.47% [4] - The non-ferrous metals sector also performed well, with Lingbao Gold up over 7% and Luoyang Molybdenum up over 5% [4]

港股有色金属板块走强，灵宝黄金涨逾7%，洛阳钼业涨逾5%，山东黄金、紫金矿业等涨逾3%。 来源：滚动播报 ...

Core Viewpoint - The A-share market in the lunar year of the Snake has shown a strong performance, with major indices experiencing significant increases, indicating a bullish trend in the market [3][5]. Market Performance - The A-share market recorded a cumulative increase of 25.58% for the Shanghai Composite Index, 38.84% for the Shenzhen Component Index, and a remarkable 58.73% for the ChiNext Index during the trading period from February 5, 2025, to February 13, 2026 [3]. - The CSI 2000 Index, which includes 2000 smaller-cap stocks, saw a cumulative increase of 50.39%, while the CSI 500 and CSI 1000 indices rose by 48.49% and 40.35%, respectively [3]. Sector Performance - The performance across various sectors was generally positive, with the non-ferrous metals sector leading with a cumulative increase of over 100%. The defense and military industry followed with an increase of nearly 80% [5]. - Other sectors such as telecommunications, electrical equipment, electronics, machinery, construction materials, basic chemicals, light industry manufacturing, and construction decoration also performed well, each with cumulative increases exceeding 50% [5]. - The banking sector lagged behind, with a cumulative increase of less than 10%, while sectors like food and beverage, non-bank financials, transportation, social services, and retail showed relatively weak performance [5]. Individual Stock Performance - Over 4600 A-shares increased in value during the trading period, accounting for nearly 90% of all A-shares, with more than 700 stocks doubling in value [7]. - Notable stocks that saw increases exceeding 500% include Upwind New Materials, Tianpu Co., and others, while stocks like *ST Aowei and *ST Yanshi experienced declines exceeding 50%, highlighting structural risks even in a bullish market [8]. Future Outlook - The market is expected to maintain a positive long-term trend due to reasonable valuations, ongoing supportive policies, and a solidifying macroeconomic recovery [8]. - Looking ahead to the Year of the Horse, it is anticipated that the A-share market will gradually stabilize and recover, with recommendations for investors to adopt a balanced and rational investment strategy focusing on fundamentally strong assets and growth sectors [9][10].