Market Overview - The Hong Kong stock market opened slightly higher on January 5, with the Hang Seng Index at 26,361.44 points, up 22.97 points, a gain of 0.09% [2] - The Hang Seng Tech Index reached 5,755.28 points, increasing by 18.84 points, or 0.33% [4] Company Focus - Kuaishou-W (HK01024) saw a significant early morning rise, exceeding 10% [6] - From December 15 to 30, 2025, Kuaishou repurchased a total of 9.9627 million shares for a total amount of 643 million HKD, despite a cumulative drop of 4.37% during that period [7] - In the tech sector, Alibaba rose over 2%, and Bilibili increased by more than 3% [7] - New stock Wan'an Robotics (HK06600), listed on December 30, 2022, continued to attract investment, rising over 20% in early trading and more than 50% from its issue price [7] Sector Performance - Oil and gas equipment and services stocks opened higher, with Shandong Molong rising over 13% [7] - Gold stocks were active, with Zijin Mining International increasing by over 1% [7] - Power equipment stocks opened lower, with Goldwind Technology dropping over 6% [7] - Chinese brokerage stocks generally fell, with China Merchants Securities down over 1% [7] - China Aluminum rose over 6%, and new consumption stocks rebounded, with Pop Mart up over 2% and Chow Tai Fook up over 5% [7] Market Outlook - Huatai Securities believes that the current market sentiment and liquidity environment are better than in November, increasing the likelihood of successful investments in Hong Kong stocks [9] - The firm suggests continuing to allocate to technology chains with performance expectations, as liquidity may catalyze significant growth in the next quarter [9] - The report highlights that in 2026, stock selection will focus more on fundamentals, industry conditions, and profitability, particularly in the power chain and travel sectors [9] - GF Securities' Liu Chenming team is optimistic about the Hong Kong market's rebound, noting a shift from traditional economic cycles to hard technology sectors like AI applications and new energy [9]

12月15日早盘，港股市场跳空低开。 截至发稿，恒生指数报25739点，下跌237点，跌幅0.91%。 恒生科技指数报5580点，下跌57点，跌幅1.02%。 焦点公司方面，近3000亿港元市值银行龙头恒生银行（HK00011）发布公告，汇丰控股及汇丰亚太对恒 生银行私有化方案的拟定对价为155港元/股，计划对价属最终定价，在任何情况下均不会被提高。恒生 银行法院会议及恒生银行股东大会将于2026年1月8日进行。倘若建议未能落实，汇丰亚太已确认无意出 售其于恒生银行约63.43%的权益。 值得注意的是，今年10月9日，汇丰控股和恒生银行联合公告，汇丰亚太作为要约人，已要求恒生银行 董事会向计划股东提呈建议，根据公司条例第673条以协议安排方式将恒生银行私有化。 公告之前，恒生银行股价报收于117.7港元，公告当天盘中，恒生银行股价最高涨至166.7港元，盘中最 大涨幅高达41%。而10月9日以来，恒生银行股价一直维持在150港元之上横盘。 | C | 2025年10月9日 星期四 | | | | --- | --- | --- | --- | | 恒生银行 | 开盘:136.800 最高:168.000 | ...

Market Overview - The Hong Kong stock market experienced a decline today, with the Hang Seng Index closing at 26,572.46 points, down 500.57 points, representing a drop of 1.85% [2] - The Hang Seng Technology Index also fell, closing at 5,812.80 points, down 168.50 points, a decrease of 2.82% [5] Sector Performance - Technology stocks faced widespread declines, with Baidu Group-SW (09888.HK) dropping over 7%, JD Group-SW (09618.HK) down over 6%, and Alibaba-W (09988.HK) falling over 4% [5] - The lithium battery sector saw significant losses, with Tianqi Lithium (09696.HK) down over 4% and Ganfeng Lithium (01772.HK) down over 3% [5] - Chinese brokerage stocks weakened, with CITIC Securities (06030.HK) declining over 4% [5] - Conversely, the innovative drug sector saw gains, with Gilead Sciences-B (01672.HK) rising over 15%. The innovative drug sector reported a 36% year-on-year revenue growth in Q3, with continued quarter-on-quarter growth [5] Capital Flow - After a small net sell-off of southbound funds yesterday, there was a return of capital today, with a cumulative net purchase of Hong Kong stocks reaching 12.8 billion HKD by the end of the trading day [6] Future Outlook - Western Securities noted that the reopening of the U.S. government and the return of liquidity from the Federal Reserve could lead to a significant reversal of previous pessimistic trading assumptions. This may provide a larger rebound space for risk assets that had previously declined due to tightened liquidity [8] - The report suggests that the Hong Kong market, particularly the Hang Seng Technology Index, may benefit from this shift in liquidity, potentially leading to a strong rebound [8] - The current effective investment strategy is to maintain a positive yet cautious approach, focusing on balanced allocation and avoiding chasing high prices, while being vigilant about external factors such as U.S. Federal Reserve policies and U.S.-China relations [8]

Group 1 - The announcement of a 9-day Spring Festival holiday in 2026 has significantly boosted travel demand, with a notable increase in flight and hotel searches on travel platforms [1][2] - The search volume for domestic flights and hotels on platforms like Qunar and Tongcheng has more than doubled within hours of the announcement, indicating strong consumer interest [1][2] - The surge in inquiries for European travel, particularly a 200% increase in consultations for destinations like Greece and Spain, highlights the potential for long-distance travel during the extended holiday [1][2] Group 2 - The extended holiday aligns with cultural needs for family reunions during the New Year, while also providing a window for consumption upgrades, thus acting as a catalyst for various industries [2] - The combination of policy incentives and released demand is expected to drive growth in transportation, cultural tourism, and other sectors, serving as a significant boost for consumer spending [2] - Relevant ETFs that may benefit from this trend include the Tourism ETF (562510), Food and Beverage ETF (515170), and Hong Kong Consumption ETF (513230) [3]

Group 1 - The Hong Kong stock market opened higher with the Hang Seng Index rising by 0.28% to 26,508.75 points, the Hang Seng Tech Index up by 0.45%, and the National Enterprises Index increasing by 0.24% [1] - Technology stocks showed mixed performance, with electric equipment stocks generally rising, while gold stocks experienced declines [1] - The China Securities Regulatory Commission indicated that the easing of US-China relations has improved overseas market risk appetite, and the "14th Five-Year Plan" proposals are expected to enhance market clarity and risk appetite in the short term [1] Group 2 - The upcoming "14th Five-Year" policy catalysts, along with events like the APEC summit and potential interest rate cuts by the Federal Reserve, are expected to attract funds back into the market, boosting risk appetite and trading activity [2] - The Hong Kong technology sector is anticipated to benefit from the current trends in AI, with foreign capital inflows potentially exceeding expectations due to the backdrop of interest rate cuts [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain exposure to core Chinese AI assets [2]

Market Performance - US stock indices showed mixed performance overnight, with the Chinese concept index rising by 1.7% [1] - Hong Kong stock indices opened slightly lower, with the Hang Seng Index down 0.08%, the National Index down 0.06%, and the Hang Seng Tech Index down 0.14% [1] Sector Performance - Large technology stocks mostly declined, with Baidu down 1.4%, and Meituan, JD.com, NetEase, and Tencent also experiencing declines, while Alibaba and Xiaomi showed slight gains [1] - Heavy machinery stocks, which had surged the previous afternoon, collectively corrected, with Sanhua Intelligent Control down nearly 5% and China National Heavy Duty Truck Group down nearly 4% [1] - Shipping, biopharmaceutical, photovoltaic, and rare earth concept stocks also fell, with Juzhi Biotech experiencing a significant drop of nearly 9% [1] - Conversely, gaming stocks continued their rebound from the previous day, and sectors such as express logistics, home appliances, domestic insurance, new consumption concepts, and Chinese brokerage stocks mostly rose, with Hisense Home Appliances and Pop Mart both up by 2% [1] New Listings - Cloudy Technology had a strong debut, opening over 49% higher on its first trading day [1]

Market Performance - The Hong Kong stock market indices closed mixed, with the Hang Seng Index slightly down by 0.03%, reaching a high of 26,601.59 points [1] - The Hang Seng Tech Index rose by 0.56%, while the Hang Seng China Enterprises Index saw a minor increase of 0.02% [1] Sector Performance - Large technology stocks showed varied performance, with Meituan up by 3% and NetEase up by 1.25%, while JD.com fell by 1.29% [1] - The solar industry saw significant price increases across multiple product segments, leading to active trading in solar stocks, with Fuyao Glass rising by 5% [1] - Travel and tourism stocks surged ahead of the National Day and Mid-Autumn Festival holidays, with Hong Kong Travel up by 4.4% and Trip.com Group up by 4% [1] - Airline stocks rose as Goldman Sachs indicated potential improvements in domestic ticket prices starting from September [1] Individual Stock Movements - Internet healthcare stocks experienced notable declines, while major financial stocks, including domestic insurance and Chinese brokerage firms, performed poorly [1] - Precious metals stocks, including gold, copper, and aluminum, collectively retreated, alongside heavy infrastructure and building materials sectors [1] - Notable individual stock movements included a significant drop of over 53% for Zai Lab-B, which had previously surged nearly 60% in early trading, and a nearly 10% increase for Hesai Technology on its first trading day [1]

Market Performance - The Hong Kong stock market continued its downward trend, with the Hang Seng Technology Index experiencing a significant decline of 1.26% [1] - The Hang Seng Index and the China Enterprises Index fell by 0.57% and 0.67% respectively, with the Hang Seng Index dropping below the 25,000-point mark [1] Sector Performance - Major technology stocks underperformed, negatively impacting market sentiment, with Kuaishou down nearly 5%, JD.com and Alibaba down 1.5%, and Baidu, Tencent down 1% [1] - Pharmaceutical stocks, which had previously been on the rise, are now undergoing adjustments, with internet healthcare and innovative drug concept stocks showing notable declines, including Tongyuan Kang Pharmaceutical down over 22% [1] - Chinese brokerage stocks also faced collective weakness, with Hongye Futures and Dongfang Securities leading the declines [1] - Other sectors such as heavy machinery, lithium battery, home appliances, aviation, building materials, and steel also saw declines [1] Notable Performances - Fuyao Glass experienced a significant increase of nearly 14% following its earnings report, marking it as one of the strongest performers [1] - Morgan Stanley indicated that Chinese bank stocks are likely to see further increases, with domestic bank stocks generally rising [1] - New consumption concept stocks saw a boost, particularly Pop Mart, which surged by 8.6%, marking its first time above 300 Hong Kong dollars [1]

Market Overview - The Hong Kong stock market is experiencing a continued adjustment, with the Hang Seng Index at 24,898 points, down 0.89% [1] - The Hang Seng Tech Index is reported at 5,475 points, down 1.20% [1] Focus Stocks - Oriental Selection shows a strong rebound, rising over 10% after significant fluctuations the previous day [3] - Tech stocks are collectively declining, with Xiaomi down over 2%, and JD.com and Kuaishou down over 1% [3] - New consumption concept stocks are mixed, with Xpeng Motors up over 3% and Pop Mart down over 2% [3] - Gaming stocks are active, with Wynn Macau up nearly 1% [3] - Gold stocks are generally down, with China Silver Group falling over 4% [3] - Chinese brokerage stocks are weakening, with Huatai Securities down over 2% [3] Cross-Border ETFs - Cross-border ETFs are generally down, with only a few exceptions such as the France CAC40 ETF, S&P 500 ETF, Hong Kong Stock Connect Auto ETF, and Dow Jones ETF showing slight increases [3] - Nasdaq Tech ETF, Hong Kong Internet ETF, and Hang Seng Internet ETF are down over 2% [3] - Hong Kong Securities ETF, Nikkei ETF, and Hong Kong Tech ETF are down over 1% [3]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index declining by 0.21%, the Hang Seng China Enterprises Index down by 0.3%, and the Hang Seng Tech Index falling by 0.67%, indicating a relatively stable overall sentiment [1]. Sector Performance - Major technology stocks, which serve as market indicators, mostly turned down, with NetEase and Xiaomi dropping by 1.2%. Meituan, JD.com, and Alibaba also showed negative performance, while Tencent and Kuaishou saw slight increases [3]. - The film and television sector, which had previously led gains, saw a significant decline. Other popular sectors such as semiconductor chips, Chinese brokerage stocks, rare earth concepts, innovative pharmaceuticals, gold stocks, and brain-computer interface concepts also experienced downturns [3]. Real Estate and Consumer Sectors - Li Qiang emphasized the implementation of strong measures to stabilize the real estate market, leading to mixed performance in property stocks, which opened high but closed lower. However, property management stocks remained strong, with Xinyuan Services leading with a 9.8% increase [3]. - Consumer sectors, including restaurant and sports goods stocks, showed active performance, while shipping, mobile gaming, and automotive stocks experienced some gains [3].