Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) showed a slight upward movement on January 23, closing with an increase of approximately 100 points, indicating a neutral short-term trend with mixed market sentiment [1] - Current technical signals for HSI are neutral, with the index fluctuating around 26,700 points and a resistance level at approximately 27,100 points, while support levels are at 26,200 points and 25,800 points [1] - Investors are divided, with bullish investors holding call warrants with recovery prices of 25,788 and 26,428, while bearish investors are planning to buy put warrants with a recovery price of 26,900 [1] Group 2: Meituan-W (03690.HK) - Meituan-W's stock price has been weak, with a slight increase on January 23, closing at 97.5 HKD, while trading volume increased compared to the previous day [7] - Current technical signals show a predominance of buy signals, totaling 10, with resistance levels at 101.8 HKD and 105 HKD [7] - Investors are advised to avoid out-of-the-money products and consider near-the-money call warrants with exercise prices around 99-100 HKD, expiring in April 2025 [7] Group 3: Trip.com Group (09961.HK) - Trip.com Group's stock price has gradually recovered from a low of 446 HKD, closing at 485.4 HKD on January 23, although trading volume has decreased during this upward movement [13] - The current technical signals indicate a majority of buy signals, with 9 buy signals and 5 sell signals [13] - Investors are recommended to choose bull warrants with recovery prices between 382 and 457 HKD to mitigate risks [13] Group 4: Ganfeng Lithium (01772.HK) - Ganfeng Lithium's stock price reached 70 HKD on January 23, breaking through the upper band of the Bollinger Bands, with increased trading volume [19] - The technical signals currently show a predominance of sell signals, with 10 sell signals and 4 buy signals, suggesting caution for bullish investors [19] - Investors interested in put warrants are advised to wait for more suitable products to be issued due to limited options currently available [19] Group 5: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price slightly increased to 38.6 HKD on January 23, influenced by rising gold prices, but the market sentiment remains cautious [25] - Current support is around 35.5 HKD, with a resistance level at 41.4 HKD, which needs to be broken for further upward movement [25] - Investors should wait for confirmation of a breakout above the resistance level before making further investment decisions [25] Group 6: Xiaomi Group-W (01810.HK) - Xiaomi Group-W's stock price has been on a downward trend, with a slight increase to 36.2 HKD on January 23, accompanied by increased trading volume [30] - Current technical signals show a slight majority of buy signals, but the stock lacks momentum to surpass 50 HKD in the short term [30] - Investors are advised to avoid out-of-the-money products and consider near-the-money call warrants with leverage around 3 times, which are more suitable for current market conditions [30]

Market Overview - The Hang Seng Index (HSI) is expected to face short-term resistance at 27,188 points, with the Federal Reserve's recent interest rate cut of 0.25% aligning with market expectations for a dovish monetary policy stance post-2026 leadership transition [2] - The market anticipates that the first quarter of 2026 will see policy initiatives aimed at expanding domestic demand and achieving technological self-reliance, with potential for further interest rate cuts and reserve requirement ratio reductions [2] - The China Securities Regulatory Commission (CSRC) has reiterated its commitment to increasing the scale of medium- to long-term capital entering the market, which is expected to positively impact A-share liquidity [2] Sector Focus - The report highlights a positive outlook for the biotechnology sector, noting that the value of new drug licensing transactions in mainland China reached a record high last year, indicating sustained demand [8] - The semiconductor sector is also noted, with domestic GPU companies expected to list on the Hong Kong stock exchange [8] - The insurance sector is projected to benefit from strong A-share performance, leading to improved investment returns [8] Corporate News - XPeng Motors has confidentially submitted an IPO application for its flying car division, XPeng Huaitian, in Hong Kong, with plans to list as early as this year [11] - Strong Brain Technology has also submitted a confidential IPO application in Hong Kong, potentially becoming the first company from Hangzhou's "Six Little Dragons" to go public [11] - Honor Mobile is set to launch the industry's first "trendy toy" smartphone in collaboration with Pop Mart, targeting young consumers [11] - Alibaba's Tmall platform saw over 150,000 new merchants join last year, marking a record high, with significant growth opportunities identified in various sectors [11] Financial Performance - Rongchang Biopharmaceutical has signed an exclusive licensing agreement with AbbVie for its RC148 drug, which includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion [12] - WuXi AppTec expects a 103% increase in net profit for 2025, driven by its integrated CRDMO business model and investment gains from divesting certain business segments [11] - Huazhong Holdings reported a 6% year-on-year decline in solar power generation, with total generation at approximately 300,736 MWh [12] - China Resources Land reported a 10.5% decrease in total contract sales for the previous year, amounting to approximately 233.6 billion yuan [12]

Core Insights - The article provides a technical analysis and recommendations for 10 stocks, highlighting their short-term trends and key support and resistance levels. Group 1: Tencent (Code: 00700) - Tencent shows a continuous upward trend, being a leader in the domestic internet industry with a strong user base and monetization capabilities across various sectors including social media, gaming, fintech, and cloud computing [1] - Support level is at 617, resistance level at 682, with corresponding call option code 18981 and put option code 20518 [1] Group 2: Alibaba (Code: 09988) - Alibaba is also on an upward trajectory, recognized as a global e-commerce and technology giant with a robust ecosystem and supply chain capabilities [1] - Support level is at 150.5, resistance level at 176.8, with call option code 15432 and put option code 20870 [1] Group 3: Meituan (Code: 03690) - Meituan's short-term trend is positive, being a leading local service platform in China with high market penetration and user engagement [2] - Support level is at 95.2, resistance level at 111.4, with call option code 20964 and put option code 21520 [2] Group 4: JD.com (Code: 09618) - JD.com continues to rise, leveraging its high-quality supply chain and efficient logistics, particularly in the 3C electronics and fresh retail sectors [2] - Support level is at 115.5, resistance level at 133.9, with call option code 18979 and put option code 19822 [2] Group 5: Xiaomi Group (Code: 01810) - Xiaomi is experiencing an upward trend, having established a comprehensive ecosystem of smartphones, smart hardware, and IoT platforms [2] - Support level is at 38.4, resistance level at 50.5, with call option code 13204 and put option code 18546 [2] Group 6: Kuaishou (Code: 01024) - Kuaishou shows a positive short-term trend, being a leading short video and live streaming platform with high user activity and a rich content ecosystem [3] - Support level is at 63.1, resistance level at 82.4, with call option code 18961 and put option code 19035 [3] Group 7: BYD (Code: 01211) - BYD is on a favorable trend as a leader in the electric vehicle industry, benefiting from high growth in the sector [3] - Support level is at 93.7, resistance level at 109.9, with call option code 17318 and put option code 19297 [3] Group 8: Hong Kong Stock Exchange (Code: 00388) - The Hong Kong Stock Exchange continues to rise, serving as a key hub connecting mainland and global capital markets [3] - Support level is at 420, resistance level at 452, with call option code 13855 and put option code 19860 [3] Group 9: AIA Group (Code: 01299) - AIA Group is experiencing an upward trend, being a leading life insurance company in the Asia-Pacific region with strong demand for insurance products [4] - Support level is at 73.7, resistance level at 88.3, with call option code 17948 and put option code 18984 [4] Group 10: SMIC (Code: 00981) - SMIC shows a positive trend as the largest integrated circuit foundry in mainland China, benefiting from domestic semiconductor industry growth [4] - Support level is at 64.7, resistance level at 88.3, with call option code 18977 and put option code 21385 [4]

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, with a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China trade tensions and weak consumer spending in Hong Kong [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to increased market volatility, with expectations of reduced interest rates in 2026 being lower than previously anticipated [2][6] Economic Indicators - China's GDP growth for Q3 was reported at 4.8%, slightly above the market expectation of 4.7%, with a year-to-date GDP of 101.5 trillion yuan, reflecting a 5.2% annual growth [10] - The average unemployment rate in urban areas of China was stable at 5.2% for Q3, with a slight decrease in September [10] - The real estate sector continues to struggle, with new home sales down 7.9% year-on-year in the first three quarters, and a significant drop in property investment by 13.9% [10] Corporate Performance - Contemporary Amperex Technology Co., Limited (CATL) reported a 36% increase in profit for the first three quarters, exceeding expectations [5] - China Mobile's profit rose by 4% in the same period, with EBITDA increasing by 1% [5] - JD.com saw a significant increase in sales during the "Double 11" shopping festival, with over 52,000 brands achieving a year-on-year sales increase of more than three times [5] Sector Focus - The insurance sector is expected to benefit from strong investment returns in Q3, with companies likely to announce positive earnings [8] - AI-related stocks are gaining traction as the mainland accelerates the application of "Artificial Intelligence+" [8] Trade Relations - U.S. President Trump indicated a potential for a fair trade agreement with China, despite the looming threat of increased tariffs set to take effect on November 1 [11]

Core Viewpoint - The article discusses the mixed performance of technology stocks in the Hong Kong market, particularly focusing on Xiaomi Group (01810), which is facing significant technical challenges and support levels [1]. Company Performance - Xiaomi's stock price was reported at 52.52 HKD, up 1.56%, but is currently below key moving averages, indicating a bearish short-term trend [1]. - Major investment banks have provided mixed outlooks: - CMB International noted strong performance in Xiaomi's automotive segment and adjusted the target price from 67 HKD to 60 HKD while maintaining a "Buy" rating [1]. - Cathay Securities highlighted substantial overperformance in automotive profitability and adjusted the target price to 77.5 HKD, maintaining an "Overweight" rating [1]. Technical Analysis - Support levels are identified at 49.8 HKD and 48.1 HKD, which are critical for bulls to defend [3]. - Resistance levels are seen at 53.9 HKD and 57.1 HKD, with the current price nearing key support, suggesting potential for a short-term rebound [3]. - The RSI indicator is at 39, indicating heavy selling pressure but nearing oversold territory, while volatility indicators suggest a severe oversold condition that may lead to a bottoming out [3]. Derivative Instruments - Investors anticipating a technical rebound may consider call options with a strike price of 60 HKD, offering a leverage of 3.8 times [6]. - For bearish investors, put options with a strike price of 46.45 HKD are available, providing a leverage of 3.1 times [6]. - Bullish investors can look at UBS bull certificates with a redemption price of 49 HKD, offering a leverage of 16 times [8]. Market Sentiment - The article invites investors to consider the current technical position of Xiaomi and whether the support zone of 48.1-49.8 HKD can hold, or if further declines are expected [11].

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark, supported by a stable economic outlook in mainland China and a temporary easing of trade tensions between the US and China [2][4] - The market is currently active with a focus on earnings reports from major technology companies, which could provide momentum for future performance [2] Short-term Sector Outlook - Key market focus includes the unemployment rate in Hong Kong for July and earnings reports from companies such as Xiaomi, WuXi Biologics, Sunny Optical, and Pop Mart [3] Macro Focus - Chinese Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and boost effective investment, indicating a cautious but proactive approach to economic management [4][9] - The IDC reported a 4.1% decline in smartphone shipments in China for Q2, with Huawei regaining the top market position [9][10] Company News - WuXi Biologics reported a 53% increase in interim net profit to 750 million RMB, exceeding expectations [10] - Hansoh Pharmaceutical's interim net profit rose 15% to 3.134 billion RMB, also surpassing forecasts [10] - China Biologic Products saw a 12% increase in half-year profit, beating expectations [10] - Leap Motor recorded a net profit of 33.03 million RMB for the first time, exceeding expectations [10] - Tongcheng Travel's Q2 profit increased by 18%, aligning with expectations, and the company is optimistic about summer travel [10] Industry Developments - The online healthcare sector is experiencing increased penetration in drug sales, with clearer regulatory frameworks emerging [8] - The electric vehicle market is seeing a surge in new car releases in August, with some manufacturers raising their annual sales targets [8] Stock Performance - The Hang Seng Index closed at 25,177, down 0.37% year-to-date, it has increased by 25.51% [6] - The Hang Seng Tech Index rose by 0.65%, with a year-to-date increase of 24.87% [6] Investment Opportunities - Anker Innovations is reportedly considering a listing in Hong Kong, having seen its stock price rise over 50% this year [10] - NIO plans to enter new markets including Singapore, Uzbekistan, and Costa Rica, indicating expansion in the electric vehicle sector [10] - Zero Run Auto achieved a record delivery of 221,600 vehicles in the first half of the year, marking a 156% increase year-on-year [10]

Market Overview - The US stock market indices experienced declines, with the Nasdaq showing the largest drop. President Trump announced a 25% tariff on all non-US manufactured cars, impacting market sentiment [6][9] - European stock markets showed mixed results, while the Hang Seng Index and the National Index both rose, with the Hang Seng Index showing a larger increase [6] - The Shanghai Composite Index and Shenzhen Component Index both fell, with the Shenzhen Component Index experiencing a more significant decline. The Consumer Discretionary Index led gains in the CSI 300, while the Financial and Real Estate indices lagged [6] Economic Data - Key economic indicators from the US included a 2.0% decrease in the weekly MBA mortgage application index and a 0.9% increase in durable goods orders for February, surpassing the market expectation of a 1.0% decline [7] - The non-defense capital goods orders (excluding aircraft) fell by 0.3%, while shipments in the same category increased by 0.9% [7] International Economic News - President Trump plans to impose reciprocal tariffs on all countries, indicating that the rates may be lower than expected. He confirmed a 25% tariff on all non-US manufactured cars [10] - The European Union's trade chief anticipates that the US will impose tariffs of around 20% on EU imports [10] - The Bank of Japan's governor reiterated the need for policy flexibility, while a Chinese central bank advisor indicated readiness to implement more stimulus measures if economic growth slows [10] Corporate News - Hong Kong property developer Chow Tai Fook reportedly avoided a loan default of $940 million and is planning to discuss refinancing with banks [10] - Apple CEO Tim Cook visited an AI center in Hangzhou, China, and announced a donation of 30 million RMB to Zhejiang University [10] - Vivo aims to increase its overseas sales proportion to 70% by 2027, as it seeks to expand globally in response to domestic market saturation [10] Stock Performance - The report includes a detailed table of stock performance for various companies listed in Hong Kong and mainland China, highlighting closing prices, dynamic P/E ratios, and price changes [11]