香港科技探索（01137）发布公告，香港电子商贸业务于2026年1月的表现，在2025年12月一贯的季节性 放缓后，录得显著反弹。 平均每日订单总商品交易额按月上升13.9%至 2380万港元（2025年12月： 2090万港元），带动每月订单总商品交易额达7.39亿港元（2025年12月：6.49亿港元）。独立客户数目 上升6.1%至64万名（2025年12月：60.3万名），而每月活跃独立设备数目则维持稳定于156.3万（2025 年12月： 157.2万）。 有关回升主要由假期后消费需求所带动，该等需求或因本地居民外游人次按月下降约 9.6% 而获得支持 并配合农历新年前的提前消费。上述因素共同推动订单量及客户活跃度上升。 集团2026年1月的香港电子商贸业务 （不包括HKTVmall现金券的销售）的平均每日订单数量为5.09 万，环比增长11.4%，同比增长13.9%；平均订单值468港元，环比增长2.2%，同比减少9.5%；平均每日 订单总商品交易额为2380万港元，环比增长13.9%，同比增长3.0%；每月订单总商品交易额为7.39亿港 元，环比增长13.9%，同比增长3.1%。 责任编辑：卢昱君 ...

有关回升主要由假期后消费需求所带动，该等需求或因本地居民外游人次按月下降约 9.6% 而获得支持 并配合农历新年前的提前消费。上述因素共同推动订单量及客户活跃度上升。 智通财经APP讯，香港科技探索(01137)发布公告，香港电子商贸业务于2026年1月的表现，在2025年12 月一贯的季节性放缓后，录得显著反弹。 平均每日订单总商品交易额按月上升13.9%至 2380万港元 (2025年12月：2090万港元)，带动每月订单总商品交易额达7.39亿港元(2025年12月：6.49亿港元)。独立 客户数目上升6.1%至64万名(2025年12月：60.3万名)，而每月活跃独立设备数目则维持稳定于156.3万 (2025年12月： 157.2万)。 集团2026年1月的香港电子商贸业务 (不包括HKTVmall现金券的销售)的平均每日订单数量为5.09万，环 比增长11.4%，同比增长13.9%;平均订单值468港元，环比增长2.2%，同比减少9.5%;平均每日订单总商 品交易额为2380万港元，环比增长13.9%，同比增长3.0%;每月订单总商品交易额为7.39亿港元，环比增 长13.9%，同比增长3.1%。 ...

2.独立客户数目上升6.1%至64万名(2025年12月：60.3万名)，而每月活跃独立设备数目则维持稳定于 156.3万(2025年12月：157.2万)。 格隆汇2月16日丨香港科技探索(01137.HK)发布公告，香港电子商贸业务于2026年1月的表现，在2025年 12月一贯的季节性放缓后，录得显著反弹。 有关回升主要由假期后消费需求所带动，该等需求或因本地居民外游人次按月下降约9.6%而获得支 持，并配合农历新年前的提前消费。上述因素共同推动订单量及客户活跃度上升。 1.平均每日订单总商品交易额按月上升13.9%至2380万港元(2025年12月：2090万港元)，带动每月订单总 商品交易额达7.39亿港元(2025年12月：6.49亿港元)。 ...

Core Perspective - Shenzhen Huaqiangbei has been recognized as one of the "Top Ten Demonstration Cases of Bay Area Integration" in the 2025 Southern Metropolis Street Reputation List, showcasing its innovative practices in six key areas: innovation, commerce, language, finance, life, and transportation [1][13]. Innovation - Huaqiangbei promotes a vibrant innovation ecosystem where creators from around the world can easily integrate and collaborate, supported by policies and resources such as the "Huaqiangbei Maker 11 Articles" [2][4]. - The area has established a mentor team of over 100 industry experts and entrepreneurs, and has successfully incubated over 2,000 cross-border entrepreneurial projects [4]. Commerce - Huaqiangbei extends its "boundaryless commerce" approach beyond product transactions to include rules and services, offering one-stop services like contract review and compliance consulting [7]. - The logistics network consists of over 210 logistics stations, with annual shipments exceeding 1 billion items and a trade value surpassing 100 billion yuan, facilitating trade with 183 countries and regions [7]. Language - Multilingual communication is emphasized in Huaqiangbei, with bilingual maps and translation services available to support 138 languages, enhancing the experience for international visitors [8]. - A volunteer team assists in bridging communication gaps between foreign buyers and local merchants, contributing to a welcoming environment [8]. Finance - Huaqiangbei has developed a comprehensive cross-border payment system that supports major international credit cards, with a 95% acceptance rate for foreign card POS machines [9][10]. - The area also offers efficient cross-border tax refund services, enhancing the shopping experience for international customers [10]. Life - The district provides a one-stop international service system, including over 80 international dining brands and more than 50 international hotels, catering to the needs of global visitors [11]. - Cultural activities and diverse culinary options foster cross-cultural exchanges, with over 100 events held annually attracting more than 10,000 participants [11]. Transportation - Huaqiangbei is enhancing its transportation infrastructure with AI navigation and logistics systems, aiming for efficient connections to global transport networks [12]. - The area boasts a transportation network that allows for quick access to Shenzhen Airport and seamless connections to Hong Kong, positioning it as a key node for regional and global integration [12][13].

Group 1 - A new company named Zhuge'erqi Xingyao Electronic Commerce Co., Ltd. has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Feng Wangwang [1] - The business scope includes retail of various products such as automotive parts, motorcycle parts, hardware products, clothing, cosmetics, sports equipment, and more [1] Group 2 - The company is authorized to operate in general projects, which allows it to engage in a wide range of retail activities without needing special approvals for most items [1] - Specific categories of products for retail include daily necessities, household appliances, furniture, musical instruments, stationery, and various types of protective gear [1] - The company also includes internet sales in its business scope, excluding items that require special licenses for sale [1]

Market Performance - The Hong Kong stock market experienced a strong upward trend on December 12, with the Hang Seng Index rising by 446.28 points, or 1.75%, closing at 25,976.79 points [1] - The Hang Seng Tech Index increased by 103.46 points, or 1.87%, closing at 5,638.05 points [1] - The China Enterprises Index rose by 145.07 points, or 1.62%, closing at 9,079.35 points [1] - The Red Chip Index gained 47.77 points, or 1.16%, closing at 4,150.4 points [1] Sector Performance - Technology stocks saw significant gains, with NetEase rising over 4%, and Tencent, Alibaba, and Lenovo increasing by over 2% [1] - Power equipment stocks surged, with Dongfang Electric rising over 13% [1] - Gold stocks generally rose, with Zijin Mining International increasing by over 3% [1] - Chinese brokerage stocks saw a late rally, with China Galaxy rising over 6% [1] - Insurance stocks strengthened in the afternoon, with China Pacific Insurance and China Life both rising over 5% [1] - AIGC concept stocks and real estate blue-chip stocks also saw gains [1] - However, the Everbright system and tobacco stocks declined [1] Company News - Hong Kong Electronic Commerce reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group signed a total product processing agreement with its Vietnam subsidiary [2] - China Galaxy completed the issuance of a short-term corporate bond worth 4 billion yuan [2] - Cloudy Technology plans to establish a joint venture focusing on innovative robotic solutions [3] - Cloudtop New Horizon signed a commercialization service agreement with Haisen Bio [3] - Peijia Medical's TaurusTrio transcatheter aortic valve system received approval from the National Medical Products Administration [3] - China Antibody's SM17 new drug research application was accepted by the National Medical Products Administration [4] - Hengyi Holdings plans to undergo capital restructuring and fundraising activities [5] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebounds expected in mid to late December and early January [6] - Dongwu Securities believes the market is still in a left-side phase, requiring patience for a rebound [6] - Everbright Securities indicated that while there is significant room for growth compared to previous bull markets, the current market may lack strong catalysts [6] - Guoxin Securities highlighted that the recent net inflow of southbound funds into the Hong Kong market exceeded 110 billion yuan in November, indicating strong liquidity and a willingness to invest at lower levels [6] - The forecast for the Hong Kong market in 2026 is expected to range between 30,000 and 32,000 points [6] Industry Trends - The ice and snow economy is emerging as a new growth point, encompassing ice and snow sports, tourism, equipment, and culture [7] - This sector is characterized by a long industrial chain, significant spillover effects, and high social benefits, contributing to regional economic development [7] - The increasing popularity of ice and snow sports and tourism is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice and snow industry [7] - There is a recommendation to focus on ice and snow sports brands with marginal improvements and stable dividend-paying leading companies [7]

Market Performance - The Hong Kong stock market opened higher and experienced a rebound, with the Hang Seng Index rising by 1.36% to 25,878.49 points, the Hang Seng Tech Index increasing by 1.45% to 5,614.94 points, the National Enterprises Index up by 1.17% to 9,038.54 points, and the Red Chip Index gaining 0.72% to 4,132.23 points [1] Sector Performance - Major technology stocks generally rose, with Alibaba up by 1.2%, Tencent Holdings increasing by 1%, JD.com rising by 0.7%, Xiaomi up by 2.7%, NetEase increasing by 2.19%, Meituan rising by 1.97%, Kuaishou up by 1.35%, and Bilibili increasing by 0.93% [1] - Power equipment stocks surged, with Dongfang Electric and Shanghai Electric both rising over 7%, and Northeast Electric increasing by over 5% [1] - Gold stocks saw significant gains, with Zijin Mining rising by over 3% [1] - New consumption concept stocks generally rose, with Cha Bai Dao increasing by over 4% and Guoquan rising by over 3% [1] - Consumer electronics stocks, which were strong yesterday, declined, with most semiconductor stocks experiencing a drop [1] Company News - Hong Kong Technology Exploration (01137.HK) reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group (00710.HK) signed a total product processing agreement with BOE in Vietnam [3] - China Galaxy (06881.HK) completed the issuance of a short-term corporate bond worth 4 billion yuan [5] - Cloudy Technology (02670.HK) plans to establish a joint venture focusing on innovative robotic solutions [6] - Nocera Biopharma (09969) received approval for the use of Entrectinib in treating adult and adolescent solid tumors with NTRK fusion genes in China [7] - Peijia Medical-B (09996) received approval from the National Medical Products Administration for the registration application of the TaurusTrio transcatheter aortic valve system [8] - China Antibody-B (03681) had its new drug research application accepted by the National Medical Products Administration [9] - Hengyi Holdings (01894.HK) plans to conduct capital restructuring and fundraising activities [10] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebound points to watch in mid to late December and early January [11] - Dongwu Securities believes the market is still in a left-side phase and that a rebound requires further waiting [11] - Everbright Securities indicated that while there is significant room for the index to rise compared to previous bull markets, the duration of the bull market may be more important than the magnitude of the increase [11] - Guoxin Securities stated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [11] Industry Trends - Ping An Securities highlighted the growing importance of the ice and snow economy, which includes ice and snow sports, tourism, equipment, and culture, as a new economic growth point [12] - The ice and snow industry is experiencing rapid growth, with recommendations to focus on brands with marginal improvements and stable dividend-paying leading companies, specifically mentioning Anta Sports, Bosideng, and Sanfu Outdoor [12]

Market Overview - The Hong Kong stock market opened higher on December 12, with the Hang Seng Index rising by 230.9 points, an increase of 0.9% to 25,761.41 points [1] - The Hang Seng Tech Index increased by 56.56 points, up 1.02% to 5,591.15 points [1] - The National Enterprises Index rose by 78.78 points, a gain of 0.88% to 9,013.06 points [1] - The Red Chip Index climbed by 17.19 points, up 0.42% to 4,119.82 points [1] - Technology stocks saw broad gains, with companies like NetEase, Alibaba, Xiaomi, Lenovo, Tencent, and Kuaishou rising over 1% [1] - Gold stocks also performed well, with China National Gold International increasing by over 4% [1] - Power equipment stocks opened higher, with Dongfang Electric rising by over 2% [1] - New consumption concept stocks were active, with Hu Shang Ayi increasing by over 1% [1] - The lithium battery sector opened higher, with CATL rising nearly 3%, and Ganfeng Lithium and Tianqi Lithium both increasing by over 2% [1] Company News - Hong Kong Technology Exploration (01137.HK) reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decline of 7.4% [2] - BOE Technology Group (00710.HK) signed a total product processing agreement with BOE in Vietnam [3] - China Merchants Securities (06099.HK) was approved to issue company bonds not exceeding RMB 40 billion [4] - China Galaxy (06881.HK) completed the issuance of short-term company bonds amounting to RMB 4 billion [5] - Cloudwalk Technology (02670.HK) plans to establish a joint venture focusing on innovative robotic solutions [6] - Innovent Biologics (09969) received approval for the use of Selpercatinib in treating adult and adolescent patients with NTRK fusion gene solid tumors in China [7] - Peijia Medical-B (09996) received approval from the National Medical Products Administration for the registration application of the TaurusTrio transcatheter aortic valve system [8] - China Antibody-B (03681) had its new drug research application accepted by the National Medical Products Administration [9] - Hengyi Holdings (01894.HK) plans to undergo capital restructuring and fundraising activities [10] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with uncertainties regarding the Federal Reserve's future interest rate cuts and a peak in lock-up stock releases in December, which may lead to liquidity shocks [11] - Dongwu Securities believes that the Hong Kong stock market is still in a left-side phase, and a rebound will require more time [11] - Ping An Securities highlighted the growing importance of the ice and snow economy, which encompasses ice and snow sports, tourism, equipment, and culture, as a new economic growth point [11] - The ice and snow industry is experiencing rapid growth, and companies like Anta Sports, Bosideng, and Sanfu Outdoor are recommended for investment due to their improving margins and stable dividend yields [11] Industry Trends - Western Securities reported that since the end of 2024, the bidding prices for wind turbine manufacturers have shown a continuous upward trend due to self-discipline among manufacturers and changes in bidding rules [12] - The average bidding price for onshore wind turbines in January-October 2025 was RMB 1,618 per kW, a year-on-year increase of 6.86% [12] - The average bidding price for onshore wind turbines (including towers) was RMB 2,096 per kW, a year-on-year increase of 9.78% [12] - The demand for wind turbines in overseas markets is strong, with companies like Goldwind and Envision Energy seeing significant increases in overseas order volumes [12]

Major Events - Xidi Intelligent Driving (03881) plans to conduct an IPO from December 11 to December 16, aiming to globally issue 5.408 million H-shares and has introduced cornerstone investors such as Xiangjiang Zhicheng [1] - Zhihui Mining (02546) will also hold an IPO from December 11 to December 16, with a plan to globally issue 122 million H-shares and has brought in cornerstone investors like Spico [1] - Stone Four Pharmaceutical Group (02005) has obtained the production registration approval for Acetylcysteine Injection (25ml: 5g) [1] - Yunjie (02670) intends to establish a joint venture focusing on developing robotic smart solutions for innovative scenarios [1] - Huiju Technology (02481) has introduced new investor Shuangliang Energy to accelerate the commercialization of industrial inspection robots [1] - Leap Motor (09863) received an increase in shareholding from shareholders Zhu Jiangming and Fu Liqian, totaling 2.1506 million H-shares, with an investment exceeding 100 million HKD [1] - Red Star Macalline (01528) saw shareholders Taobao Holdings and New Retail Fund collectively reduce their holdings by 30.616 million H-shares [1] - China National Nuclear Corporation (01763) subsidiary signed a patent transfer agreement for innovative nuclear medicine with Beijing Normal University [1] - ZTE Corporation (00763) is in communication with the U.S. Department of Justice regarding certain matters and will firmly protect its rights through legal means [1] - Techtronic Industries (00669) plans to voluntarily terminate its HART business by the end of the year [1] Operating Performance - China General Nuclear Power Corporation (01811) reported a cumulative power generation of 17.5 billion kWh in the first 11 months, a decrease of 1.0% year-on-year [1] - China Resources Power (00836) subsidiary's power plants reported a 7.1% year-on-year increase in electricity sales in the first 11 months [1] - Hong Kong Science and Technology Exploration (01137) reported a total merchandise transaction value of 636 million HKD in November for its electronic commerce business, a year-on-year decline of 7.4% [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slowdown in its e-commerce business performance for November 2025, following the end of the October Thanksgiving event [1] Group 1: Order Metrics - The average daily order quantity decreased by 2.6% month-on-month to 48,800 orders in November 2025, down from 50,100 orders in October 2025 [1] - The average order value fell by 2.0% month-on-month to HKD 434 in November 2025, compared to HKD 443 in October 2025 [1] Group 2: Transaction Value - The average daily total merchandise transaction value declined by 4.5% month-on-month to HKD 21.2 million in November 2025, down from HKD 22.2 million in October 2025 [1] - The total merchandise transaction value for November 2025 was HKD 636 million, a decrease of 7.6% month-on-month and 7.4% year-on-year from HKD 688 million in October 2025 [1]