Core Insights - The Hang Seng Index achieved its best performance since 2017, with a year-on-year increase of 27.8% as of December 31, 2025, and the assets under management (AUM) linked to the Hang Seng Index series reached approximately $117.7 billion [1] - The Hang Seng Biotechnology Index recorded a year-on-year increase of 64.5%, marking its highest annual growth since its launch in 2025 [1] Group 1: Future Development Directions - The company aims to consolidate its market leadership in the technology and biotechnology sectors, expand the AUM tracking technology-related indices, and continue to develop the biotechnology index while supporting diversified product development [1] - There is a focus on product innovation to explore more applications of artificial intelligence in business, launching products that align with market trends and demands, and developing cross-market indices [1] - The company is committed to advancing its overseas market development to help global investors seize investment opportunities in Hong Kong and mainland China [1] Group 2: Market Trends and New Products - The company noted that the biotechnology sector has gained significant attention from the capital markets, with the biotechnology index outperforming the market and other major indices by over 60% last year [1] - Three structural drivers for the healthcare industry were identified: aging population, rising disposable income, and potential for increased healthcare spending [1] - The company launched the "Hang Seng Dual Technology Index" in January to help investors capture growth opportunities in the technology and biotechnology sectors, with 75% of the index weight allocated to the Hang Seng Technology Index and 25% to the Hang Seng Biotechnology Index [2]

Macroeconomic Overview - The recent release of economic data from the US has shown widespread weakness, with the Producer Price Index (PPI) unexpectedly declining by 0.5%, retail sales growth plummeting to 0.1%, and manufacturing output decreasing by 0.4%, significantly undermining market confidence in the US economy [1] - The US Treasury market experienced significant volatility, with the 10-year Treasury yield dropping by 11 basis points and the 2-year yield falling by 9.2 basis points; the US dollar index decreased by 0.2% [1] - Geopolitical risks are escalating, with stalled negotiations between Russia and Ukraine and difficulties in the Iran nuclear deal talks, leading to increased interest in gold as a safe-haven asset [1] US Dollar Index - The US dollar index exhibited a downward trend, reaching a high of 101.05 and a low of 100.562, ultimately closing at 100.8 [2] - The index is currently facing resistance at the 102.90 level on a weekly basis, suggesting a bearish outlook in the medium term, while key support is identified at the 100.30 level [2] Gold Market - Gold prices showed a rebound, with a high of 3240.37 and a low of 3120.56, closing at 3229.59 [4] - The market is observing a four-month upward trend with a recent correction, and the price is supported at the 3100 level; a break below this support could lead to further downward pressure [5] - Short-term support is noted in the 3199-3200 range, with targets set at 3250, 3282, and 3325 [7] Euro and US Dollar Exchange Rate - The EUR/USD pair experienced an overall increase, with a low of 1.1167 and a high of 1.1227, closing at 1.1183 [8] - The market is currently supported at the 1.0800 level on a monthly basis, with a bearish outlook in the short term unless the price breaks above the daily resistance [8] Key Economic Data and Events - Upcoming economic data to watch includes the French ILO unemployment rate, Eurozone trade balance, US new housing starts, building permits, import price index, and consumer confidence index [10]