Core Viewpoint - The latest bull-bear ratio for the Hang Seng Index (HSI) is 78:22, indicating a predominance of bearish sentiment among investors [1]. Group 1: Bull and Bear Certificates Distribution - The heavy zone for bear certificates is in the range of 27,000 - 27,099, with a total of 602 bear certificates, an increase of 139 from the previous trading day [1]. - The heavy zone for bull certificates is in the range of 26,200 - 26,299, with a total of 2,567 bull certificates, a decrease of 109 from the previous trading day [1]. - The most significant increase in bull certificates occurred in the range of 25,800 - 25,899, totaling 1,215 certificates, an increase of 167 from the previous trading day [1]. Group 2: Market Data Overview - The current price of the Hang Seng Index is 26,413.35, reflecting a decrease of 292.59 points or 1.1% [2]. - The distribution of bull and bear certificates shows that 77.54% are bear certificates while 22.46% are bull certificates, based on relative index certificate numbers [2]. - The range of 27,000 - 27,099 has the highest concentration of bear certificates at 36.2%, while the range of 25,800 - 25,899 has the highest increase in bull certificates [2].

Market Overview - As of January 2026, the total market capitalization of the Hong Kong securities market reached HKD 50.8 trillion, a 44% increase from HKD 35.4 trillion in the same period last year [1] - In January 2026, the Hong Kong Stock Exchange welcomed 13 new listings, a 63% increase compared to 8 new listings in January 2025 [1] - The total fundraising amount in January 2026 was HKD 531 billion, up 318% from HKD 127 billion in January 2025 [1] Trading Activity - The average daily trading amount in January 2026 was HKD 2,723 billion, an 89% increase from HKD 1,438 billion in January 2025 [1] - The average daily trading amount for derivative warrants was HKD 78 billion, a 77% increase from HKD 44 billion in January 2025 [1] - The average daily trading amount for bull and bear certificates was HKD 142 billion, a 100% increase from HKD 71 billion in January 2025 [1] - The average daily trading amount for exchange-traded funds was HKD 359 billion, a 69% increase from HKD 212 billion in January 2025 [1] - The average daily trading amount for leveraged and inverse products was HKD 31 billion, a 19% increase from HKD 26 billion in January 2025 [1] Derivatives Market - The average daily trading volume for futures and options in January 2026 was 1,706,438 contracts, an 18% increase from 1,452,108 contracts in January 2025 [2] - The average daily trading volume for stock options was 900,960 contracts, a 19% increase from 759,565 contracts in January 2025 [2] Historical Records - On January 29, 2026, the trading volume of the Hang Seng Tech Index options reached a historical high of 39,229 contracts [3] - On January 28, 2026, the trading volume of the Hang Seng Biotech Index futures reached a historical high of 1,013 contracts [4]

香港金融市场在2025年表现非常活跃，并在新股市场及二级市场创下多项交易纪录新高，彰显香港作为亚洲领先国际 金融中心的地位。 新一代创新企业纷纷来港上市并藉着香港的平台继续扩展；与此同时，来自全球各地的投资者也藉着香港交易所市场 上多元化的产品组合捕捉机遇并进行风险管理。香港交易所的年度市场数据显示，现货证券及期货期权市场的集资活 动和产品生态圈都较前一年更丰富、多元和活跃。以下亮点分别回顾香港市场2025年的表现及介绍2026年的展望。 香港新股市场重回全球第一 2025年香港共迎来119家新上市企业，首次公开招股集资总额达到2,858亿港元，其中三家更跻身2025年全球十大新股 之列。新能源及人工智能等创新领域的发行人引领着强劲的创新科技市场浪潮，2025年香港新上市公司当中，新经济 公司占比超过三分之二。根据Dealogic的数据，在香港交易所上市的公司全年通过后续发行筹集了660亿美元，较2024 年的279亿美元升136%，充分印证了香港资本市场的活力和深度。 衍生产品成交创新高， 巩固亚洲风险管理中心地位 现货市场成交金额创新高 2025 年香港现货市场日均成交额按年增长 89.5%，达到 2,4 ...

Group 1: Hang Seng Index (HSI) Overview - The Hang Seng Index (HSI) has shown a slight recovery, closing at approximately 26,585 points, although it has not yet reached the 20,000 points mark [1] - There is a divergence in market sentiment, with some investors optimistic about the index reaching 27,000 points, while others are cautious and prefer bearish products [1][2] - Current support level is around 25,900 points, and investors are advised to choose products with a redemption price below this level for safety [2] Group 2: Technical Signals and Product Selection - There are currently 8 buy signals and 6 sell signals for the HSI, indicating a slightly positive short-term outlook [2] - Investors are encouraged to compare different product terms, including leverage and redemption prices, to minimize risks [2] - The resistance level for the HSI is approximately 27,000 points, with the next resistance at 27,500 points [2] Group 3: Bilibili (09626.HK) Stock Analysis - Bilibili's stock price has rebounded, closing at 248.8 HKD, with a potential upward target of 253 HKD if it breaks through 247 HKD [5] - The technical signals indicate a predominance of sell signals, with 9 sell signals compared to 6 buy signals [5] Group 4: Sunny Optical Technology (02382.HK) Stock Analysis - Sunny Optical's stock price has shown recovery, closing at 63.95 HKD, with mixed investor sentiment regarding future price movements [7] - Technical signals show 11 buy signals and 4 sell signals, suggesting a potential upward movement if the price holds above 63 HKD [7] Group 5: Baidu Group (09888.HK) Stock Analysis - Baidu's stock has performed well, closing at 153.7 HKD, but there are concerns about a potential correction after recent gains [13] - The technical signals indicate 9 sell signals and 6 buy signals, suggesting caution for short-term investors [13] Group 6: Shandong Gold (01787.HK) Stock Analysis - Shandong Gold's stock has reached 46.1 HKD, raising concerns about a potential peak and subsequent adjustments [19] - The technical signals show 11 sell signals and 4 buy signals, indicating a bearish outlook [19] Group 7: CNOOC (00883.HK) Stock Analysis - CNOOC's stock has shown a positive trend, closing at 22.1 HKD, with a slight edge in buy signals [25] - The support level is at 21.3 HKD, and investors may consider buying at lower levels for a long-term position [25]

牛证街货重货区在25800-25899区间，该区间最新牛证数量为1177张，较上一交易日增加181张；最多新增在26100-26199 区间，该区间最新牛证数量为1001张，较上一交易日增加376张。 | 牛證街貨 | | | - 恒指牛熊證期指張數比例- | | | 能證街貨 | | --- | --- | --- | --- | --- | --- | --- | | 68.89% | | | | | | 31.11% | | (15,799張) | | | (以相對期指張數計算) | | | (7,133張) | | 指數區域 | 相對期指張數[括號內為一日變化] | | | | 信證精選 | 實際槓桿 | | 27,700 - 27,799 | 179(-29) | | | | 60465 能 | 22.2 | | 27.600 - 27.699 | 475(-23) | | | | 62460 能 | 24.2 | | 27,500 - 27,599 | | 801(-82) | | | 59971 能 | 26.9 | | 27,400 - 27,499 | | 887(+67) | | 一 遇肥 ...

Group 1 - The core viewpoint of the news indicates a significant shift in the distribution of bull and bear certificates, with notable changes in the number of certificates in specific price ranges [1][2] - The bear certificates are concentrated in the range of 27,500 to 27,599, with a total of 1,024 certificates, a decrease of 201 from the previous trading day [1][2] - The most significant increase in bear certificates occurred in the range of 27,000 to 27,099, where the number rose by 297 to reach 297 certificates [1][2] Group 2 - The bull certificates are primarily found in the range of 26,400 to 26,499, totaling 927 certificates, which is a decrease of 114 from the previous trading day [1][2] - The most substantial increase in bull certificates was observed in the range of 25,900 to 25,999, where the number increased by 209 to reach 582 certificates [1][2] - The overall ratio of bull to bear certificates is 66.33% to 33.67%, with 14,544 bull certificates compared to 7,383 bear certificates [2]

Core Viewpoint - The distribution of bull and bear certificates indicates a significant increase in bear certificates in specific price ranges, while bull certificates show a mixed trend with some decreases and increases in different ranges [1][2]. Group 1: Bear Certificates - The heavy concentration of bear certificates is found in the price range of 27,200-27,299, with a total of 996 certificates, an increase of 344 from the previous trading day [1]. - The most significant increase in bear certificates occurred in the range of 27,300-27,399, where the total reached 758 certificates, up by 553 from the previous day [1][2]. Group 2: Bull Certificates - The heavy concentration of bull certificates is in the range of 25,800-25,899, totaling 939 certificates, which is a decrease of 353 from the previous trading day [1]. - The most significant increase in bull certificates was noted in the range of 26,400-26,499, where the total reached 668 certificates, an increase of 668 from the previous day [1][2].

Core Viewpoint - The distribution of bull and bear certificates indicates a shift in market sentiment, with a notable increase in bear certificates in lower price ranges and a decrease in higher price ranges, suggesting potential bearish sentiment among investors [1][2]. Group 1: Bear Certificates - The heavy concentration of bear certificates is in the 27,000-27,099 range, with a total of 833 certificates, which is a decrease of 160 from the previous trading day [1][2]. - The most significant increase in bear certificates occurred in the 26,600-26,699 range, where the number rose to 440, an increase of 348 from the previous day [1][2]. Group 2: Bull Certificates - The heavy concentration of bull certificates is in the 25,800-25,899 range, totaling 1,312 certificates, which is a decrease of 253 from the previous trading day [1][2]. - The most significant increase in bull certificates was observed in the 25,500-25,599 range, where the number rose to 900, an increase of 384 from the previous day [1][2]. Group 3: Market Statistics - The overall market price is reported at 26,149.31, reflecting a decrease of 309.64, or 1.2% [2]. - The ratio of bull to bear certificates stands at 67.22% to 32.78%, indicating a predominance of bull certificates in the market [2].

Core Insights - The Hong Kong Stock Exchange (HKEX) reported a total market capitalization of HKD 47.4 trillion by the end of December 2025, representing a 34% increase from HKD 35.3 trillion in the same period of 2024 [1] Trading Activity - The average daily trading volume for 2025 was HKD 2,498 billion, a 90% increase from HKD 1,318 billion in 2024 [1] - The average daily trading volume for derivative warrants in 2025 was HKD 77 billion, up 48% from HKD 52 billion in 2024 [1] - The average daily trading volume for bull and bear certificates in 2025 was HKD 105 billion, an increase of 59% from HKD 66 billion in 2024 [1] - The average daily trading volume for exchange-traded funds (ETFs) in 2025 reached HKD 333 billion, a significant rise of 108% from HKD 160 billion in 2024 [1] - The average daily trading volume for leveraged and inverse products in 2025 was HKD 34 billion, up 17% from HKD 29 billion in 2024 [1] IPO and Fundraising - In 2025, there were 119 new listings, a 68% increase compared to 71 new listings in 2024 [1] - The total amount raised through initial public offerings (IPOs) in 2025 was HKD 2,858 billion, a remarkable 225% increase from HKD 880 billion in 2024 [1] - The total fundraising amount in 2025 reached HKD 6,444 billion, a 235% increase from HKD 1,922 billion in 2024 [1]

受惠港股市场投资气氛炽热，个股轮证成交急增。当中，ATMX 轮证成交同比急增逾七成；泡泡玛特 (09992)、中芯(00981)及宁德时代(03750)等相关产品亦受追捧；美股窝轮方面，较多资金留意 Nvidia(NVDA.US)及特斯拉(TSLA.US)。 法兴上市产品销售部董事蔡秀虹表示，2025年轮证市场交投火热，投资者运用轮证特性捕捉波动市况， 并加强美股窝轮部署。该行进一步扩大美股相关资产的覆盖范围，新增博通(AVGO.US)及奈飞 (NFLX.US)窝轮，以满足投资者在美股"科技七雄"以外的交易需求。 fund （原标题：法兴：2025年香港窝轮及牛熊证总成交额达4.4945万亿港元 同比升55%） 智通财经APP获悉，法国兴业银行(法兴)表示，2025年香港市场的窝轮及牛熊证总成交额达4.4945万亿 港元，同比大升55%，创2021年以来新高，占大市成交约7.3%。其中，窝轮总成交额达1.903万亿港 元，同比升50%；牛熊证总成交额达2.5915万亿港元，同比升58%。 ...