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Market Overview

▪ On January 27, Hong Kong stocks closed higher, with all three major indices recording gains, continuing the warming market sentiment.

▪ The Hang Seng Index closed at 27,126.95 points, up 1.35%.

▪ The Hang Seng Tech Index closed at 5,754.72 points, up 0.50%.

▪ The National Enterprises Index closed at 9,244.88 points, up 1.07%.

Sector Performance

▪ The internet content and information sector rose overall, with Tencent Holdings up 1.25%, benefiting from the recovery in the tech sector and positive institutional outlook, leading to significant capital inflows into related leaders, and market risk appetite continued to improve. Baidu-SW and Kuaishou performed relatively steadily, recording slight changes of -0.19% and +0.25%, respectively; Bilibili-W performed outstandingly, ultimately closing up 5.85%, becoming the leading stock in the sector. This reflects internal structural adjustments within the sector and intensified competition for traffic.

▪ The retail sector continued its volatile trend, with sector leader Alibaba rising 2.85% on active trading; JD-SW fell 2.16%, and Miniso fell 1.34%, underperforming the tech leaders, leading to overall sector differentiation, with cautious sentiment among investors still present.

▪ The gold sector performed exceptionally well, influenced by fluctuations in gold price expectations, with leading stocks collectively strengthening amid divergent trends. Zijin Mining rose 2.89%, and Zijin Gold International closed up 11.59%, due to the company's announcement to acquire 100% of the important African gold mining company Allied Gold Corporation for CAD 5.5 billion (approximately RMB 28 billion), which will significantly enhance its gold resource reserves and production capacity, consolidating its position among global gold companies.

However, other companies in the sector stagnated after yesterday's surge, with Zhaojin Mining down 2.29%, Shandong Gold down 2.28%, and China Gold International down 2.80%. Affected by the continued high volatility of gold prices, gold stocks performed overall steadily as a safe-haven asset, but the industry benefits and capital attention were generally moderate, and the sector theme did not form a strong resonance.

Macroeconomic Background

▪ The Hong Kong stock market has recently focused on fluctuations in economic data, export performance, and retail sales recovery, combined with changes in unemployment rates and manufacturing sentiment. Investors are continuously assessing internal and external policy trends and liquidity expectations, with high short-term uncertainty remaining. Macroeconomic fundamental factors are constraining market trading confidence, making structural trends more prominent.

Popular Stocks

▪ MINIMAX-WP (100.HK) surged 26.48%, with a trading volume of HKD 1.613 billion. The company officially launched the AI-native workstation Agent 2.0, with product innovation enhancing industry enthusiasm, driving overall activity in AI large model concept stocks, with significant capital inflows during the session. In the high valuation range, attention is advised on performance realization pressure.

▪ Future Machine Limited (1401.HK) rose 41.67%, with a trading volume of HKD 17.6643 million. The company signed 9 strategic cooperation agreements with industry leaders from multiple countries, covering emerging markets such as the UAE and India, with a large order of 1.5 million mobile phones driving the rapid overseas expansion of high-value-added products like smart terminals and the Internet of Things Benefiting from the expansion of scale and global strategy, significant capital inflow has led to positive feedback from the capital market.

▪ Anling International (1410.HK) surged 30.77%, with a trading volume of HKD 26.442 million. The company released its Q1 FY2026 results, reporting revenue of HKD 196 million and earnings per share of HKD 0.0129. The positive outlook for its main business has continued to boost investor sentiment, driving a strong rise in the stock price on that day.

▪ Zhongqing Shares (1855.HK) rose 21.32%, with a trading volume of HKD 370 million. There has been no significant news recently, possibly driven by the activation of funds in the technology growth sector.

▪ Dajiankang International (2211.HK) increased by 14.38%, with a trading volume of HKD 114 million. The company has attracted capital attention, but there is no new news, indicating clear short-term capital speculation.

Market Trading Volume TOP10

▪ Tencent Holdings (00700.HK) latest trading price HKD 607.00, up 1.25%, trading volume HKD 14.459 billion

▪ Alibaba -W (09988.HK) latest trading price HKD 169.90, up 2.85%, trading volume HKD 12.414 billion

▪ Zijin Mining (02899.HK) latest trading price HKD 43.40, up 2.89%, trading volume HKD 5.669 billion

▪ SMIC (00981.HK) latest trading price HKD 76.60, up 1.39%, trading volume HKD 4.602 billion

▪ Xiaomi Group -W (01810.HK) latest trading price HKD 35.56, up 0.97%, trading volume HKD 4.016 billion

▪ China Life (02628.HK) latest trading price HKD 34.10, up 5.97%, trading volume HKD 3.863 billion

▪ China Mobile (00941.HK) latest trading price HKD 78.50, down 0.38%, trading volume HKD 3.545 billion

▪ Ping An Insurance (02318.HK) latest trading price HKD 69.70, up 2.35%, trading volume HKD 3.293 billion

▪ Zijin Gold International (02259.HK) latest trading price HKD 233.00, up 11.59%, trading volume HKD 3.075 billion

▪ Hua Hong Semiconductor (01347.HK) latest trading price HKD 114.20, up 2.70%, trading volume HKD 2.973 billion