The "Market Review" reports that the Hang Seng Index has risen for three consecutive days with a turnover exceeding HKD 310 billion, and pharmaceutical stocks are in high demand

A-shares repeatedly retreated, while Hong Kong stocks rose and then fell today. The Dow Jones and Nasdaq in the US fluctuated, rising 0.2% and 0.3% respectively, with the Dow reaching a new high. At the time of writing, the yield on the US 2-year Treasury bond rose to 3.551%, and the yield on the US 10-year Treasury bond rose to 4.195%. The US dollar index rose to 98.97. The latest Dow futures fell by 58 points or 0.12%, and Nasdaq futures fell by 48 points or 0.19%. The Shanghai Composite Index fell by 26 points or 0.64% to close at 4,138 points, while the Shenzhen Component Index fell nearly 1.4%. The total trading volume in the Shanghai and Shenzhen markets was 3.65 trillion yuan. At today's regular press conference of the Ministry of Foreign Affairs, a reporter asked about US President Trump's statement on social media that any country doing business with Iran would face a 25% tariff on trade with the US. In response, Chinese Foreign Ministry spokesperson Mao Ning stated that China's position on tariffs is very clear: there are no winners in a trade war, and China will firmly safeguard its legitimate rights and interests.

The Hang Seng Index opened up 350 points, with the early morning increase expanding to 535 points, reaching 27,143 points. However, the increase later narrowed to 121 points, reaching 26,729 points. The index closed up 239 points or 0.9% at 26,848 points, marking three consecutive days of gains (a total increase of 699 points or 2.7%); the Hang Seng China Enterprises Index rose 65 points or 0.7% to close at 9,285 points; the Hang Seng Tech Index rose 6 points or 0.1% to close at 5,869 points. The total trading volume for the day was 315.192 billion yuan. The total trading volume of northbound funds was 137.348 billion yuan, while southbound funds saw a net inflow of 1.296 billion yuan today (with a net inflow of 7.306 billion yuan the previous day).

Some AI concept stocks retreated, with SenseTime (00020.HK) falling 4.9%, Weimob (02013.HK) and Fourth Paradigm (06682.HK) each dropping 4.5% and 4.4%, while Zhizhu (02513.HK) and MINIMAX (00100.HK) fell 12.8% and 8.3% respectively. Wall Street (06082.HK) dropped 7.7%. Earlier surging stock Jin Feng (02208.HK) saw its price plummet by 9.9% today, with a trading volume of nearly 3 billion yuan.

【Hang Seng Index Rises for Three Consecutive Days with Trading Volume Exceeding 300 Billion】

In the tech sector, Alibaba (09988.HK) rose 3.6% to 159.9 yuan, with a trading volume of 24.5 billion yuan. Its affiliate Alibaba Health (00241.HK) rose 2.8%. Tencent (00700.HK) rose 0.7% to 627.5 yuan. JD.com (09618.HK) rose 0.4%, and Bilibili (09626.HK) rose 3.1%.

CICC published a research report stating that under the AI era, Alibaba's cloud computing arm is implementing a full-stack layout, creating a comprehensive technology system covering large models, intelligent computing infrastructure, and AI development platforms, which can seize global expansion opportunities and build a competitive "moat." The report indicated that Alibaba Cloud's Tongyi series models, through an open-source strategy, continue to lead globally in technology, and the group has significantly increased its capital expenditure budget while developing core hardware in-house, complemented by 29 global regions The infrastructure network of 92 available zones enables relatively controllable and scalable deployment of computing power. It is currently predicted that Alibaba Cloud's revenue compound annual growth rate (CAGR) will exceed 30% over the next three years.

【A stock rises by a thousand, pharmaceutical stocks are favored】

The Hong Kong stock market has slightly weakened, with a rise-to-fall ratio of main board stocks at 28 to 22 (compared to 31 to 21 the previous day), and 1,163 rising stocks (an increase of 2.9%). Today, 53 stocks in the Hang Seng Index rose, while 33 fell, with a rise-to-fall ratio of 60 to 37 (compared to 63 to 30 the previous day). The market recorded short selling of HKD 42.63 billion today, accounting for 15.65% of the total turnover of shortable stocks at HKD 272.39 billion.

The 44th JPMorgan (JPM) Healthcare Conference officially opened in San Francisco, with WuXi Biologics (02269.HK) rising by 5.9%. The drug research and development platform WuXi AppTec (02359.HK) is expected to see a nearly 103% year-on-year increase in net profit last year, with its stock price rising by 8.3% for the day. CSPC Pharmaceutical (01093.HK) saw its stock price rise by 3.4%. Weigao (01066.HK), 3SBio (01530.HK), Fosun Pharma (02196.HK), and WuXi AppTec (02268.HK) rose by 4% to 4.6%, while WuXi Biologics (02269.HK) and Rongchang (09995.HK) rose by 5.9% and 7.9%, respectively, and Hansoh (03692.HK) rose by 3.4%.

According to domestic media reports, the 44th JPMorgan Global Healthcare Conference has officially opened in the United States, lasting for four days. This conference is regarded as the "Spring Festival Gala" and a barometer for the biopharmaceutical industry, attracting significant attention from the industry. Participating companies cover six core areas, including biotechnology, biopharmaceuticals, medical devices, and diagnostic technologies, with several innovative drug companies from the mainland actively participating. Seven companies will present at the main venue (including three CXO companies and four innovative drug companies), and 17 will appear in the Asia-Pacific session.

According to the Science and Technology Innovation Board Daily, several domestic innovative drug companies have confirmed their participation so far. The companies presenting at the main venue include seven, namely WuXi AppTec, WuXi Biologics, and WuXi AppTec, three CXO companies, as well as BeiGene (06160.HK), Zai Lab (09688.HK), Ascentage Pharma (06855.HK), and Legend Biotech (LEGN.US), four innovative drug companies. In addition, 17 domestic innovative drug companies, including Heng Rui Medicine (01276.HK), Baillie Gifford (688506.SH), 3SBio, and Rongchang Biologics, will also appear in the Asia-Pacific session