<p>The Greenland dispute has triggered a trade war between Europe and the United States, leading to increased market risk aversion. Dow futures fell more than 600 points, dragging down Hong Kong stocks as well. The Hang Seng Index closed at 26,487 points, down 76 points, marking a four-day decline totaling 512 points. The total market turnover was HKD 237.7 billion; net inflow from northbound trading was HKD 3.66 billion.</p>
<p>The Hang Seng Index opened down 19 points, showing fluctuating performance in the early session. It briefly rose by 75 points before sliding down by 200 points. However, after the National Development and Reform Commission indicated further upgrades to the &#34;two new&#34; policies, the market rebounded, briefly turning positive before ultimately closing at 26,487 points, down 76 points. The China Enterprises Index closed at 9,094 points, down 39 points. The Tech Index reported 5,683 points, down 66 points or 1.2%.</p>
<h2>National Development and Reform Commission: Further Optimization of &#34;Two New&#34; Policies This Year</h2>
<p>The National Development and Reform Commission pointed out that the &#34;two new&#34; policy arrangements have been officially released this year, further optimizing the scope of policy support, subsidy standards, and implementation mechanisms. The first batch of RMB 62.5 billion in ultra-long-term special national bonds to support the replacement of consumer goods has been timely allocated, achieving a smooth transition and orderly connection of policies.</p>
<h2>AUNTEA JENNY Expected to Rise by 10%, Jiu Mao Jiu Up 6%</h2>
<p>Domestic demand stocks performed well against the market trend, with Pop Mart (9992) surging 9.1% to close at HKD 197.2, making it the best-performing blue-chip stock. The company repurchased shares for the first time in two years, involving an amount of HKD 250 million. Morgan Stanley estimates that Pop Mart held RMB 20 billion in net cash at the end of last year, providing ample financial resources to reward shareholders. Mao Ge Ping (1318) rose 4.6% to HKD 90.25; Blucora (325) rose 4% to HKD 71.05.</p>
<p>In the catering sector, AUNTEA JENNY (2589) closed up 9.9% at HKD 97.95, as the company expected to earn 50% to 60% more last year. Jiu Mao Jiu (9922) rose 5.9% to HKD 2.16; Mixue Group (2097) rose 3.6% to HKD 444.2.</p>
<h2>Xiaomi Down 3% to One-Year Low</h2>
<p>Major tech stocks were weak, with Xiaomi (1810) dropping 2.7% to HKD 35.48, hitting a one-year low. Xiaomi stated that there were two incidents of Xiaomi cars catching fire on Monday and that they are fully cooperating with fire and traffic management departments for follow-up investigations. Tencent (700) fell 1.5% to HKD 601; Meituan (3690) fell 1.2% to HKD 97.35; Alibaba (9988) fell 0.4% to HKD 159.7.</p>
<p>Domestic property stocks performed well, with China Resources Land (1109) closing up 3.7% at HKD 29.64; China Overseas (688) rose 2.6% to HKD 13.58. Bank of America Securities indicated that the central government's coordinated policies have released strong positive signals, and current macro indicators have weakened to levels that historically trigger policy implementation, but the outlook for profit recovery remains uncertain.</p>
<h2>Analyst Nie: Market Watchfulness Increases, Expected to Test 26,000 Points</h2>
<p>Nie Zhenbang, Chief Analyst at Gao Ge Securities, stated that Hong Kong stocks have recently lacked positive news, and the technical trend has deteriorated. He expects the Hang Seng Index to test the 26,000-point level for support in the short term, and even if there is a rebound, it will be difficult to stay above 26,800 points. He pointed out that recent market turnover has decreased, reflecting investors' tendency to wait and see, but sectors related to the Lunar New Year still have speculative activity, such as domestic demand, catering, aviation, and gaming, believing that the market will continue to speculate on stocks rather than the overall market in the short term
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<p>The Hang Seng Index opened 19 points lower this morning and the decline once expanded to 181 points, reaching 26,363 points. It then gradually rebounded, closing at 26,552 points at noon, down 11 points or 0.04%, with a half-day turnover of HKD 129.8 billion. The Tech Index reported 5,712 points at noon, down 37 points or 0.66%.</p>
<h2>Tech stocks generally softened, Tencent fell over 1%</h2>
<p>Tech stocks generally softened, with Xiaomi (1810) and Tencent (700) down 1.48%; Baidu (9888) down 1.49%; Meituan (3690) down 0.66%; Alibaba (9988) down 0.25%.</p>
<p>Among blue-chip stocks, Pop Mart (9992) announced a buyback of 1.4 million shares for HKD 251 million, which boosted its stock price to a high of HKD 199.6, closing at HKD 196.1, up 8.46%, making it the best-performing blue-chip for the half-day.</p>
<h2>Bank of America: Central government releases strong positive signals</h2>
<p>Chinese property stocks also saw support, with China Overseas (688) and China Resources Land (1109) rising 4% and 3.9%, respectively. On the news front, the January Loan Prime Rate (LPR) in mainland China remained unchanged, in line with market expectations. Additionally, Bank of America Securities indicated that the central government's coordinated policies released strong positive signals. Currently, macro indicators have weakened to levels that historically trigger policy implementation, but considering the uncertainty in the profit recovery path, they prefer developers with better asset quality and the ability to drive continuous growth in net asset value, such as China Overseas, China Resources Land, and Jianfa International Group (1908).</p>
<p>On the other hand, influenced by the upcoming university holidays and the pre-sale of the Spring Festival travel season, the three major airline stocks in mainland China collectively rose, with China Eastern Airlines (670), China Southern Airlines (1055), and Air China (753) rising 4.56%, 3.72%, and 2.51%, respectively.</p>
<h2>AUNTEA JENNY profit alert, stock price rises over 10%</h2>
<p>In individual stocks, AUNTEA JENNY (2589) expects to achieve a net profit of HKD 495 million to HKD 525 million for the full year of 2025, an increase of 50% to 60% compared to the same period last year. The news drove the stock price up 10.77%, closing at HKD 98.75.</p>
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<p>U.S. President Trump recently announced tariffs on eight European countries starting February 1 to punish them for opposing the U.S. acquisition of Greenland, while the European Union is also considering imposing tariffs on U.S. goods worth EUR 93 billion as a counterattack. This news spurred a surge in safe-haven demand, with gold and silver prices both hitting historical highs on Monday, with spot gold reaching as high as USD 4,690 before retreating to USD 4,661 this morning; spot silver also peaked at USD 94.75 this morning, currently reported at USD 93.47.</p>
<h2>U.S. stock market closed on Monday, futures show significant decline</h2>
<p>In the U.S. stock market, trading was closed on Monday due to Martin Luther King Jr. Day, but U.S. stock futures showed a significant decline, with the three major index futures down between 0.8% and about 1%. Additionally, major European indices also collectively fell, with the Euro Stoxx 50 index down 1.77%, the UK FTSE 100 index down 0.44%, the French CAC 40 index down 1.78%, and the German DAX 30 index down 1.22%
In the Hong Kong stock market, the Hang Seng Index opened 19 points lower this morning, reporting at 26,544 points. Technology stocks are under pressure, with Alibaba (9988) down 0.4%; Tencent (700) down 1.5%; Meituan (3690) down 0.2%; Xiaomi (1810) and JD.com (9618) also down 1.3% and 0.1%, respectively; Baidu (9888) fell more than 2%.</p>
<h2>Pop Mart's First Buyback in Two Years</h2>
<p>Pop Mart (9992) spent HKD 251 million yesterday (19th) to repurchase 1.4 million shares, with a repurchase price per share ranging from HKD 177.7 to HKD 181.2, marking the company's first buyback in nearly two years; the stock opened at HKD 190.2, rising over 5%.</p>
<h2>HSBC Expected to Reach a Market Value of £300 Billion</h2>
<p>Michael Roberts, CEO of Corporate and Institutional Banking at HSBC (005), stated during an interview with Bloomberg at the World Economic Forum in Davos that HSBC is on track to achieve a market value of over £300 billion (approximately HKD 3.14 trillion); the stock opened at HKD 129.1, up 1.7%.</p>
<p>Related Article: HSBC Expected to See Stock Price Rise Over 50% &#34;£300 Billion Market Value is Just Around the Corner&#34; Warning that Greenland Turmoil Brings Challenges</p>
<h2>China Duty Free Group Acquires DFS's Hong Kong and Macau Business</h2>
<p>China Duty Free Group (1880) will acquire DFS's travel retail business in Hong Kong and Macau, as well as its intangible assets in the Greater China region. At the same time, LVMH Group and the Miller family will participate in China Duty Free Group's capital increase by subscribing to its newly issued H shares in Hong Kong. China Duty Free Group opened at HKD 89.85, up 2.8%.</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 2.292 billion in Hong Kong stocks yesterday, with SMIC (981), Hua Hong Semiconductor (1347), and Tencent (700) receiving net purchases of HKD 462 million, HKD 393 million, and HKD 273 million, respectively; while China Mobile (941), UBTECH (9880), and Meituan (3690) faced net sales of HKD 600 million, HKD 517 million, and HKD 287 million, respectively</p>

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<p>The Hang Seng Index closed at 26,487 points, down 76 points, marking a four-day decline. Market risk aversion has increased, influenced by the trade war between Europe and the United States, with Hong Kong stocks trading at HKD 237.7 billion. Pop Mart surged 9.1% against the trend, becoming the best-performing blue-chip stock. Domestic demand stocks such as AUNTEA JENNY and JiuMaoJiu also performed well. In the technology sector, Xiaomi fell to a one-year low, while Tencent and Meituan also saw declines. The National Development and Reform Commission stated it will further optimize the "two new" policy to support the replacement of old consumer goods with new ones</p>

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The Hang Seng Index fell by 76 points, while Pop Mart surged 9% against the trend. Property stocks were favored, and experts expect short-term trading to focus on stocks rather than the market. | Hong Kong Stock Market Closing