<p>The US and Europe are at an impasse over the Greenland issue, leading to a triple whammy in US stocks, bonds, and currencies. After a low opening, Hong Kong stocks lacked a clear direction, but in the afternoon, they rallied. The Hang Seng Index ultimately closed at 26,585 points, up 97 points, ending a four-day losing streak, with a narrow fluctuation of 295 points throughout the day. The market turnover was HKD 250.4 billion. The market's risk aversion sentiment is unstoppable, with gold prices hitting a new historical high, as spot gold reached a peak of USD 4,888 per ounce, up 2.6%, driving several gold stocks to new highs.</p>
<p>The Hang Seng Index opened down 90 points at 26,397 points, which was the day's low, and then traded in a narrow range until the end of the session, peaking at 26,692 points, up 205 points, and finally closing at 26,585 points, up 97 points. The China Enterprises Index closed at 9,122 points, up 28 points. The Tech Index closed at 5,746 points, up 62 points.</p>
<p>The situation in Greenland continues to heat up risk aversion sentiment, coupled with the Polish central bank's approval to purchase up to 150 tons of gold reserves, driving spot gold to break through the USD 4,800 per ounce mark, reaching a new historical high of USD 4,888.42, up 2.6%. Gold mining stocks followed suit, with Datang Gold (8299) closing at HKD 0.75, up 10.3%; Chifeng Jilong Gold (6693) at HKD 37.02, up 9.1%; Lingbao Gold (3330) at HKD 24.68, up 8.3%; Shandong Gold (1787) at HKD 46.1, up 5.5%; Zhaojin Mining (1818) at HKD 40, up 4.8%; Zijin Gold International (2259) at HKD 187.5, up 4.5%; and Zijin Mining (2899) at HKD 40.92, up 2.4%. Zhaojin, Zijin Gold International, and Lingbao Gold even reached new highs. As for spot silver prices, they broke through to a peak of USD 95.55 per ounce, up 1%.</p>
<h2>Anta Retracts 4%, Worst Performing Blue Chip</h2>
<p>Sportswear stocks, domestic property stocks, and domestic demand stocks retracted, with Anta Sports (2020) closing at HKD 79.1, down 4.2%, making it the worst-performing blue chip. Shenzhou International (2313) closed at HKD 61.5, down 3.2%; China Resources Land (1109) at HKD 28.76, down 3%; and Li Ning (2331) at HKD 20.9, down 2.7%.</p>
<h2>Chip Stocks Benefit from National Policy, Hua Hong Rises 5%</h2>
<p>Zhang Yunming, Deputy Minister of the Ministry of Industry and Information Technology of China, stated that efforts will be accelerated to promote the high-quality development of the artificial intelligence industry and to break through key technologies such as training chips and heterogeneous computing power, stimulating a surge in domestic chip stocks. SMIC (981) closed at HKD 77.25, up 3.7%, making it the best-performing blue chip. Tianyu Zhixin (9903) closed at HKD 175.5, up 8%; Naxin Micro (2676) at HKD 147.8, up 7.1%; Zhaoyi Innovation (3986) at HKD 324.8, up 6.1%; and Hua Hong Semiconductor (1347) at HKD 105.8, up 5.2%. On another note, Nvidia CEO Jensen Huang plans to visit China by the end of this month to seek to restart the Chinese market
ASMPT (522) reported HKD 101.8, up 4.3%. ASMPT announced that it is launching a strategic plan assessment for its Surface Mount Technology (SMT) division, which may include sale, joint venture, spin-off, and listing, or retaining and supporting the strategic development of SMT. The assessment aims to identify potential opportunities that are most beneficial for supporting the long-term growth and success of SMT, while allowing ASMPT to focus on its increasingly growing Semiconductor Solutions (SEMI) division.</p>
<p>Mainland artificial intelligence startup Zhipu (2513) announced that the number of users for the GLM Coding Plan is rapidly increasing, leading to a strain on computing resources. The company has decided to temporarily limit sales, reducing the daily sales volume to the current 20%. Zhipu closed at HKD 204, down 1.6%. Peer MINIMAX (100) reported HKD 404.8, up 3.8%.</p>
<h2>Wu Lixian: 26,500 points have support but still within a thousand-point fluctuation</h2>
<p>Wu Lixian, an international securities strategist at Everbright Securities, pointed out that external fluctuations have little direct impact on Hong Kong stocks, and funds are more likely to flow into the Asia-Pacific market, so Hong Kong stocks have the opportunity to benefit from capital inflows and the upward movement of the A-share market. He stated that Hong Kong stocks have temporarily stabilized, with the Hang Seng Index having initial support at 26,500 points, but it has not escaped the fluctuation range of 26,000 to 27,000 points.</p>
<h2>Silver price looking at 100 USD</h2>
<p>Everbright Securities International estimated at the end of last year that the target price for spot gold this year would be USD 4,950 per ounce. Wu Lixian stated that the world is currently too chaotic, with Greenland issues in North America, the Russia-Ukraine war and a new round of tariffs between Europe and the U.S., and political turmoil in Iran in the Middle East, while the situation in Asia is relatively better. At the same time, the weakening of the U.S. dollar and the continuous purchase of gold by central banks in most countries as reserves also help push up gold prices. He also believes that in the short term, silver prices may test USD 100 per ounce.</p>
<p>-----</p>
<p>The Hang Seng Index opened 90 points lower this morning, then briefly rose 80 points to 26,567 points, but weakened again after about 10:30, closing at 26,449 points at noon, down 38 points or 0.15%, with a half-day turnover of HKD 127.6 billion. In terms of the Tech Index, it reported 5,691 points at noon, up 8 points or 0.14%.</p>
<p>Among heavyweight blue-chip stocks, Xiaomi (1810) fell over 2% in the half-day, while NetEase (9999) and Anta (2020) fell over 3% and 5.8% respectively, becoming one of the culprits dragging down the Hang Seng Index; on the contrary, Alibaba (9988) rose 1% in the half-day, along with SMIC (981) and Baidu (9888) rising over 3%, supporting the market.</p>
<h2>Anta's operating profit margin under pressure in 2026</h2>
<p>In terms of news, Morgan Stanley issued a report stating that Anta (2020) recently mentioned pressure on its operating profit margin in 2026, which may exacerbate negative market sentiment in the short term. However, considering its price-to-earnings ratio of 14 to 15 times for 2026, there is certain downside protection, especially given its long-term good performance record. They reiterated their &#34;Overweight&#34; rating with a target price of HKD 128
Apart from Anta, some sportswear stocks are also under pressure, with Li Ning (2331) down 4%, and Xtep (1368) and 361 Degrees (6110) down 2.1% and 1.7% respectively.</p>
<h2>Mainland China Promotes Innovation in Humanoid Robot Technology</h2>
<p>On the other hand, the Ministry of Industry and Information Technology of Mainland China stated that it will continue to promote innovation and iterative upgrades in humanoid robot technology, using humanoid robots as a small entry point to drive the development of the computing intelligence industry. It will continue to strengthen the inspection and testing of humanoid robot product quality, network, and data security, and carry out relevant research and management services on technology ethics, ensuring high-quality development with high-level safety guarantees.</p>
<p>The news stimulated the rise of robotics concept stocks, with MicroPort Robotics (2252) soaring over 12%; Wobot Robotics (6600) rising by 10%; and CloudMinds (2590) also increasing by over 5%.</p>
<hr/>
<p>The Greenland sovereignty dispute is stirring up, and the shadow of a tariff war is re-emerging, with the U.S. President not ruling out the possibility of using force to seize Greenland. After the holiday, U.S. stocks plunged sharply, with the Dow Jones closing down 870 points or 1.76% at 48,488 points; the S&amp;P 500 fell 143 points or 2.06% to 6,796 points; and the Nasdaq also dropped 561 points or 2.39% to 22,954 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it fell 1.45% to 7,608 points on Tuesday. Additionally, the cryptocurrency market also faced selling pressure, with Bitcoin falling below the $90,000 mark, currently reported at about $88,800; Ethereum also fell below $3,000, currently reported at about $2,961.</p>
<h2>Gold Further Rises, Reaching $4,810</h2>
<p>However, gold and silver continue to be favored and set new highs, with spot gold prices rising nearly 2% on Tuesday and further increasing this morning, reaching a high of $4,810; spot silver prices slightly rose 0.3% on Tuesday and are currently reported at around $95.3.</p>
<h2>Netflix's Outlook Falls Short of Expectations, Drops Over 5% After Hours</h2>
<p>Many large tech stocks in the U.S. fell sharply, with NVIDIA (NVDA) and Tesla (TSLA) down over 4%, Apple (AAPL) and Amazon (AMZN) down over 3%, and Google (GOOG) down over 2%. As for Netflix (NFLX), it announced a fourth-quarter revenue of $12.05 billion and earnings per share of $0.56 after the market closed, both exceeding expectations; however, due to the forecast of a first-quarter operating profit of $3.91 billion and earnings per share of $0.76, which fell short of market expectations, the stock price plummeted over 5% after hours to $83.84.</p>
<p>In the Hong Kong stock market, the Hang Seng Index opened down 90 points this morning, reporting 26,397 points. Tech stocks generally declined, with Alibaba (9988) down 0.9%; Tencent (700) down 0.5%; Meituan (3690) down 0.4%; and Xiaomi (1810) and JD.com (9618) down 1% and 0.4% respectively.</p>
<p>With gold prices remaining high, Zhaojin Mining (1818) rose over 4%; Zijin Mining International (2259), Shandong Gold (1787), and Chifeng Jilong Gold Mining (6693) all rose over 3%; Chifeng Jilong Gold Mining (6693) rose 2.4%
Zijin Mining (2899) rose over 1%. In addition, China Silver Group (815) also increased by 1.4%.</p>
<h2>ASMPT to Spin Off SMT for Listing</h2>
<p>In individual stock news, ASMPT (522) announced that it is initiating a strategic plan assessment for its Surface Mount Technology (SMT) division, considering a range of options for SMT, which may include but are not limited to sale, joint venture, spin-off and listing, or retaining and supporting SMT's strategic development to ensure its long-term success and value creation. The stock opened at HKD 98.45, up 0.9%.</p>
<h2>Skyworth Plans to Go Private and Spin Off Solar Business</h2>
<p>Skyworth Group (751) plans to go private and delist while spinning off its solar business for listing, involving a cancellation of planned shares in exchange for cash options, specifically HKD 4.03 in cash for each planned share, or share options, specifically one new share for each planned share. The stock resumed trading this morning, opening at HKD 7.39, up 43%.</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 3.663 billion in Hong Kong stocks yesterday, with Tencent (700), Meituan (3690), and Xiaomi (1810) receiving net purchases of HKD 663 million, HKD 573 million, and HKD 395 million respectively; while SMIC (981), China Mobile (941), and Luoyang Molybdenum (3993) faced net sales of HKD 718 million, HKD 637 million, and HKD 97.99 million respectively</p>

Netflix Q4 earnings

<p>The Hang Seng Index closed at 26,585 points, up 97 points, ending a four-day decline. Gold prices reached a new historical high, with spot gold hitting $4,888 per ounce, up 2.6%, driving several gold stocks to new highs. Stocks like Datang Gold and Chifeng Gold saw significant increases. Blue-chip stocks such as Anta Sports retreated and performed poorly. Chip stocks benefited from policy support, with Hua Hong rising 5%</p>

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SD-GOLD

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Gold.com

Us Gbl GLD & Met

Hang Seng Index

The Hang Seng Index rose by 97 points, gold prices hit a record high, gold stocks surged, SMIC rose by 4%, leading blue chips. Experts: Capital flows into the Asia-Pacific region | Hong Kong stocks close