Market Overview
▪ The three major indices of the Hong Kong stock market closed mixed today, with the overall market maintaining a volatile pattern.
▪ The Hang Seng Index closed at 26,629.96 points, up 0.17%, and has not yet broken through the recent high, still some distance from the last peak (January 16, 2026), maintaining a range consolidation in the short term.
▪ The Hang Seng TECH Index closed at 5,762.44 points, with an increase of 0.28%, also failing to refresh its previous high, still having a gap from the recent high set on January 16, performing slightly better than the broader market.
▪ The Hang Seng China Enterprises Index closed at 9,114.3 points, down 0.09%, unable to continue its upward trend, showing slight pressure in the short-term performance.
Sector Performance
▪ The internet content and information sector showed a mixed performance today, with AI innovation driving some leading stocks higher. Among the main stocks in the sector, Baidu rose 4.10%, with a turnover of HKD 3.962 billion, boosted by Credit Suisse maintaining a &#34;Buy&#34; rating and positive factors such as the Qianfan Intelligent Body platform, with funds focusing on the AI content innovation theme. Tencent Holdings fell 0.83%, with a turnover of HKD 16.278 billion, lacking clear short-term catalysts and underperforming slightly. Kuaishou rose 0.38%, with a turnover of HKD 2.419 billion, showing stable fund flow. Overall, the sector showed structural differentiation in fund allocation, with AI innovation companies receiving more attention.
▪ The retail sector rose overall, with funds favoring companies involved in AI chip layouts. Alibaba rose 0.98%, with a turnover of HKD 9.837 billion. Alibaba announced plans to accelerate self-research in AI chips and intends to list its chip subsidiary T-HEAD, attracting significant market attention and strengthening expectations for technological innovation. JD.com rose 0.98%, with a turnover of HKD 0.937 billion, and Miniso rose 0.57%, with a turnover of HKD 0.092 billion. Funds focused on innovation and technology empowerment, enhancing the overall valuation elasticity of the sector.
▪ The hardware, storage, and peripherals sector declined overall, lacking new information and performance catalysts. Xiaomi Group fell 0.51%, with a turnover of HKD 4.719 billion. Lenovo Group slightly fell 0.12%, with a turnover of HKD 0.729 billion, and Lenovo Holdings fell 0.79%, with a turnover of HKD 0.012 billion. The sector is under short-term pressure, with a heightened atmosphere of fund caution.
Macroeconomic Background
▪ The Hong Kong stock market has recently been affected by external uncertainties, with capital flows becoming cautious. So far, macro indicators show that economic momentum remains differentiated, with a clear pattern of stock game. The market is focused on policy expectations, consumer and export data trends, with investors showing cautious risk preferences, and structural opportunities dominating short-term market performance.
Popular Stocks
▪ ILUVATAR COREX (9903.HK) rose 22.51%, with a turnover of HKD 0.920 billion. The company successfully listed on the Hong Kong Stock Exchange on January 8, 2026, becoming China's first general GPU company, and has remained active after a strong debut, benefiting from the accelerated internationalization process of Chinese chip manufacturers, with funds continuously focusing on the AI chip theme
▪ WAN KEI GROUP (1718.HK) rose by 50.21%, with a trading volume of HKD 10.6377 million. Although there is no public news to support it, the stock is favored by short-term funds, leading to a significant increase in volatility.
▪ Runge Interactive (2422.HK) rose by 30.53%, with a trading volume of HKD 14.7708 million. In January, the company announced the resignation of the co-secretary of the board, attracting short-term market attention, enhancing signals for governance structure optimization, and driving significant stock price fluctuations due to short-term fund inflows.
▪ LQ Culture (550.HK) rose by 49.19%, with a trading volume of HKD 9.2668 million, showing highly active characteristics, with prominent short-term speculative activities.
▪ JunDa Co., Ltd. (2865.HK) rose by 15.83%, with a trading volume of HKD 519 million. The company released a performance forecast for 2025, expecting a net loss of HKD 1.2 billion to 1.5 billion. The increase in overseas photovoltaic battery demand coincides with industry inventory pressure, and fluctuations in the consumer electronics and photovoltaic cycles have put short-term pressure on market confidence, leading to significant stock price volatility.
Market Trading Volume TOP10
▪ Tencent Holdings (00700.HK) latest trading price HKD 597.50, down 0.83%, trading volume HKD 16.278 billion
▪ Alibaba -W (09988.HK) latest trading price HKD 164.80, up 0.98%, trading volume HKD 9.837 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 35.24, down 0.51%, trading volume HKD 4.719 billion
▪ Pop Mart (09992.HK) latest trading price HKD 206.00, up 5.97%, trading volume HKD 4.444 billion
▪ SMIC (00981.HK) latest trading price HKD 77.85, up 0.78%, trading volume HKD 3.962 billion
▪ Baidu -SW (09888.HK) latest trading price HKD 160.00, up 4.10%, trading volume HKD 3.962 billion
▪ Meituan -W (03690.HK) latest trading price HKD 97.00, down 0.31%, trading volume HKD 3.337 billion
▪ Ping An Insurance (02318.HK) latest trading price HKD 66.90, down 2.34%, trading volume HKD 3.206 billion
▪ China Life (02628.HK) latest trading price HKD 31.72, down 3.82%, trading volume HKD 2.864 billion
▪ Hua Hong Semiconductor (01347.HK) latest trading price HKD 109.20, up 3.21%, trading volume HKD 2.772 billion

Hong Kong stocks closed today with mixed performance among the three major indices. The Hang Seng Index rose slightly by 0.17%, the Hang Seng TECH Index increased by 0.28%, while the National Enterprises Index fell slightly by 0.09%. The internet content and information sector showed volatility today, the retail sector rose, while the hardware, storage, and peripherals sector declined overall, lacking new information and performance catalysts. On the macro level, investors are focusing on macro data and liquidity, but funds maintain high attention on structural hotspots, with significant market highlights

- The Hong Kong stock market showed mixed results today, with the Hang Seng Index closing at 26,629.96, up 0.17%.  
- The technology sector experienced gains driven by AI innovation, notably Baidu rising 4.10% due to positive ratings, while the hardware sector faced declines amid a lack of new catalysts.  
- Macro uncertainties have caused cautious capital flows, leading to a focus on policy expectations and consumer data, with structural opportunities shaping short-term market performance.

Market Heartbeat

ILUVATAR COREX

WAN KEI GROUP

BIDU-SW

TENCENT

KUAISHOU-W

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

REGO INTERACT

ALLEGRO CULTURE

DRINDA

Hang Seng Index

Hang Seng TECH Index

Hong Kong stocks close | The Hang Seng Index rose slightly by 0.17%, the retail sector increased, WAN KEI GROUP surged by 50.21%, and ILUVATAR COREX rose by 22.51%