Market Overview
▪ As of noon, the three major Hong Kong stock indices maintained an upward trend.
▪ The Hang Seng Index closed at 27,055.65 points at noon, up 1.07%, with strong rebound momentum.
▪ The Hang Seng Tech Index reported 5,737.22 points at noon, slightly up 0.20%.
▪ The National Enterprises Index closed at 9,226.18 points at noon, rising 0.86%.
Sector Performance
▪ The internet content and information sector experienced fluctuations, with individual stocks showing mixed results. The core leader in the sector, Tencent Holdings, rose 1.08%, with a transaction volume of HKD 7.314 billion, ranking first in the market. Its AI Yuanbao gained traction during the Spring Festival activities and introduced a new &#34;distribute&#34; function, continuing to attract funds. However, other stocks like Baidu -SW fell 0.19%, Kuaishou -W slightly increased by 0.57%, and Bilibili -W rose 5.46%, with its stock price reaching a new historical high. The market exhibited clear characteristics of speculation, with overall sector differentiation.
▪ The retail sector also showed differentiation, with sector leader Alibaba -W rising 2.18%, with a transaction volume of HKD 5.715 billion, indicating sustained enthusiasm from mainstream funds for the leader. In contrast, JD -SW fell 1.38%, and Miniso dropped 0.86%, reflecting adjustment pressure in the sector, with market rotation accelerating and only core leaders receiving attention.
▪ The gold sector performed exceptionally well, influenced by fluctuations in gold price expectations, with leading stocks collectively strengthening amid differentiated trends. ZIJIN MINING rose 4.08%, with a transaction volume of HKD 3.618 billion, while ZIJIN GOLD INTERNATIONAL surged 10.63%, with a transaction volume of HKD 2.012 billion, due to the company's announcement of acquiring 100% of the shares of the important African gold mining company Allied Gold Corporation for CAD 5.5 billion (approximately RMB 28 billion). Upon completion of the acquisition, it will significantly enhance gold resource reserves and production capacity, consolidating its position among global gold enterprises. Zhaojin Mining, on the other hand, fell 2.39%, reflecting the industry's differentiation and the strengthening of leading positions, with funds actively flowing into quality assets in the sector.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has focused on retail, trade, and unemployment rate performance. Macroeconomic indicators show that the growth rates of consumption and imports/exports significantly impact market confidence. Investors are closely monitoring the recovery of consumption and economic policy dynamics, which are of great guiding significance for structural capital flows.
Popular Stocks
▪ Eddie Kong Holdings (9860.HK) rose 27.78%, with a transaction volume of HKD 320 million. On January 26, 2026, the company announced the completion of its acquisition of 100% of Crown Bioscience International for USD 204 million. Crown Bioscience is a leading global contract research organization (CRO), and this acquisition will enhance the company's competitiveness in global biopharmaceutical outsourcing services, strengthen its business and profitability, and benefit the industry's concentration improvement
▪ Zhongqing Holdings (1855.HK) rose 18.38%, with a trading volume of HKD 207 million; Yinnuo Pharmaceutical -B (2591.HK) rose 12.78%, with a trading volume of HKD 274 million. There have been no authoritative media reports on either recently, and the capital involvement is mainly based on short-term speculation or thematic expectations.
Market Trading Volume TOP10
▪ Tencent Holdings (00700.HK) latest trading price HKD 606.00, up 1.08%, trading volume HKD 7.314 billion
▪ Alibaba -W (09988.HK) latest trading price HKD 168.80, up 2.18%, trading volume HKD 5.715 billion
▪ ZIJIN MINING (02899.HK) latest trading price HKD 43.90, up 4.08%, trading volume HKD 3.618 billion
▪ Zijin Gold International (02259.HK) latest trading price HKD 231.00, up 10.63%, trading volume HKD 2.012 billion
▪ SMIC (00981.HK) latest trading price HKD 74.75, down 1.06%, trading volume HKD 1.883 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 35.40, up 0.51%, trading volume HKD 1.793 billion
▪ China Life (02628.HK) latest trading price HKD 33.34, up 3.60%, trading volume HKD 1.600 billion
▪ Hua Hong Semiconductor (01347.HK) latest trading price HKD 113.00, up 1.62%, trading volume HKD 1.508 billion
▪ Ping An Insurance (02318.HK) latest trading price HKD 69.40, up 1.91%, trading volume HKD 1.469 billion
▪ China National Offshore Oil (00883.HK) latest trading price HKD 23.34, up 0.00%, trading volume HKD 1.444 billion

As of noon, the three major Hong Kong stock indices maintained an upward trend, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index recording varying degrees of increase, particularly in the gold and technology sectors. Major leaders Tencent Holdings, Alibaba -W, ZIJIN MINING, and ZIJIN GOLD INTERNATIONAL saw significant gains. The various sectors showed divergence, with market hotspots concentrated in gold and pharmaceutical outsourcing, as active funds drove a structural market trend, resulting in an overall positive sentiment. Investors are paying attention to the impact of macro consumption and import-export data on future market trends

- As of midday, Hong Kong stock indices maintained an upward trend with the Hang Seng Index at 27,055.65, up 1.07%.  
- Significant movements included Tencent Holdings increasing 1.08%, while Alibaba rose 2.18%, reflecting varied sector performance amidst macroeconomic concerns over retail and unemployment.  
- Notably, Zijin Mining surged by 4.08% after announcing a major acquisition, highlighting strengthened positions within the gold sector amidst market differentiation and active capital flow.

Market Heartbeat

ZIJIN MINING

TENCENT

BIDU-SW

KUAISHOU-W

BILIBILI-W

BABA-W

JD-SW

MNSO

ZIJIN GOLD INTL

ZHAOJIN MINING

ADICON HOLDINGS

ZONQING LTD

SMIC

Hong Kong Stock Midday Review | Hang Seng Index rises 1.08%, with gold and technology sectors leading the gains; ZIJIN MINING surges 10.63%