<p>The atmosphere for entering the Hong Kong stock market continues to improve. Driven by HSBC Holdings (005), AIA (1299), and a number of domestic insurance stocks, the Hang Seng Index finally broke above 27,000 after more than two months, closing at 27,126 points, up 361 points, marking a five-day consecutive rise totaling 639 points. The total market turnover was HKD 254.3 billion, but net outflow from northbound funds was HKD 640 million, marking three consecutive days of net outflow.</p>
<p>The Hang Seng Index opened 98 points higher, and after narrowing its initial gains to 64 points, it surged again, reaching a maximum increase of 423 points, peaking at 27,188 points. In the afternoon, it consolidated until the close, reporting 27,126 points, up 361 points. The China Enterprises Index closed at 9,244 points, up 97 points, while the Tech Index reported 5,754 points, up 28 points or 0.5%.</p>
<h2>HSBC, AIA, China Life, and Ping An Contribute 164 Points to the Rise</h2>
<p>Major financial stocks led the gains, with China Life (2628) closing up 6% at HKD 34.1; AIA rose 4.1% to HKD 86.45; HSBC Holdings closed up 2.7% at HKD 134.5; and Ping An (2318) increased by 2.4% to HKD 69.7. The four major blue chips contributed 164 points to the Hang Seng Index. Additionally, Hang Seng Bank (011) has officially delisted, ending nearly 54 years of listing status.</p>
<p>Other domestic insurance stocks also performed well, with New China Life (1336) rising 3.6% to close at HKD 62.6; China Pacific Insurance (2601) up 2.7% at HKD 38.42; and China Taiping (966), which previously issued a profit warning, also rose 2.8% to HKD 24.76.</p>
<h2>Morgan Stanley Indicates Domestic Insurance Will Continue to Outperform This Year</h2>
<p>The Insurance Authority recently released provisional statistics showing that the premium for new life insurance policies in the third quarter of last year reached HKD 90.7 billion, setting a historical record. JP Morgan expects the momentum to remain strong, with a positive outlook for AIA, China Life, and Ping An. A report from Morgan Stanley this month also predicts that domestic insurance stocks are likely to outperform the market again this year, mainly due to strong sales growth in the sector, better business quality, and a favorable investment environment, believing that there is room for industry valuation to rise.</p>
<p>Technology stocks also performed well, with Alibaba (9988) closing up 2.9% at HKD 169.9; Xiaomi (1810) rising 1% to HKD 35.56. Tencent (700) increased by 1.3% to HKD 607, reportedly having exited its investments in Meituan (3690) and JD.com (9618), with Meituan down 0.6% at HKD 96.55; JD.com fell 2.2% to HKD 113.5.</p>
<h2>Hang Lung Properties Drops 5%, Weakest Among Blue Chips</h2>
<p>Hang Lung Properties (101) closed down 4.5% at HKD 9.11, making it the worst-performing blue chip stock. The company is set to announce its results this week. Additionally, Zijin Mining International (2259) surged 11.6% to HKD 233, breaking its previous high, as the company announced a CAD 5.5 billion (approximately HKD 31.3 billion) acquisition of Canadian mining company Allied Gold.</p>
<h2>Li Ze Ming: Future Market Reliant on Technology Stocks, Support at 26,500 Points</h2>
<p>Li Ze Ming, Investment Director at Red Ant Capital, stated that the Hong Kong stock market closing above 27,000 points is symbolically significant, having gradually overcome selling pressure from above. However, the trading volume has not shown corresponding support, and in the short term, it may still need to consolidate within a narrow range at high levels, with expected support at the 26,500 points level
He pointed out that the current market rise is not comprehensive, mainly relying on HSBC Holdings and AIA, two traditional heavyweight blue chips, to &#34;pull&#34; the index. Part of the reason may be related to the high settlement before the upcoming expiration date. It is expected that the market will still depend on technology stocks to gain momentum before a new upward wave can begin.</p>
<p>Li Ze Ming mentioned that recently, Chinese regulatory authorities have curbed the &#34;crazy bull&#34; market in A-shares, which may reduce the inflow of northbound funds into Hong Kong stocks. However, considering that the authorities' actions remain restrained, it is estimated that the market will continue to stabilize, with the Hang Seng Index expected to reach 28,500 points this year.</p>
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<p>The Hang Seng Index opened 97 points higher this morning and continued to rise, reaching a maximum increase of 423 points, peaking at 27,188 points. It closed at noon with an increase of 287 points or 1.07%, reporting 27,053 points, surpassing the 27,000 mark. The half-day trading volume was HKD 134.768 billion. The Tech Index rose 11 points or 0.2%, reporting 5,737 points.</p>
<p>Among blue-chip stocks, HSBC Holdings (005) rose 2% in the half-day, AIA (1299) rose 3.5%, along with Alibaba (9988) and Tencent (700) rising 2.2% and 1.1% respectively, leading the market. These four stocks contributed 168 points to the Hang Seng Index.</p>
<h2>Bilibili Hits 52-Week High</h2>
<p>Tech stocks developed unevenly, with Bilibili (9626) seeing its AI applications become the core increment for advertising on Bilibili, with news driving the stock price to a peak of HKD 270.4, hitting a 52-week high. It continued to rise 5.46% at noon, reporting HKD 270.2; Xiaomi (1810) rose 0.51%. However, Baidu (9888) fell 0.19%; Meituan (3690) fell 0.51%; JD.com (9618) also fell 1.38%.</p>
<p>Additionally, domestic insurance stocks have begun to disclose last year's premium income or net profit-related data, with expectations for performance growth in 2025. Stock prices collectively rose, with China Life (2628) up 3.6%; China Pacific Insurance (1339) up 2.47%; Ping An Insurance (2318) also up 1.91%.</p>
<h2>Conant Optical's Placement Rises Instead of Falls</h2>
<p>In individual stocks, Conant Optical (2276) plans to conduct a placement at a discount of over 11% to raise nearly HKD 1.4 billion, with the proceeds to be used for building XR-related businesses. However, the stock price rose instead of falling, surging 11.7% this morning, hitting a historical high, and reporting HKD 60.95 at noon, up 4.19%.</p>
<p>Moreover, the open-source personal AI assistant ClawdBot has sparked a heated discussion, with its developer Peter Steinberger stating that it currently runs ClawdBot locally using Minimax 2.1, calling it the most &#34;Agentic&#34; large model. This news stimulated the related stock Minimax (100), which rose 8.19% in the half-day, reporting HKD 417.6.</p>
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<p>The relationship between Europe and the United States remains tense. On Monday, the Chairman of the European Parliament's International Trade Committee, Lange, stated that the European Parliament did not make a decision on whether to resume the approval process for the EU-US trade agreement that day. At the same time, the European Parliament's negotiating team will hold a meeting on February 4 to reassess the current situation. On the other hand, U.S. President Trump also stated that the South Korean National Assembly has not fulfilled the agreement reached with the United States, announcing that he will raise the equivalent tariffs on South Korean cars, timber, pharmaceuticals, and all other goods from 15% to 25%</p>
<h2>Gold and Silver Prices Retreat After Surge</h2>
<p>Amid geopolitical tensions, gold and silver prices remain high but have retreated after surging. On Monday, gold prices peaked at $5,111, currently falling back to $5,025; silver prices reached a high of $117.75, currently reported at $107.1, a decline of about 9%. In the U.S. stock market, the three major indices performed well on Monday, with the Dow Jones closing up 313 points or 0.64%, at 49,412 points; the S&amp;P 500 up 34 points or 0.5%, at 6,950 points; and the Nasdaq up 100 points or 0.43%, at 23,601 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it fell 0.63% to 7,828 points on Monday.</p>
<h2>Alibaba Releases Qwen3-Max-Thinking Flagship Inference Model</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened up 97 points this morning, at 26,863 points. Alibaba (9988) officially released its flagship inference model Qwen3-Max-Thinking, which performs comparably to GPT-5.2 and Gemini 3 Pro, becoming the mainland AI large model closest to international top models; the stock opened at HKD 166.8, up 1%.</p>
<p>Other tech stocks showed mixed developments, with Tencent (700) up 0.08%, back above HKD 600; Meituan (3690) unchanged; Xiaomi (1810) up 0.06%; JD.com (9618) down 0.2%, and Baidu (9888) down 1.7%.</p>
<h2>Anta Acquires Nearly 30% Stake in PUMA SE</h2>
<p>In individual stock news, Anta (2020) has signed a share purchase agreement with the French Pinault family’s Artemis, agreeing to conditionally acquire a 29.06% stake in PUMA SE for over €1.5 billion. The stock opened at HKD 77.5, up 1.5%.</p>
<h2>Sunny Optical Submits Listing Application for Spin-off</h2>
<p>Sunny Optical (2382) announced that it has submitted a listing application to the Hong Kong Stock Exchange through its joint sponsors for the proposed spin-off of its automotive-related optical business and independent listing. The stock opened at HKD 62.1, up 0.16%.</p>
<h2>Tenstorrent's Product Performance Surpasses Nvidia</h2>
<p>Tenstorrent (9903) released a fourth-generation architecture roadmap that benchmarks and surpasses Nvidia's architecture, with its &#34;Tongyang&#34; edge products outperforming Nvidia's AGX Orin, and announced over 300 customers and 1,000 deployments as scaled landing achievements. The stock opened at HKD 196, up over 4%.</p>
<h2>Ark Health's Stock Surges After Earnings Surprise, Then Announces Placement</h2>
<p>Additionally, Ark Health (6086) saw its stock price surge 33% after an earnings surprise yesterday, and it has announced plans to place approximately 45.18 million shares in a way that prioritizes existing shareholders, raising HKD 150 million, equivalent to about 3.3% of the expanded issued share capital after the placement and issuance of subscription shares, with a placement price of HKD 3.32 per share, a 12% discount to the previous closing price of HKD 3.77. The stock opened at HKD 3.37, down 10.6%
In terms of Northbound capital flows, there was a net sell of HKD 825 million in Hong Kong stocks yesterday. Tencent (700), Xiaomi (1810), and Pop Mart (9992) saw net purchases of HKD 1.015 billion, HKD 822 million, and HKD 613 million, respectively; while China Mobile (941), Zijin Mining (2899), and Tracker Fund of Hong Kong (2800) experienced net sells of HKD 1.177 billion, HKD 1.077 billion, and HKD 1.036 billion, respectively</p>

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<p>Driven by HSBC Holdings, AIA, and domestic insurance stocks, the Hang Seng Index closed at 27,126 points, up 361 points, successfully standing above 27,000 points. The market turnover was HKD 254.3 billion, with a net outflow of HKD 640 million from the northbound capital. The National Index and the Tech Index rose by 97 points and 28 points, respectively. The four major blue-chip stocks contributed 164 points to the increase, with China Life rising by 6%, AIA by 4.1%, and HSBC by 2.7%. JP Morgan and Morgan Stanley are both optimistic about the prospects of domestic insurance stocks, expecting them to continue outperforming the market. Technology stocks performed well, with Alibaba and Tencent both rising</p>

- The Hong Kong stock market continues to improve, with the Hang Seng Index closing at 27,126, gaining 361 points and supported by HSBC and AIA.  
- Major financial stocks contributed significantly, while overall turnover reached 254.3 billion HKD despite continued outflows from mainland investors.  
- Analysts predict further gains, projecting the index could reach 28,500 this year, supported by strong insurance sector sales growth and favorable investment conditions.

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The Hang Seng Index rose by 361 points, closing above 27,000. HSBC and AIA led the gains, with China Life surging 6%. Experts indicate that trading volume did not match the rise, expecting short-term consolidation. | Hong Kong Stock Market Closing