Market Overview▪ In the Hong Kong stock market, the three major indices showed mixed trends.▪ As of now, the Hang Seng Index is at 27,885.98 points, up 0.21%, continuing to reach new highs during the session.▪ The Hang Seng Tech Index slightly declined during the session, currently at 5,889.01 points, down 0.19%.▪ The National Enterprises Index is at 9,529.55 points during the session, up 0.18%, close to its recent high.Sector Performance▪ The internet content and information sector showed mixed performance during the session. Tencent Holdings rose 0.08%, Kuaishou rose 2.92%, and Baidu slightly fell 0.19%. There are clear signs of capital rotation, with some leading stocks driven by incremental funds, but the overall news flow for the sector remains stable, with short-term funds focusing on individual stocks for excess returns.▪ The retail sector experienced volatility during the session, with leading stock Alibaba rising 0.06%, JD.com falling 1.63%, and Miniso falling 0.43%. This sector lacks a main driving force, with a mix of wait-and-see sentiment and short-term speculation, and overall trading activity is moderate, with funds mainly flowing to other thematic opportunities.▪ The hardware, storage, and peripherals sector experienced internal fluctuations, with clear differentiation. Leading stock Xiaomi Group rose 2.75%, Lenovo Group fell 0.33%, and Longqi Technology fell 0.71%. Some leading stocks attracted funds due to performance or thematic expectations, but overall market attention is average, highlighting structural market characteristics.Macroeconomic Background▪ The Hong Kong stock market has been less affected by economic data in recent months, with key macro indicators showing stable changes. Investors continue to focus on changes in policy expectations in the mainland and globally, foreign exchange reserves, unemployment rates, and manufacturing PMI performance. Short-term market fluctuations are more driven by international market liquidity and changes in U.S. dollar policy.Popular Stocks▪ Sunac China (1918.HK) rose 22.33% during the session, with a transaction volume of HKD 1.042 billion. The company's chairman recently diluted his holdings, and the company's contract sales last year fell 21.8% year-on-year, but the average housing price rose nearly 22% year-on-year, with high-priced project sales providing structural support. Despite the decline in sales amount, structural improvements help alleviate short-term debt repayment pressure, but cash flow risks still need attention in the context of industry sluggishness. Hong Kong's real estate stocks continued to rise yesterday, with the three red lines for property companies no longer requiring reporting, and several leading property companies have made substantial progress in debt restructuring.▪ Junda Co., Ltd. (2865.HK) rose 17.35% during the session, with a transaction volume of HKD 632 million. The company holds shares in Xingyi Xinneng Technology, focusing on the space photovoltaic industry layout, with A+H shares cumulatively rising over 100% in the past month. Funds continue to drive the stock, highlighting the thematic heat, but related new technologies are still in the verification stage, and subsequent policy uncertainties need attention.▪ MINIMAX-WP (100.HK) rose 17.11% during the session, with a transaction volume of HKD 573 million. Driven by the hype around AI large models, it released the MiniMax Music 2.5 model on January 29, claiming to have overcome two major AI music technology challenges, coupled with the recent launch of the AI-native platform Agent 2.0 to accelerate application landing, attracting strong attention from funds▪ Dongfang Zhenxuan (1797.HK) rose 13.76% during the session, with a transaction volume of HKD 716 million. The latest financial report showed a turnaround to profitability with significant year-on-year growth, driven by cost reduction and efficiency improvements, leading to positive market sentiment.▪ Weili Life Technology (1703.HK) surged 101.67% during the session, with a transaction volume of HKD 26.0733 million. The company announced a turnaround to profitability in the first half of the year, with revenue increasing by 34% year-on-year. The improvement in core business has led to a substantial short-term rise in stock price, quickly restoring market confidence, but sustainability of performance needs to be monitored.Market Transaction Volume TOP10▪ Tencent Holdings (00700.HK) latest transaction price HKD 621.50, up 0.08%, transaction volume HKD 3.825 billion▪ Alibaba -W (09988.HK) latest transaction price HKD 173.60, up 0.06%, transaction volume HKD 3.817 billion▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 37.26, up 2.59%, transaction volume HKD 2.938 billion▪ Zijin Mining (02899.HK) latest transaction price HKD 44.94, up 0.40%, transaction volume HKD 2.184 billion▪ SMIC (00981.HK) latest transaction price HKD 77.95, down 1.70%, transaction volume HKD 1.695 billion▪ OSL Group (00863.HK) latest transaction price HKD 16.68, down 7.33%, transaction volume HKD 1.641 billion▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 24.94, up 1.14%, transaction volume HKD 1.638 billion▪ Zijin Gold International (02259.HK) latest transaction price HKD 246.00, down 2.84%, transaction volume HKD 1.435 billion▪ Kuaishou -W (01024.HK) latest transaction price HKD 84.70, up 2.92%, transaction volume HKD 1.430 billion▪ Ping An Insurance (02318.HK) latest transaction price HKD 71.40, up 0.63%, transaction volume HKD 1.216 billion

In the Hong Kong stock market, there is structural differentiation. The Hang Seng Index rose 0.21% during the session, reaching a new high, while the Hang Seng TECH Index slightly retreated, with a clear shift in sector fund preferences. Hardware and some leading internet companies strengthened, with Kuaishou and Xiaomi Group performing prominently, while retail and some technology heavyweights showed significant adjustments. The market continues to be influenced by macro variables and liquidity, with active fund rotation during the session, evident individual stock hotspots, and strong upward movements in companies like Sunac China and JunDa Co., highlighting the dual effects of institutional competition and thematic driving within the sector

- Hong Kong's stock market displayed mixed performance with the Hang Seng Index at 27,885.98 points, up 0.21%, reaching a new high.  
- Notable performers included Sunac China rising 22.33% despite a decrease in contract sales, while tech stocks showed volatility, as Xiaomi Group increased by 2.75%.  
- Investor focus remains on macroeconomic indicators and policy expectations, affecting market liquidity and dynamics.

Market Heartbeat

Hang Seng Index

Sunac China

HSTECH ETF

Hang Seng TECH Index

TENCENT

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LONGCHEER

DRINDA

MINIMAX-WP

EAST BUY

WELIFE TECH

ZIJIN MINING

SMIC

Tianhong Hang Seng TECH ETF(QDII)

Harvest Hang Seng SCHK Technology ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hong Kong Stock Market Update | The Hang Seng Index continues to hit new highs, Sunac China surges 22% during trading, MiniMax and Dongfang Zhenxuan lead market trends