On the first trading day of the Year of the Horse, the Hang Seng Index fell by 292 points, while AI stocks rose against the trend, with Zhipu soaring over 42% and MINIMAX rising nearly 15% | Hong Kong stock market closing

On the first trading day of the Year of the Horse, the Hong Kong stock market closed lower, down 292 points or 1.1%, ending at 26,413 points. With the absence of northbound capital, the turnover was HKD 165.373 billion. Tech stocks such as Tencent (700), Meituan (3690), and Alibaba (9988) led the decline, falling 2%, 1.5%, and 4.9% respectively. However, robotics concept stocks and AI-related stocks rose against the trend. This is due to the buzz around humanoid robots at this year's CCTV Spring Festival Gala, with startups like Yushu Technology showcasing humanoid robots on stage. Yuejiang (2432) surged 21%; Shoucheng Holdings (697) rose nearly 12%; Suton Juchuang (2498) increased by 9%; and UBTECH (9880) climbed 4.7%. In terms of AI-related stocks, Zhipu (2513) soared 42.7%, closing at HKD 725; MINIMAX (100) rose 14.5%, closing at HKD 970, with a market capitalization exceeding HKD 300 billion. Haizhi Technology (2706) also rose over 28%. ——— 1220: On the first trading day of the Year of the Horse, the Hong Kong stock market failed to open higher, with the Hang Seng Index opening down 48 points and falling as much as 348 points; it closed down 161 points or 0.6% at 26,544 points. With the absence of northbound capital, the half-day turnover was HKD 91.755 billion. The Tech Index fell 122 points or 2.28%, closing at 5,245 points. Related article: Chan Mo-po optimistic about the market situation in the Year of the Horse; external volatility is inevitable, likening Hong Kong to a galloping horse overcoming obstacles. Internet stocks led the decline, with Baidu (9888) down 5.66%, the worst-performing blue chip for the half-day; Alibaba (9988) fell 3.74%; Xiaomi (1810) dropped 2.29%; Meituan (3690) decreased by 1.76%; and Tencent (700) fell 1.97%. This year's CCTV Spring Festival Gala has turned into a competition for humanoid robots, boosting robotics concept stocks and AI application stocks. Yuejiang (2432) rose over 19%; Shoucheng Holdings (697) increased by 11%; Suton Juchuang (2498) rose 9.4%; UBTECH (9880) and Sanhua Intelligent Control (2050) both rose over 6%. In terms of AI application stocks, Zhipu (2513) and Haizhi Technology (2706) both rose over 19%; MINIMAX (100) increased by 10%. Related article: Over 10 international companies queue to go public; HKEX's Chan Yi-ting: The trend of international companies coming to Hong Kong for IPOs is expected to continue. ——— 0930: On the first trading day of the Year of the Horse, the Hang Seng Index opened down 48 points at 26,657 points. The Tech Index opened down 36 points at 5,330 points. Tencent (700) fell 0.28%; Meituan (3690) dropped 1%; Alibaba (9988) decreased by 3%. HSBC (005) rose 0.59%; Hong Kong Stock Exchange (388) increased by 0.29%. Performance in the Past Four Year of the Horse Red Opening Date Red Opening Change Red Opening Change Percentage Annual Change Percentage February 4, 2014 -637 points -2.90% +12.7% February 15, 2002 +129 points +1.2% -14.50% January 30, 1990 -8 points -0.30% +23.2% February 10, 1978 -1 point -0.40% +31.9% Looking back at the past performance, the Hang Seng Index has historically performed poorly during the Year of the Horse, recording three declines and one increase. The last occurrence in 2014 saw a drop of 637 points due to the U.S. tapering and a sell-off in emerging markets. However, in fact, the overall performance in the past Years of the Horse was completely opposite to the direction of the red opening, ultimately resulting in three increases and one decline, including a rise of 2796 points in 2014 as the Shanghai-Hong Kong Stock Connect "started." Performance of Hong Kong Stocks on Red Opening in the Past 12 Lunar Years Date Zodiac Red Opening Trend Closing Price (points) Change Change Percentage February 3, 2025 Snake Opened low and closed low 20217 -7 points -0.04% February 14, 2024 Dragon Opened low and closed high 15879 +132 points +0.8% January 26, 2023 Rabbit Opened high and closed high 22566 +522 points +2.37% February 4, 2022 Tiger Opened high and closed high 24573 +771 points +3.24% February 16, 2021 Ox Opened high and closed high 30746 +573 points +1.9% January 29, 2020 Rat Opened low and closed low 27160 -789 points -2.82% February 8, 2019 Pig Opened low and closed low 27946 -43 points -0.16% February 20, 2018 Dog Opened high and closed low 30873 -241 points -0.78% February 1, 2017 Rooster Opened low and closed low 23318 -42 points -0.18% February 11, 2016 Monkey Opened low and closed low 18545 -742 points -3.85% February 23, 2015 Sheep Opened high and closed high 24836 +4 points +0.02% February 4, 2014 Horse Opened low and closed low 21397 -637 points -2.89% Recently, there has been renewed attention on the AI industry. Yesterday, the South Korean stock market opened first, with the Korea Composite Stock Price Index rising 3.1% to reach a new high, mainly driven by semiconductor stocks such as Samsung Electronics and SK Hynix. The mainland also saw a resurgence in AI competition during the Lunar New Year, with Tencent (700) announcing that its large model product Yuanbao has surpassed 50 million daily active users (DAU) and reached 114 million monthly active users. ByteDance's large model Doubao recorded a total of 1.9 billion AI interactions on New Year's Eve; additionally, the humanoid robot performance during the Spring Festival Gala has sparked renewed interest in its supply chain industry. Related article: Investment in the Year of the Horse should avoid greed and ignorance of losses; the fire element is strong, benefiting AI and energy; Hong Kong stocks are expected to perform better in the five Lunar months. Northbound capital may see lower volatility before restart Wu Lixian, a strategist at Everbright Securities International, stated that Hong Kong stocks are expected to close higher today, with a short-term target of 27,000 points and support at 26,300 points below. The volatility may be lower before the northbound capital restarts; he anticipates speculation in the AI manufacturing industry, robotics stocks, airline stocks, and gaming stocks. He pointed out that Hong Kong stocks recorded a certain decline during the Year of the Snake, with some funds taking the opportunity to profit before the holiday. He believes that selling pressure will decrease after the holiday, and on the other hand, there are no significant external news affecting Hong Kong stocks, so the Hang Seng Index is likely to remain directionless in the short term. Li Mingde, an investment manager at Dasheng Asset Management, also noted that there is a chance for Hong Kong stocks to close higher. He expects short-term fluctuations between 26,500 and 27,000 points, with funds likely to chase Lunar New Year-themed sectors, especially as this is a year of significant AI development. Chinese companies frequently announce their AI achievements, which is beneficial for market sentiment. The technology index has also fallen to a certain level, with limited room for further decline, suggesting that investors take the opportunity to buy. Major technology and financial stocks may lack strength Li Mingde stated that technology stocks have recently shown divergence, with Tencent, Alibaba, and Baidu (9888) facing pressure due to concerns over platform economy regulations. However, he believes that the market has not fully reflected the valuation of their large model businesses. Once the related value is released, there will be considerable upside potential. He looks forward to next month's earnings season, where major technology companies will elaborate more on their AI business stories, which will be one of the opportunities to release value. On the external front, the situation in the Middle East is tense, with Trump considering limited military strikes against Iran, and international oil prices continue to rise by about 2%. As for the three major U.S. stock indices, they fell, with the Dow Jones closing at 49,395 points, down 267 points or 0.54%; the S&P 500 reported 6,861 points, down 19 points or 0.28%; the Nasdaq reported 22,682 points, down 70 points or 0.31%; the Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 0.35%, closing at 7,553 points Related articles: Year of the Horse red envelope stocks | AI concept explosion, experts' insights on each stock, potential returns can reach 40%, MINIMAX is expected to become a "cash cow stock"