--- title: "On the eve of the budget announcement, the Hang Seng Index opened up 154 points, with Alibaba and Meituan rising, while Zhizhu fell nearly 6%｜Hong Kong stock market opens" description: "As U.S. President Trump is about to announce the State of the Union address, the Hong Kong stock index opened high at 154 points, reporting 26,745 points. Both Alibaba and Meituan saw their stock pric" type: "news" locale: "en" url: "https://longbridge.com/en/news/276811925.md" published_at: "2026-02-25T01:31:50.000Z" --- # On the eve of the budget announcement, the Hang Seng Index opened up 154 points, with Alibaba and Meituan rising, while Zhizhu fell nearly 6%｜Hong Kong stock market opens > As U.S. President Trump is about to announce the State of the Union address, the Hong Kong stock index opened high at 154 points, reporting 26,745 points. Both Alibaba and Meituan saw their stock prices rise by more than 1%. Real estate stocks showed mixed performance, with New World up 1.3%, while Hang Lung and Cheung Kong experienced slight declines. The three major U.S. stock indices closed higher on Tuesday, with the market optimistic about AI-related stocks, as Anthropic signaled collaboration, boosting software stocks' stability U.S. President Donald Trump will announce the State of the Union address at 10 a.m. Hong Kong time. The market generally expects him to use the speech to promote the positive state of the U.S. economy and announce new measures aimed at reducing price costs. The three major U.S. stock indices closed higher on Tuesday, with the Dow Jones Industrial Average rising 370 points to 49,174 points; the S&P 500 up 52 points or 0.77% to 6,890 points; and the Nasdaq up 236 points or 1.04% to 22,863 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it also rose 1.37% to 7,581 points on Tuesday. ## Anthropic Sends Cooperation Signal, Software Stocks Stabilize In market focus, AI startup Anthropic conveyed a message of "cooperation rather than replacement" at its latest briefing, leading to a stabilization in software stocks, with Figma (FIG) rising nearly 11%, Roblox (RBLX) up 7.5%, and Salesforce (CRM) also rising over 4%. Additionally, AMD expanded its partnership with Meta to supply graphics processing units (GPUs) for its AI infrastructure, with their stock prices rising 8.8% and 0.3%, respectively. Meanwhile, SanDisk (SNDK) faced short-selling attacks from Hindenburg, causing its stock price to drop over 4%. ## Real Estate Stocks Develop Differently Before Budget Announcement In the Hong Kong stock market, the local government will announce a new fiscal budget today (25th), with the Hang Seng Index opening at 26,745 points, up 154 points. Local real estate stocks showed mixed developments, with New World (017) rising 1.3%; Henderson Land (012) down 0.1%; Cheung Kong (1113) and Sun Hung Kai Properties (083) down 0.5%; and Sunac China (016) down 1.6%. ## Tech Stocks Perform Well, Alibaba Up Over 1% Tech stocks generally performed well, with Alibaba (9988) announcing the official release of the Qwen 3.5 medium model series, reportedly featuring stronger intelligence and lower computing power. The stock opened at HKD 149.8, up 1.2%; Meituan (3690) also opened up 1.2%; Tencent (700) rose 0.5%; and JD.com (9618) rose 1%. As for Xiaomi (1810), which announced plans to focus on core technologies such as chips, AI, and operating systems over the next five years, its stock price remained unchanged at HKD 35.74. ## Haizhi Technology Partners with Zhipu In individual stock news, Haizhi Technology (2706) signed a non-binding strategic cooperation framework agreement with AGI leader Zhipu (2513), focusing on model training and industry scenario implementation, leveraging Haizhi's graph model fusion technology (such as Atlas) and Zhipu's large model capabilities for mutual complementarity. Haizhi opened up 2.4% to HKD 125, while Zhipu fell 5.9% to HKD 591. ## Paradigm Intelligence Clarifies Benefits from AI Trend Additionally, Paradigm Intelligence (6682) issued an announcement stating that it has noticed a recent sharp decline in its stock price and understands that there are related rumors in the market claiming that the rapid iteration of AI large models will lead to the replacement of existing business models in the software industry, raising concerns about the software industry and the group's prospects. It clarified that the development of AI large models is an accelerating trend, and the corresponding demand for computing power and related services is also growing rapidly, with the group's main business benefiting from this trend. The stock fell 10% yesterday and opened at HKD 41.5 this morning, rebounding 2.8% In terms of northbound capital movements, a net purchase of HKD 3.131 billion in Hong Kong stocks was recorded yesterday, with Southern Hang Seng Technology (3033), Meituan (3690), and Xiaomi (1810) receiving net purchases of HKD 1.585 billion, HKD 687 million, and HKD 438 million respectively; while Pop Mart (9992), CNOOC (883), and Tencent (700) experienced net sales of HKD 205 million, HKD 99.89 million, and HKD 86.77 million respectively ### Related Stocks - [03690.HK - MEITUAN](https://longbridge.com/en/quote/03690.HK.md) - [09988.HK - BABA-W](https://longbridge.com/en/quote/09988.HK.md) - [BABA.US - Alibaba](https://longbridge.com/en/quote/BABA.US.md) - [MPNGY.US - Meituan](https://longbridge.com/en/quote/MPNGY.US.md) - [KBAB.US - KraneShares 2x Long BABA Daily ETF](https://longbridge.com/en/quote/KBAB.US.md) - [00HSI.HK - Hang Seng Index](https://longbridge.com/en/quote/00HSI.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 不要颠覆要合作！Anthropic 升级企业级 AI 工具，拓展投行、HR 等场景 | Anthropic 发布面向 Claude Cowork 智能体的多款 AI 插件，企业客户可将智能体接入 Gmail、DocuSign、FactSet、WordPress 及 LegalZoom 等常用业务工具，并可在金融分析、股票研究、 | [Link](https://longbridge.com/en/news/276788964.md) | | AI 没有 “忠诚”！超过 10 家 OpenAI 机构股东参与 “死敌” Anthropic 最新一轮募资 | 随着 Anthropic 完成 300 亿美元融资，包括红杉资本、Founders Fund 在内的超 10 家 OpenAI 股东罕见地进行了 “双重押注”。甚至在 OpenAI 拥有董事席位的贝莱德也参与了竞对融资。面对资本的倒戈，Sa | [Link](https://longbridge.com/en/news/276663750.md) | | 摩尔线程快速完成对 Qwen3.5 模型全面适配 | 摩尔线程宣布已在旗舰级 AI 训推一体全功能 GPU MTT S5000 上完成对阿里最新大模型 Qwen3.5 的全方位适配。此次支持充分展示了摩尔线程 MUSA 生态的成熟度与完备性，开发者可通过 MUSA C 编程语言及 Triton | [Link](https://longbridge.com/en/news/276153560.md) | | 效仿 OpenAI？Anthropic 允许员工套现，规模最高 60 亿美元 | 据报道，Anthropic 启动员工股份出售计划，规模最高可达 60 亿美元。现任及前任员工可以约 3500 亿美元的估值（与最新融资轮相当）套现。分析指出，此举由外部投资者出资，效仿 OpenAI 等公司，旨在私有化阶段通过股权变现，在激 | [Link](https://longbridge.com/en/news/276694391.md) | | Anthropic 称汤森路透正在使用其 AI 代理，路透社报道 | Anthropic 表示，汤森路透正在使用其人工智能代理，路透社报道 | [Link](https://longbridge.com/en/news/276759872.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.