China's December CPI met expectations, while PPI data exceeded expectations. Additionally, the Shanghai and Shenzhen stock markets performed well, but the market is awaiting the U.S. Supreme Court's tariff ruling. Hong Kong stocks showed mixed performance on Friday, with the Hang Seng Index ultimately closing at 26,231 points, up 82 points, and market turnover falling back to HKD 245.1 billion. Northbound capital flowed in with a net inflow of HKD 6.815 billion.
The Hang Seng Index opened 123 points higher, reaching a maximum increase of 150 points in the early session. However, some heavyweight tech stocks weakened and faced selling pressure at high levels, causing the index to erase all gains and drop by as much as 35 points. The Hang Seng Index fluctuated in the afternoon session, ultimately closing at 26,231 points, up 82 points. The National Index closed at 9,048 points, up 9 points; the Tech Index closed at 5,687 points, up 8 points.
<h2>Three Major Indices End Two-Week Winning Streak</h2>
For the week, the three major indices ended their two-week upward trend. The Hang Seng Index fell a total of 106 points; the National Index fell a total of 120 points; the Tech Index fell a total of 49 points. China Merchants Bank (3968) was the worst-performing blue-chip stock of the week, with a total decline of 6.4%; Hansoh Pharmaceutical (3692) was the best-performing blue-chip stock of the week, with a total increase of 14.2%.
Mainland A-shares closed higher, with the Shanghai Composite Index stabilizing above the 4,100 mark, closing at 4,120 points, a 10-year high; the Shenzhen Component Index closed at 14,120 points, up 160 points; the ChiNext Index closed at 3,327 points, up 25 points.
<h2>Alibaba Rises 2.7% in Instant Retail Push</h2>
Tech stocks showed mixed performance, with Alibaba (9988) continuing to increase its investment in the instant retail market, striving to achieve absolute market leadership. The stock rose 2.7%, closing at HKD 146.5, contributing over 51 points to the Hang Seng Index, making it the blue-chip stock that supported the market the most; its competitor JD.com (9618) also rose 2.6%, closing at HKD 114.6; another competitor, Meituan (3690), fell 2.5%, closing at HKD 98.5, slipping below the red line; Kuaishou (1024) rose 3.9%, closing at HKD 74.7; Tencent (700) fell 0.8%, closing at HKD 611.
OpenAI's newly released feature called ChatGPT Health aims to provide useful health and fitness information, and Hong Kong's AI healthcare concept stocks also performed actively. Xunfei Medical Technology (2506) surged 20.6%, closing at HKD 97.55; Alibaba Health (241) rose 4.7%, closing at HKD 5.77; Ping An Good Doctor (1833) rose 3.6%, closing at HKD 17.15.
<h2>Gold Stocks in Demand, Shandong Gold Rises 6.1%</h2>
U.S. Treasury Secretary Janet Yellen pressured the Federal Reserve to cut interest rates, increasing expectations for rate cuts amid ongoing geopolitical risks, leading to renewed interest in gold stocks. Zijin Mining (2899) rose 2.8%, closing at HKD 38.26; its subsidiary Zijin International (2259) rose 2.9%, closing at HKD 150.7; Shandong Gold (1787) surged 6.1%, closing at HKD 39.9; Zhaojin Mining (1818) rose 4.1%, closing at HKD 35.58
According to domestic media reports, the State Administration for Market Regulation of China has interviewed leading companies in the photovoltaic industry and industry associations, requiring them to rectify their work due to their current &#34;anti-involution&#34; actions involving monopoly risks. Many photovoltaic solar stocks declined. GCL-Poly Energy (3800) dropped 7.9%, closing at HKD 1.05; Xinyi Solar (968) fell 3.7%, closing at HKD 3.11; Flat Glass Group (6865) decreased 3.6%, closing at HKD 9.97.
The &#34;white list&#34; project loans under the real estate financing coordination mechanism can be extended from the original maximum of two and a half years to five years if they meet the conditions. However, the news did not help the performance of domestic property stocks, which mostly fell. Longfor Group (960) dropped 2.9%, closing at HKD 9.34; China Resources Land (1109) declined 1.4%, closing at HKD 29.2; Sunac China (1918) plummeted 4.2%, closing at HKD 1.13.
<h2>MINIMAX Debuts with a 1.1 Times Increase</h2>
All three new stocks closed higher on their debut day. MINIMAX-WP (100) closed at HKD 345, a 1.1 times increase from the offering price of HKD 165, earning HKD 3,600 per lot before fees; Reborn Bioscience (6938) closed at HKD 82.1, a 41.6% increase from the offering price of HKD 57.97, with a paper profit of HKD 4,826 per lot; Jinshun Resources (3636) closed at HKD 37.8, a 26% increase from the offering price of HKD 30, with a paper profit of HKD 1,560 per lot.
In individual stocks, U.S. SOFC leader achieved a USD 2.65 billion order, and Weichai Power (2338) previously obtained manufacturing permission from Ceres SOFC. Weichai Power rose 6.3%, closing at HKD 20.9; with the approval of the State Council, Sinopec (386) and China National Aviation Fuel Group Co., Ltd. are implementing a restructuring. Sinopec rose 0.4%, closing at HKD 4.69.
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1215: The Hang Seng Index opened 123 points higher this morning, then fluctuated, reaching a maximum increase of 150 points, peaking at 26,299 points. It closed at 26,158 points, up 8 points or 0.03%, with a half-day turnover of HKD 135.217 billion. The Tech Index fell 3 points or 0.06%, reporting 5,674 points.
The performance of blue-chip tech stocks was mixed. Alibaba (9988) rose 2.81%, contributing 53 points to the Hang Seng Index; Kuaishou (1024) rose 2.96%; Xiaomi (1810) fell 0.42%; Tencent (700) dropped 0.73%; Baidu (9888) decreased 2.28%; Meituan (3690) fell 2.38%.
Benefiting from geopolitical risks and expectations of interest rate cuts supporting gold prices, gold stocks rose across the board. Zijin Mining (2899) rose 2.96% to HKD 38.3, becoming the best-performing blue-chip; Shandong Gold (1787) rose 6.12%; Zhaojin Mining (1818) increased 3.86%.
Today, all three new stocks reported good news on their debut day, with MINIMAX-WP (100) leading the market, opening 42.6% higher than the offering price of HKD 165, and then continuing to rise, peaking at an increase of 81.2% to HKD 299 during the day, closing at HKD 294, up 78.2%
Rebio Biotechnology (6938) also opened high at 29.3% to reach HKD 75. Although it briefly retraced to HKD 65.9, it quickly rebounded, peaking at 32.1% to HKD 76.6, and closed at HKD 74.55 at noon, up 28.6%.
JinXun Resources (3636) opened high at HKD 38, rising 26.6%, with a maximum increase of 26.9% to HKD 38.08, and closed at HKD 36.68 at noon, up 22.27%.
Related articles: New IPO｜MINIMAX once soared 81% to a high of HKD 299, earning HKD 2,580 for one lot; Rebio rose 29%, JinXun increased 22%.
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0930: U.S. stocks developed mixed on Thursday, with the Dow Jones closing at 49,266 points, up 270 points or 0.55%; the S&amp;P 500 rose less than 1 point or 0.01%, closing at 6,921 points; the Nasdaq fell 104 points or 0.44%, closing at 23,480 points; the Golden Dragon Index, reflecting the performance of Chinese concept stocks, rose 1.09%, closing at 7,796 points.
Large tech stocks generally fell, with Broadcom down 3.21%; NVIDIA down 2.15%; Microsoft down 1.11%, while Amazon rose 1.96%, and Tesla and Alphabet rose about 1%.
U.S. President Trump plans to significantly increase the defense budget by about 50%, with defense stocks Northrop Grumman and Lockheed Martin rebounding by 2.3% and 4.3%, respectively. Additionally, oil companies Chevron and ExxonMobil rose by 2.61% and 3.73%, respectively.
The Hang Seng Index opened 123 points higher this morning, at 26,272 points. Tech stocks showed mixed developments, with Alibaba (9988) up 3.78%; JD.com (9618) up 3.31%; Tencent (700) unchanged; Meituan (3690) down 0.99%; Baidu (9888) down 2.49%.
Today, three new stocks are listed: Rebio Biotechnology (6938) opened at HKD 75, 29.3% higher than the offering price of HKD 57.97; MINIMAX (100) opened at HKD 235.4, 42.6% higher than the offering price of HKD 165; JinXun Resources (3636) opened at HKD 38, 26.6% higher than the offering price of HKD 30.
Regarding the northbound capital flow, on Thursday, net selling of Hong Kong stocks amounted to HKD 4.901 billion. Xiaomi (1810), Tencent (700), and SMIC (981) received net purchases of HKD 1.072 billion, HKD 864 million, and HKD 563 million, respectively; the Tracker Fund of Hong Kong (2800), Hang Seng China Enterprises (2828), and Southern Hang Seng Technology (3033) faced net selling of HKD 6.284 billion, HKD 2.878 billion, and HKD 1.288 billion, respectively

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The Hong Kong stock market showed mixed performance on Friday, with the Hang Seng Index closing at 26,231 points, up 82 points. The market is awaiting the U.S. Supreme Court's ruling on tariffs. Trading volume fell to HKD 245.1 billion, with northbound capital inflow of HKD 6.815 billion. The three major indices ended a two-week winning streak, with China Merchants Bank down 6.4% and Hansoh Pharmaceutical up 14.2%. Alibaba rose 2.7%, Kuaishou rose 3.9%, and Tencent fell 0.8%. AI healthcare concept stocks performed actively, with XUNFEIHEALTH rising 20.6%

- China's December CPI met expectations while PPI data exceeded forecasts, with the Shanghai and Shenzhen stock markets performing well but investors cautious amid pending U.S. Supreme Court tariff rulings.  
- The Hang Seng Index closed at 26,231 points, gaining 82 points, as market turnover fell to 245.1 billion HKD, with northbound capital flowing in by 6.815 billion HKD.  
- Real estate stocks mostly declined despite a loan extension policy, while gold stocks rose amid geopolitical risks and interest rate cut expectations, bolstered by significant gains from newly listed companies.

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Awaiting the US tariff decision, the Hang Seng Index fluctuated and rose by 82 points, while AI medical concept stocks faced challenges | Hong Kong stock market closing