Market Overview▪ The main indices of the Hong Kong stock market continued to fluctuate recently, with moderate upward momentum. As of now, the Hang Seng Index is at 26,269.07 points, up 0.14%, slightly retreating from the peak on January 6, maintaining a strong consolidation pattern in the short term.▪ The Hang Seng TECH Index performed outstandingly during the session, currently at 5,742.51 points, with an increase of 0.97%, reflecting positive sentiment in the technology sector.▪ The China Enterprises Index is currently up 0.24%, at 9,070.07 points, showing a generally robust and strong trend, with blue-chip weights remaining relatively firm.Sector Performance▪ The retail sector showed strong gains during the session, with leading stocks performing notably well as market risk appetite improved. Alibaba-W rose 2.94%, with a transaction volume of HKD 8.072 billion, as funds continued to flow in, maintaining a strong trend. JD-SW increased by 0.70%, with stable funding. MNSO slightly declined by 1.04%, with funds leaning towards a wait-and-see approach. Overall, the atmosphere in the sector improved under the leadership of top stocks, with mainstream funds still favoring leading consumer targets.▪ The internet content and information sector generally strengthened during the session, with Tencent Holdings rising 1.31%, and a transaction volume of HKD 5.723 billion. Within the sector, KUAISHOU-W increased by 4.69%, with a transaction volume of HKD 2.261 billion, showing a significant increase in fund activity. MEITU performed even better, rising 9.21% during the session. Overall, this sector benefited from an increase in market risk appetite, with continuous attention from funds on technology and content themes.▪ The restaurant service sector moved upward overall during the session. MEITUAN-W rose 5.58%, with a transaction volume of HKD 4.602 billion, leading the restaurant sector; HAIDILAO increased by 1.64%, with a transaction volume of HKD 0.065 billion, and MIXUE GROUP slightly rose by 0.09%. Mainstream funds chased high-growth consumer leaders, driving activity across the sector, with some companies receiving concentrated fund allocation.Macroeconomic Background▪ Recently, there has been limited short-term macro data in the Hong Kong stock market, and investors need to pay attention to changes in foreign exchange reserves, retail, exports, and unemployment. The expectations of interest rate hikes by the Federal Reserve and fluctuations in the RMB exchange rate remain major external variables affecting short-term risk appetite and market liquidity. The short-term uncertainty in the macro environment, combined with the strong structural themes, further increases the amplitude of sector rotation in the market.Popular Stocks▪ MINIMAX-WP (100.HK) rose 21.45% during the session, with a transaction volume of HKD 859 million. As a representative of the recent wave of AI companies listed in Shanghai, MiniMax has gained significant market attention due to the investment and industrial empowerment from Shanghai state-owned assets through a trillion yuan fund. The state-owned background and large-scale resource input have propelled the company's ecosystem improvement and rapid development, bringing positive industry expectations, with continuous net inflow of funds.▪ Zhizhu (2513.HK) rose 28.12% during the session, with a transaction volume of HKD 493 million. On January 12, Zhizhu announced a strategic cooperation with Didi, where both parties will conduct forward-looking collaborative exploration around key technologies of general artificial intelligence and their applications in the transportation field. Zhizhu has advantages in local large model technology strength and localized implementation capabilities for government and enterprises▪ WEIMOB INC (2013.HK) rose 18.41% during the session, with a transaction volume of HKD 817 million. Continuous capital inflow, benefiting from the market's optimistic sentiment towards the prospects of SaaS and internet innovation applications, has become a hot topic in the industry.▪ LFG INV HLDGS (3938.HK) surged 127.03% during the session, with a transaction volume of HKD 47.7437 million. The company has seen intense market speculation following its resumption of trading and the announcement of a takeover bid, with significant short-term capital chasing the stock.▪ MARKETINGFORCE (2556.HK) increased 17.73% during the session, with a transaction volume of HKD 323 million. The company has launched the GEO smart assistant, driven by heightened capital sentiment.Market Transaction Volume TOP10▪ Alibaba -W (9988.HK) latest transaction price HKD 150.80, intraday increase of 2.94%, transaction volume HKD 8.049 billion▪ TENCENT (700.HK) latest transaction price HKD 619.50, intraday increase of 1.39%, transaction volume HKD 5.720 billion▪ MEITUAN -W (3690.HK) latest transaction price HKD 104.10, intraday increase of 5.69%, transaction volume HKD 4.600 billion▪ XIAOMI-W (1810.HK) latest transaction price HKD 37.60, intraday decrease of 0.58%, transaction volume HKD 2.244 billion▪ KUAISHOU-W (1024.HK) latest transaction price HKD 77.95, intraday increase of 4.35%, transaction volume HKD 2.090 billion▪ Ping An Insurance (2318.HK) latest transaction price HKD 67.35, intraday decrease of 3.79%, transaction volume HKD 1.834 billion▪ SMIC (981.HK) latest transaction price HKD 73.85, intraday decrease of 0.74%, transaction volume HKD 1.655 billion▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 90.00, intraday decrease of 1.37%, transaction volume HKD 1.381 billion▪ SenseTime -W (20.HK) latest transaction price HKD 2.62, intraday increase of 6.07%, transaction volume HKD 1.281 billion▪ Goldwind (2208.HK) latest transaction price HKD 17.09, intraday increase of 2.52%, transaction volume HKD 1.264 billion

The main stock indices in the Hong Kong market fluctuated at high levels, with the Hang Seng TECH Index performing outstandingly, rising 0.97% during the session. The retail, internet content and information, and restaurant sectors strengthened in coordination, with leading consumer and technology stocks such as Alibaba-W and Meituan-W seeing significant gains. AI concept stocks MINIMAX-W and IM Motors rose by 21.45% and 28.12% respectively during the session, as the market chased emerging popular sectors. Short-term funds are flowing towards the technology and consumer main lines, and market sentiment is positive. Investors are paying attention to external macro changes such as Federal Reserve policies and fluctuations in the RMB exchange rate

- The Hong Kong stock market shows moderate upward momentum, with the Hang Seng Index at 26,269.07 points, up 0.14%.  
- Significant performances include Alibaba increasing by 2.94% and Tencent by 1.31%, as investor sentiment improves, particularly in retail and tech sectors.  
- Market conditions remain influenced by macroeconomic uncertainties, with key focus on foreign exchange reserves and U.S. Federal Reserve interest rate expectations.

Market Heartbeat

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

MEITU

MEITUAN

HAIDILAO

MIXUE GROUP

XIAOMI-W

MINIMAX-WP

KNOWLEDGE ATLAS

Hong Kong Stock Market Intraday | Hang Seng TECH Index rises nearly 1% during the session, MINIMAX-WP and IM Motors lead the AI concept