Market Overview▪ Hong Kong stocks continued to perform well at the close today, with all three major indices rising, indicating a rebound in market risk appetite.▪ The Hang Seng Index closed at 26,608.48 points, up 1.44%.▪ The Hang Seng Tech Index performed outstandingly, closing at 5,863.2 points, with a rise of 3.10%, surpassing the peak on January 6.▪ The China Enterprises Index closed at 9,220.08 points, up 1.90%.Sector Performance▪ The retail sector showed overall improvement, with continuous capital inflow reflecting a recovery in consumer demand. Sector leader Alibaba -W rose 5.32%, with a transaction volume of HKD 25.051 billion, significantly increasing its position and becoming one of the most watched stocks. JD.com -SW rose 2.01%, with a transaction volume of HKD 1.199 billion, while Miniso rose 3.63%, with a transaction volume of HKD 209 million, indicating increased investor attention on sector leaders and optimistic sentiment.▪ The internet content and information sector continued its upward trend, with technology and AI concepts continuously attracting capital. Kuaishou -W rose 7.43%, with a transaction volume of HKD 6.691 billion, becoming a strong short-term stock, as investors showed high enthusiasm for technology innovation and AI growth companies; Meitu's single-day increase reached 11.73%, becoming the industry leader; Tencent Holdings rose 1.96%, with a transaction volume of HKD 17.095 billion, with stable capital inflow maintaining its position as the backbone of the sector. Baidu -SW rose 5.31%, with a transaction volume of HKD 2.661 billion, benefiting from the technology market.▪ The restaurant and consumer services sector strengthened across the board. Meituan -W rose 6.60%, with a transaction volume of HKD 11.31 billion, as the sector leader attracted capital, combined with the simultaneous rise of technology and AI concepts. Haidilao rose 5.58%, with a transaction volume of HKD 579 million, while Yum China rose 1.39%, with a transaction volume of HKD 168 million. The sector benefited from improved consumer expectations and warming market sentiment, showing a significant overall capital attraction effect.Macroeconomic Background▪ Hong Kong stocks continue to be constrained by external environments and local economic data. Capital flow is becoming cautious, with retail, export, and manufacturing PMI under pressure.▪ The unemployment rate remains low, and CPI is rising moderately, with investors focusing on policy trends and fluctuations in the RMB exchange rate. The macroeconomic environment is pulling market volatility in the short term, with structural opportunities still existing, and capital continuously leaning towards technology and consumer sectors.Popular Stocks▪ Zhizhu (2513.HK) rose 31.40%, with a transaction volume of HKD 1.962 billion. Zhizhu has reached a strategic cooperation with Didi to jointly explore the implementation of travel agent scenarios. The company's increase has been expanding since its listing three days ago, with a total market value exceeding HKD 90 billion, indicating capital chasing popular sectors and a significant short-term capital driving effect.▪ MINIMAX-WP (100.HK) closed with a narrowed increase of 15.36%, with a transaction volume of HKD 2.749 billion. As a representative of recent AI-listed companies in Hong Kong, the company raised an additional HKD 700 million, with a market value exceeding HKD 100 billion. Speculative capital and funds have concentrated in the short term, indicating extremely active market sentiment▪ Kingsoft Cloud (3896.HK) rose 15.03%, with a transaction volume of HKD 1.566 billion. Recently, the attention on the AI application sector in the Hong Kong stock market has rapidly increased, and Kingsoft Cloud, as a related stock, has also gained investor favor.▪ Maifushi (2556.HK) rose 32.09%, with a transaction volume of HKD 984 million. Maifushi is a benchmark for GEO full-chain AI solutions, and with the rising popularity of its industry, it has attracted positive capital interest.▪ LFG Investment Holdings (3938.HK) surged 112.84%, with a transaction volume of HKD 87 million. Short-term funds have significantly intervened, indicating a clear structural market trend.Market Transaction Volume TOP10▪ Alibaba -W (9988.HK) latest transaction price HKD 154.30, up 5.32%, transaction volume HKD 25.051 billion▪ Tencent Holdings (700.HK) latest transaction price HKD 623.00, up 1.96%, transaction volume HKD 17.095 billion▪ Meituan -W (3690.HK) latest transaction price HKD 105.00, up 6.60%, transaction volume HKD 11.31 billion▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 38.74, up 2.43%, transaction volume HKD 8.146 billion▪ Kuaishou -W (1024.HK) latest transaction price HKD 80.25, up 7.43%, transaction volume HKD 6.691 billion▪ SMIC (981.HK) latest transaction price HKD 75.30, up 1.21%, transaction volume HKD 4.812 billion▪ Ping An Insurance (2318.HK) latest transaction price HKD 68.50, down 2.14%, transaction volume HKD 4.682 billion▪ Horizon Robotics -W (9660.HK) latest transaction price HKD 9.15, down 4.19%, transaction volume HKD 3.139 billion▪ SenseTime -W (20.HK) latest transaction price HKD 2.64, up 6.88%, transaction volume HKD 3.011 billion▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 91.55, up 0.33%, transaction volume HKD 2.858 billion

Hong Kong stocks saw all three major indices close higher today, with market risk appetite rebounding. The Hang Seng Tech Index performed outstandingly, rising by 3.10%, driven by a recovery in sentiment among most leading technology and consumer stocks. Key individual stocks such as Alibaba, Meituan, and Kuaishou saw significant gains, with capital flow concentrated in the technology and consumer services sectors. The enthusiasm for thematic investments has increased, with stocks like Maifushi and Zhipu experiencing significant fluctuations. Overall, the willingness of funds to enter the market has improved, and market sentiment has notably warmed

- The Hong Kong stock market showed positive performance today with all three major indices rising, led by the Hang Seng Index at 26,608.48 points, a 1.44% increase.  
- The retail sector thrived with Alibaba rising 5.32%, reflecting improved consumer demand, while the tech sector continued to attract investment, notably Kuaishou rising 7.43%.  
- Macro conditions remain influenced by external factors, though structural opportunities persist, particularly in technology and consumer stocks.

Market Heartbeat

BABA-W

JD-SW

MNSO

MEITU

TENCENT

BIDU-SW

MEITUAN

HAIDILAO

YUM CHINA

KNOWLEDGE ATLAS

MINIMAX-WP

KINGSOFT CLOUD

MARKETINGFORCE

LFG INV HLDGS

XIAOMI-W

Alibaba

Meituan

KUAISHOU-W

Hong Kong Stock Market Closing | The Hang Seng Tech Index closed with a gain of 3.10%, Kuaishou rose over 7%, Alibaba and Meituan led the gains