Market Overview▪ In the Hong Kong stock market, the three major indices showed mixed performance.▪ As of now, the Hang Seng Index is at 26,860.58 points, up 0.42% for the day, still a certain distance from the peak reached on January 15.▪ The Hang Seng TECH Index is under pressure during the session, reported at 5,725.77 points, down 1.25%.▪ The China Enterprises Index is currently at 9,183.31 points, up 0.25%, maintaining an overall oscillating pattern.Sector Performance▪ There was a noticeable shift in market funds today, with mixed performance within sectors. The technology sector faced pressure, with the Hang Seng TECH Index dropping 1.25%, and mainstream tech stocks adjusting, Alibaba -W down 1.07%, and Xiaomi Group down 1.88%.▪ Some funds flowed into safe-haven sectors like gold, with non-ferrous metals performing prominently. Several gold stocks announced positive news before the market opened, with Zijin Mining's Phase II project of the Julong Copper Mine completed and put into production, rising 7.67% during the session; Luoyang Molybdenum completed the delivery of its Brazilian gold mine project, rising 7.01%; China Gold International rose 7.16%; gold-related jewelry company Laopu Gold also rose 8.69%, showing impressive performance.▪ In the communication equipment sector, Changfei Fiber Optic Cable rose 15.95% during the session, with a transaction volume of HKD 1.515 billion. Continuous net buying from southbound funds combined with growing demand for fiber optic cables led to a cumulative increase of nearly 50% over four days. Benefiting from the domestic optical communication industry upgrade and increased demand for AI/data communication, the company's performance and stock price surged in the short term, with significant fund participation. However, the largest companies in the sector, ZTE Corporation and BYD Electronics, performed poorly, down 1.78% and 1.57%, respectively.Macroeconomic Background▪ Recently, the Hong Kong stock market has focused on economic data trends, unemployment rates, and consumption performance, with changes in liquidity in the mainland and globally also being a point of concern. External policies and the recovery pace of domestic and foreign demand directly affect investment sentiment in Hong Kong stocks.▪ Current economic data plays a dominant role in market fluctuations, with investment sentiment deeply influenced by expectations of improvement in consumption, exports, and liquidity. In the short term, market style switching and local sector rotation will be more frequent.Popular Stocks▪ FANGZHOU JIANKE (6086.HK) rose 39.22% during the session, with a transaction volume of HKD 311 million. The company announced on January 25 that it expects to turn a profit for the full fiscal year 2025, with a net profit estimated at approximately RMB 7-10 million. Revenue is expected to increase by 30%, benefiting from the &#34;AI + chronic disease management&#34; strategy; the positive news boosted market confidence, leading to a significant rise in the company's stock price and driving valuation recovery in the digital healthcare sector, with main funds actively participating.▪ MEGAIN (6939.HK) surged 93.33% after resuming trading, with a transaction volume of HKD 15.4137 million. The company will sell approximately 40.67% equity to third party Geehy International for a total consideration of about HKD 106 million, while also being rumored to be involved in a takeover bid and changes in controlling rights, significantly enhancing speculative enthusiasm, with notable dynamic increases during the session▪ Tianren Group (1429.HK) rose 19.02% during the session, with a transaction amount of HKD 14.1804 million. On January 16, the company announced a change in control, and after the acquisition is completed, the offeror will hold a total of 75% of the company's shares, requiring the buyer to make a mandatory general offer. The adjustment of control has led to fluctuations in the stock price, and the secondary market funds are paying attention to the potential value brought by the optimization of the governance structure.Market Transaction Amount TOP10▪ Alibaba -W (09988.HK) latest transaction price HKD 166.70, down 1.07%, transaction amount HKD 4.170 billion▪ Tencent Holdings (00700.HK) latest transaction price HKD 601.50, up 1.09%, transaction amount HKD 3.887 billion▪ Pop Mart (09992.HK) latest transaction price HKD 219.40, down 0.09%, transaction amount HKD 2.196 billion▪ InnoCare Pharma (02577.HK) latest transaction price HKD 60.85, down 3.87%, transaction amount HKD 2.189 billion▪ Zijin Mining (02899.HK) latest transaction price HKD 43.52, up 7.67%, transaction amount HKD 1.912 billion▪ Lao Pu Gold (06181.HK) latest transaction price HKD 856.50, up 8.69%, transaction amount HKD 1.754 billion▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.56, down 1.88%, transaction amount HKD 1.741 billion▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 61.80, up 15.95%, transaction amount HKD 1.515 billion▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 23.48, up 4.63%, transaction amount HKD 1.509 billion▪ SMIC (00981.HK) latest transaction price HKD 76.20, down 2.43%, transaction amount HKD 1.452 billion

As of midday, the three major indices of the Hong Kong stock market showed mixed trends. The Hang Seng Index rose slightly by 0.42%, the Hang Seng TECH Index weakened and fell by 1.25%, while the China Enterprises Index edged up, with the overall market primarily experiencing fluctuations. The focus of the market is on capital rotation and structural opportunities, with technology and cyclical stocks performing prominently. MEGAIN rose by 93.33% during the session, and FANGZHOU JIANKE increased by 39.22%, as market funds primarily targeted news-driven stocks. On the macro level, economic data and liquidity continue to dominate market sentiment

- The Hong Kong stock market exhibited divergent movements among its three indices, with the Hang Seng Index rising 0.42% to 26,860.58 points.  
- The technology sector faced pressure, evidenced by a 1.25% drop in the Hang Seng Technology Index, while gold and non-ferrous metal stocks performed strongly, benefiting from recent positive announcements.  
- Recent economic data has significantly influenced market volatility, affecting investment sentiment across consumption, exports, and liquidity, with a notable shift and rotation in market styles expected shortly.

Market Heartbeat

BABA-W

XIAOMI-W

CMOC

CHINAGOLDINTL

LAOPU GOLD

YOFC

BYD ELECTRONIC

FANGZHOU JIANKE

MEGAIN

SKYMISSION GP

TENCENT

POP MART

INNOSCIENCE

Hang Seng TECH Index

Hang Seng Index

Hang Seng China Enterprises Index

Hong Kong stocks intraday | The Hang Seng Index slightly rises, the technology index under pressure, gold leads a surge in the non-ferrous metal sector