Market Overview
▪ As of noon, the main indices of the Hong Kong stock market showed mixed trends, with market sentiment being cautious.
▪ The Hang Seng Index closed at 26,775.77 points at noon, up 0.10%, still some distance from the peak reached on January 15, continuing the overall trend of consolidation.
▪ The Hang Seng Tech Index reported 5,722.24 points at noon, down 1.31%, retreating from the peak on January 13, with significant short-term pressure.
▪ The Hang Seng China Enterprises Index closed at 9,153.55 points at noon, slightly down 0.08%, continuing the sideways consolidation pattern.
Sector Performance
▪ The retail sector experienced a volatile decline, with the main theme in the market being weak consumer demand and a majority of funds remaining cautious. Leading stocks in the sector showed mixed performance, with overall trading volume being low. Alibaba -W fell 1.25%, Miniso dropped over 3%, while JD.com rose against the trend by 1%.
▪ The internet content and information sector also showed divergence, with some leading companies facing significant pressure. Tencent Holdings, the market cap leader, rose slightly, showing stability within the sector. However, other leading companies opened lower and fell further, with Kuaishou -W and Baidu -SW dropping over 4%, and Bilibili -W and Meitu both declining over 3%.
▪ The gold sector performed strongly, with some leaders rebounding due to safe-haven demand. Zijin Mining's Phase II project of the Julong Copper Mine was completed and put into production, rising 5.05%; Shandong Gold rose 3.38%, and China Gold International increased by 5.97%; gold-related jewelry company Laopu Gold also rose 6.92%, showing impressive performance.
Macroeconomic Background
▪ Recent fluctuations in the Hong Kong stock market have been mainly affected by pressures from import and export as well as retail data, with the manufacturing PMI continuing to weaken. Foreign exchange reserves remain stable, CPI has risen moderately, and the unemployment rate remains low. Changes in the macro environment and policy expectations have become important variables influencing market liquidity and investment sentiment, with a prominent phenomenon of long-short battles, and investors are highly attentive to subsequent policy signals.
Popular Stocks
▪ Changfei Fiber Optic Cable (6869.HK) rose 14.82%, with a trading volume of HKD 1.742 billion. The company has seen net purchases from southbound funds totaling HKD 1.383 billion over several days, benefiting from high-end demand for fiber optic cables driven by AI servers and computing centers, attracting significant attention from funds, leading to a continuous surge in stock price.
▪ Ark Health (6086.HK) rose 41.70%, with a trading volume of HKD 452 million. The company announced a net profit of HKD 7 to 10 million for 2025, compared to a net loss of HKD 855 million in the same period last year, with revenue expected to increase by about 30% year-on-year. The core business of AI and chronic disease management, along with the new e-commerce ecosystem layout, has brought a turning point in performance, leading to significant fund inflows and continuous popularity, becoming the strongest focus in the morning market.
▪ Weiya Bio (1873.HK) rose 14.52%, with a trading volume of HKD 114 million. The subsidiary's acquisition has facilitated synergy between innovative drugs and CDMO business, improving the company's financial situation, significantly enhancing market sentiment, and boosting the stock price
▪ Meijia Yin Holdings (6939.HK) rose 86.67%, with a transaction volume of HKD 21.2732 million. Previously, Jihai China acquired approximately 40.67% of Meijia Yin Holdings from other shareholders for HKD 105 million and proposed an unconditional mandatory cash offer. The company was suspended from trading on January 9 and resumed today, experiencing significant fluctuations driven by short-term capital, with active trading.
▪ GUANZE MEDICAL (2427.HK) rose 75.28%, with a transaction volume of HKD 19.7282 million. The company announced personnel adjustments, and the market interpreted that the governance structure adjustments did not adversely affect the business, with capital sentiment remaining high.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 166.40, down 1.25%, transaction volume HKD 6.093 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 600.50, up 0.92%, transaction volume HKD 5.516 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 42.46, up 5.05%, transaction volume HKD 3.072 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 219.80, up 0.09%, transaction volume HKD 2.911 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.40, down 2.32%, transaction volume HKD 2.748 billion
▪ SMIC (00981.HK) latest transaction price HKD 75.35, down 3.52%, transaction volume HKD 2.669 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 23.40, up 4.28%, transaction volume HKD 2.283 billion
▪ Innovent Biologics (02577.HK) latest transaction price HKD 60.50, down 4.42%, transaction volume HKD 2.269 billion
▪ Laopu Gold (06181.HK) latest transaction price HKD 842.50, up 6.92%, transaction volume HKD 2.024 billion
▪ Junda Co., Ltd. (02865.HK) latest transaction price HKD 37.18, down 4.67%, transaction volume HKD 1.918 billion

As of noon, the main indices of the Hong Kong stock market showed mixed trends. The Hang Seng Index rose slightly by 0.09%, the Hang Seng Tech Index fell by 1.31%, and the Hang Seng China Enterprises Index decreased by 0.09%, indicating a cautious market sentiment, with overall consolidation patterns maintained. The internet sector performed prominently, while the retail sector declined, and the gold sector showed divergence, with a clear preference for structural funds. Ark Health surged by 41.70% at noon, and Yangtze Optical Fibre and Cable rose by 14.82%, becoming the focus of market funds; some traditional blue chips like Zijin Mining performed strongly, while Alibaba faced slight pressure. The market is focused on macro data and policy expectations, with the trading theme highlighting thematic rotation and structural opportunities

- Hong Kong stock indices showed mixed performance with cautious market sentiment; the Hang Seng Index rose slightly by 0.10%, while the Hang Seng Tech Index fell by 1.31%.  
- Major sectors experienced varied results, with retail under pressure due to weak consumer demand, while the gold sector saw gains driven by a rise in safe-haven demand.  
- Notable stock movements included Changfei Optical Fiber rising by 14.82% and Ark Health increasing by 41.70%, reflecting significant trading activity and interest in AI and healthcare sectors.

Market Heartbeat

BABA-W

MNSO

JD-SW

TENCENT

KUAISHOU-W

BIDU-SW

ZIJIN MINING

ZIJIN GOLD INTL

SD GOLD

YOFC

FANGZHOU JIANKE

VIVA BIOTECH

MEGAIN

GUANZE MEDICAL

POP MART

XIAOMI-W

Hong Kong Stock Midday Review | The Hang Seng Index fluctuates narrowly, the technology sector generally declines, gold rises strongly, Ark Health rises 41.70%, leading active stocks