Market Overview
▪ On January 26, Hong Kong stocks closed mixed, with the three major indices showing a divergent pattern.
▪ The Hang Seng Index closed at 26,765.52 points, up 0.06%, failing to maintain the previous upward momentum, and still has a certain gap from the peak on January 16.
▪ The Hang Seng Tech Index closed down 1.24% at 5,725.99 points, retreating from the highs reached in previous days, with technology stocks under significant pressure.
▪ The China Enterprises Index closed at 9,147.21 points, down 0.15%, also failing to reach new highs, with a pullback from earlier peaks.
Sector Performance
▪ The retail sector overall declined, with mixed performance among leading stocks. Alibaba fell 1.96%, with a turnover of HKD 11.255 billion, becoming a representative of capital outflow in the market, while Meituan dropped 0.46% with a turnover of HKD 3.025 billion. Ping An Insurance rose 1.64%, but its trading activity was limited compared to leading technology stocks. Overall, consumer momentum is weak, and capital within the sector is cautious.
▪ The internet content and information sector was volatile, with individual stocks showing mixed performance and rapid switching of hot spots. Tencent Holdings rose slightly by 0.76%, with a turnover of HKD 10.438 billion, as market funds favored stable allocations in leading stocks. Kuaishou fell 3.27%, with a turnover of HKD 2.612 billion, indicating significant divergence within the sector. Weimob Group performed relatively well, rising 5.98%. Investors continue to focus on certain growth-oriented and innovative companies, with the sector showing characteristics of active short-term trading and long-term funds remaining cautious.
▪ The gold sector surged strongly, becoming one of the biggest highlights of the market today. Zijin Mining rose 4.36%, with a turnover of HKD 5.796 billion, Shandong Gold rose 4.51%, and China Gold International surged 8.08%. The gold sector performed outstandingly, with significant capital inflow, indicating a clear increase in market preference for safe-haven and resource-related assets.
Macroeconomic Background
▪ The Hong Kong stock market has recently focused on moderate inflation, improved exports, and a rebound in manufacturing PMI, reflecting enhanced economic recovery momentum. Investors are paying attention to the liquidity environment and external trade performance, with potential structural opportunities in the short term, driving the rotation of structural hot spots in the market.
Popular Stocks
▪ FANGZHOU JIANKE (6086.HK) surged 33.22%, with a turnover of HKD 854 million. The company is driven by the strategic transformation of &#34;AI plus chronic disease management&#34; and the continued rapid growth of platform users, leading to positive market expectations for its revenue and valuation improvement. This market trend has strengthened the company's industry influence in the online chronic disease management field, with short-term capital highly focused.
▪ Meijiayin Holdings (6939.HK) rose 93.33%, with a turnover of HKD 33.4959 million. The company announced significant equity changes and a tender offer, with major shareholder Geehy International initiating a full acquisition at a price of HKD 0.61 per share, a premium of about 19%. This event triggered significant short-term fluctuations in the market, with capital focusing on the change of control
▪ Changfei Fiber Optics (6869.HK) rose 17.82%, with a trading volume of HKD 2.487 billion. Benefiting from AI-driven bandwidth demand and accelerated broadband network construction, the company's performance outlook has improved, driving a rapid increase in stock price.
▪ China Silver Group (815.HK) rose 19.12%, with a trading volume of HKD 259 million. Benefiting from rising precious metal prices, silver-related stocks have been generally active, but short-term analysis suggests that some silver prices have deviated from fundamentals, necessitating attention to high-level volatility risks.
▪ Ruihe Smart (3680.HK) rose 68.13%, with a trading volume of HKD 24.6493 million. The company has no significant news or announcements, and the speculative atmosphere is relatively strong. The stock has experienced significant short-term volatility, and investors should be cautious of risks.
Market Trading Volume TOP10
▪ Alibaba -W (09988.HK) latest trading price HKD 165.20, down 1.96%, trading volume HKD 11.255 billion
▪ Tencent Holdings (00700.HK) latest trading price HKD 599.50, up 0.76%, trading volume HKD 10.438 billion
▪ Zijin Mining (02899.HK) latest trading price HKD 42.18, up 4.35%, trading volume HKD 5.796 billion
▪ Xiaomi Group -W (01810.HK) latest trading price HKD 35.22, down 2.81%, trading volume HKD 5.535 billion
▪ Pop Mart (09992.HK) latest trading price HKD 217.60, down 0.91%, trading volume HKD 4.236 billion
▪ SMIC (00981.HK) latest trading price HKD 75.55, down 3.27%, trading volume HKD 4.061 billion
▪ China National Offshore Oil Corporation (00883.HK) latest trading price HKD 23.34, up 4.01%, trading volume HKD 3.651 billion
▪ Meituan -W (03690.HK) latest trading price HKD 97.10, down 0.46%, trading volume HKD 3.025 billion
▪ Laopu Gold (06181.HK) latest trading price HKD 849.50, up 7.80%, trading volume HKD 2.840 billion
▪ Kuaishou -W (01024.HK) latest trading price HKD 78.60, down 3.26%, trading volume HKD 2.612 billion

On January 26th, Hong Kong stocks closed with mixed results across the three major indices. The Hang Seng Index saw a slight increase, while the Hang Seng Tech Index declined, indicating a divergence in market performance. The gold sector experienced significant capital inflow, driving stocks like ZIJIN MINING to rise sharply. The internet and retail sectors were sluggish, with Alibaba and Meituan showing weak performance. Stocks like FANGZHOU JIANKE and Longbridge saw notable gains, creating localized market hotspots. Overall, defensive and theme-driven sectors attracted capital. Macro attention is focused on liquidity and external trade, with structural investment opportunities still available

- On January 26, Hong Kong stocks showed a mixed performance with the Hang Seng Index slightly up by 0.06% at 26,765.52 points, while the Hang Seng Tech Index fell by 1.24%.  
- Notable market movements included a significant rise in the gold sector, with Zijin Mining and Shandong Gold gaining 4.36% and 4.51% respectively, reflecting a strong investor preference for safe-haven assets amid improving economic conditions.  
- Overall, the market is witnessing structural opportunities driven by factors such as moderate inflation and recovering manufacturing activity, with investor focus on liquidity and external trade performance.

Market Heartbeat

FANGZHOU JIANKE

ZIJIN MINING

BABA-W

MEITUAN

PING AN

TENCENT

KUAISHOU-W

CHINAGOLDINTL

SD GOLD

MEGAIN

YOFC

CHI SILVER GP

RUIHE DATA

XIAOMI-W

POP MART

CNOOC

LAOPU GOLD

Hong Kong stock market close | Hang Seng Index slightly up, technology sector under pressure, gold strengthens, ZIJIN MINING rises 4.36%, FANGZHOU JIANKE surges 33.22%