Market Overview
On February 12, the three major indices of the Hong Kong stock market collectively weakened during the trading session, with a full retreat. Yesterday, all three indices briefly reached a phase high, but today market sentiment appears cautious, showing signs of profit-taking.
▪ As of the time of writing, the Hang Seng Index is at 27,014.81 points, down 0.92%, repeatedly contesting the 27,000-point threshold.
▪ The Hang Seng Tech Index leads the decline, dropping 1.59% to 5,412.8 points during the session.
▪ The China Enterprises Index is currently down 1.02% at 9,173.42 points.
Sector Performance
▪ The internet content and information sector saw widespread declines, with market concerns over intensified competition in AI models. Tencent Holdings fell 2.28%, with a transaction volume of HKD 16.283 billion; Kuaishou-W dropped 2.4%, and Baidu-SW fell 2.63%. Alibaba, ByteDance, and DeepSeek are intensively releasing flagship AI models during the Spring Festival period, shifting competition towards application implementation and efficiency. Although the reduced inference costs of DeepSeek V4 may benefit high-frequency entry points like WeChat, short-term risk aversion dominates.
▪ The retail sector is experiencing a volatile downturn, with Alibaba's new AI developments failing to boost its stock price. Alibaba-W fell 1.25%, with a transaction volume of HKD 6.829 billion, despite the company's active participation in the &#34;model Spring Festival competition&#34; and vying for the first-mover advantage in intelligent agents; JD-SW dropped 1.28%, and Miniso fell 1.24%.
▪ The dining sector weakened significantly, with noticeable capital outflows. Meituan-W led the blue-chip decline, falling 4.73% with a transaction volume of HKD 5.548 billion, dragging down the overall sector performance; Haidilao fell 3.72%, and Yum China dropped 2.92%.
Macroeconomic Background
▪ The Hong Kong stock market is currently in a macro data verification period, with market focus locked on manufacturing PMI and retail sales data to assess the transmission of the mainland economy and the resilience of local consumption recovery.
▪ In the absence of significant data guidance, investors are more concerned about changes in unemployment rates and the implications of money supply on liquidity, with overall sentiment leaning towards defense, awaiting further policy guidance.
Popular Stocks
▪ Zhipu (2513.HK) surged 34.70%, with a transaction volume of HKD 2.113 billion. Zhipu AI announced that its latest generation general model GLM-6 surpassed GPT-5 in multiple benchmark tests, securing a procurement order worth 1 billion yuan and signing a strategic cooperation agreement with a SaaS company, accelerating commercialization and pushing the stock price to a historic high.
▪ MINIMAX-WP (100.HK) rose 17.25%, with a transaction volume of HKD 1.664 billion. The company's release of the &#34;Hailuo-X&#34; holographic video generation model caused a sensation, with first-day subscriptions exceeding 5 million, and news of negotiations with Hollywood studios for technology licensing, leading to significant capital inflows.
▪ TianShuZhiXin (9903.HK) increased by 19.59%, with a transaction volume of HKD 732 million. The company's 7nm general GPU product &#34;ZhiKai 500&#34; achieved large-scale mass production and delivery, with last quarter's revenue growing 300% year-on-year, boosting investor confidence amid surging demand for domestic computing power substitution
▪ Yunzhisheng (9678.HK) rose 16.63%, with a transaction volume of HKD 790 million. The &#34;Shanhai&#34; medical large model has passed clinical verification and won a bid for a multi-billion &#34;smart medical brain&#34; project, with expectations of explosive growth in B/G end business driving the stock price steadily upward.
▪ BOER POWER (1685.HK) surged 112.70%, with a transaction volume of HKD 16.5903 million. Market rumors suggest that a large state-owned energy enterprise intends to acquire a controlling stake at a premium, and the company announced it is in talks with an independent third party regarding a significant asset restructuring, leading to a frenzy of capital inflow before resumption of trading.
Market Transaction Volume TOP10
▪ Tencent Holdings (00700.HK) latest transaction price HKD 535.50, down 2.28%, transaction volume HKD 16.123 billion
▪ Alibaba -W (09988.HK) latest transaction price HKD 158.20, down 1.19%, transaction volume HKD 6.812 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 84.65, down 4.73%, transaction volume HKD 5.533 billion
▪ Zijin Mining (02899.HK) latest transaction price HKD 44.46, up 2.16%, transaction volume HKD 3.993 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.58, down 1.40%, transaction volume HKD 3.799 billion
▪ SenseTime -W (00020.HK) latest transaction price HKD 2.69, up 7.17%, transaction volume HKD 3.088 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 252.60, down 0.94%, transaction volume HKD 2.420 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 120.20, up 11.81%, transaction volume HKD 2.320 billion
▪ WuXi Biologics (02269.HK) latest transaction price HKD 41.36, down 0.10%, transaction volume HKD 2.274 billion
▪ SMIC (00981.HK) latest transaction price HKD 69.90, down 0.14%, transaction volume HKD 2.190 billion

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng Index falling 0.92% around the 27,000-point mark, and the Hang Seng Technology Index leading the decline with a drop of 1.59%. Affected by concerns over intensified AI competition, internet technology stocks fell broadly, with Tencent Holdings down 2.28%; the catering sector saw a significant pullback, with Meituan dropping 4.73%. Funds focused on AI applications and restructuring concepts, with KNOWLEDGE ATLAS, MiniMax, and others rising against the trend, while BOER POWER surged over 112% due to restructuring expectations. Market sentiment remains cautious, awaiting guidance from macroeconomic data

- On February 12, Hong Kong's three major stock indices declined collectively, indicating cautious market sentiment after hitting peak levels the previous day.  
- The Hang Seng Index fell by 0.92% to 27,014.81, while the Hang Seng Tech Index experienced a 1.59% drop, and the Hang Seng China Enterprises Index decreased by 1.02%.  
- Concerns over intensified competition among AI models affected various sectors, particularly internet content, retail, and restaurant segments, leading to a generally defensive investor mood awaiting further policy guidance.

Market Heartbeat

TENCENT

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

MEITUAN

HAIDILAO

YUM CHINA

KNOWLEDGE ATLAS

MINIMAX-WP

ILUVATAR COREX

UNISOUND

BOER POWER

CSOP HS TECH

Tianhong Hang Seng TECH ETF(QDII)

HSTECH ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

Hang Seng Index

Hong Kong stock market intraday | Hang Seng Tech Index fell 1.59%, with the restaurant and internet sectors experiencing widespread declines, Meituan dropped 4.73%, and BOER POWER surged 112%