<p>U.S. President Donald Trump will announce the State of the Union address at 10 a.m. Hong Kong time. The market generally expects him to use the speech to promote the positive state of the U.S. economy and announce new measures aimed at reducing price costs. The three major U.S. stock indices closed higher on Tuesday, with the Dow Jones Industrial Average rising 370 points to 49,174 points; the S&amp;P 500 up 52 points or 0.77% to 6,890 points; and the Nasdaq up 236 points or 1.04% to 22,863 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it also rose 1.37% to 7,581 points on Tuesday.</p>
<h2>Anthropic Sends Cooperation Signal, Software Stocks Stabilize</h2>
<p>In market focus, AI startup Anthropic conveyed a message of &#34;cooperation rather than replacement&#34; at its latest briefing, leading to a stabilization in software stocks, with Figma (FIG) rising nearly 11%, Roblox (RBLX) up 7.5%, and Salesforce (CRM) also rising over 4%. Additionally, AMD expanded its partnership with Meta to supply graphics processing units (GPUs) for its AI infrastructure, with their stock prices rising 8.8% and 0.3%, respectively. Meanwhile, SanDisk (SNDK) faced short-selling attacks from Hindenburg, causing its stock price to drop over 4%.</p>
<h2>Real Estate Stocks Develop Differently Before Budget Announcement</h2>
<p>In the Hong Kong stock market, the local government will announce a new fiscal budget today (25th), with the Hang Seng Index opening at 26,745 points, up 154 points. Local real estate stocks showed mixed developments, with New World (017) rising 1.3%; Henderson Land (012) down 0.1%; Cheung Kong (1113) and Sun Hung Kai Properties (083) down 0.5%; and Sunac China (016) down 1.6%.</p>
<h2>Tech Stocks Perform Well, Alibaba Up Over 1%</h2>
<p>Tech stocks generally performed well, with Alibaba (9988) announcing the official release of the Qwen 3.5 medium model series, reportedly featuring stronger intelligence and lower computing power. The stock opened at HKD 149.8, up 1.2%; Meituan (3690) also opened up 1.2%; Tencent (700) rose 0.5%; and JD.com (9618) rose 1%. As for Xiaomi (1810), which announced plans to focus on core technologies such as chips, AI, and operating systems over the next five years, its stock price remained unchanged at HKD 35.74.</p>
<h2>Haizhi Technology Partners with Zhipu</h2>
<p>In individual stock news, Haizhi Technology (2706) signed a non-binding strategic cooperation framework agreement with AGI leader Zhipu (2513), focusing on model training and industry scenario implementation, leveraging Haizhi's graph model fusion technology (such as Atlas) and Zhipu's large model capabilities for mutual complementarity. Haizhi opened up 2.4% to HKD 125, while Zhipu fell 5.9% to HKD 591.</p>
<h2>Paradigm Intelligence Clarifies Benefits from AI Trend</h2>
<p>Additionally, Paradigm Intelligence (6682) issued an announcement stating that it has noticed a recent sharp decline in its stock price and understands that there are related rumors in the market claiming that the rapid iteration of AI large models will lead to the replacement of existing business models in the software industry, raising concerns about the software industry and the group's prospects. It clarified that the development of AI large models is an accelerating trend, and the corresponding demand for computing power and related services is also growing rapidly, with the group's main business benefiting from this trend. The stock fell 10% yesterday and opened at HKD 41.5 this morning, rebounding 2.8%
In terms of northbound capital movements, a net purchase of HKD 3.131 billion in Hong Kong stocks was recorded yesterday, with Southern Hang Seng Technology (3033), Meituan (3690), and Xiaomi (1810) receiving net purchases of HKD 1.585 billion, HKD 687 million, and HKD 438 million respectively; while Pop Mart (9992), CNOOC (883), and Tencent (700) experienced net sales of HKD 205 million, HKD 99.89 million, and HKD 86.77 million respectively</p>

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<p>As U.S. President Trump is about to announce the State of the Union address, the Hong Kong stock index opened high at 154 points, reporting 26,745 points. Both Alibaba and Meituan saw their stock prices rise by more than 1%. Real estate stocks showed mixed performance, with New World up 1.3%, while Hang Lung and Cheung Kong experienced slight declines. The three major U.S. stock indices closed higher on Tuesday, with the market optimistic about AI-related stocks, as Anthropic signaled collaboration, boosting software stocks' stability</p>

- U.S. President Trump is set to deliver the State of the Union address, focusing on the positive economic climate and announcing new measures to reduce costs.  
- U.S. stock indices closed positively, with the Dow up 370 points, while several tech stocks, including Anthropic and AMD, saw significant gains due to positive AI and software market signals.  
- In Hong Kong, the government is set to announce a new budget, resulting in mixed movements among real estate stocks, while tech stocks like Alibaba and Meituan experienced upward trends.

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On the eve of the budget announcement, the Hang Seng Index opened up 154 points, with Alibaba and Meituan rising, while Zhizhu fell nearly 6%｜Hong Kong stock market opens