<p>1212: The Hang Seng Index opened 334 points higher this morning, with the increase peaking at 487 points, reaching 25,736 points. However, as noon approached, the gains sharply narrowed, closing up only 210 points or 0.83%, with a transaction amount of HKD 164.1 billion. In terms of the Tech Index, it nearly closed flat, down less than 1 point, reporting 4,829 points.</p>
<h2>Alibaba and Meituan Down Despite Market Trends</h2>
<p>Among the heavyweight blue-chip stocks, financial stocks led the rebound, with HSBC Holdings (005) and AIA (1299) rising 3.1% and 4% respectively, while Hong Kong Exchanges and Clearing (388) and China Construction Bank (939) also rose 1.4% and 0.9%. In contrast, Alibaba (9988) and Meituan (3690) continued to decline against the market trend, falling 1.2% and 1.7% respectively.</p>
<h2>Sino Biopharmaceutical Up 6% Crowned Blue Chip with Favorable Outlook from Bank of America</h2>
<p>In terms of stock price fluctuations, Sino Biopharmaceutical (1177) rose 6% at midday, making it the best-performing blue chip; its peers, Hansoh Pharmaceutical (3692) and Innovent Biologics (1801), also rose 3.5% and 3.2% respectively. Additionally, Wharf Real Estate Investment Company (1997) rose 3.6%.</p>
<p>On the news front, after Sino Biopharmaceutical announced an exclusive licensing agreement with Sanofi for the global (including China) development, manufacturing, and commercialization of its JAK/ROCK inhibitor, rovalpitinib, Bank of America indicated that the transaction is a testament to its internal R&amp;D capabilities. The bank believes that with the collaboration with Sanofi and the expected approval of rovalpitinib in China in February 2026, Sino Biopharmaceutical's revenue contribution will shift from product sales to royalty income. Given that Sanofi is responsible for global development and commercialization under the agreement, assumptions regarding sales and R&amp;D expenses are expected to be adjusted downwards, raising Sino Biopharmaceutical's target price to HKD 8.9 and reiterating a &#34;Buy&#34; rating.</p>
<h2>Power Equipment Stocks Benefit from Power Shortages in Europe and America, Domestic Models Going Global</h2>
<p>In terms of sector performance, power equipment stocks collectively rose, with Northeast Electric (042) surging 24% at midday, Shanghai Electric (2727) up 15%; Dongfang Electric (1027) and Harbin Electric (1133) also rose 14.3% and 8.9% respectively. CICC's report pointed out that aging power grid facilities in Europe and America, coupled with recent blizzard warnings, have increased the risk of power outages. On the other hand, domestic electricity price cost advantages are becoming prominent, and domestic large models are capturing global market share, which is expected to open up opportunities for domestic computing power tokens to go global, thus benefiting power equipment stocks.</p>
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<p>0930: U.S. President Trump officially nominated Waller to serve as the next Federal Reserve Chairman, succeeding current Chairman Powell; at the same time, Fed Governor Mester stated that continuing to cut interest rates is an appropriate approach, believing it is too early to take a stance on the impact of the Middle East war on the U.S. economy.</p>
<h2>U.S. Dollar Retreats, U.S. Stocks Rebound Across the Board</h2>
<p>The U.S. dollar index retreated, recently reporting a level of 98.69. The three major U.S. stock indices also rebounded on Wednesday, with the Dow Jones closing up 238 points or 0.49%, reporting 48,739 points; the S&amp;P 500 index rose 0.78% or 52 points, reporting 6,869 points; and the Nasdaq rose 290 points or 1.29%, reporting 22,807 points. Oil prices continued to rise, but the increase has narrowed, with Brent crude oil rising 1.2% to USD 82.44, while WTI crude oil rose 1.8% to USD 76
As for the latest gold price report at the level of $5,177, it has risen about 0.7%.</p>
<h2>Japanese stocks rose over 4%, South Korean stocks rebounded over 12%</h2>
<p>In the Asia-Pacific stock market, the Nikkei 225 index rose over 4% this morning, while the South Korean Composite Index rebounded significantly by over 12%, triggering a circuit breaker mechanism that paused &#34;buy orders&#34; for 5 minutes. Among the focus stocks, Samsung Electronics and SK Hynix rose over 13% and 14%, respectively. Hong Kong stocks also saw a rebound this morning, opening up 334 points at 25,459 points.</p>
<h2>Tencent's Supercell cooperating with U.S. investigation</h2>
<p>Tech stocks generally moved upward, with Tencent (700) subsidiary Finnish gaming company Supercell Oy stating that it is cooperating with the U.S. government's security investigation into its parent company's data processing methods. Tencent opened at HKD 509.5, up 0.7%. Alibaba (9988) opened up 0.5%; Meituan (3690) rose 1.7%; JD.com (9618) increased by 1%. Additionally, among heavyweight blue-chip stocks, HSBC (005) and AIA (1299) rose 3% and 2.6%, respectively.</p>
<h2>Xiaomi plans to launch a new chip every year</h2>
<p>Xiaomi (1810) plans to release a new smartphone processor chip every year and is preparing to launch its own artificial intelligence assistant for overseas markets; it opened at HKD 32.56, up 1.75%.</p>
<h2>CNOOC receives increased holdings from parent company, stock price remains weak</h2>
<p>In the oil sector, CNOOC (883) announced that China National Offshore Oil Corporation increased its holdings by 705,500 A shares, involving about 30 million RMB; it also increased its holdings of H shares by 24,298,000 shares, involving 373 million RMB. However, CNOOC opened at HKD 26.88, down 0.7%. Among other oil and gas-related stocks, PetroChina (857) rose 0.2%; China National Petroleum (632) rebounded over 6%; Shandong Molong (568) also rose 2.2%; but Baqian Oilfield Services (2178) fell over 4%. In terms of gold-related stocks, Zijin (2899) opened up over 2%; Chifeng Jilong Gold Mining (6693) rose 1.6%; and Zhaojin Mining (1818) also increased by 1%.</p>
<p>Regarding the northbound capital flow, there was a net sell of HKD 466 million in Hong Kong stocks yesterday, with Southbound Hang Seng Technology (3033), Tencent (700), and SMIC (981) receiving net purchases of HKD 944 million, HKD 849 million, and HKD 261 million, respectively; while Alibaba (9988), Xiaomi (1810), and CNOOC (883) faced net sells of HKD 3.459 billion, HKD 180 million, and HKD 139 million, respectively.</p>
<h2>Li Ze Ming: The market is expected to have reflected that the conflict will not end in the short term</h2>
<p>Li Ze Ming, Investment Director of Red Ant Capital, stated that the liquidity of Hong Kong stocks is strong, and once risks arise, the property of Hong Kong stocks as a market ATM has not changed, leading to significant selling pressure on Hong Kong stocks on Wednesday. Currently, the market risk mainly comes from the spillover of the Middle East situation, and it is expected that the market has partially reflected the risk that the Middle East conflict is unlikely to end in the short term. As the intensity of the conflict may gradually decrease, the declines in Hong Kong, South Korean, and Japanese stocks should narrow, slowly forming a bottom. The Hang Seng Index is expected to continue consolidating around the 25,000 points at the 250-day moving average in the short term
He continued to point out that the Korean and Japanese stock markets were previously at historical highs, especially with the excessive rise in Korea. Combined with the more aggressive investment style of Korean investors, the leverage ratio in the Korean stock market is relatively high. Therefore, once there is a market correction, it is easy to trigger forced liquidation and margin calls in the Korean stock market</p>

512000

512800

515020

<p>The Hang Seng Index opened 334 points higher this morning, with a maximum increase of 487 points, and only rose 210 points at midday, with a transaction amount of HKD 164.1 billion. Financial stocks led the rise, with HSBC and AIA increasing by 3.1% and 4% respectively. Alibaba and Meituan fell against the trend, dropping by 1.2% and 1.7% respectively. China National Pharmaceutical Group rose by 6%, receiving a favorable outlook from Bank of America, with the target price raised to HKD 8.9. Power equipment stocks performed strongly, with NE Electric soaring by 24%. A report from CICC pointed out that the aging power grid facilities in Europe and the United States have increased the risk of power outages, and domestic power equipment is expected to benefit</p>

Stheadline

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI Banks ETF

ChinaAMC CSI Banks ETF

China Merchants CSI BANK AH Price ETF

Fullgoal CSI 800 Banks ETF

Hang Seng Index

WP CSI Banks ETF

ChinaAMC Green Electricity ETF

HSBC Holdings plc ADRhedged

E Fund CSI Green Power ETF

DONGFANG ELEC

GF CSI All Share Power Public Service ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

ChinaAMC SSE Financials Sector ETF Initiating Fund

China Southern CSI Banks ETF

Bosera CSI All Share Electric Utilities ETF

NE ELECTRIC

HSBC

The Hang Seng Index surged and then retreated, rising only 210 points in half a day, with HSBC and other financial stocks leading the gains. Power equipment stocks soared, with NE ELECTRIC rising 24%｜Hong Kong stocks open