UB#HSI RC2809K

Hong Kong Stock Market Stamp Duty Boosts Government Revenue, 2026 Budget Forecast Shows Little Increase

Government Announces Budget Forecasting Surplus from 2026/27 Fiscal Year Onwards

Hong Kong Increases Stamp Duty on Residential Properties Over HKD 100 Million

Financial Secretary Paul Chan's Budget Speech Predicts HK Economic Growth

Hang Seng Index Futures Closed on February 25th

HSI Futures, HKC Futures, and H shares Index Futures Open Lower than Spot Prices

LJ Group Analyzes Hong Kong Private Housing Construction and Completion

HANG SENG Index Bull and Bear Warrant Ratio and Quantity Updates

Hang Seng Index Futures Night Session Down 0.75%

HSI Night Index Futures Quotation Up 43 Points

Futures Open Higher Than Spot Prices

Hang Seng Index Futures Open 1.52% Higher at 26,787.44

Significant Rise in Singapore Black Index and Overnight Futures

Hong Kong Monetary Authority's Assessment and Outlook of Hong Kong's Economy

Hang Seng Index Night Futures (February) Up 38 Points

HSI Futures Midday Decline Expands to 1%

Hong Kong Futures Open Up 0.05% at 26820 Points

HSI Ends Two-Day Losing Streak, Rises by Nearly 140 Points

HSI Futures Night Session Closed Up 1.04% at 26,778.91

HKMA Injects HKD 4.73 Billion in Liquidity

HKC INT'L RTS

TIANBAO ENERGY

SUMMI

HANG YICK RTS

UNI PRINTSHOP

CHERISH SUN

NE ELECTRIC

SINO GAS HLDGS

MANY IDEA CLOUD

CREATIVE CHINA

00HSI

The Financial Secretary Paul Chan announced in the "2026 Budget" that HKD 150 billion of foreign exchange reserves will be used to support North Metropolis and other infrastructure projects. This is the first time in 42 years that the foreign exchange fund has been utilized, with an expected annual transfer of HKD 75 billion. The total assets of the foreign exchange fund exceed HKD 4.1 trillion, with a surplus of HKD 780 billion. The Hong Kong Monetary Authority stated that it is confident in maintaining the stability of the financial system. This transfer is a one-time measure and will not affect the stability of the foreign exchange fund

- The Financial Secretary, Paul Chan, announced that the Foreign Exchange Fund achieved a record high investment income of 330 billion HKD last year, with total assets exceeding 4.1 trillion HKD.  
- He proposed to transfer 150 billion HKD over two years to the Capital Works Reserve Fund to support infrastructure projects while ensuring financial stability.  
- Authorities confirmed that after the transfer, the Foreign Exchange Fund's cumulative surplus remains robust at over 780 billion HKD, maintaining the foundations for currency stability.

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Hang Seng Index

Fiscal Budget 2026 | After 42 years, using foreign exchange reserves to transfer HKD 150 billion to support North City. The Monetary Authority: Strongly maintains the stability of the financial system

The Managing Director of Jones Lang LaSalle Hong Kong, Paul Bowers, stated that the government's decision not to launch commercial land tenders in the coming year is positive news for the commercial real estate market, helping the office market to absorb supply and stabilize the leasing market. The absorption of office leasing has improved, and the vacancy rate in some markets has decreased. The rent for Grade A offices in Central is expected to rise by 0% to 5%. The government is adopting a conservative strategy and will release more land for sale after the property market recovers

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"Hong Kong Property" JLL: The government will not push for commercial land tenders next year, which will help the office market absorb supply

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The chairman of Jones Lang LaSalle Hong Kong, Zeng Huanping, stated that the government proposed to increase the stamp duty on luxury homes priced at HKD 100 million or above in the new budget, considering this move inexplicable and likely to lead to a sharp decline in luxury home transactions in the short term. Although the transaction volume of luxury homes in Hong Kong rebounded last year, the volume accounted for a very low proportion of overall transactions, and it is expected that it will take 6 to 7 months for the transaction volume to hope for a rebound

Hang Seng Composite LargeCap

HS HSI ETF-R-D

CSOP AP REITS

Hang Seng Composite Index

ISHARESHSI

"Hong Kong Property" JLL: Government's increase in luxury property stamp duty is inexplicable and may lead to a sharp decline in luxury property transactions in the short term

Cushman & Wakefield holds an optimistic view on the medium to long-term rental prices of commercial shops in Hong Kong, believing that the government's decision not to sell commercial land will help stabilize the market. With the industrialization of artificial intelligence and the construction of the Sha Ling Data Center, Hong Kong's status as a data hub will be enhanced. The government is promoting the development of the modern logistics industry and reserving land to strengthen its role as an international shipping center. Overall, the implementation of policies and the recovery of the tourism industry will drive positive changes in shop rental prices

Cushman & Wakefield is optimistic about the medium to long-term shop rental market in Hong Kong. The Sha Ling Data Center will enhance Hong Kong's status as a data hub in the long run

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Hong Kong Stocks Return to Green; HSBC Gains as Profit Beats Estimate

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China Southern Hang Seng ETF

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HSBC Holdings Plc

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FI2 CSOP HSI

CSOP HSI ETF

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Hong Kong Stocks Return to Green; HSBC Gains as Profit Beats Estimate

Hong Kong's economy is projected to grow solidly in 2026, with a GDP growth forecast of 2.5%-3.5% this year, according to Financial Secretary Paul Chan. The budget focuses on enhancing domestic consumption, supporting IPOs, and developing strategic sectors like AI. Key initiatives include a five-year economic plan, promoting high-tech sectors, and reforms in pension and tax policies. The fiscal position has improved, with a surplus reported for the 2025 financial year. The government anticipates an average GDP growth of 3% from 2027 to 2030, surpassing the past 20-year average of 2.4%.

- Hong Kong's economy is projected to grow at 2.5%-3.5% in 2026, driven by personal consumption, investment, and a recovery in the housing market.  
- The government will implement measures to enhance its financial hub status, including support for biotech firms and easing IPO processes.  
- Fiscal improvements are noted, with a return to surplus and an average GDP growth forecast of 3% from 2027 to 2030, outpacing the previous two-decade average.

Hong Kong Guides for Solid Growth in 2026 as It Presents Latest Budget

Chen Jinrong, the tax partner at RSM Hong Kong, urged the Hong Kong government to review the tax system, emphasizing the importance of tax policy for Hong Kong's competitiveness. He suggested broadening the tax base, implementing a "user pays" and "ability to pay" model, and introducing environmental fees and luxury taxes to diversify revenue sources. At the same time, he mentioned that the "Budget" should support the development of emerging industries and suggested that policy support should shift towards talent cultivation and long-term development

Deloitte urges the Hong Kong government to review the tax system and consider diversifying revenue sources

Hong Kong January headline CPI +1.1% from year earlier

Hong Kong January headline CPI +1.1% from year earlier

Hong Kong January underlying CPI +1.0% from year earlier

Hong Kong January underlying CPI +1.0% from year earlier

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Hong Kong stocks rose due to the rebound in U.S. stocks, with the Hang Seng Index closing up 175 points at 26,765 points. HSBC's stock price rose 5.5% after its earnings report, closing at HKD 142.7. The National Index and the Hang Seng Tech Index rose by 26 points and fell by 10 points, respectively. The total turnover was HKD 236.765 billion. Real estate stocks generally fell due to the budget proposal to raise stamp duty, while domestic property stock Longfor rose by 4.6%

LONGFOR GROUP

HSBC Holdings plc ADRhedged

The Hang Seng Index closed up 175 points, HSBC Holdings rose over 5% after earnings, while AI large model stocks fell

The Hong Kong Census and Statistics Department announced that the overall consumer price index in January 2023 rose by 1.1% year-on-year, down from 1.4% in December last year and below the market expectation of 1.2%. After excluding the government's one-off relief measures, the underlying inflation rate is 1%. The main reason is that the Lunar New Year last year fell in January, resulting in a higher comparison base. The increase in various consumer price indices generally slowed down, with prices for categories such as electricity, gas, and water rising, while categories like durable goods and clothing saw declines. The government expects overall inflation to remain mild in the short term

In January, the overall consumer price index in Hong Kong saw a year-on-year increase of 1.1%, with the core inflation rate at 1%

$Hang Seng Index(00HSI.HK)has evolved into a hybrid market that reflects China’s economic cycle more than Hong Kong’s domestic fundamentals. Its performance is increasingly driven by mainland policy follow-through, earnings durability in platform and financial stocks, and cross-border capital flows via Stock Connect. Valuation alone is no longer a catalyst; sustained upside depends on whether policy support translates into real profit recovery and renewed confidence from long-term global investors.

$XTALPI(02228.HK) The first to rise in the Hong Kong stock watch list! Push it up!

XTALPI

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TENCENT

CSOP A50 ETF-R

CSOP A50 ETF

Hang Seng TECH Index

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HSTECH ETF

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CSOP HS TECH

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Hang Seng TECH ETF I

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Li Auto

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Tencent HK SDR 10to1

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Tencent Holdings Limited

GEELY AUTO-R

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

POP MART HK SDR 20to1

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Alibaba HK SDR 5to1

Alibaba

The exchange rate of HKD against USD is rising rapidly. Will there still be big opportunities in Hong Kong stocks? $Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK)

While the US stock market hovers under the shadow of tariffs, the Hong Kong stock market is experiencing a liquidity-driven structural frenzy. But is this 'Hong Kong stocks feast' the beginning of a trend revaluation, or a short-lived bubble induced by capital?From a macro perspective, the weak dollar cycle and the abundance of Hong Kong dollar liquidity are the core drivers of the Hong Kong stock market. In May, US tariff revenue surged to a peak of $22 billion, yet the CPI remained stable, coupled with the potential impact of immigration policies on the job market, the probability of a Fed rate cut in June-July is extremely low. The US stock market remains in a tug-of-war between 'chicken ribs market and downside risk.' In contrast, the Hong Kong dollar exchange rate has quickly slid from the strong-side guarantee to the weak-side edge, HIBOR rates are nearly zero, and the abundant liquidity is flooding into new consumption, innovative drugs, and A/H premium targets, driving both blue-chip dividend stocks and growth assets higher.However, the sustainability of the structural revaluation of Hong Kong stocks is highly dependent on the liquidity environment. The current extremely low level of HIBOR has deviated from the US benchmark interest rate. If the Fed's policy shifts or there are changes in the supply and demand of funds, a liquidity retreat could trigger a valuation correction. More critically, the structural premium of the same asset in Hong Kong stocks compared to A-shares lacks fundamental support. In a market dominated by southbound funds, caution is needed against the risk of valuation overshoot under 'capital frenzy.'In the short term, as long as the cost of borrowing in Hong Kong dollars remains low, there is still room for liquidity-driven revaluation to continue. However, in the long term, whether Hong Kong stocks can escape the 'capital market' dilemma depends on whether corporate earnings can take over liquidity as the anchor of valuation. Investors need to closely monitor changes in HIBOR rates and maintain sensitivity to risks amid the liquidity feast. $Hang Seng Index(00HSI.HK)

$Hang Seng Index(00HSI.HK)When the Hong Kong dollar triggers the strong-side convertibility undertaking, the Hong Kong government will be forced to issue Hong Kong dollars to buy US dollars (unless Hong Kong abandons the linked exchange rate system due to another crisis caused by excessive base money).Short-term may benefit the Hong Kong stock market.

On a weekly basis, the southbound capital flow in Hong Kong stocks was a net outflow in the past week. This is unusual, as it's the first time this has happened in at least over a year. $HSTECH ETF(03032.HK) $Hang Seng Index(00HSI.HK) $XIAOMI-W(01810.HK)

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XIAOMI-W

Xiaomi HK SDR 2to1

Xiaomi Corporation

$XTALPI(02228.HK)$Hang Seng Index(00HSI.HK)This is a key macro indicator for Hong Kong stocks.

$Hang Seng Index(00HSI.HK) $XTALPI(02228.HK) Who should be blamed for these poor souls in Hong Kong stocks today? Sigh... damn it

During the 2018 trade war, Gao Shanwen gave a relatively well-known internal speech:Our generation has already made enough money, so young people should just wash up and go to sleep.As for the 2025 tariff war, what I want to say is: young people might not be able to sleep.$Hang Seng Index(00HSI.HK)$Hang Seng TECH Index(STECH.HK)$Invesco QQQ Trust(QQQ.US)$SPDR S&amp;P 500(SPY.US)

Invesco QQQ Trust

SPDR S&P 500

Another day protected by southbound capital! At 13:30 in the afternoon, the southbound capital suddenly surged, and the intraday chart skyrocketed after a 10-minute delay (did you day trade during these 10 minutes? 😂).Unlike yesterday, the southbound capital first rose and then fell in the morning, showing overall weakness. By 13:30, the net purchase was only 1.5 billion. After the surge, the cumulative net purchase for the day reached 5.15 billion. Compared with yesterday, I'm more convinced that there is a will behind the southbound capital.$Hang Seng Index(00HSI.HK) $BABA-W(09988.HK) $TENCENT(00700.HK)

UB#HSI RC2809K(56366.HK)

Fiscal Budget 2026 | After 42 years, using foreign exchange reserves to transfer HKD 150 billion to support North City. The Monetary Authority: Strongly maintains the stability of the financial system

"Hong Kong Property" JLL: The government will not push for commercial land tenders next year, which will help the office market absorb supply

"Hong Kong Property" JLL: Government's increase in luxury property stamp duty is inexplicable and may lead to a sharp decline in luxury property transactions in the short term

Cushman & Wakefield is optimistic about the medium to long-term shop rental market in Hong Kong. The Sha Ling Data Center will enhance Hong Kong's status as a data hub in the long run

Hong Kong Stocks Return to Green; HSBC Gains as Profit Beats Estimate