Market Overview
▪ The main indices of the Hong Kong stock market opened slightly higher and experienced short-term fluctuations.
▪ As of the time of writing, the Hang Seng Index reported 26,722.18 points, up 0.35% during the session.
▪ The Hang Seng Tech Index rose slightly during the session, currently at 5,767.11 points, with an increase of 0.08%.
▪ The State-Owned Enterprises Index rose 0.33% during the session, currently at 9,144.67 points.
Sector Performance
▪ The retail sector overall rose during the session, with leading stocks showing significant gains. Alibaba -W rose 2.79%, with a transaction volume of HKD 7.263 billion, maintaining the sector's capital activity. JD.com -SW rose 1.49% during the session, with a transaction volume of HKD 358 million. Miniso saw a slight decline of 0.98%. Overall, with insufficient consumer momentum, funds are leaning towards leading enterprises.
▪ The retail sectors of jewelry, toys, and stationery showed a general upward trend, becoming a highlight during the session. POP MART surged 6.60%, with a transaction volume of HKD 3.846 billion, leading its sub-sector. China Duty Free rose 2.46%, and Chow Tai Fook rose 0.85%, both seeing capital inflows, with leading companies boosting market confidence.
▪ The internet content and information sector showed divergent trends, with Tencent Holdings slightly down 0.33%, Kuaishou -W up 0.70%, and Baidu -SW down 1.56%. The sector's hotspots rotated quickly, with a strong short-term speculative atmosphere and no unified direction.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has been constrained by weak foreign trade and retail consumption, with limited foreign capital inflows. The unemployment rate and changes in manufacturing PMI have become focal points for the market. Macroeconomic policies and fluctuations in the RMB exchange rate have become major disruptive factors for the index's phase of consolidation, further intensifying the market's wait-and-see atmosphere.
Popular Stocks
▪ Drinda (2865.HK) surged 28.88% during the session, with a transaction volume of HKD 835 million. The company announced on January 21 that it plans to place up to 18.682 million new H shares at HKD 22 per share, expecting to raise a net amount of approximately HKD 398 million for the research and development and production of space photovoltaic battery products, as well as investment cooperation in the commercial aerospace field, enhancing its competitiveness in advanced photovoltaic manufacturing and high-end aerospace sectors, significantly increasing market attention.
▪ China Minmetals Resources (1208.HK) rose 10.10% during the session, with a transaction volume of HKD 486 million. The company approved and initiated the expansion project of the Botswana copper mine by the end of December 2025, with capacity expansion in the coming years expected to drive revenue growth, strengthening its leading position in the international copper industry and benefiting from the macro environment of high copper prices.
▪ Yangtze Optical Fibre and Cable (6869.HK) rose 8.55% during the session, with a transaction volume of HKD 897 million. Benefiting from the high prosperity of AI data centers and global intelligent computing infrastructure construction, the growth in global orders has boosted the company's performance expectations.
▪ LAOPU GOLD (6181.HK) rose 8.13% during the session, with a transaction volume of HKD 927 million. Mainstream brokerages have raised their target price to HKD 880, with the latest closing surpassing historical highs. The company benefits from its advantages in gold retail and jewelry brands amid new highs in gold prices and upgrades in mainland consumption, attracting continuous capital attention
▪ LaiKai Pharmaceutical -B (2105.HK) rose 16.10% during the session, with a transaction amount of HKD 85.119 million. On January 14, the company announced that the U.S. FDA accepted its clinical trial application for the innovative drug LAE118, and the progress of the clinical phase has attracted significant market attention. If successful, it is expected to enhance the competitiveness of the product pipeline.
Market Transaction Amount TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 169.30, up 2.73%, transaction amount HKD 7.214 billion
▪ POP MART (09992.HK) latest transaction price HKD 219.60, up 6.60%, transaction amount HKD 3.834 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 595.50, down 0.33%, transaction amount HKD 3.724 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 36.02, up 2.21%, transaction amount HKD 2.745 billion
▪ China Life (02628.HK) latest transaction price HKD 31.04, down 2.14%, transaction amount HKD 1.185 billion
▪ SMIC (00981.HK) latest transaction price HKD 77.05, down 1.03%, transaction amount HKD 1.145 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 97.75, up 0.77%, transaction amount HKD 1.044 billion
▪ LAOPU GOLD (06181.HK) latest transaction price HKD 799.50, up 8.33%, transaction amount HKD 954 million
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 56.50, up 8.55%, transaction amount HKD 898 million
▪ Drinda (02865.HK) latest transaction price HKD 33.18, up 28.80%, transaction amount HKD 836 million

The main indices of the Hong Kong stock market showed limited fluctuations during the trading session, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all failing to break through their recent highs. The market structure displayed divergence, with the jewelry and toy retail sectors leading the gains, as leading stocks like POP MART and LAOPU GOLD surged significantly. Popular stocks such as Drinda rose by 28.88%, attracting high attention from investors. Overall, constrained by foreign capital inflows and weak consumption data, the market exhibited a clear wait-and-see sentiment

- Hong Kong stock indices showed mixed performance, with the Hang Seng Index at 26,722.18, up 0.35%, failing to surpass recent highs.  
- Major retailers experienced volatility, with Alibaba gaining 2.79%, while the jewelry sector saw strong performances from brands like Pop Mart.  
- Market sentiment is cautious due to sluggish foreign trade and consumer spending, with macroeconomic factors such as unemployment rates influencing investor behavior.

Market Heartbeat

BABA-W

JD-SW

MNSO

CTG DUTY-FREE

CHOW TAI FOOK

TENCENT

KUAISHOU-W

BIDU-SW

YOFC

LAOPU GOLD

LAEKNA-B

XIAOMI-W

CHINA LIFE

DRINDA

Drinda

POP MART

Hong Kong stock market intraday | The Hang Seng Index rose slightly, with technology stocks Alibaba and Xiaomi both up over 2%; POP MART rose 6.60%, LAOPU GOLD rose 8.13%, and the jewelry and toy sector performed strongly