Hong Kong stocks closed lower, opening low and rising high, with a single-day increase of 138 points. For the entire Year of the Snake, it accumulated an increase of 6,480 points or 32% | Hong Kong stock market opening

1210: On the last trading day of the Year of the Snake, the Hong Kong stock market opened lower and then rose. The Hang Seng Index opened down 65 points at 26,501 points, with the decline widening to 185 points at a low of 26,382 points. However, after 10 AM, it fluctuated upwards and closed near the day's high at 26,705 points, up 138 points or 0.52%, with a turnover of only HKD 84.9 billion. The Tech Index closed at 5,367 points, up 7 points or 0.13%. In total, the Year of the Snake ended with an increase of 6,480 points or 32%. Zhi Yao Hui: Hang Seng Index fluctuates between 26,000 and 27,000 points Zhi Yao Hui, the director of the research department at Zhi Cai Securities, stated that the Hong Kong stock market only has one and a half trading days this week, making it difficult to establish a clear direction. He expects that before the return of northbound capital, the Hang Seng Index will have little significant change in the short term, with trading volume also decreasing, likely fluctuating between 26,000 and 27,000 points. He believes that recent external investment sentiment is relatively weak, and regulatory actions have made the outlook for tech stocks uncertain. Investors should prepare psychologically for potential significant market fluctuations after the holiday. Tan Zhi Le: Market avoids speculation in tech stocks, difficult to reverse weakness in the short term Regarding the outlook for tech stocks, Tan Zhi Le, chief analyst at Futu Securities, pointed out that the impact of platform regulation is not significant, as authorities are only moderately intervening in malicious competition and have not halted normal market behaviors such as subsidies. However, as price wars continue, "many people are not interested in burning money with tech companies," which puts continuous pressure on stocks like Meituan. Additionally, Tencent and Alibaba's efforts to attract AI users through red envelopes have not necessarily contributed to profitability. With the market avoiding speculation in tech stocks, it is difficult for stock prices to reverse their weakness in the short term. This week, there are multiple market holidays, with the Hong Kong stock market closed from Tuesday to Thursday; the A-shares have already started their holiday and will resume trading on the 24th; furthermore, the U.S. stock market is also closed today for Presidents' Day. Externally, attention this week will be on the Federal Reserve's meeting minutes on Wednesday; on Friday, the U.S. will also announce the preliminary GDP for the fourth quarter of last year and the Personal Consumption Expenditures (PCE) price index for December. —————— 0925: The Hong Kong stock market welcomes the Year of the Horse as it approaches the Lunar New Year holiday. There will only be a half-day trading session today and the market will open on the fourth day of the new year this Friday. The mainland regulatory authorities have interviewed various platform companies, which may affect market sentiment. Additionally, with the lack of northbound capital, trading is expected to be quiet around the long holiday, and some analysts believe the Hang Seng Index may fluctuate between 26,000 and 27,000 points in the short term. The Hang Seng Index opened this morning at 26,501 points, down 65 points or 0.25%. Mainland interviews with platform companies affect sentiment Last Friday, the State Administration for Market Regulation released the "Antitrust Compliance Guidelines for Internet Platforms" and interviewed companies such as Alibaba (9988), Douyin, Baidu (9888), Tencent (700), JD.com (9618), Meituan (3690), and Alibaba's Taobao Flash Sale, reminding relevant platform companies to eliminate all forms of "involution" competition. Additionally, Meituan also issued a profit warning, forecasting a significant loss last year. Related article: Meituan issues profit warning, expects to turn a loss of over 23.3 billion yuan last year due to unprecedented intense competition affecting the first quarter Affected by the news, technology stocks generally declined, with Alibaba (9988) down 1.8%; Tencent (700) down 0.4%; Meituan (3690), which issued a profit warning, down 0.6%; JD.com (9618) down 0.8%, and Xiaomi (1810) unchanged; Baidu (9888) fell 1.5%. On the other hand, the Hang Seng Index Company announced the latest quarterly review results last week, with Contemporary Amperex Technology Co., Limited (3750), Chow Tai Fook Jewellery Group Limited (6181), and Luoyang Molybdenum Co., Ltd. (3993) being added to the blue-chip list, with stock prices rising 1.3%, 0.2%, and 1.4%, respectively; while the Hang Seng Index constituents removed Zhongsheng Group Holdings Limited (881), with its stock price unchanged. Related article: Hang Seng Index quarterly review reveals Contemporary Amperex Technology, Chow Tai Fook, and Luoyang Molybdenum added to blue-chip list, increasing the number of blue-chip stocks to 90. Sands China Adjusted Property EBITDA Decreased by 0.7% In individual stock news, Sands China Ltd. (1928) reported a total net revenue of USD 7.443 billion for the entire year, up 5.1% year-on-year; net profit was USD 896 million, down 14.3% year-on-year; adjusted property EBITDA decreased by 0.7% to USD 2.31 billion; the final dividend was HKD 0.5, doubling year-on-year. During the period, casino net revenue was USD 5.58 billion, up 4.4% year-on-year, mainly due to increased table gaming and slot machine revenue at The Londoner Macao and an increase in the percentage of win from the gaming tables. The stock opened at HKD 18.46, down HKD 0.22