JP-HSI @EC2607B

Hong Kong Interbank Offered Rates (HIBOR) Across the Board Slightly Up

Hang Seng Index Night Futures Close Up 181 Points

HSI Futures Night Session Closes Up 0.65% at 26,923

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

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Zhang Jingbao, the Director of Equity Investment for Asia at Schroders, holds a positive view on the stock markets in mainland China and Hong Kong this year, believing that the weakening of the US dollar, declining interest rates in mainland China, and reasonable valuations are supportive factors. She is optimistic about the healthcare and precious metals sectors, with a particular focus on companies with good earnings performance. Schroders has also restarted commercial real estate loans in Hong Kong, believing that the market is bottoming out, and future performance will depend on the overall economy

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Schroders has a positive outlook on the mainland and Hong Kong stock markets this year

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Today is the futures settlement day for Hong Kong stocks. The Hang Seng Index opened higher but fell back, closing down 384 points or 1.4%, at 26,381 points. Southbound funds had a net outflow of HKD 7.366 billion, and technology stocks performed poorly, with Alibaba and Tencent dropping 3.6% and 2% respectively. CKI Holdings' stock price rose 4.5% due to the sale of a UK distribution company. The total market turnover was HKD 259.277 billion

Tencent Holdings Limited

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The Hang Seng Index fell, with northbound capital outflow expanding to over 7.3 billion; Alibaba and Tencent are weak

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Hong Kong stocks fell as Nvidia's earnings failed to boost AI confidence, with the Hang Seng Index down 1.4% to 26,381.02. The Hang Seng Tech Index dropped 2.9%. Major companies like Alibaba and Tencent saw declines, while Hong Kong Exchanges and Clearing rose 0.8% after a profit increase. Nvidia reported a 73% revenue jump to $68.1 billion, but missed bullish projections, indicating a cooling AI market. Other Asian markets closed higher, with Japan's Nikkei up 0.3% and South Korea's Kospi up 3.7%.

南华早报

Hang Seng TECH Index

HKEX

Hong Kong Exchanges and Clearing (HKEX)

SPDR S&P Semicon

VanEck Gold Miners ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Guotai CES Semiconductor Chip Industry ETF

VanEck Semiconductor ETF

T-Rex 2X Long NVIDIA Daily Target ETF

GraniteShares 2x Long NVDA Daily ETF

Direxion Daily NVDA Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

CSOP HS TECH

VanEck Junior Gold Miners ETF

Direxion Semicon Bull 3X

TENCENT

NVIDIA

Hong Kong stocks retreat as Nvidia earnings fail to sustain AI momentum

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Hong Kong's leading property developer has announced an increase in its first-half profit, indicating a positive trend in the city's real estate market. Bloomberg posted on X that this growth reflects a broader recovery in Hong Kong's property sector, which has been gradually rebounding. The developer's financial performance highlights the resilience of the real estate market in the region, as it continues to recover from previous downturns. This development is seen as a positive sign for investors and stakeholders in the Hong Kong property market.

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Hong Kong Property Developer Reports Profit Growth Amid Real Estate Recovery

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On the settlement day of Hong Kong stock index futures, the Hang Seng Index fell by 384 points to 26,381 points, the National Index dropped by 220 points, and the Hang Seng Tech Index decreased by 151 points. Technology, automotive, consumer, and pharmaceutical stocks generally declined, with Alibaba down 3.6% and Baidu down 4.3%. CKI Holdings sold UKPN, and its stock price rose by 4.5%. Financial stocks showed mixed performance, with HSBC Holdings up 1.6%, while domestic insurance stocks generally fell. The total market turnover was HKD 259.277 billion

Baidu

HSBC HOLDINGS

Guotai CSI 800 Automobile and Parts ETF

TRACKER FUND

ChinaAMC CSI Auto Components Thematic ETF

Tianhong Hang Seng TECH ETF(QDII)

Hwabao CSI HK Equities Internet ETF

HFT CSI Auto Components Thematic ETF

China Southern Hang Seng ETF Feeder Fund-A

HSTECH ETF

China Southern Hang Seng ETF

E Fund HSCEI ETF

ChinaAMC Hang Seng Technology ETF(QDII)

HSCEI ETF

E Fund CSI HK Connect Internet ETF

"Hong Kong Stocks" Hang Seng Index futures settlement day closed down 384 points, with declines in technology, automotive, consumer, and pharmaceutical stocks

The Central Plains Real Estate Research Department pointed out that the CVI index reported 86.71 points this week, an increase of 1.74 points from last week, with a total increase of 10.66 points over the past two weeks, reaching a nearly three-year high. Banks hold an optimistic attitude towards the property market, and the CVI has remained in the optimistic zone for 20 consecutive weeks, indicating an expansion in property price increases. Recently, the decline in interbank rates helps alleviate the pressure on banks' funding costs, and the CVI is expected to maintain above 80 points. The latest CCL reported 149.39 points, an increase of 10.53% from the low level of H interest rates in May 2025

In the "Hong Kong Property" Centaline Valuation Index (major banks) CVI has risen for two consecutive weeks, reaching a nearly three-year high

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Hong Kong Exchanges & Clearing (HKEX) reported a record year, with a 15% increase in net profit to HK$4.335 billion and revenue rising 15% to HK$7.31 billion in Q4. The city hosted 119 new listings, raising HK$286.9 billion, driven by a tech rally and the AI boom. The Hang Seng Index rose nearly 30%, and the IPO pipeline remains strong with over 400 applications. Despite expected volatility in 2026, HKEX remains optimistic about investor interest in Asian assets and plans to modernize its infrastructure.

marketscreener

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HKEX Has Record Year as Hong Kong Reclaims IPO Crown -- Update

Hong Kong's Financial Secretary Paul Chan defended his budget amid public criticism, emphasizing the need for long-term investments over immediate financial sweeteners. He plans to brief credit-rating agencies on a proposed HK$150 billion transfer from the Exchange Fund for infrastructure projects. Chan highlighted tax relief measures aimed at boosting the economy and creating jobs, while addressing concerns from residents about insufficient support. He asserted that investments in projects like the Northern Metropolis are crucial for future economic growth, despite calls for more direct public assistance.

Long-term gains worthwhile, Paul Chan says amid budget sweetener complaints

The Hong Kong Institute of Certified Public Accountants supports the Financial Secretary's presentation of the 2026-27 Budget today, believing that the budget adopts a prudent and forward-looking fiscal strategy in an uncertain external environment, supporting both people's livelihoods and the economy while paying attention to the sustainability of public finances. The Institute pointed out that the budget aligns closely with its earlier recommendations, emphasizing sound financial management, transparency, maintaining competitiveness, and making good use of government assets, believing that this will help rebuild market confidence and growth momentum

- The Hong Kong Institute of Certified Public Accountants supports the 2026-27 budget, recognizing the government's prudent fiscal strategy amidst economic uncertainties.  
- The budget emphasizes maintaining public support, enhancing fiscal sustainability, and rebuilding market confidence while addressing structural challenges like aging population and rising expenditures.  
- The association calls for specific measures and collaboration with the government to improve fiscal transparency and efficiency in public resource allocation to foster economic recovery.

Tasty Money

The Hong Kong Institute of Certified Public Accountants supports the new fiscal budget for the upcoming year, endorsing a prudent and forward-looking strategy to promote sound financial management and economic transformation

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The Hang Seng Index fell by 1%, and the Hang Seng TECH Index fell by 2.3%

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Hong Kong Exchanges and Clearing (HKEX) reported a record annual profit of HK$17.75 billion for 2025, a 36% increase from the previous year, driven by higher market turnover and robust IPO activity. The exchange proposed a second interim dividend of HK$6.52 per share. Daily stock turnover surged 90% to HK$249.8 billion, boosting trading fee income by 80%. HKEX reclaimed the global top spot for IPO fundraising with 114 companies raising US$37.22 billion. CEO Bonnie Chan expressed optimism for capital markets despite expected volatility in 2026.

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HKEX profit jumps 36% to record high on surging turnover, IPOs

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Hong Kong's 2026-2027 budget focuses on enhancing the financial sector with initiatives aimed at improving capital markets, asset management, and digital assets. Key plans include reducing transaction costs for the offshore renminbi market, attracting yuan-denominated bond issuance, and forming an offshore RMB yield curve. The budget also aims to expand mutual market access with mainland China, enhance the family office tax regime, establish a digital bond platform, and develop gold trading. Financial Secretary Paul Chan emphasized strengthening Hong Kong's role as an international financial center and supporting China's financial development goals.

- Hong Kong's 2026-2027 budget introduces measures to enhance its financial sector, focusing on capital markets, asset management, and digital assets.  
- Key initiatives include lowering costs in the offshore RMB market, promoting RMB-denominated bond issuance, and expanding connectivity with mainland China through various financial instruments.  
- The government aims to strengthen its position as an international financial center and contribute to China's goal of becoming a financial powerhouse.

FiNews

ChinaAMC Gold ETF

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

Hong Kong Unveils Finance Plan in 2026-2027 Budget

[HONG KONG] Hong Kong Exchanges and Clearing, the city’s bourse operator, posted record full-year profit of HK$17.7 billion (S$2.85 billion) for 2025 as a surge in equity trading and a rebound in listings drove earnings to new highs.Profit for Hong Kong Exchanges and Clearing last year rose by 36 per cent from HK$13.1 billion in 2024, according to its earnings results. REUTERS

Businesstimes News

Hong Kong bourse full-year profit rises 36% to new high

The Hong Kong Exchanges and Clearing's net profit last year rose 36% year-on-year to HKD 17.75 billion, exceeding expectations, with the second interim dividend increasing to HKD 6.52

The Hong Kong Stock Exchange's net profit last year rose 36% year-on-year to HKD 17.75 billion, exceeding expectations, with the second interim dividend increasing to HKD 6.52

$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!

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CSOP A50 ETF

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Hang Seng TECH ETF I

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Tencent HK SDR 10to1

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

POP MART HK SDR 20to1

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Alibaba HK SDR 5to1

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 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)

JP-HSI @EC2607B(25266.HK)

Schroders has a positive outlook on the mainland and Hong Kong stock markets this year

The Hang Seng Index fell, with northbound capital outflow expanding to over 7.3 billion; Alibaba and Tencent are weak

Hong Kong stocks retreat as Nvidia earnings fail to sustain AI momentum

Hong Kong Property Developer Reports Profit Growth Amid Real Estate Recovery

"Hong Kong Stocks" Hang Seng Index futures settlement day closed down 384 points, with declines in technology, automotive, consumer, and pharmaceutical stocks