BP#HSI RP28126

CITIC Securities Hang Seng Index Bull and Bear Warrant Street Position Ratio and Changes

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%

CCOE

HKC INT'L RTS

TONTINE WINES

ASIAPAC FIN INV

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ROYAL DELUXE

RMH HOLDINGS

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The Financial Secretary Paul Chan stated that the government's bond issuance will be exclusively used for infrastructure investment and will not be allocated for daily expenses. It is expected that the government debt-to-GDP ratio will rise from 14.4% to 19.9%, which remains at a healthy level, and he is confident that the debt can be repaid under economic growth and investment returns. He also mentioned that geopolitical uncertainties will persist, and Hong Kong should seize the opportunities brought by challenges

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BEIKEN

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ISHARESHSI

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Chan Mau-po: The government will only use bond issuance for infrastructure investment and is confident in its ability to repay the debt

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Hong Kong stocks opened higher this morning, with the Hang Seng Index rising 66 points to 26,447 points. The National Index and the Hang Seng Tech Index opened up 3 points and 7 points, respectively. In the tech sector, Baidu's net profit for the fourth quarter fell by 42%, with ADR shares dropping by 5.7%. Meituan delayed the launch of its plan, with its stock opening up 0.7%. Tencent opened down 0.3%, while Alibaba opened flat. In the automotive sector, BYD opened down 0.1%, and XPeng opened up 1.9%. In the financial sector, HSBC opened up 1.2%

Hang Seng China Enterprises Index

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HSBC HOLDINGS

"Hong Kong Stocks" The Hang Seng Index opened 66 points higher, HSBC and AIA rose, Baidu softened after earnings

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36Kr learned that the Hang Seng Index opened up 0.25%, and the Hang Seng Technology Index rose 0.15%; the consumer and media sectors led the gains, with LAOPU GOLD and TME-SW rising over 3%, and PRADA rising over 2%; the semiconductor and coal sectors saw the largest declines, with Zhaoyi Innovation falling over 4%, and Aisino and Lattice Semiconductor dropping over 2%

36Kr

PRADA

Tianhong Hang Seng TECH ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

Hang Seng TECH ETF I

China Southern Hang Seng ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

ISHARESHSTECH

TME-SW

LAOPU GOLD

CSOP HS TECH

ChinaAMC Hang Seng Technology ETF(QDII)

The Hang Seng Index opened up 0.25%, and the Hang Seng Technology Index rose 0.15%

The Secretary for Innovation and Technology, Sun Dong, introduced that the Hong Kong Artificial Intelligence Research Institute will commence operations in the second half of the year to support AI research and results transformation. The Financial Secretary will establish the "AI+ and Industry Development Strategy Committee," focusing on life health and embodied intelligence. The New Industrialization Funding Scheme has supported over 120 intelligent production lines, driving HKD 1 billion in private investment. The New Industrial Acceleration Program supports four projects with a total investment of approximately HKD 2.5 billion. The semiconductor technology research line of the Hong Kong Microelectronics Research Institute will be operational within the year to promote local chip research and development

Sun Dong: The Artificial Intelligence Research Institute will be put into operation in the second half of the year, and the New Industrial Acceleration Plan has already supported four projects

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The Hang Seng Index opened up 0.25%, and the Hang Seng TECH Index rose 0.15%. SenseTime increased by over 4%, Tencent Music rose by over 3%, and Trip.com, XPeng, and Li Auto all rose by over 1%

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Hang Seng TECH Index

Tencent Music

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LI AUTO-W

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Hong Kong's recent increase in stamp duty on ultra-luxury homes is not expected to deter mainland Chinese buyers, who dominate the market. Analysts suggest that structural demand factors will outweigh the impact of the tax hike from 4.25% to 6.5%. The government aims to prevent overheating in the luxury segment, as mainland buyers accounted for 80% of high-value transactions this year. Despite the tax increase, property agents believe demand will remain strong, supported by a recovering market and favorable financing conditions.

南华早报

Hong Kong’s higher stamp duty will not stop luxury homebuyers from China

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Hong Kong's Financial Secretary Paul Chan announced a fiscal surplus of HK$2.9 billion for the 2025/2026 financial year, three years earlier than expected, due to an asset market boom and austerity measures. The economy is projected to grow by 2.5 to 3.5% in 2026, with improved sentiment reflected in rising home prices and increased IPO activity. However, this recovery comes with sacrifices, including cuts to education and social services, and the loss of 10,000 civil service jobs. The government plans to invest in AI and tech development to create new growth pillars.

Businesstimes News

HSTECH ETF

Hong Kong’s Budget is back in the black – but not without sacrifice

The Hang Seng Index main futures closed up 0.09% in the overnight session, at 26,391 points. The Hang Seng Tech Index main futures closed up 0.12% in the overnight session, at 5,129 points

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China's 15th Five-Year Plan introduces the term 'financial powerhouse,' aiming to modernize the financial system by 2035 amidst geopolitical tensions and a slowing economy. The plan emphasizes direct financing, a multi-tier capital market, and technology-driven finance. It signals a shift from short-term adjustments to a fundamental restructuring of the financial system, focusing on supporting the real economy. Investors can expect changes in capital allocation, with a greater emphasis on technological capabilities and long-term growth, while regulatory frameworks will adapt to support emerging sectors like AI and advanced materials.

- China's 15th Five-Year Plan introduces the term "financial strong nation," aiming to transform the financial system to support industrial upgrades.  
- With policy emphasis shifting towards innovation and technology, there is a clear focus on enhancing direct financing and improving the equity financing environment.  
- Regulatory frameworks will adapt alongside market mechanisms, promoting efficient capital use while maintaining scrutiny on information disclosure as the capital market expands.

benzinga_article

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15th Five-Year Plan: Inside China's push To Become A Financial Powerhouse

Hong Kong has recorded a HK$2.9 billion consolidated surplus for the 2025-26 financial year, reversing an expected HK$67 billion deficit. This improvement is attributed to a strong IPO market and bond sales, with analysts optimistic about future surpluses due to a stabilizing property market and increased corporate profits. The government anticipates a surplus of HK$22.1 billion for 2026-27, supported by significant fund transfers. However, concerns about the legitimacy of counting bond proceeds as revenue persist, with experts emphasizing the importance of proper fund allocation.

- Strong IPO performance and bond sales have helped Hong Kong's finances recover to a surplus earlier than expected, with projections indicating robust listing activity will be key to sustaining this surplus.  
- The Financial Secretary reported a comprehensive surplus of approximately HK$ 2.9 billion for 2025-26, in contrast to the anticipated deficit of HK$ 67 billion, driven by increased transaction volumes and listing activities.  
- Anticipated income transfers are expected to positively affect the surplus for 2026-27, positioning debt growth as manageable while emphasizing the necessity of strategic fund utilization for sustainability.

Hong Kong records HK$2.9 billion consolidated surplus for 2025-26. Here’s how

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A proposed AI committee in Hong Kong aims to assist tech start-ups in overcoming legal and geopolitical challenges while accessing crucial databases for model training. Led by the finance chief, the committee will include diverse experts and focus on life and health technologies, as well as embodied AI. Industry leaders emphasize the need for rapid adaptation and direct communication with mainland authorities to facilitate funding and regulatory processes. The committee is expected to enhance collaboration among stakeholders and streamline product commercialization in the fast-evolving AI sector.

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AI committee can help Hong Kong start-ups ‘tackle legal, geopolitical hurdles’

The president of the Manufacturers' Association, Lu Jinrong, expects Hong Kong's GDP growth to be revised up to 3.5% this year. Despite developed economies facing economic weakness and uncertainties from new tariff policies, Hong Kong businesses have demonstrated their ability to respond to challenges by optimizing their global supply chain layout. It is expected that Hong Kong's goods exports will continue to grow, but the growth rate will slow to single digits; service trade exports will continue to grow strongly due to active financial markets and the recovery of tourism

Manufacturers raise Hong Kong's GDP growth forecast for this year to 3.5%

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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

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

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%.

HKEX

Hong Kong Exchanges and Clearing (HKEX)

SPDR S&P Semicon

VanEck Gold Miners ETF

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

VanEck Junior Gold Miners ETF

Direxion Semicon Bull 3X

NVIDIA

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

$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-R

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GEELY AUTO

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Li Auto

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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)

BP#HSI RP28126(54863.HK)

Chan Mau-po: The government will only use bond issuance for infrastructure investment and is confident in its ability to repay the debt

"Hong Kong Stocks" The Hang Seng Index opened 66 points higher, HSBC and AIA rose, Baidu softened after earnings

The Hang Seng Index opened up 0.25%, and the Hang Seng Technology Index rose 0.15%

Sun Dong: The Artificial Intelligence Research Institute will be put into operation in the second half of the year, and the New Industrial Acceleration Plan has already supported four projects

The Hang Seng Index opened up 0.25%, and the Hang Seng TECH Index rose 0.15%. SenseTime increased by over 4%, Tencent Music rose by over 3%, and Trip.com, XPeng, and Li Auto all rose by over 1%