Hong Kong Stock Market Closing Review
On the first trading day of 2026, the Hong Kong stock market got off to a good start, driven by strong performance in technology stocks. The Hang Seng Index closed up 2.76%, the Hang Seng Tech Index closed up 4.0%, and the Hang Seng China Enterprises Index rose 2.86%. AI and commercial aerospace were among the leading sectors. The electrical equipment sector was strong throughout the day.
On the market, Hong Kong stocks saw gains in the morning, with sectors such as commercial aerospace , AI, power equipment, and the internet rising collectively, while forestry and paper products, as well as hotel and resort REITs, were among the biggest losers.
In terms of individual stocks, Biren Technology, which listed with the halo of being the "first GPU stock in Hong Kong," had a dazzling debut, surging over 118% at one point during the day, and finally closing up 75.82%; Goldwind Technology rose over 20%, and according to the company's previous periodic reports, the company holds a portion of the equity in LandSpace. Aerospace Huanyu Zhongke Xingtu Goldwind Technology rose over 10%; according to the company's previous periodic reports, it holds a stake in LandSpace. Aerospace Global and Zhongke Xingtu also rose over 10%.
Baidu Due to the announcement of the spin-off of its AI chip division Kunlun Core, a company that went public in Hong Kong, saw its stock price rise by over 9%. Sources familiar with the matter revealed that its "shipments rank among the top three domestically produced chips." Goldman Sachs... Based on Cambricon's current price-to-sales ratio, Baidu's equity is valued at $3-11 billion. ( NetEase ) Shares rose more than 6%, Midea and SMIC rose more than 5%, and Alibaba and Tencent rose more than 4%.
Top 20 Hong Kong Stocks by Turnover
Market Hotspots
The commercial spaceflight boom has swept through the Hong Kong stock market, with several stocks, including Asia Pacific Satellite, rising by more than 20%.
On the first trading day of 2026, the commercial spaceflight boom swept through Hong Kong stocks, with related concept stocks surging and attracting market attention. As of press time, Asia Pacific Satellite (01045.HK) jumped over 30%, Goldwind Technology (02208.HK) and China Technology Group (01725.HK) both rose over 20%, and Aerospace Holdings (00031.HK) and other stocks also followed suit with significant gains.
In terms of news, the IPO application status of LandSpace Technology Co., Ltd. on the Science and Technology Innovation Board has changed to "accepted," with the company planning to raise 7.5 billion yuan. According to incomplete statistics, at least 10 commercial aerospace companies have already initiated IPO processes, five of which are primarily engaged in launch vehicles. This trend may indicate that the "exit path" for investment in China's commercial aerospace sector is gradually becoming clearer, potentially shifting further from a technology-driven narrative to a commercial closed loop.
At the policy level, the China National Space Administration (CNSA) announced the establishment of the Commercial Space Department and issued the "Action Plan of the CNSA for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" (hereinafter referred to as the "Action Plan"), which clearly incorporates commercial space into the national space development strategy. Overall Layout. The State-owned Assets Supervision and Administration Commission (SASAC) recently stated that it will further strengthen its efforts in developing emerging and future industries, leveraging the "Renewal and Launch" initiatives to continue its focus on new energy. New energy vehicles, new materials Aerospace, low-altitude economy Quantum technology Key areas such as 6G.
Guojin Securities Analysis indicates that with the completion of initial technical verification and first batch launches of the two giant constellations, G60 and GW, in 2024-2025, 2026 will be the year of high-frequency and intensive networking.
Overall, the strategic importance of the commercial space industry is continuously increasing. Coupled with policy support and technological upgrades, the industry's development may be about to enter a period of accelerated growth.
Tesla Q4 deliveries may plummet by 15%, prompting Wall Street to drastically lower its 2026 sales forecast to 1.8 million vehicles.
Tesla is set to release its fourth-quarter delivery figures on Friday. According to Bloomberg data, Tesla is expected to deliver approximately 440,900 vehicles in the fourth quarter, a year-over-year decrease of 11%, meaning the company's sales in the second half of the year will be lower than the same period last year.
Tesla This week, a summary of analyst forecasts was released, and the data was more pessimistic, predicting that Tesla's fourth-quarter deliveries would be 422,850 vehicles, a 15% year-over-year decrease.
Furthermore, according to data compiled by Bloomberg, Wall Street has significantly lowered its 2026 delivery forecast for Tesla from over 3 million vehicles to approximately 1.8 million vehicles.
Although the company's stock price surged in the second half of 2025, the main driver was... Artificial intelligence touted by CEO Elon Musk and robots Technological advancements, not electric vehicle sales figures.
Analysts point out that investors are currently focusing on Tesla's growth potential over the next 5 to 15 years, while ignoring its short-term financial performance. However, this strategy faces challenges as adverse factors such as the elimination of the US federal electric vehicle tax credit, intensified global market competition, and regulatory obstacles in Europe become apparent.
Institutional Views
Macroeconomic Outlook
US stock futures rose, with gold and silver leading the way in precious metals. Rebound, weak dollar
On the first trading day of 2026, gold and silver led a rebound in precious metals , while US stock indices attempted to end a four-day losing streak, and the US dollar weakened.
U.S. stock futures and Asian stocks rose in tandem on Friday, with the former attempting to end a four-day losing streak since the end of last year. Samsung and TSMC... Led by [unclear], the MSCI Asia Pacific Index rose 0.5%, and optimism boosted the Nasdaq in the US stock market. S&P 500 futures rose 0.58% in Asian trading, while S&P 500 futures followed suit with a 0.39% gain.
Kyle Rodda, a senior analyst at Capital.com, said that the momentum of corporate earnings growth and the artificial intelligence boom will continue until 2026.
Technology stocks drove the MSCI Asia Pacific index up 0.5%, and US stock futures followed suit. BYD With its strong growth, it is highly likely to officially surpass Tesla in 2025 and become the world's largest electric vehicle manufacturer.
The precious metals market also strengthened, with spot gold rising 1% on the day and holding above $4,350 per ounce. Silver saw even larger gains, rising as much as 2.6% to $72.87 per ounce.
Due to the strong gains in precious metals in 2025, their weighting in broad portfolio indices has exceeded predetermined targets, forcing passive funds to adjust. This large-scale portfolio index rebalancing could then put downward pressure on prices.
TD Securities In a research report, senior commodities strategist Daniel Ghali pointed out that he expects 13% of the total open interest in Comex silver to be sold off in the next two weeks, which will lead to a significant repricing and a decline in prices.
With the aftermath of the US government shutdown still lingering, a new crisis is on the verge of unfolding.
The U.S. Congress will reconvene early next week, and the risk of a new partial government shutdown certainly exists. Just as the 43-day shutdown at the end of 2025 ended, lawmakers are facing the critical deadline of January 30 to avoid another shutdown.
If a budget agreement cannot be reached, a new round of flight disruptions could occur, impacting travelers and the aviation industry; furloughed federal employees will be forced to cut spending; and the release of federal government economic data, on which the market relies heavily, will be delayed.
However, if we learn from history, at least investors might benefit from it. The last shutdown began on October 1, 2025 and ended on November 12, during which time the S&P 500 rose by 2.4% and repeatedly hit record highs.
The impact of this new round of shutdowns may be relatively mild. This is because Congress has passed appropriations bills for some government departments, such as the Department of Agriculture and the Department of Veterans Affairs. Funding for the Supplemental Nutrition Assistance Program (SNAP, also known as the food stamp program) will continue until September; this program is implemented by the U.S. Department of Agriculture.
Individual Stock Opportunities
Morgan Stanley maintains "Overweight" rating on Meitu (01357), anticipating its strong partnership with Alibaba. The cooperation will be further deepened
Morgan Stanley A research report indicates that Meitu recently announced the completion of its issuance of US$250 million in convertible bonds to Alibaba . If all convertible bonds are converted, Alibaba will hold 6.82% of Meitu's shares, becoming its third-largest shareholder. The report considers this progress positive, anticipating a further deepening of the cooperation between Meitu and Alibaba, particularly in the area of e-commerce design, where strong synergies are expected. The report maintains a target price of HK$15.7 and an "Overweight" rating on Meitu.
China Merchants Securities International: Initiates Coverage on Pony.ai (02026) "Buy" rating belongs to the pioneer in the L4 field
China Merchants Securities International issued a research report initiating coverage of Pony.ai's H-shares with an "Overweight" rating, noting that the company is a pioneer in the L4 autonomous driving field, with its technology and commercialization capabilities forming a strong competitive advantage. Leveraging its world model and virtual driver technology, the company has cultivated deep expertise in L4 autonomous driving and achieved substantial breakthroughs in commercial applications, notably the profitability of its Robotaxi vehicle in Guangzhou in the third quarter of last year, marking a significant milestone in its commercialization. The report states that Pony.ai , with its first-mover advantage and industry position, holds a significant market share in autonomous driving mobility services and autonomous trucks, and its strong growth momentum is expected to continue with the accelerated deployment of its seventh-generation model and the expansion of its fleet.
US pre-market
In pre-market trading, futures for the three major U.S. stock indexes rose, with Nasdaq 100 futures up more than 1%, S&P 500 futures up 0.55%, and Dow Jones futures up 0.23%.
Chinese concept stocks surged, with Baidu rising about 12%, Alibaba about 4%, and NIO also rising. Bilibili rose by about 5%. Up about 3%. Tech stocks generally rose, with Tesla up about 2% and Micron Technology up 3 %. It rose by about 3%.
Leading tech stocks rose across the board in pre-market trading, with ASML leading the gains. Micron Technology rose over 4%, TSMC rose over 3%, Tesla and Palantir rose over 2%, and Nvidia rose over 4%. , Intel Advanced Micro Devices (AMD) and Broadcom It rose nearly 2%.
Financial Calendar
(Article source: Hafu Securities )
