Hong Kong stocks closed (01.02) | The Hang Seng Index surged 2.76% to achieve a good start, commercial aerospace concept stocks soared across the board, and the new stock Bizao Technology (06082) closed 75%

The Zhitong Finance App learned that Hong Kong stocks performed well on the first trading day of 2026. The Hang Seng Index broke through the 26,000 mark, and the Hang Seng Technology Index surged 4%. At the close, the Hang Seng Index rose 2.76% or 707.93 points to 26338.47 points, with a full-day turnover of HK$140.864 billion; the Hang Seng State-owned Enterprises Index rose 2.86% to 9168.99 points; and the Hang Seng Technology Index rose 4% to 5736.44 points.

Cathay Pacific Haitong said that looking ahead to the future market, the Federal Reserve will cut interest rates as scheduled and expand or gradually reduce investors' policy uncertainty and market game performance. Global equity and commodities may still have opportunities to perform. It is recommended that risk assets be overallocated in January.

Blue-chip stock performance

Baidu Group-SW (09888) led blue-chip stocks. At the close, it rose 9.35% to HK$143.8, with a turnover of HK$4.778 billion, contributing 12.42 points to the Hang Seng Index. Baidu said it plans to split Kunlun Core and go public independently. Jefferies said that the proposed spin-off of Kunlun Core has many advantages, including better reflecting the value of Kunlun Core and broadening financing channels. Kunlunchip's valuation is estimated to be between 16 billion US dollars and 23 billion US dollars, which means that Baidu's shares are worth between 9 billion US dollars and 13 billion US dollars.

In terms of other blue chips, New Oriental-S (09901) rose 7.15% to HK$445.26; China Life Insurance (02628) rose 5.33% to HK$28.84, contributing 17.36 points to the Hang Seng Index; Ctrip Group-S (09961) rose 5.23% to HK$583, contributing 11.13 points to the Hang Seng Index; and Tencent (00700) rose 4.01% to HK$623, contributing 81.22 points to the Hang Seng Index.

Popular sector aspects

On the market, Blue Rocket Aerospace's IPO was accepted, and commercial aerospace concept stocks exploded across the board; robotics concept stocks and SaaS concept stocks showed that; TechNet stocks rebounded today, driving the Hang Seng Technology Index up more than 4%, while Alibaba and Tencent all rose by more than 4%; non-ferrous stocks also had the highest gains, with multiple stocks rising more than 3%; affected by the favorable trade-in policy in 2026, home appliances and consumer electronics performed well; the semiconductor and large financial sectors were also sought after by capital.

1. Commercial aerospace concept stocks have skyrocketed across the board. At the close, China Technology Group (01725) rose 42.86% to HK$1; Asia Pacific Satellite (01045) rose 34.53% to HK$3.74; Goldwind Technology (02208) rose 20.95% to HK$16.22; and Aerospace Holdings (00031) rose 0.71 HKD.

On December 31, 2025, the Blue Rocket Aerospace Science and Technology Innovation Board's IPO application was accepted, becoming the first company to receive an IPO since the fifth set of listing standards on the Science and Technology Innovation Board was expanded. However, according to incomplete statistics, at least 10 commercial space companies have now begun the IPO process, and 5 have launch vehicles as their main business. The above trend may also mark the gradual clarification of the “exit path” in the domestic commercial space investment sector, and it is expected that there will be a further shift from a scientific and technological narrative to a closed commercial loop.

2. Chip stocks had the highest gains. At the close, Huahong Semiconductor (01347) rose 9.42% to HK$81.3; SMIC (00981) rose 5.11% to HK$75.1; Shanghai Fudan (01385) rose 4.24% to HK$47.24; and Solomon Semiconductor (02878) rose 3.53% to HK$0.44.

Huahong Semiconductor issued several announcements stating that the company plans to spend 8.27 billion yuan to acquire Huali Microelectronics shares. SMIC also recently stated that it plans to acquire 49% of SMIC North's shares for about 40.601 billion yuan. Galaxy Securities pointed out that in December 2025, the semiconductor sector emerged from a round of structured markets, driven by a wave of price increases in the industrial chain, continued demand for AI, and the strengthening of domestic substitution logic. In the context of the external environment, supply chain security and autonomy are long-term trends.

3. Robotics concept stocks continued their recent gains. At the close, Lijin Technology (00558) rose 6.34% to HK$3.52; Jinli Permanent Magnet (06680) rose 4.5% to HK$19.28; Sanhua Intelligent Control (02050) rose 4.49% to HK$40.04; and Johnson Electric Holdings (00179) rose 4.31% to HK$31.

Galaxy Securities released a research report saying that the Tesla Optimus third-generation robot is expected to be released in 2026. Tens of thousands of units are expected to be mass-produced next year. Recently, there have been frequent industrial chain exchanges, and definitive events such as mass production, pricing, and factory targeting are approaching. The bank believes that mass production of Tesla robots is inseparable from the domestic supply chain, and suggests actively focusing on early participation in Tesla robots and industrial chain standards with mass production reserves.

4. SaaS concept stocks rose strongly. At the close, Bairongyun-W (06608) was up 9.91% to HK$12.75; Kingdee International (00268) rose 6.47% to HK$14.15; Mifex (02556) rose 5.83% to HK$37.06; and Chinasoft International (00354) rose 4.02% to HK$5.17.

Meta bought Manus developer for a multi-billion dollar deal. Dongwu Securities pointed out that Meta's use of billions of dollars to pay bills is tantamount to repricing agents, and market capital is more likely to be concentrated on targets with real scenarios, deliverables, and continuous subscription revenue. Northeast Securities released a research report stating that it is concerned about the paradigm shift from traditional SaaS to agentization. Vertical software giants (such as CRM, legal software, industrial management systems) that have mastered core industry data assets are reconstructing workflows through agents. This transformation changes AI from an edge plug-in to an underlying productivity engine, significantly improving R&D and operation efficiency, and undertaking the biggest dividends after computing power infrastructure.

5. Home appliances and consumer electronics performed well today. At the close, Skyworth Group (00751) rose 10.45% to HK$5.18; Midea Group (00300) rose 5.12% to HK$89.3; BYD Electronics (00285) rose 4.88% to HK$35.28; and Sunyu Optics (02382) rose 3.66% to HK$67.95.

The National Development and Reform Commission and the Ministry of Finance jointly issued the “Notice on Implementing Large-scale Equipment Renewal and Consumer Goods Trade-In Policies in 2026” on December 30. SDIC Securities released a research report saying that the home appliance trade-in policy continues as scheduled. The new policy has optimized the scope of support, subsidy standards, and implementation mechanisms. It is expected that domestic household appliance consumption will maintain steady performance, and that white and black electricity companies with R&D, channel, and brand advantages will benefit more from the new policy. Datong Securities released a research report saying that from a comprehensive perspective, the future growth of the mobile phone market will depend more on breakthrough technological innovation and effective market stimulus policies.

Popular exotic stocks

1. Bisao Technology (06082) was listed on the first day. At the close, it was up 75.82% to HK$34.46.

According to the prospectus, Bijiao Technology focuses on developing GPGPU chips and intelligent computing solutions based on GPGPU to provide the basic computing power required for AI. Bijiao Technology has successfully developed and mass-produced BR106 and BR110 chips, and launched BR166 chip products with higher performance. Mass production has now begun in 2025. In addition to the existing mature product portfolio, Bijiao Technology also plans to launch the BR20X and BR30X series of next-generation flagship data center chips developed based on second-generation architectures.

2. Meitu (01357) completed the issuance of convertible bonds to Ali. At the close, it was up 6.14% to HK$7.43.

Meitu announced that it has issued $250 million convertible bonds to Alibaba. If all convertible bonds are converted, Alibaba will hold 6.82% of Meitu's shares and become its third-largest shareholder. Damo expects the cooperation between Meitu and Alibaba to be further deepened, with strong synergy effects, particularly in the field of e-commerce design. It is worth noting that according to the official website of the China Securities Regulatory Commission, Suiyuan Technology, one of the four domestic GPUs, has completed the IPO consulting work, and Meitu is its 14th largest shareholder.

3. Liqin Resources (02245) A-share IPO was accepted. At the close, it was up 8.67% to HK$24.82.

Liqin Resources announced that the company has submitted application materials, including an A-share prospectus (declaration draft), to the Shenzhen Stock Exchange for the proposed issuance of A-shares, and received an acceptance notice from the Shenzhen Stock Exchange on December 31, 2025 for the company's proposed A-share issuance application. According to reports, Liqin Resources has now covered the entire industrial chain, including nickel ore trade, smelting production, and equipment manufacturing and sales. Guosheng Securities believes that Indonesia's determination to control volume and stabilize prices cannot be ignored; it is optimistic that nickel prices will accelerate their bottoming out and recovery.