Hong Kong stocks closed (01.08) | Hang Seng Index closed down 1.17%, Technet shares and financial stocks fell, and the first three IPOs collectively surged

The Zhitong Finance App learned that Hong Kong stocks declined again today. The decline of the three major indices widened markedly in the afternoon. At one point, the Hengke Index fell more than 2%, while the Hang Seng Index narrowly held the 26,000 mark. At the close, the Hang Seng Index fell 1.17% or 309.64 points to 26149.31 points, with a full-day turnover of HK$268.275 billion; the Hang Seng State-owned Enterprises Index fell 1.09% to 9039.34 points; and the Hang Seng Technology Index fell 1.05% to 5678.34 points.

Everbright Securities previously pointed out that Hong Kong stocks may continue to fluctuate upward in the future due to strong domestic policies compounded by the weakening of the US dollar. The overall profitability of Hong Kong stocks is relatively strong, while assets such as the Internet, new consumption, and innovative drugs are relatively scarce. Furthermore, although Hong Kong stocks have been rising continuously for many months, the overall valuation is still low, and the long-term allocation is still highly cost-effective.

Blue-chip stock performance

Sun Hung Kai Properties (00016) led the blue chip increase. At the close, it rose 3.21% to HK$102.8, with a turnover of HK$792 million, contributing 7.39 points to the Hang Seng Index. Entering 2026, the popularity of the Hong Kong property market continues. Midland Property analyst Shum Chung-him said that due to the popularity of new properties in Xisha and the promotion of various projects, it is expected that the number of first-hand new housing transactions in Hong Kong will exceed 2,000 this month. Damo expects residential property prices in Hong Kong to rise 10% this year due to increased demand from mainland buyers, inventory consumption, limited supply, and falling interest rates.

In terms of other blue-chip stocks, China Shenhua (01088) rose 2.56% to HK$40.92, contributing 5.21 points; Hanson Pharmaceuticals (03692) rose 1.75% to HK$40.74, contributing 1.71 points to the Hang Seng Index; Sands China (01928) fell 4.49% to HK$18.74, dragging down the Hang Seng Index by 3.44 points; Master Kong Holdings (00322) fell 4.18% to HK$11.45, dragging down the Hang Seng Index by 1.55 points.

Popular sector aspects

On the market, most large technology stocks were under pressure. Ali fell more than 2%, and Tencent fell more than 1%. Commercial aerospace popularity revived, with Asia-Pacific satellites surging more than 20%; military stocks surged more than 20% in the afternoon; US stocks of brain regeneration technology surged more than 60% overnight, and brain-computer interface concepts were active; semiconductor stocks reversed the market, and the number of IPOs rose more than 8%; and coal, pharmaceuticals, and domestic housing stocks generally improved. On the other side, Chinese brokerage stocks and insurance stocks have been collectively adjusted; consumer electronics, non-ferrous metals, gaming stocks, etc. are turning green.

1. Chip stocks reversed the market and rose higher. At the close, Tiansu Zhixin (09903) rose 8.44% to HK$156.8; Shanghai Fudan (01385) rose 5.27% to HK$52.95; and Huahong Semiconductor (01347) rose 2.63% to HK$91.65.

Open Source Securities believes that the investment logic for semiconductor materials/equipment has formed a “two-wheel drive.” Short-term catalysis: Supply chain security concerns accelerate the will and urgency of downstream manufacturing plants to introduce domestic solutions, especially the “stuck neck” link. Long-term fundamentals: Recently, Changxin's IPO revealed plans to raise about 30 billion yuan, increase the capital of SMIC's Southern plant by more than 7 billion US dollars, large funds increase its holdings in SMIC, and the integration of mature logic interests of major Fab companies, which indicates that the capital-level layout has fully accelerated. The bank believes that intensive industrial-side catalysis will pour in, and there is a high degree of certainty that domestic advanced manufacturing processes and advanced storage will expand production, opening up room for growth in upstream shovel stocks.

2. Commercial space is gaining popularity again. At the close, Asia Pacific Satellite (01045) rose 20.85% to HK$4.29; Junda shares (02865) rose 13.29% to HK$26.94; and Goldwind Technology (02208) rose 2.68% to HK$16.12.

Commercial aerospace once again welcomed intensive catalysis. On the morning of January 7, the commencement ceremony of the Jianyuan Technology medium and large liquid launch vehicle assembly and recycling base project was held in Qiantang District of Hangzhou. Jianyuan Technology, Bose Quantum, Jianguang II, and 2D Supermaterials jointly signed a strategic cooperation agreement. Furthermore, Galaxy Power Space will take the opportunity to launch the “Ceres 1 Sea-launch (Remote 7)” commercial launch vehicle mission in the near future. The mission code name is “Watch the Tide.”

Dongwu Securities released a research report saying that looking forward to 2026, the commercial space industry will usher in multiple catalysis, especially the intensive first flight of multiple recyclable/high-capacity commercial rockets. The bank determined that rocket capacity is expected to increase significantly, thus breaking through previous blockages in the development of satellite communications. China's low-orbit satellite internet has entered the batch launch construction stage since the second half of 2025. 2026 is expected to usher in larger batch launches, and industrial development will further accelerate.

3. The brain-computer interface concept is active. At the close, Brainstorming Technology (02203) rose 9.33% to HK$0.246; Minimally Invasive Brain Science (02172) rose 4.67% to HK$13; and Brainstorm-B (06681) rose 3.88% to HK$7.49.

Overnight, the US stock of Brain Regeneration Technology surged more than 60%. Eight departments including the Ministry of Industry and Information Technology jointly issued the “Implementation Opinions on the “Artificial Intelligence+Manufacturing” Special Action, which states that the industrialization and commercialization process of new terminals such as brain-computer interfaces should be accelerated. Earlier, Musk said on social media that its brain-computer interface company Neuralink will begin “large-scale production” of brain-computer interface devices in 2026. Open Source Securities believes that considering that brain-computer interfaces are currently in the early stages of commercialization, the current market is mainly based on thematic investment styles. It is recommended to focus on US stock mapping opportunities and the progress of invasive brain-computer clinical trials.

4. Consumer electronics concepts are under pressure. At the close, Lansi Technology (06613) fell 2.29% to HK$26.42; Qiu Titanium Technology (01478) fell 2.27% to HK$9.03; and Goldway Electronics (01415) fell 0.91% to HK$28.18.

Recently, the topic “A box of memory sticks is comparable to a suite in Shanghai” became popular. According to reports, the global DRAM (memory) market is experiencing the “strongest in history” cycle of price increases. Since July 2025, DRAM (memory) prices have continued to rise rapidly, with most categories increasing by more than 100%. According to the data, the price of DDR4 (memory) and DDR5 (memory) has increased 2-3 times during the year. CITIC Construction Investment pointed out that overall, major manufacturers have raised prices or lowered product configurations one after another, indicating that the cost pressure brought about by the sharp rise in memory prices has actually been transmitted to terminals, that phased pressure on consumer electronics sales is unavoidable, and that industry resources and pricing capabilities may be further concentrated on leading brands with advantages in scale and supply chain.

Popular exotic stocks

1. The three IPOs were listed together. By the close, Jingfeng Medical-B (02675) rose 30.9% to HK$56.6; Smart Spectrum (02513) ) rose 13.17% to HK$131.5; Tianshu Zhixin (09903) rose 8.44% to HK$156.8.

On January 8, Smart Spectrum was officially listed on the Hong Kong Stock Exchange, becoming the “first big model stock”. Tang Jie, founder and chief scientist of Smart Spectrum, issued an internal letter announcing that GLM-5 will be launched soon. He also revealed that Zhi Spectrum has set up a new cutting-edge exploration department, X-Lab, to focus on new model architectures, cognitive paradigm development, and new project incubation, covering the software and hardware fields; at the same time, it will expand foreign investment and expand a new circuit to promote the co-prosperity of the industry ecosystem.

2. COSCO Marine (01138) was strong throughout the day and closed up 7.09% to HK$10.27.

According to reports, the US has linked two oil tankers, one of which is flying the Russian flag. Morgan Stanley recently believes that COSCO Haineng's stock price will definitely rise in the next 30 days. Because the stock has recently experienced a correction, its short-term valuation is more attractive. Damo has seen that demand for legal oil tankers is rising under geopolitical dynamics.

3. Xindong (02400) performed well, rising 6.46% to HK$74.2 at the close.

On January 8, the international edition (Heartopia) of the healing lifestyle simulation social mobile game “Heartopia” (Heartopia) under Heart Motion officially landed on the global market. The game officially began its global journey after China Service achieved impressive results of over 50 million downloads and a TapTap rating of 8.8.

4. The stock price of HSBC Holdings (00005) came under pressure and closed down 2.28% to HK$124.3.

Hang Seng Bank held a court meeting and shareholders' meeting today to vote on HSBC Holdings' privatization proposal. The voting results will be announced on the same day. On October 9, 2025, HSBC Holdings and Hang Seng Bank announced that HSBC Asia Pacific, as the offender, had requested the Hang Seng Bank board of directors to submit privatization proposals to planned shareholders, with a transaction valuation of approximately HK$290.3 billion. The consideration for this privatization was set at HK$155 per share, a 30.3% premium over Hang Seng Bank's closing price of HK$119 per share on the previous trading day.