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Techtronic Industries (669): Overcoming tariff pressures, the company achieved record-breaking performance in 2025. Revenue reached US$15.26 billion, a year-on-year increase of 4.4%; net profit rose 6.8% to US$1.198 billion. Driven by high-margin products, gross margin expanded by 91 basis points to 41.2%. Looking ahead to 2026, the company expects its two core brands to record mid-to-high single-digit growth, although some of this growth will be offset by business restructuring and the exit of some businesses.
The US-Iran conflict continued to escalate
The US-Iran conflict entered its fourth day and continued to escalate. The US and Israel struck targets inside Iran (including nuclear facilities), prompting Iran to retaliate in the Persian Gulf and warn ships against passing through the Strait of Hormuz. This "chokehold" crisis in the Strait of Hormuz triggered market panic, with European benchmark diesel futures surging 34% in two days and international oil prices rising by over 5% at one point. Fears of a rebound in inflation triggered by the Middle East conflict caused market expectations for a Federal Reserve interest rate cut to collapse. The first rate cut expectation was postponed from July to September, and the probability of a second rate cut this year fell to 50%. Federal Reserve officials stated that under the shadow of war, the authorities could choose to remain on hold for rate cut.
On Tuesday, net inflows into Hong Kong stocks via the Stock Connect program totaled HK$6.081 billion. Tencent Holdings (00700) saw the largest inflow at HK$2.56 billion, followed by the Tracker Fund of Hong Kong (02800). Alibaba-W (09988) recorded the largest net outflow at HK$1.21 billion, followed by COSCO Shipping Energy Transportation (01138).
Hong Kong stock market fell following a sharp decline in Asia-Pacific markets. The HSI opened 298 points lower and then extended its losses, closing down 717 points or 2.8% at 25,051 in the morning; the HSCEI fell 206 points or 2.4% to 8,401; and the HSTECH fell 95 points or 2% to 4,781. Total turnover was HK$207.6bn. Financial stocks led the decline, with HSBC (0005) down 3.7%, AIA (1299) down 5.5%, and HKEX (0388) and BOC Hong Kong (2388) down 2.1% and 2.9% respectively. The three major oil companies, Sinopec (0386), PetroChina (0857) and CNOOC (0883), fell between 3.9% and 4.4%.
Source: KGI Investment Products and Solutions Department
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The overturning of IEEPA tariffs heightened policy uncertainty. Trump raised global tariffs to 10% under Section 122 and warned of additional levies on countries revisiting trade agreements, adding to uncertainty…