Daily focus：Mao Geping (1318)
The company's controlling shareholder and management plan to reduce their holdings by no more than 3.51% within six months, amounting to approximately 16% of the free float shares. This news came as a surprise and may exacerbate stock price volatility and selling pressure in the short term. Although the major shareholder's holdings remain stable, and the reduction may be a personal financial arrangement, the stock price is currently weak and easily affected by negative market sentiment. Despite the company's strong profit growth prospects as a leading domestic high-end cosmetics company, short-term fundamental advantages are unlikely to offset valuation pressures and technical selling. Investors should be wary of downside risks.
CES 2026
The strongest macro signal from CES 2026 lies in the fact that AI is rapidly moving from "cloud models" to "physical terminals." The competition between Nvidia and AMD is no longer limited to data centers but extends to humanoid robots and autonomous driving edge computing, marking the beginning of the second phase of technology capital expenditure (Capex)—hardware empowering the real economy. Macro funds are reassessing the length of the semiconductor cycle, believing that increased silicon content will spread from servers to consumer electronics and industrial equipment, providing new earnings support logic for highly valued tech stocks. Meanwhile, Toyota's tariff warning highlights the tug-of-war between policy risks and technology deflation. While pursuing AI growth, investors need to be wary of the structural increase in hardware supply chain costs due to trade protectionism.
Hong Kong stocks saw a net inflow of HK$2.9 billion on Tuesday, with Ping An Insurance (2318) experiencing the largest net inflow at HK$1.84 billion, followed by Alibaba (9988); China Mobile (941) saw the largest net outflow at HK$870 million, followed by Tencent Holdings (700).
Hong Kong stocks rose across the board throughout the day. The Hang Seng Index opened higher and extended its gains, closing up 363 points or 1.38% at 26,710; the H-share Index rose 95 points or 1.05% to 9,244; and the Hang Seng Tech Index rose 83 points or 1.46% to 5,825. Total turnover for the day was approximately HK$291.7 billion. SenseTime-W (0020) led the gains, rising nearly 6%, driven by demand for artificial intelligence and market optimism. China Hongqiao (1378) rose 6.1%, benefiting from a rebound in non-ferrous metal prices. JD Health (6618) rose 5.4%, due to a general recovery in the healthcare sector.
Source: KGI Investment Products and Solutions Department
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Minutes from the December FOMC meeting showed notable division among officials on the policy path, raising the likelihood of a pause at an upcoming meeting. Most officials believe shifting policy toward neutral would help avoid further labor-market deterioration…