The Hang Seng Index fluctuated today (27th) after the Christmas holiday, hovering around the 20,000 point level. Trading in the US stock market was sluggish after the Christmas holiday on Thursday, all three major indices opened lower with mixed movements, the Dow Jones and Nasdaq rose nearly 0.1% and fell 0.05% respectively overnight (26th). At the time of writing, the yield on US 2-year Bonds rose to 4.332%, and the yield on US 10-year Bonds rose to 4.603%. The US Dollar Index fell to 108.12, with Dow futures down 142 points or 0.3% and Nasdaq futures down 0.45%. In mainland China, industrial enterprises above designated size achieved a total profit of 7.3% year-on-year decline in November. The Shanghai Composite Index rose by 2 points or 0.06% to close at 3,400 points, while the Shenzhen Component Index fell by 0.1%. The combined trading volume of the Shanghai and Shenzhen stock markets today was 1.43 trillion yuan.

The Hong Kong stock market lacked direction after the long holiday, with the Hang Seng Index opening down 14 points this morning, dropping 88 points at one point to a low of 20,009 before stabilizing. In the afternoon, it reversed to rise by 86 points, reaching a high of 20,184, but the increase narrowed by the end of trading, closing down 7 points or less than 0.1% at 20,090. The National Index closed up 1 point or 0.02%, while the Hang Seng Technology Index rose by 30 points or 0.69%, with a total market turnover of 139.519 billion yuan. SMIC (00981.HK) surged by 5.1% to close at 30.65 yuan, while ZTE (00763.HK) rose by 13.2%. The Tracker Fund (02800.HK) fell slightly by 0.4%, with a turnover of 6.831 billion yuan.

The Hang Seng Index rose a total of 369 points or 1.9% this week, the National Index added 161 points or 2.3%, and the Hang Seng Technology Index increased by 94 points or 2.1%. Due to the Christmas holiday, the Hong Kong stock market only had two and a half trading days this week, with market expectations for possible economic support policies from the central government. Additionally, network technology concept stocks were highly sought after earlier this week.

[Network technology stocks are slightly weak, Xiaomi rises sharply]

Major technology stocks are slightly weak, with Baidu-SW (09888.HK), Tencent (00700.HK), NTES-S (09999.HK), and MEITUAN-W (03690.HK) falling slightly by 0.3% to 0.8%. Alibaba-W (09988.HK) dropped by 1%, while KUAISHOU-W (01024.HK) closed down by 1.9%.

Xiaomi-W (01810.HK) closed up 4.3%, reporting 34.15 yuan, setting a nearly four-year high, with a turnover of 9.05 billion yuan, ranking first in today's highest trading volume on the Hong Kong market. Its affiliate Kingsoft Cloud (03896.HK) rose by 37.8%, closing at 6.38 yuan, and Kingsoft (03888.HK) also rose by 2.3%.

According to reports, Xiaomi is strengthening the development of its own AI large model and is currently deploying a GPU cluster of 10,000 cards, significantly increasing from about 6,500 GPUs when its large model team was established. Reports quote insiders that the plan was initiated by Xiaomi Chairman Lei Jun several months ago. Furthermore, Xiaomi's President Lu Weibing stated that the global shipment of Smart Phones is expected to grow by 23.5 million units year-on-year, with high-end phone sales rising by 43% compared to the same period last year. He emphasized the company's focus on the high-end market strategy, expressing belief that global high-end phone sales will grow by 43% year on year within the next four years, and Xiaomi has already established a foothold in the 4,000 to 6,000 yuan price range, with future goals to further突破6,000元人民幣的價位.

[Market breadth slightly weakens, LENOVO GROUP rises]

The Hong Kong stock market showed a slight weakening today, with a rise to fall ratio of 23 to 22 for Main Board Stocks (compared to 25 to 13 yesterday). Today, 29 constituents of the Hang Seng Index rose, while 50 fell, leading to a rise to fall ratio of 35 to 60 (compared to 84 to 13 yesterday). The market recorded short selling of 16.446 billion yuan today, accounting for 12.752% of the shortable stocks transaction value of 128.975 billion yuan (compared to 12.277% yesterday).

LENOVO GROUP (00992.HK) surged 9.2% to close at 10.56 yuan, making it the largest gainer among Blue Chip stocks. The company announced yesterday (26th) a partnership with Volcano Engine, leveraging the bean bag model 'Super Brain', with LENOVO's AI desktop assistant Ruyi transforming from a traditional system tool assistant into an intelligent conversational comprehensive assistant, continuously enhancing the intelligent interaction experience between users and PC systems.