Despite some adjustments on February 11, this does not prevent the Hong Kong stock market from becoming one of the most dazzling markets in the recent global stock markets. Since February, the performance of Hong Kong stocks has been "far ahead" in the global market. After a continuous upward trend, some important Indexes of the Hong Kong stock market are nearing last year's high.

Opinions on the recent rise in the Hong Kong stock market vary. One typical view is that DeepSeek has driven the revaluation of Chinese technology stocks, thus triggering this wave of increase in the Hong Kong stock market.

In addition, the Hong Kong stock market had been adjusting since it reached its peak for 2024 in October last year, continuing until January 2025, with a cumulative adjustment period exceeding three months; this adjustment has been relatively sufficient, providing momentum for the recent overall rise in the market.

In today's morning session, Hong Kong Stocks continue to rise, and by the time of this report, $Hang Seng Index (800000.HK)$ Up more than 2%, $Hang Seng TECH Index (800700.HK)$ up 2.6%, $BABA-W (09988.HK)$ Surged over 8% during the trading session. $BYD COMPANY (01211.HK)$ 、 $XIAOMI-W (01810.HK)$ All reached new highs.

The recent performance of the Hong Kong stock market is "far ahead of" important indices, which are approaching last year's highs.

The overall trend of the Hong Kong stock market has been strong recently, as seen from the rankings of the main indices of the Hong Kong stock market in the Asia-Pacific stock market.

Despite the pause in the rally of the Hong Kong stock market yesterday, the Hang Seng TECH Index still recorded a 15% increase, leading the global market.

Data shows that the performance of the major stock indices in the Hong Kong stock market since February has been "far ahead of" the Asia-Pacific market and even the global market.

In the Asian stock market, since February 2025, the Hong Kong stock market.$Hang Seng Index (800000.HK)$An increase of 5.29%, during the same period in the mainland securities market.$SSE Composite Index (000001.SH)$increased by 2.08%,$Korea Composite Index (.KOSPI.KR)$increased by 0.86%, Japan$Nikkei 225 (.N225.JP)$the Index fell by 1.95%. Additionally, from early February to local time February 10, the US stocks $Dow Jones Industrial Average (.DJI.US)$ Cumulatively down 0.17%, the stock markets of England, France, and Germany in Europe rose by 1.08%, 0.71%, and 0.83% respectively, which also significantly underperformed compared to the Hong Kong stock market's Hang Seng Index during the same period.

$Hang Seng TECH Index (800700.HK)$The performance of some other Hong Kong stock market indices has been even more impressive, with the Hang Seng TECH Index up 8.86% since February.$Hang Seng H-Share Index ETF (02828.HK)$The Index has cumulatively risen by 6.24%.

After a strong overall upward movement, some important indices of Hong Kong stocks have approached their high points of 2024. For instance, on February 11, the Hang Seng TECH Index briefly surpassed 5300 points, just over a hundred points away from the all-time high of 5451.53 points set in October 2024.

From the perspective of individual stocks, several leading Hong Kong stocks have experienced sharp increases during this period. Data shows that among the 50 stocks with the highest market cap in the Hong Kong stock market, 15 stocks have seen their maximum increase since reaching a low point in 2025 exceed 20%, among them,$SMIC (00981.HK)$、$BYD COMPANY (01211.HK)$、$BABA-W (09988.HK)$The maximum increase of the selected stocks since their low point in 2025 has exceeded 40%.

Is this factor a catalyst for the strengthening of the Hong Kong stock market?

There are differing opinions on the reasons for the recent rise in the Hong Kong stock market. One typical viewpoint is that DeepSeek has driven the revaluation of Chinese Technology stocks, leading to this wave of increases in the Hong Kong stock market.

For example, a recent research report from Galaxy Securities believes that in the short term, the DeepSeek boom and the better-than-expected consumption data during the Spring Festival have made investor sentiment more optimistic, leading to an increase in the valuation of the Hong Kong stock market.

In the medium to long term, the research report by Galaxy Securities believes that the Hong Kong stock market remains dependent on the fundamental situation. With the development of new productive forces and the implementation of domestic consumer stimulus policies, the profitability of Hong Kong stock companies is expected to remain stable with growth. Overall, looking ahead, the Hong Kong stock market is expected to experience fluctuations upward.

In terms of allocation, for the Technology Sector, Galaxy Securities believes that there are still high investment opportunities in the technology sector. Since Trump's election, the importance of China's domestic independent and controllable logic in technology has increased.

HSBC's recent viewpoint believes that, besides being a notable technological event, DeepSeek may also be an important macro event. Over the past few years, investors have mainly focused on the macroeconomic challenges facing China, while DeepSeek highlights that despite the existing computational barriers from the USA, the competitiveness of China's private sector technology innovation on the global stage is increasingly strengthening. If DeepSeek's success can catalyze the Chinese government to further promote technological innovation in the private sector, it could lead to more potential creative breakthroughs in the technology field, improving investors' confidence in the Chinese stock market.

Reporters found that in the Hong Kong stock market, some companies have recently been able to attract speculative investments simply by being associated with the DeepSeek topics.

For example, on February 11, the Hong Kong stock market$HUITONGDA NET (09878.HK)$surged by nearly 25% during the trading session. The stock price suddenly exploded, stemming from the company announcing the day before that the "Qiancheng Cloud Saas+" platform under HUITONGDA NET has fully integrated with DeepSeek. HUITONGDA NET stated that this not only marks an important breakthrough for HUITONGDA as a leading market to B service platform in promoting industrial digitization and retail digitization, but also will more effectively drive the digital intelligence level and efficiency improvement of the entire "production, supply, and sales" chain in the sinking market, further enhancing the platform's stickiness with member stores, supply chain partners, and brand factories, aiding enterprises in achieving high-quality development.

Moreover, the Hong Kong stock market has undergone adjustments since it reached the 2024 peak in October last year, continuing until January 2025, with the total adjustment time having exceeded three months, indicating sufficient adjustment and fueling the recent overall upward movement of the market.

Leading companies in the Hong Kong stock market are taking the lead in buybacks.

It is worth noting that recently, leading companies in the Hong Kong stock market have taken the initiative to buy back shares, with many companies even increasing their buyback volumes, contributing to the overall upward movement of the Hong Kong stock market.

Wind data shows that since 2025, including$TENCENT (00700.HK)$、$AIA (01299.HK)$、$HSBC Holdings (HSBC.US)$、$COSCO SHIP HOLD (01919.HK)$Multiple companies, including those mentioned, have repurchased amounts exceeding 1 billion Hong Kong dollars.

Taking AIA as an example, starting from February 3, 2025, AIA's daily repurchase amount has significantly increased and has remained above 0.3 billion Hong Kong dollars for several consecutive trading days.

How to bet on China Assets? Make good use of the investment theme feature, open Futubull > Market > ETF > Thematic ETF >Chinese Concept ETF, seize investment opportunities.

Editor/rice