Hong Kong stocks closed (01.21) | Hang Seng Index rose 0.37%, risk aversion sentiment heightened and gold stocks were active, GigaDevice (03986) rose again

According to Zhitong Finance APP, the weakening expectation of Fed rate cuts combined with heightened market risk aversion led to a strong wait-and-see sentiment in today's Hong Kong stock market; among the three major Hong Kong indexes, the Hang Seng Tech Index performed the best. At the close, the Hang Seng Index rose by 0.37% or 97.55 points to 26,585.06 points, with a total daily turnover of 250.451 billion Hong Kong dollars; the Hang Seng China Enterprises Index increased by 0.31% to 9,122.95 points; the Hang Seng Technology Index rose by 1.11% to 5,746.3 points.

Dongwu Securities pointed out that although overseas markets generally lowered their expectations for Fed rate cuts, domestic investors remained relatively optimistic. There are not many windows left this year for the Fed to cut interest rates, aside from possible improvements in corporate investment and real estate investment, while the pulse effect of fiscal easing on the economy is still underway. The overall equity allocation maintains a barbell strategy, with value dividends as the base, dynamically focusing on the market’s offensive directions: AI technology and non-ferrous metals, while also recommending attention to pro-cyclical sectors, especially consumption.

Performance of Blue-Chip Stocks

SMIC (00981) $SMIC (00981.HK)$Leads blue-chip gains.At the close, it rose 3.69%, trading at HK$77.25, with a turnover of 7.45 billion Hong Kong dollars, contributing 19.94 points to the Hang Seng Index. Overnight, U.S.-listed memory chip stocks surged against the trend, with Micron Technology and Seagate Technology both hitting new all-time highs during the session. Affected by this, chip stocks strengthened today. Citigroup raised its target price for Seagate Technology from $280 to $490, expressing optimism about the improvement in the supply-demand balance and the upward pricing cycle in the memory industry. Huafu Securities noted that U.S. listed memory-related stocks continue to hit new highs, and the rise in memory prices is starting to deliver tangible results.

Among other blue-chip stocks, Kuaishou-W (01024) $KUAISHOU-W (01024.HK)$ rose 3.62%, trading at HKD 78.8, contributing 13.41 points to the Hang Seng Index; Baidu Group-SW (09888) $BIDU-SW (09888.HK)$ increased by 3.29%, trading at HKD 153.7, contributing 9.77 points to the Hang Seng Index; Shenzhou International (02313) fell 3.15%, trading at HKD 61.5, dragging down the Hang Seng Index by 2.67 points; China Resources Land (01109) dropped 2.97%, trading at HKD 28.76, pulling the Hang Seng Index down by 4.56 points.

In terms of popular sectors,

On the market, US storage chip stocks surged against the trend overnight. Boosted by this news, GigaDevice regained strength, with SMIC leading the rise among blue chips. Risk aversion sentiment continued to heat up, with spot gold breaking through USD 4,800 for the first time, and gold stocks rising again. Robot concept stocks remained active throughout the day, with MicroPort Surgical Robotics-W surging on heavy volume. Analysts believe that the sector has now formed a closed-loop ecosystem. Due to expectations of changes in export policies and improved supply-demand dynamics, lithium carbonate futures prices have surged significantly recently, with lithium mining stocks collectively rising. Meanwhile, heavy machinery stocks and optical communication sectors rebounded, while sports products and domestic retail declined.

1. Gold stocks led gains.By the close, Datang Gold (08299) rose 10.29%, trading at HKD 0.75; Chifeng Gold (06693) climbed 9.07%, trading at HKD 37.02; Lingbao Gold (03330) gained 8.34%, trading at HKD 24.68; China Gold International (02099) rose 5.13%, trading at HKD 205; Zhaojin Mining (01818) increased 4.77%, trading at HKD 40; Shanghai Prime Gold (01939) grew 4.4%, trading at HKD 0.95.

On January 21st during early trading, spot gold surged in a straight line, breaking through USD 4,800 for the first time, setting another record high. BNP Paribas' commodity strategy analyst stated that new geopolitical uncertainties are driving gold prices to reach USD 5,000 per ounce faster than expected. Currently, two new key uncertainties are pushing gold prices to new highs: President Trump's imposition of new tariffs on eight European countries over the Greenland issue, and concerns over the Federal Reserve's independence and interest rate path.

Oriental Gold Credit's research analysts pointed out that recent US hegemonic measures towards Venezuela and Greenland indicate an expansion of geopolitical risks and heightened uncertainty in the global trade environment, significantly boosting market risk aversion, which will strongly support gold prices. However, Fed officials are scheduled to speak intensively this week, and statements regarding rate cuts are still expected to be cautious, posing some disturbance to gold prices. Guotai Haitong Securities believes that rising global geopolitical uncertainties and central banks' continuous gold purchases will support the resilience of gold price levels.

2. Robot concept stocks remained active throughout the day.By the close, MicroPort Surgical Robotics (02252) rose 17.3%, trading at HKD 30.92; Woan Robotics (06600) increased 10.87%, trading at HKD 126.5; Geekplus-W (02590) climbed 7.74%, trading at HKD 31.46; SenseTime-W (00020) rose 4.2%, trading at HKD 2.48; Ubtech Robotics (09880) gained 4.02%, trading at HKD 145.

At a press conference held by the State Council Information Office on January 21, Zhang Yunming, Vice Minister of Industry and Information Technology, stated that the MIIT will continue to promote technological innovation and iterative upgrades for humanoid robots. At the same time, the MIIT will accelerate the development of the humanoid robot ecosystem, strengthen support from the National Artificial Intelligence Industry Investment Fund for humanoid robots, build an open-source community for humanoid robots, and issue guidelines for constructing a comprehensive standardization system for humanoid robots and embodied intelligence, promoting global sharing of innovative achievements. Zhejiang Securities believes that the humanoid robot sector has formed an ecological closed loop, and future mass production needs to be monitored. In terms of investment opportunities, it is recommended to focus on component suppliers with strong certainty, low-valuation transformation targets, electronic skin, complete machines, and application scenario targets.

Meanwhile, the National Healthcare Security Administration recently issued the 'Guidelines for Establishing Medical Service Price Projects for Surgical and Treatment-Assisted Operations (Trial)', focusing on cutting-edge medical technologies such as 3D printing, surgical robots, and remote surgery. The guidelines unify and standardize 37 price items, five surcharge items, and one extension item, aiming to use price mechanisms to lead the upgrading of medical technology and promote the transition from 'traditional treatment' to 'precision medicine.' A corporate representative from Finepoint Medical stated that these 'guidelines' are highly beneficial for the development of the surgical robot industry. They believe that the guidelines will accelerate the commercial closed loop of the industry, enhance hospitals' confidence in procurement and usage through clear pricing, thereby shortening the promotion cycle of new technologies and driving down costs for domestic supply chains at scale.

3. Lithium mining stocks collectively rose.At the close of trading, Ganfeng Lithium (01772) rose 5.54% to HKD 65.7; Tianqi Lithium (09696) rose 4.78% to HKD 57.

Following yesterday's limit-up, lithium carbonate futures once surged over 6% during the morning session. Notably, recent factors such as changing export policy expectations and improved supply-demand dynamics have jointly driven a sharp increase in lithium carbonate futures prices. The reduction and anticipated elimination of battery export tax rebates triggered a wave of rush exports and installations, creating a pulse-like amplification of short-term demand for lithium carbonate. Several institutional insiders indicated that the direct catalyst for this round of increases comes from the expectation of 'rush exports' caused by adjustments to the export tax rebate policy, coupled with low inventory levels across the supply chain, providing significant near-term price support. However, amid the rapid expansion of gains, subsequent volatility risks should not be overlooked.

Notable movers

1. China National Heavy Duty Truck Group (03808) surged on heavy volume,Closing up 7.47% at HKD 32.24.

UBS Group noted that as China and the EU are nearing an agreement on minimum pricing for electric vehicles, and Canada has also reduced tariffs on Chinese EVs to 6.1%, the export market has become a key driver of industry growth. China National Heavy Duty Truck Group is eyeing expansion into the Brazilian and European markets. Oriental Securities previously stated that benefiting from policy support, expanded application scenarios, and improvements in range and cost-effectiveness of new energy heavy trucks, China National Heavy Duty Truck Group’s sales of new energy heavy trucks have continued to reach new highs. It is expected that the group’s annual heavy truck exports could exceed 150,000 units, further solidifying its leading position in heavy truck exports.

2. GigaDevice (03986) rose again,Closing up 6.14% at HKD 324.8.

The storage sector in the US stock market collectively performed strongly overnight, with SanDisk surging over 9% to hit another all-time high. Citigroup raised its target price for SanDisk from $280 to $490 and for Seagate Technology from $320 to $385, citing an improved supply-demand balance and an upward pricing cycle in the storage industry. Micron Technology recently noted that slow expansion of wafer fabs and complex customer certification processes make it unlikely for the current shortage of memory products to ease before 2028.

Wuan Robotics (06600) hit a new high since its listing,Closing up 10.87% at HK$126.5.

Recently, the world's first robot tennis training venue—the 'Cloud Pavilion' at Shenzhen Bao'an Super Tennis Center—officially began trial operations. Acemate, the world's first AI tennis robot developed by Wuan Robotics, has been prominently installed, offering sports enthusiasts a robotic companion for practice anytime. CCTV News Channel's 'News Live' featured Acemate as a representative case of how technology is changing lives. With Acemate as a training partner, practice sessions become more targeted. Public information shows that Wuan Robotics is a global provider of home robotics systems, with key markets including Japan, Europe, and North America, and is committed to building an ecosystem centered on smart home robotics products.

Sunny Idea Group (01686) delivered an impressive performance,Closing up 12.84% at HK$6.24.

According to a recent post on Sunny Idea Group’s official WeChat account, the company will attend PTC'26 in Honolulu. At this year's PTC'26 conference, the company will highlight its next-generation AI-ready data center solutions, share customer success stories, and explore ways to help hyperscale cloud service providers and enterprise customers accelerate AI deployment and regional expansion. Through its AI data platform, seamless integration into the global interconnected ecosystem will be achieved. The conference is scheduled to take place in Honolulu, USA, from January 18 to January 21, 2026.

Foryond International (02516) retreated from its high position,Closing down 22.79% at HK$1.05.

On January 20, Foryond International announced that it had entered into an agreement with the seller, under which the company conditionally agreed to acquire all shares of COPE Holding from the trust, subscribe to 690 newly issued ordinary shares of COPE, and acquire all shares of Hyperlining Holding from Ms. An. The total consideration for the transferred shares and new shares amounts to $15.777 million. These transactions aim to proactively respond to changes in US trade and tariff policies, particularly adjustments to the small package tariff exemption system, which have significantly impacted the cross-border e-commerce logistics industry. The company’s business focuses on the US market and small package logistics, facing challenges in the current environment.

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