Hong Kong stocks welcome the first trading day of the Year of the Horse, with the robotics sector surging against the trend

CryptocurrencySniper · 2026-02-20T07:15:28+00:00

On February 20th, Hong Kong stocks opened lower, with the three major indices collectively declining. Robot concept stocks, however, rose against the trend due to their appearance on the Spring Festival Gala, becoming the market's main theme. Funds are gradually shifting towards AI applications and electrical equipment sectors, which are performing actively. Huatai Securities recommends paying attention to the development trends of the semiconductor, specialty consumption, and electrical equipment sectors.

CryptocurrencySniper

2026-02-20 07:15:28

Abstract generation in progress

On February 20th, Hong Kong stocks迎来 the first trading day of the Year of the Horse, with the three major indices all opening lower. The appearance of robots at the Spring Festival Gala for the Year of the Horse attracted widespread market attention, and robotics concept stocks逆势走强, becoming the most prominent theme today.

Data shows that by midday, the Hang Seng Index fell 0.6%, the Hang Seng Tech Index dropped 2.28%, and the Hang Seng China Enterprises Index declined 0.59%.

After the opening, sector differentiation was明显, with funds gradually rotating from large-cap tech stocks to AI application targets. Tech heavyweight stocks普遍承压, with Baidu Group-SW, Kingdee International, Bilibili-W, JD Health, etc., falling over 5%, and Alibaba-W dropping over 3%.

AI application concepts表现活跃. Data indicates that by midday, Zhizhuo, Haizhi Technology Group涨超19%, MiniMax-WP涨超10%. Among them, international investment banks对MiniMax的态度积极, Morgan Stanley and UBS both给予买入评级.

Driven by the collective appearance of robots at the Spring Festival Gala for the Year of the Horse, robotics concept stocks强势领涨. Yuejiang涨超19%, Suteng Juchuang涨超9%, UBTech and Sanhua Intelligent Controls涨超6%, the sector整体人气高涨.

The power equipment sector同样表现亮眼. China High-Speed Transmission涨逾17%, Shanghai Electric涨超6%, Harbin Electric涨超4%, Northeast Electric涨超3%.

The semiconductor sector盘中拉升, Lankai Technology and TianShu Zhixin盘中双双冲上历史高位后回落, by midday, Lankai Technology涨近2%, TianShu Zhixin则转跌逾6%.

Regarding the future market, Huatai Securities建议关注港股三大重点方向. First, semiconductor hardware represented by storage. Overseas leading companies’ financial reports and South Korea’s export data for the first ten days of February都印证 the super cycle延续, with storage leaders’ Hong Kong stocks定价与海外龙头相关性较高. Second,景气改善的特色消费. Catering benefits from platform subsidies, and春节消费构成潜在催化;创新药景气预期持续上修,产业趋势延续,两者均具备较强的个股α机会. Third, electrical equipment sector. The mid-term逻辑 of rising demand for upgrades and renovations of domestic and foreign power systems未变, electrical equipment景气预期持续上修, and the inclusion of CATL into the Hang Seng Index带来的被动资金流入亦构成短期催化. From a mid-term perspective, as全球再通胀交易持续演绎, and domestic PPI同比回升渐入佳境, Huatai Securities建议继续超配资源品、保险及香港本地股.

(Article source: China Securities Journal)

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