Abstract: According to the difference between the periodic characteristics and the noise characteristics of the coordinate time series of CORS stations in different regions, the power spectrum analysis method and the maximum likelihood method are used to analyze the coordinate time series of the Hong Kong satellite reference station network (SatRef). The research results show that there are obvious annual period items and half-year period items on the three coordinate components of the reference station. There are diversified features of the noise characteristics on the coordinate components of each reference station. White noise plus flicker noise is the main noise model. The practice of considering only white noise and neglecting colored noise can greatly underestimate the uncertainty of parameter estimation. According to the optimal noise model, the velocity field of the SatRef station has a trend of moving toward the southeast in the horizontal direction, which is basically consistent with the motion of the South China block.