"Hong Kong Stocks" Hang Seng Index opened 37 points lower, commodity stocks continue to rebound, Tencent remains under pressure

The market is concerned about the threat of Alphabet (GOOGL.US) AI models to the survival space of the software industry, putting pressure on US software stocks, with the Nasdaq falling 1.4% overnight (3rd). The Hong Kong stock market opened lower in the morning. The Hang Seng Index opened down 37 points or 0.1%, at 26,797 points; the National Index opened down 13 points or 0.15%, at 9,039 points; the Hang Seng Tech Index opened down 47 points or 0.9%, at 5,419 points.

Gold and silver prices continue to rebound, with China Gold International (02099.HK), SD GOLD (01787.HK), Zhaojin (01818.HK), Zijin Mining International (02259.HK), and China Silver (00815.HK) opening up 2.9% to 3.9%, and Zijin (02899.HK) opening up 2.1%. Resource stocks Jiangxi Copper (00358.HK) and Minmetals Resources (01208.HK) opened up 3.8% and 4.1%.

In the tech sector, Tencent (00700.HK) opened down 1.5% at HKD 572, Alibaba (09988.HK) opened down 1% at HKD 159.4, Kuaishou (01024.HK) and Meituan (03690.HK) opened down 1.8%, Baidu (09888.HK) opened down 1.1%, and JD (09618.HK) and NetEase (09999.HK) opened down 0.2% and 0.5%. In the chip sector, SMIC (00981.HK) and Hua Hong (01347.HK) opened down 0.9% and 1.3%.

In the automotive sector, BYD (01211.HK) and Leapmotor (09863.HK) opened down 1.2% and 1.5%, Xiaomi (01810.HK) opened down 0.2%, and Li Auto (02015.HK) opened up 0.9%. In the autonomous driving sector, Pony.ai (02026.HK) is expected to narrow its net loss last year to USD 69 million to 86 million, with its stock opening down 1.6% at HKD 107.5.

CK Hutchison (00001.HK) strongly opposes the Panama ruling and corresponding actions, indicating a proactive and decisive approach to arbitration, with the stock opening flat at HKD 64. Sun Hung Kai Properties (00016.HK) stated that it is reviewing recent media mentions regarding Feng Xiuyan and will take appropriate follow-up actions, with the stock opening down 0.4% at HKD 122.6. Chow Sang Sang (00116.HK) responded to the detection of iron in mainland gold pendants, stating that product quality fully complies with national standards, with the stock opening up 1% at HKD 14.09. Wumart (06808.HK) is currently unable to contact CEO Li Weiping, with the stock opening flat at HKD 1.55.

Mainland China raised refined oil prices starting at midnight, and the US reportedly shot down an Iranian drone, with oil stocks PetroChina (00857.HK) and CNOOC (00883.HK) opening up 1.3% and 2%. In the financial sector, HSBC (00005.HK) opened down 0.3%, Hong Kong Exchanges and Clearing (00388.HK) opened flat at HKD 422, and AIA (01299.HK) opened up 1.3%