"Hong Kong Stocks" Hang Seng Index rises 12 points, software and tech stocks under pressure, coal and domestic property stocks rise

The market is concerned about the AI models from Alphabet (GOOGL.US) and Anthropic threatening the survival of the software industry, putting pressure on U.S. software stocks, while Hong Kong stocks showed mixed performance. The Hang Seng Index opened down 37 points, at one point dropping 241 points to a low of 26,593 points, and later rising 169 points to a high of 27,004 points during the afternoon session, ultimately closing up 12 points or 0.05% at 26,847 points; the Hang Seng China Enterprises Index fell 4 points or 0.05% to 9,048 points; the Hang Seng TECH Index dropped 100 points or 1.8% to close at 5,366 points. The total turnover for the day decreased to HKD 285.433 billion.

The software and tech application sectors were hit hard, with Tencent (00700.HK), NetEase (09999.HK), Baidu (09888.HK), and Bilibili (09626.HK) falling 3% to 4%. Meitu (01357.HK) and Xindong (02400.HK) dropped 11.4% and 7.6%, respectively, while travel platforms Tongcheng (00780.HK) and Trip.com (09961.HK) fell 5.7% and 6.1%. Kingdee (00268.HK) and Weimob (02013.HK) declined 12.6% and 8.3%, while Chinasoft (00354.HK), Jinsoft (03888.HK), and Kingsoft Cloud (03896.HK) fell between 5.1% and 6.7%. Under the expectation of AI writing AI, AI stocks were also affected, with CloudWalk (09678.HK) and MINIMAX (00100.HK) dropping over 8%, and Paradigm Intelligence (06682.HK) and Zhizhu (02513.HK) falling 4.6% and 6.6%.

In other tech stocks, Kuaishou (01024.HK), Alibaba (09988.HK), and JD.com (09618.HK) fell 0.4% to 1.1%, while Meituan (03690.HK) dropped 1.6%. Among chip stocks, SMIC (00981.HK) fell 2.4%, while Hua Hong (01347.HK) and Naura (02676.HK) dropped 4.9% and 6.7%, respectively. Mobile component stocks Goertek (01415.HK), Q Technology (01478.HK), and Lens Technology (06613.HK) fell between 3.7% and 4.7%. Fiber optic cable stock Changfei (06869.HK) retreated 2.5%.

Gold and silver prices continued to rebound, with China Gold International (02099.HK) and Zhaojin (01818.HK) rising 2.4% and 1.3%, respectively, while China Silver (00815.HK) fell 1.5%. Resource stocks such as Minmetals Resources (01208.HK) rose 5.1%, and Luoyang Molybdenum (0399.HK) increased by 2.5%. The mainland raised refined oil prices, and reports indicated that the U.S. shot down an Iranian drone, leading oil stocks Sinopec (00386.HK), PetroChina (00857.HK), and CNOOC (00883.HK) to rise between 1.4% and 2.3% Coal stock Yancoal (01171.HK) listed the transfer of Xintai Coal with the highest bid of 3.05 billion RMB, and the stock price rose by 10.6%. A new wave of cold weather is hitting the mainland, with peers Shougang Resources (00639.HK) and Shenhua (01088.HK) rising over 5%, and China Coal (01898.HK) up 8%.

In the automotive sector, BYD (01211.HK) closed flat at 90 HKD, while Xiaomi (01810.HK) and Nio (09866.HK) fell by 1.9% and 2%, respectively. Li Auto (02015.HK) and Leapmotor (09863.HK) rose by 3.4% and 2.9%. In the lithium sector, Ganfeng (01772.HK) fell by 4%, and automotive parts stock Sanhua Intelligent Control (02050.HK) also fell by 4%. In the pharmaceutical sector, CSPC (01093.HK) fell by 2%, while Innovent Biologics (01801.HK) and BeiGene (06160.HK) rose by 2.3% and 2.8%.

In the financial sector, HSBC (00005.HK) rose by 0.1%, Hong Kong Exchanges and Clearing (00388.HK) fell by 0.4%, and AIA (01299.HK) rose by 1.4%. The Shanghai Composite Index rose back above 4,100 points, with brokerage stocks Guotai Junan (02611.HK), CICC (03908.HK), and Huatai (06886.HK) rising over 3%. Mainland property stocks Yuexiu Property (00123.HK), Jinmao (00817.HK), Vanke (02202.HK), and R&F Properties (01109.HK) rose by 5.4% to 6.2%, while New World Development (01030.HK) and Sunac (01918.HK) rose by 10.2% and 8.8%, respectively. China Overseas (00688.HK) and Greentown (03900.HK) rose by 3.9% and 4.5%.

In other stocks, airline stocks Air China (00753.HK), China Southern Airlines (01055.HK), and China Eastern Airlines (00670.HK) rose by 5.6% to 6.7%. Export stocks Techtronic Industries (00669.HK) rose by 5.3%, and Xinyi Glass (00868.HK) rose by 5.9%