<p>1215: After Trump's &#34;victory&#34; speech at the White House this morning, oil prices rose instead of falling. The Hang Seng Index opened 39 points lower and continued to weaken, with the decline at one point expanding to 291 points, hitting a low of 25,003 points, barely holding above the 25,000 mark, and closing near the half-day low at 25,016 points, down 277 points or 1.1%, with a half-day turnover of HKD 116.1 billion. The Tech Index reported 4,651 points at midday, down 104 points or 2.2%. In U.S. stock futures, the three major indices were down about 1% to 1.5%.</p>
<h2>Tech Stocks Lead Declines, Alibaba Drops Over 3%</h2>
<p>Among the heavyweight blue-chip stocks, tech stocks led the declines, with Alibaba (9988) and Xiaomi (1810) down 3.5% and 4.1% respectively, along with Tencent (700) down 1.7%, which were the three main stocks dragging down the Hang Seng Index. HSBC (005) and Meituan (3690) also fell 1.5% and over 3% respectively.</p>
<h2>Geely Rises Over 6% with Positive Outlook from Major Firms</h2>
<p>In terms of stock price fluctuations, SMIC (981) fell over 4.7%, making it the worst-performing blue-chip, while Longfor (960) and Techtronic Industries (669) also dropped 3.7% and 2.9% respectively. In contrast, Geely (175) rose 6.5%, making it the best-performing blue-chip, with Sunny Optical (2382) and Hansoh Pharmaceutical (3692) rising 5.6% and 4% respectively.</p>
<p>On the news front, Geely reported that its cumulative sales for the first quarter of this year reached 709,358 vehicles, setting a historical high for the same period; March's monthly sales were 233,000 vehicles, a month-on-month increase of 13%. Citigroup's report indicated that Geely's sales exceeded their forecast, and considering the better sales mix and profit margin trends, they raised the gross margin forecast for 2026 to 2028 by 0.2 percentage points, and the net profit forecasts for each year were raised by 3%, with the target price adjusted to HKD 27, maintaining a &#34;buy&#34; rating.</p>
<h2>Recent IPOs See Speculation, ZEEKR Rises Over 20%</h2>
<p>On the other hand, some recently listed semi-new stocks have seen speculation, with Fuliye (3625) rising over 12% at midday; ZEEKR (6636) up over 20%; Hantian Ticheng (2726) up over 5%; and Kales Technology (2729) also up 5.7%.</p>
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<p>0930: U.S. President Trump is scheduled to speak at 9 PM local time on Wednesday (9 AM Hong Kong time Thursday) regarding the latest situation in the Iran war, with the market anticipating a ceasefire. The three major U.S. indices continued to rebound on Wednesday, with the Dow closing up 224 points or 0.48%, at 46,565 points; the S&amp;P 500 up 46 points or 0.72%, at 6,575 points; and the Nasdaq up 250 points or 1.16%, at 21,840 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it rose 0.31% to 6,774 points on Wednesday.</p>
<p>In the focus sectors, storage-related stocks surged, with Sandisk (SNDK) closing up 9%, Micron Technology (MU) up 8.9%, Seagate Technology (STX) and Western Digital (WDC) also rising 8% and 10% respectively. Additionally, SpaceX has secretly submitted a listing application, and with the U.S. executing a crewed lunar mission rocket launch, space concept stocks are on the rise, with Planet Labs PBC (PL) up nearly 10%
Boeing (BA) also rose over 4%.</p>
<h2>Trump announces decisive victory for U.S. military</h2>
<p>However, Trump delivered a national address at the White House this morning, announcing that the U.S. military has achieved a rapid and decisive victory in Iran, with most Iranian leaders dead, the navy non-existent, and the air force reduced to ruins. He also predicted that heavy strikes would be implemented against Iran in the next two to three weeks, emphasizing that the U.S. military is rapidly resolving all military targets as planned. The futures of the three major U.S. stock indices turned negative, with declines ranging from 0.5% to 0.6%; spot gold prices, after rising 1.9% on Wednesday, also turned to decline this morning, falling about 0.6% to $4,726; the U.S. dollar index rose 0.15% to 99.72. In contrast, oil prices surged, with Brent crude rising nearly 4% and WTI crude futures also rising over 3%.</p>
<p>In the Hong Kong stock market, the Hang Seng Index opened 39 points lower at 25,254 points. Among blue-chip stocks, Luoyang Molybdenum (3993) rose 2%, WuXi Biologics (2269) rose 1.7%, performing better than others. Tech stocks generally declined, with Alibaba (9988) launching the image generation and editing unified model Wan2.7-Image, and its stock price opening down 1.4%; Tencent (700) fell 0.1%; Meituan (3690) fell 0.8%; JD.com (9618) fell 0.6%; and Xiaomi (1810) also fell 1%.</p>
<h2>Stellantis and Leapmotor discuss electric vehicle production in Canada</h2>
<p>In the automotive sector, major electric vehicle manufacturers in mainland China released their delivery data for March, with Leapmotor (9863) surpassing 50,000 deliveries in March. Meanwhile, Stellantis is reportedly discussing plans to produce electric vehicles in Canada with Leapmotor; Leapmotor opened at HKD 51.7, up 0.88%.</p>
<p>Li Auto (2015) resolved its production bottleneck, significantly increasing deliveries to over 41,000 vehicles; its stock price opened flat. XPeng (9868) announced plans to enter the South American market, aiming to achieve a leading position there by 2028; its stock price opened up 0.4%. Nio (9866) announced 35,486 new vehicle deliveries in March, a year-on-year increase of 1.36 times and a month-on-month increase of 70.6%; its stock price also opened flat.</p>
<h2>Miniso's TOP TOY submits listing application again</h2>
<p>In individual stock news, Miniso (9896) subsidiary TOP TOY has submitted a listing application in Hong Kong again, with joint sponsors being JP Morgan and UBS, but CITIC Securities is no longer a joint sponsor for TOP TOY, only serving as the overall coordinator. Miniso opened at HKD 32.5, flat.</p>
<p>Regarding northbound capital movements, there was a net sell of HKD 12.694 billion in Hong Kong stocks yesterday, with Tencent (700), Sanofi (1530), and Xiaomi (1810) receiving net purchases of HKD 1.063 billion, HKD 112 million, and HKD 11.5 million respectively; while CNOOC (883), Tracker Fund (2800), and Pop Mart (9992) faced net sells of HKD 2.881 billion, HKD 2.628 billion, and HKD 715 million respectively</p>

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<p>After Trump's speech at the White House, oil prices rose, and U.S. stock futures fell by 1% to 1.5%. After the Hong Kong stock market opened, the Hang Seng Index opened down 39 points, with the decline expanding to 291 points, closing at 25,016 points, down 277 points or 1.1%. Alibaba and Xiaomi fell by 3.5% and 4.1%, respectively, while Geely rose by 6.5% against the trend. Geely Auto's sales hit a record high, and Citigroup raised its target price to HKD 27, maintaining a "Buy" rating. Newly listed stocks performed actively, with ZEEKR rising by more than 20%</p>

- Following President Trump's morning speech announcing a military victory, oil prices increased while Hong Kong's Hang Seng Index opened down 39 points and saw losses extend to a low of 25,003, closing at 25,016, down 277 points or 1.1%.  
- Major tech stocks like Alibaba and Xiaomi faced declines, influencing the index's performance, while Geely Motors rose over 6% after reporting record vehicle sales.  
- U.S. futures index declined by 0.5% to 1.5%, reflecting uncertainties in the market despite bullish sentiments from Trump's comments on the Iran conflict.

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BABA 2x Long Daily ETF - GraniteShares

Trump's anti-climax: US stock futures drop over 1%, Hong Kong stocks fall 277 points in half a day, Alibaba and Xiaomi face selling pressure, Geely rises 6% against the trend | Hong Kong stock market opens