Market Overview
▪ As of the close, the three major Hong Kong stock indices collectively surged, and market sentiment experienced a significant recovery.
▪ The Hang Seng Index closed at 25893.02 points, up 3.09%. The index performed steadily throughout the day, successfully reclaiming and holding above the 25,000-point mark, reversing the previous downward trend.
▪ The Hang Seng Tech Index closed at 4915.25 points, a gain of 5.22%. The Tech Index not only held above 4900 points but also led the three major indices in terms of gains, with technology sectors showing strong momentum in their rebound.
▪ The Hang Seng China Enterprises Index closed at 8681.31 points, up 2.61%. The index has returned to an upward channel, and short-term market confidence has significantly strengthened.
Sector Performance
▪ Technology and communication sectors performed outstandingly, receiving sustained attention from capital and becoming the most eye-catching areas of the market today. YOFC surged by 18.94% with a turnover of HK$6.841 billion, benefiting from the improved performance of the communication sector and active participation from short-term capital.
▪ The internet content and information sector also saw a positive response. Tencent Holdings rose by 3.84% to HK$16.614 billion in turnover, driven by AI innovation events such as the new product launch of QQ Browser, demonstrating the company's C-side ecosystem and its AI industry strategic expansion capabilities. Kuaishou rose by 4.01% with a turnover of HK$4.983 billion, as continuous improvements in platform community governance were favored by investors for its user ecosystem and brand value.
▪ The overall heat in innovative technology and AI computing power sectors increased. ILUVATAR COREX rose by 33.67%, and several local technology stocks received attention from capital. Capital tended to flow into companies with strong supply chain independence and significant growth potential.
▪ Small-cap thematic stocks saw increased trading volume. IMAGI INT'L and GLOBALSTRAT rose by 92.63% and 83.02% respectively, with active trading, reflecting the market's preference for rotation among short-term capital.
▪ Consumer and some traditional sectors performed weakly, facing significant capital outflow pressure overall, and investors' risk appetite decreased.
Macroeconomic Background
▪ The Hong Kong stock market is currently focusing on changes in annual import and export rates. Changes in export data directly affect corporate profit expectations and the valuation of foreign trade sectors.
▪ Recent marginal improvements in liquidity and fluctuations in the RMB exchange rate continue to dominate overall market sentiment, with capital in some industries shifting towards structural growth opportunities.
▪ Macroeconomic fundamental data and the capital environment are driving risk appetite, and investor wait-and-see sentiment is strong.
Hot Stocks
▪ ILUVATAR COREX (9903.HK) rose by 33.67% with a turnover of HK$743 million. The company announced its full-year results for 2025, with revenue increasing by 91.6% year-on-year and core GPU business revenue soaring by 149.6%. Core products have received additional orders from domestic cloud service providers. JPMorgan expects profitability in 2027 and forecasts compound annual sales growth of over 100%. Domestic GPU supply capabilities have significantly improved, with the potential to enhance the self-sufficiency of China's AI computing power industry chain.
▪ IMAGI INT'L (585.HK) rose by 92.63% with a turnover of HK$127 million. The stock surged by over 36% during the trading session, with active capital inflow and significantly increased short-term popularity, reflecting market expectations for future growth. The abnormal stock price movement reflects an increased preference for thematic stocks and small-cap stocks among capital.
▪ YOFC (6869.HK) rose by 18.94% with a turnover of HK$6.841 billion. The technology and communication sectors were bright, with the communication sector collectively strengthening. YOFC benefited from the influx of thematic capital, and its stock price continued to rise.
▪ GLOBALSTRAT (8007.HK) rose by 83.02% with a turnover of HK$8.8 million. The stock experienced a strong intraday rally with active trading and high short-term trading heat, indicating a clear trend of sector rotation.
▪ TIME INTERCON (1729.HK) rose by 19.33% with a turnover of HK$900 million. The stock traded exceptionally actively, with concentrated capital inflows driving significantly increased volatility, reflecting the market's preference for technology growth stocks and short-term thematic opportunities.
Top 10 Market Turnover
▪ BABA-W (9988.HK) Latest traded price HK$126.50, gain of 6.75%, turnover HK$2.272 billion
▪ TENCENT HOLDINGS (700.HK) Latest traded price HK$508.00, gain of 3.84%, turnover HK$1.661 billion
▪ MEITUAN (3690.HK) Latest traded price HK$88.50, gain of 10.28%, turnover HK$928 million
▪ XIAOMI-W (1810.HK) Latest traded price HK$32.76, gain of 6.09%, turnover HK$830 million
▪ YOFC (6869.HK) Latest traded price HK$224.80, gain of 18.94%, turnover HK$684 million
▪ SMIC (981.HK) Latest traded price HK$56.15, gain of 10.10%, turnover HK$672 million
▪ CNOOC (883.HK) Latest traded price HK$26.12, decline of 3.33%, turnover HK$637 million
▪ POP MART (9992.HK) Latest traded price HK$152.60, gain of 7.62%, turnover HK$617 million
▪ HSBC HOLDINGS (5.HK) Latest traded price HK$138.60, gain of 6.62%, turnover HK$552 million
▪ KUAISHOU-W (1024.HK) Latest traded price HK$46.70, gain of 4.01%, turnover HK$498 million

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As of the close, the Hong Kong stock main board performed extremely strongly throughout the day, with all three major indices recording significant gains, and market sentiment experiencing a significant recovery. The Hang Seng Tech Index outperformed the market, rising over 5%, successfully reclaiming ground lost in recent adjustments. In the market, technology hardware and communication equipment sectors were particularly outstanding, becoming the core focus for capital inflow for the day. Leading stocks such as ILUVATAR COREX and YOFC saw increased trading volume and led the gains, effectively driving the activity in the domestic AI computing power and optical communication industry chains

- The Hong Kong stock market saw significant gains, with the Hang Seng Index closing at 25,893.02, up 3.09%, recovering above 25,000 points.  
- The technology sector led the rally, particularly Longi Green Energy and Tencent, which rose 18.94% and 3.84%, respectively, driven by strong investor interest.  
- Macro factors such as export data and liquidity improvements influenced market sentiment, with investors showing a preference for growth opportunities despite some sectors experiencing capital outflows.

LB Select

YOFC

KUAISHOU-W

IMAGI INT'L

GLOBALSTRAT

TIME INTERCON

ILUVATAR COREX

BABA-W

MEITUAN

XIAOMI-W

CNOOC

POP MART

HSBC HOLDINGS

Hong Kong Stocks Close | HSI Surges 3.09% Back Above 25,800; Tech Hardware Leads Gains, Hang Seng Tech Index Soars Over 5%