"Hong Kong Stocks" Hang Seng Index down 91 points in half a day, Alibaba drops nearly 2.8%, AI stocks surge

The temporary ceasefire between the U.S. and Iran has led the market to await the results of negotiations between the two countries. The Hong Kong stock market opened softly this morning (9th), with the Hang Seng Index opening down 136 points and at one point falling 239 points to a low of 25,653 points. The decline later narrowed, closing down 91 points or 0.4% at 25,801 points; the Hang Seng China Enterprises Index fell 38 points or 0.5% to 8,638 points; the Hang Seng Tech Index dropped 62 points or 1.3% to 4,861 points. The total turnover of the market for the half-day was HKD 126.652 billion.

U.S. President Trump emphasized that all U.S. naval vessels, aircraft, military personnel, and equipment will remain around Iran until a "real agreement" is reached and fully implemented, threatening that if the agreement is not fulfilled, the "fire action" will be more powerful and extensive than before. Reports also indicate that the Strait of Hormuz remains under blockade. International oil prices rose, with CNOOC (00883.HK) up 1.5%, PetroChina (00857.HK) up 1.3%, while Sinopec (00386.HK) fell 0.8%.

It was reported that Alibaba (09988.HK) has established a new Group Technology Committee and upgraded its Tongyi large model division. Additionally, there are rumors of a strategic cooperation between Yushu and Alibaba for overseas expansion. The latest robot R1 appeared in the Xixi campus, but Alibaba's stock price fell 2.8% for the half-day.

Tencent (00700.HK) rose 0.9%, and NetEase (09999.HK) rose 0.7%. Lenovo (00992.HK) and SenseTime (00020.HK) fell 2.8% and 1.5%, respectively. Meituan (03690.HK), JD.com (09618.HK), Bilibili (09626.HK), and Baidu (09888.HK) fell between 0.1% and 0.7%. Kuaishou (01024.HK) dropped 3.6%, with S&P indicating that Kuaishou's free cash flow this year may be cut by more than half, and capital expenditures increased by 70%.

Chip stocks rose, with Hua Hong (01347.HK) up 0.9%, while SMIC (00981.HK) fell 0.3%. AI stocks surged, with KNOWLEDGE ATLAS (02513.HK) up 13.1%. MiniMax (00100.HK) released the AI Agent command line tool "MMX-CLI," with its stock price rising 3.7%, and XunCe (03317.HK) surged 15.6%, with a turnover of HKD 1.62 billion. Changfei Optical Fiber and Cable (06869.HK) also rose 3.2%, with a turnover of HKD 3.063 billion.

Gold mining stocks Zijin (02899.HK), Lingbao (03330.HK), and China Gold International (02099.HK) each fell between 2.4% and 4.5%. Resource stocks Jiangxi Copper (00358.HK) and Luoyang Molybdenum (03993.HK) fell 2.6% and 1.1%, respectively. Aluminum stocks Hongqiao (01378.HK) rose 5.2%, making it the best-performing blue-chip stock, while Chalco (02600.HK) also rose 3.1% Airline stocks China Southern Airlines (01055.HK), China Eastern Airlines (00670.HK), and Air China (00753.HK) each fell nearly 2% to 2.8%. Bank of America Securities lowered the target prices for the three major mainland airlines, expecting challenges from rising fuel prices this year.

In the financial sector, HSBC Holdings (00005.HK) rose 0.4%, Hong Kong Exchanges and Clearing (00388.HK) fell 1.2%, and AIA Group (01299.HK) fell 0.6%. Automotive stocks had mixed results, with Xiaomi (01810.HK) and XPeng (09868.HK) down 3.2% and 3.9%, respectively, and BYD (01211.HK) down 3.4%. The company launched its premium brand Tengshi in Paris and plans to install "flash charging" equipment in France. Nio (09866.HK) and Geely (00175.HK) rose 3.4% and 2.7%, respectively.

Additionally, Link REIT (00823.HK) sold a retail property interest in Singapore for SGD 250 million, with its stock price rising 1.8%. Longfor Group (00960.HK) fell 4.1%, making it the worst-performing blue-chip stock. Li Ning (02331.HK) and WuXi AppTec (02359.HK) both rose over 3%