Market Overview▪ On April 9th, Hong Kong stocks closed lower across the board, with market sentiment remaining weak.▪ The Hang Seng Index closed at 25,752.40 points, down 0.54%. The index maintained a narrow range of fluctuations throughout the day and failed to continue the rebound momentum from yesterday, still some distance from the peak on March 18th;▪ The Hang Seng Tech Index closed at 4,821.67 points, down 2.06%, having once dropped over 2.1% during the session, giving back some of yesterday's gains;▪ The China Enterprises Index closed at 8,611.83 points, down 0.75% for the day, showing an overall pattern of retreat from high levels.Sector Performance▪ Small-cap tech and thematic stocks performed exceptionally well during the session, becoming the focus of structural opportunities. Hengyi Holdings (1894.HK) surged against the trend, rising 136.84%, as funds chased thematic opportunities, driving up trading volumes of related concept stocks. EDA Group Holdings (2505.HK) rose 88.37%, XunCe (3317.HK) rose 23.92%, Xingli (Hong Kong) Holdings (396.HK) rose 50.00%, and Kailesi Technology (2729.HK) rose 24.63%, all driven by fund rotation, sector enthusiasm, or short-term speculation.Macroeconomic Background▪ The Hong Kong stock market has recently focused on changes in the annual import rate, with external economic and mainland economic data becoming core variables that dominate risk appetite, affecting capital flows and market performance.▪ As the progress of economic recovery remains to be confirmed, investors are closely tracking policy dynamics and macro news. Some structural opportunities still exist, but high volatility risks must be heeded.Popular Stocks▪ Hengyi Holdings (1894.HK) surged 136.84% today, with a trading volume of HKD 41.5303 million. The stock rose by as much as 50% during the session, with significant short-term capital inflow, increasing market attention on small-cap growth and thematic stocks, leading to extremely active sentiment. While this brings short-term profit opportunities, high-level fluctuations may attract regulatory scrutiny and volatility risks.▪ EDA Group Holdings (2505.HK) rose 88.37%, with a trading volume of HKD 9.6056 million. The increase was mainly driven by large-scale short-term capital involvement and a rapid rise in the entertainment technology sector's enthusiasm, with trading on the board being extremely active. Short-term valuations are positively stimulated by capital-driven factors, but volatility cannot be ignored.▪ XunCe (3317.HK) rose 23.92%, with a trading volume of HKD 28,107.391 million. The stock continuously rose during the session, reaching a historical high at the close, with a total market value surpassing HKD 90 billion. The company's AI inference demand has exploded, and the proportion of Token usage-based charging structure has increased, leading the market to anticipate further enhancement of revenue structure, attracting continuous capital investment.▪ Xingli (Hong Kong) Holdings (396.HK) rose 50.00%, with a trading volume of HKD 7.3836 million. Short-term capital actively flowed in, with the stock rising by as much as 26.79% during the session. Capital speculation and sector rotation brought about high-level fluctuations, with no significant changes in fundamentals, and volatility risks in the future market need to be guarded against▪ Kales Technology (2729.HK) rose by 24.63%, with a trading volume of HKD 49.1041 million. The surge in the technology sector's capital heat led to short-term price fluctuations, primarily driven by speculative funds, with no specific positive news at this time. The sustainability of the stock price will depend on future fundamental developments.Market Trading Volume TOP10▪ Tencent Holdings (700.HK) latest trading price HKD 508.50, up 0.10%, trading volume HKD 10.554 billion▪ Alibaba -W (9988.HK) latest trading price HKD 122.90, down 2.85%, trading volume HKD 10.140 billion▪ Yangtze Optical Fibre and Cable (6869.HK) latest trading price HKD 240.40, up 6.94%, trading volume HKD 533 million▪ Xiaomi Group -W (1810.HK) latest trading price HKD 31.36, down 4.27%, trading volume HKD 532 million▪ China National Heavy Duty Truck Group (3808.HK) latest trading price HKD 42.34, down 2.76%, trading volume HKD 438 million▪ Pop Mart International (9992.HK) latest trading price HKD 152.70, up 0.07%, trading volume HKD 377 million▪ China National Offshore Oil Corporation (883.HK) latest trading price HKD 26.66, up 2.07%, trading volume HKD 319 million▪ BYD Company (1211.HK) latest trading price HKD 101.80, down 4.68%, trading volume HKD 309 million▪ Meituan -W (3690.HK) latest trading price HKD 88.00, down 0.56%, trading volume HKD 308 million▪ Semiconductor Manufacturing International Corporation (981.HK) latest trading price HKD 55.70, down 0.80%, trading volume HKD 287 million

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As of the market close, the three major indices of the Hong Kong stock market all fell back, failing to continue yesterday's rebound momentum. The Hang Seng Tech Index dropped more than 2%, giving back some of yesterday's gains, with the overall market showing a narrow fluctuation pattern of high-level retreat. On the market, small-cap technology and thematic stocks performed exceptionally actively, as funds deeply participated in structural opportunities amid the weakness of heavyweight blue chips. Stocks such as Hengyi Holdings, EDA Group Holdings, and XunCe surged against the market trend, reflecting that the market's short-term preference has shifted towards high elasticity and high volatility growth sectors

- On April 9, Hong Kong stocks experienced a decline across all three major indices, reflecting weak market sentiment, with the Hang Seng Index closing at 25,752.40, down 0.54%.  
- Notable movements included a sharp increase in small-cap tech stocks, particularly Hengyi Holdings, which surged 136.84%, driven by speculative trading and sector interest.  
- The market remains influenced by external economic data and investor sentiment regarding economic recovery, suggesting both opportunities and volatility risks ahead.

LB Select

HANG YICK HLDGS

EDA GROUP HLDGS

XUNCE

HING LEE (HK)

GALAXIS TECH

TENCENT

BABA-W

YOFC

XIAOMI-W

SINOTRUK

POP MART

CNOOC

BYD COMPANY

MEITUAN

SMIC

Hong Kong stock market closing | The Hang Seng Index closed down 0.54%, the Hang Seng Tech Index retreated over 2%, small-cap thematic stocks surged across the board, and Hengyi Holdings soared 136%