"Hong Kong Stocks" Hang Seng Index closed up 446 points, Tech Index rose over 3%, Alibaba and Baidu led the gains

Mainland China's economy grew by 5% in the first quarter, exceeding expectations, and Hong Kong stocks rose driven by technology stocks. The Hang Seng Index opened 175 points higher and the gains expanded, reaching a peak increase of 455 points at one point, hitting 26,403 points, closing up 446 points or 1.7% at 26,394 points; the National Index rose 186 points or 2.1%, reporting 8,905 points; the Hang Seng Tech Index rose 180 points or 3.7%, closing at 5,092 points. The total market turnover for the day was HKD 256.228 billion.

Technology stocks were favored, with Alibaba Cloud raising some MU model unit service prices by 2% to 7% in mid-next month, Alibaba (09988.HK) rose 5.6%, with a turnover of HKD 17.1 billion. Some brokerages expect Baidu (09888.HK) to see a 40% year-on-year increase in cloud business revenue in the first quarter, far exceeding market expectations, and Baidu's stock price rose 7.7% to close at HKD 123.3. Kingsoft Cloud (03896.HK) and Tencent (00700.HK) rose 6.4% and 3.6%, respectively, while Lenovo Group (00992.HK) rose 4.9%. AI stocks Zhizhu (02513.HK) and MiniMax (00100.HK) rose 1.8% and 6.3%. Dipu Technology (01384.HK) rose 29.5%, with a turnover of HKD 3.07 billion. XunCe (03317.HK) rose 10.5%, with a turnover of over HKD 2.1 billion.

Chip stocks Wallen (06082.HK) and TianShu Intelligent Chip (09903.HK) rose 26.6% and 17.5%, while SMIC (00981.HK) and HuaHong (01347.HK) rose 1.1% and 1.3%. Power equipment stocks Dongfang Electric (01072.HK) and Harbin Electric (01133.HK) rose 9.5% and 8.3%, while uranium mining stock China General Nuclear Power (01164.HK) rose 6.4%.

In other technology stocks, Meituan (03690.HK), Bilibili (09626.HK), Kuaishou (01024.HK), and JD.com (09618.HK) rose between 2.6% and 3.1%, while NetEase (09999.HK) and New Oriental (09901.HK) rose 5% and 6.7%, respectively. Kingsoft (03888.HK) and Meitu (01357.HK) rose 4.3% and 4.7%, while Kingdee (00268.HK) rose 9.6%. Mobile component stock Lens Technology (06613.HK) reported a quarterly loss, with its stock price dropping 12.7% for the day. Fiber optic stock Yangtze Optical Fibre and Cable (06869.HK) rose 6%.

Battery stock CATL (003750.HK) saw a 49% increase in net profit in the first quarter, surpassing market expectations, and received target price upgrades from multiple brokerages, with its stock price rising 9% to close at HKD 714.5. The new energy stock Sige New Energy (06656.HK) closed at HKD 659.5, up 103% from its listing price of HKD 324.2. Its peer Zhengli New Energy (03677.HK) also rose 6.3% Automotive intelligent driving radar system company Hesai (02525.HK) has been added to the list of eligible securities for the Hong Kong Stock Connect, with its stock price rising 2.9%. According to reports, Uber (UBER.US) has committed to investing $10 billion to develop self-driving taxis, leading to a 10.9% increase in the stock price of intelligent driving system provider Pony.ai (02026.HK). In the automotive sector, BYD (01211.HK) rose 5.5%, while Leapmotor (09863.HK), Xiaomi (01810.HK), and XPeng (09868.HK) each rose between 3.5% and 4.4%. Lithium stocks Ganfeng Lithium (01772.HK) and Tianqi Lithium (09696.HK) increased by 7.3% and 5.2%, respectively. In the consumer sector, Trip.com (09961.HK) and Tongcheng (00780.HK) rose 4.8% and 4.1%, Haidilao (06862.HK) rose 6.8%, Pop Mart (09992.HK) rose 0.9%, while Lao Pu Gold (06181.HK) fell 2.7%. In the pharmaceutical sector, BeiGene (06160.HK) and Kingsoft (01548.HK) each rose over 3%.

In the financial sector, HSBC (00005.HK) and AIA (01299.HK) rose 0.6% and 0.5%, respectively, while Hong Kong Exchanges and Clearing (00388.HK) fell 0.7%. Brokerage stocks CITIC Securities (02611.HK) and CICC (03908.HK) rose 3.3% and 3.7%