Hong Kong stocks intraday | The three major indices show significant divergence, the semiconductor sector collectively surged, with Lanqi Technology rising over 15% and SMIC rising 7%

Market Overview ▪ The main indices of the Hong Kong stock market showed a mixed trend during the session; ▪ The Hang Seng Index reported 25,907.99 points during the session, down 0.27%, with clear signs of short-term consolidation at high levels; ▪ The Hang Seng Tech Index rose 0.77% during the session, reporting 4,939.98 points, showing relative resilience; ▪ The China Enterprises Index reported 8,757.97 points during the session, down 0.2%, with an overall weak trend. Sector Performance ▪ The technology sector showed a mixed trend during the session, with leading stocks like Tencent Holdings down 2.92% during the session, with a transaction volume of HKD 17.38 billion, dragged down by overall market sentiment, as main funds remained cautious. Kuaishou saw a slight decline of 0.37% during the session, showing relative resilience, indicating that funds still have a willingness to position in some new economy stocks at low levels. ▪ The semiconductor sector became the main focus of funds, with the sector experiencing a broad rise, driving market hotspots. SMIC saw an increase of 7.31% during the session, with a transaction volume of HKD 10.294 billion, being the leading stock with the most significant net fund inflow. Hua Hong Semiconductor rose 6.66% during the session, with a transaction volume of HKD 4.45 billion. Lanqi Technology surged by 15.10% during the session, with a transaction volume of HKD 1.199 billion, driven by performance and expectations in the AI industry chain, leading to continuous fund inflow. The overall semiconductor industry chain is catalyzed by AI computing power and domestic chip substitution demand, with a clear preference for funds concentrated in the sector. ▪ The gaming and multimedia sector showed fluctuations and divergence during the session. NetEase rose 1.46% during the session, boosted by AI innovative products and content empowerment, with a transaction volume of HKD 674 million, showing strong performance among sector leaders. Kingsoft fell 1.41%, and Xindong Company fell 2.63%, with funds mainly rotating around performance certainty, leading to significant short-term volatility in the overall sector. Macroeconomic Background ▪ The Hong Kong stock market maintained cautious trading during the session, with external uncertainties continuing to affect fund flows. Import and export data, policy environment, and corporate earnings releases have become important variables affecting short-term market sentiment. The technology and financial sectors experienced increased volatility during the session, with heightened market attention on structural trends. Popular Stocks ▪ AV CONCEPT HOLD (595.HK) rose 39.86% during the session, with a transaction volume of HKD 14.5 million. It recorded a short-term surge of 27.54% in the early session, with sector rotation and technology heat boosting short-term sentiment, as funds actively entered, with limited fundamental drivers, making it a notable active stock. ▪ GUANZE MEDICAL (2427.HK) rose 38.11% during the session, with a transaction volume of HKD 54.2062 million. It once surged by 32.42% during the session, with the pharmaceutical sector overall attracting fund attention, and short-term speculation and liquidity flexibly increasing, while long-term impacts need to continue monitoring fundamental developments. ▪ Lanqi Technology (6809.HK) rose 15.01% during the session, with a transaction volume of HKD 1.199 billion. As a strong pioneer in the semiconductor sector, it benefited from the recovery of chip prosperity and the pull of the AI industry chain, becoming a market focus. ▪ Puda Technology (650.HK) rose 24.53% during the session, with a transaction volume of HKD 44.9972 million. Small-cap technology stocks showed significant rotation, with short-term funds rapidly flowing in, requiring attention to subsequent fundamental support strength ▪ Qianhai Health (911.HK) rose 104.88% during the session, with a trading volume of HKD 6.5861 million. It surged over 80% in the early session, reflecting strong small-cap healthcare concepts and an increase in risk appetite, but potential risks under severe volatility should be noted. Market Trading Volume TOP10 ▪ Tencent Holdings (700.HK) latest trading price HKD 479.00, down 2.92%, trading volume HKD 17.375 billion ▪ SMIC (981.HK) latest trading price HKD 69.00, up 7.31%, trading volume HKD 10.292 billion ▪ Alibaba -W (9988.HK) latest trading price HKD 130.50, down 0.99%, trading volume HKD 5.341 billion ▪ Hua Hong Semiconductor (1347.HK) latest trading price HKD 115.40, up 6.75%, trading volume HKD 4.449 billion ▪ Yangtze Optical Fibre and Cable (6869.HK) latest trading price HKD 236.00, up 7.08%, trading volume HKD 3.663 billion ▪ BYD Company (1211.HK) latest trading price HKD 105.00, up 3.75%, trading volume HKD 3.024 billion ▪ Meituan -W (3690.HK) latest trading price HKD 81.80, down 0.79%, trading volume HKD 2.472 billion ▪ MINIMAX-W (100.HK) latest trading price HKD 721.50, down 7.20%, trading volume HKD 2.223 billion ▪ China Mobile (941.HK) latest trading price HKD 84.35, up 0.54%, trading volume HKD 2.166 billion ▪ Xiaomi Group -W (1810.HK) latest trading price HKD 31.12, down 0.26%, trading volume HKD 2.087 billion