Hong Kong Stock Market Update | The Hang Seng Index fell back, with the technology and new energy sectors under collective pressure, while WuXi AppTec rose against the trend

Market Overview ▪ During intraday trading, the three major indices of the Hong Kong stock market collectively declined, and market sentiment became cautious. ▪ As of now, the Hang Seng Index is at 25,654.36 points, with a daily decline of 1.05%; ▪ The Hang Seng Tech Index weakened during the session, currently reported at 4,827.76 points, with the decline expanding to 2.27%; ▪ The China Enterprises Index also adjusted simultaneously, currently reported at 8,641.68 points, down 1.31% from the previous trading day. Sector Performance ▪ The technology sector weakened during the session, showing significant divergence. The Hang Seng Tech Index's decline expanded to 2.27%, with Tencent Holdings down 1.17%, trading volume of HKD 942 million, Alibaba-W down 3.00%, trading volume of HKD 717 million, SMIC down 3.74%, trading volume of HKD 562 million, Xiaomi Group-W down 3.28%, trading volume of HKD 468 million, and Hua Hong Semiconductor down 1.57%. There was intense capital competition within the sector, with leading Cambridge Technology plummeting 15.10%, trading volume of HKD 318 million, indicating a rise in short-term capital risk aversion, with performance volatility and capital divergence dominating the sector's performance. ▪ The new energy and power battery sector overall declined, with CATL down 7.33% during the session, trading volume of HKD 771 million. This sector was affected by performance pressure and capital divergence, with fluctuations in profit expectations exacerbating stock price retraction. China Hongqiao fell 4.85% during the session, with few structural opportunities, leading to more cautious capital. ▪ The energy sector performed relatively steadily, with CNOOC up 1.97% during the session, trading volume of HKD 230 million, slightly strengthening under the influence of risk-averse capital. Macroeconomic Background ▪ Recently, the Hong Kong stock market has been in a wait-and-see atmosphere, lacking significant macro data support. Investors are focused on the impact of the external economic environment and policy changes on market capital flows and corporate profits, and market volatility may continue in the short term. Overall, the wait-and-see atmosphere has led to pressure on high-valuation growth sectors with performance below expectations, while structural opportunities attract some capital chasing short-term hotspots. Popular Stocks ▪ Maokai Kwai Chung (1716.HK) rose 44.13% during the session, with a trading volume of HKD 6.7 million. It surged 33.80% during the session, showing active capital inflow, with market trading sentiment high, boosting trading volume. If the upward momentum relies mainly on short-term speculation by market capital, caution is needed regarding short-term pullback risks. ▪ Kangtelong (1912.HK) rose 38.10% during the session, with a trading volume of HKD 1.2 million. Recent trading has been extremely active, rising 33.33% during the session, with significantly increased trading volume, high participation from short-term traders, and heightened attention from market speculators, requiring attention to short-term volatility risks. ▪ WuXi AppTec (2359.HK) rose 12.86% during the session, with a trading volume of HKD 2.714 billion. The company opened with a limit-up, with transaction amounts exceeding HKD 5.2 billion. The company announced its first-quarter financial report, with operating income up 28.81% year-on-year and net profit hitting a record high, with impressive performance boosting investment confidence and consolidating its leading position in the CXO industry. ▪ Haina Intelligent (1645.HK) rose 15.34% during the session, with a trading volume of HKD 1.1 million. Although there is no recent news, market short-term capital attention has increased, leading to significant stock price fluctuations ▪ Red Star Macalline (1528.HK) rose 11.11% during the session, with a transaction volume of HKD 115 million. Currently, there is a lack of major event-driven factors, but the market's risk appetite has warmed up, driving short-term performance. Market Transaction Volume TOP10 ▪ Tencent Holdings (700.HK) latest transaction price HKD 473.00, down 1.17%, transaction volume HKD 942 million ▪ Contemporary Amperex Technology Co., Limited (3750.HK) latest transaction price HKD 626.00, down 7.33%, transaction volume HKD 771 million ▪ Alibaba -W (9988.HK) latest transaction price HKD 126.30, down 3.00%, transaction volume HKD 717 million ▪ Semiconductor Manufacturing International Corporation (981.HK) latest transaction price HKD 65.70, down 3.74%, transaction volume HKD 562 million ▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 30.08, down 3.28%, transaction volume HKD 468 million ▪ Hua Hong Semiconductor (1347.HK) latest transaction price HKD 112.80, down 1.57%, transaction volume HKD 361 million ▪ Cambridge Technology (6166.HK) latest transaction price HKD 113.00, down 15.10%, transaction volume HKD 318 million ▪ WuXi AppTec (2359.HK) latest transaction price HKD 142.20, up 12.86%, transaction volume HKD 271 million ▪ China National Offshore Oil Corporation (883.HK) latest transaction price HKD 29.00, up 1.97%, transaction volume HKD 230 million ▪ China Hongqiao Group (1378.HK) latest transaction price HKD 33.34, down 4.85%, transaction volume HKD 195 million