April 29, 2026 Hong Kong Stock Market Morning Report: Indices Open Higher for Recovery, New Listings Finale and Earnings Sprint Become Core Themes

The Hong Kong stock market opened higher today on technical grounds, with both the Hang Seng Index and the Hang Seng Tech Index rising in sync. Coupled with the final sprint of annual and quarterly report disclosures and the approaching May Day holiday, the market is exhibiting a pattern of "volatile recovery and structural divergence," with both risk-averse and arbitrage capital demands coexisting. The rotation between new listings and core sectors has become the short-term focus.

As of market open, the Hang Seng Index stood at 25842.63 points, opening 162.85 points higher, up 0.63%; the Hang Seng Tech Index was at 4878.97 points, opening 51.78 points higher, up 1.07%; the Hang Seng China Enterprises Index followed with a slight increase, recovering some of yesterday's losses. Yesterday, all three major Hong Kong stock indices retreated across the board, with the HSI down 0.95% and the TECH Index down 2.28%, with a turnover of HKD 262.3 billion. After short-term pressure on market sentiment, a mild recovery emerged today, with overall capital conditions stabilizing.

Sector performance showed significant divergence. Automobile stocks led the gains, with Nio -SW opening 4% higher, Li Auto -W opening 3.58% higher, and XPeng Group -W opening 2.19% higher. The recovery trend in the new energy vehicle industry chain is clear, becoming the core driving force in the morning session. The consumer sector showed mixed performance, with sportswear stocks under pressure. 361 Degrees International pre-market plunged 19.5%. The rotation of funds into defensive sectors was notable. The energy and financial sectors showed resilience. Southbound capital continued to increase holdings in China-related stocks, with a cumulative net purchase of approximately HKD 16.8 billion over the past week. CNOOC received net purchases for 11 consecutive days, becoming the preferred choice for risk-averse capital.

The new listings market faces a critical closing day. Today is the final day for the IPOs of Tianxing Medical (01609) and Kefu Medical, presenting a stark contrast: Tianxing Medical, as a domestic leader in sports medicine, boasts high gross margins and high growth advantages, but lacks a greenshoe, has ultra-small-cap attributes, and is coupled with high valuation, making it suitable for aggressive capital's short-term speculation. Kefu Medical focuses on the home medical device field, backed by a relatively stable temperature control mechanism, making it more suitable for investors seeking less volatility. Additionally, Shangmi Technology -W (06810), which launched its IPO yesterday, officially lists today. The intensive arrival of new listings continues to fuel market participation enthusiasm.

Earnings disclosure enters the final sprint phase. Several Hong Kong stock market leaders are releasing their financial reports today, with key focus on PetroChina (00857), Hong Kong Exchanges and Clearing, and Changfei Optical Fiber & Cable, among other core stocks. The earnings resilience of energy stocks and the recovery strength of financial stocks' performance will directly impact post-lunch market sentiment. Previously, CNOOC achieved a net profit of hundreds of billions despite oil price fluctuations, highlighting its cost control advantages and laying a performance foundation for the energy sector.

Overall, the Hong Kong stock market is in a short-term game stage of "earnings verification + holiday risk aversion." It is difficult for indices to show one-sided trends, and volatile recovery remains the main theme. Operationally, it is recommended to focus on structural opportunities: first, China-related energy and financial stocks with strong earnings certainty; second, the high-growth new energy vehicle industry chain; third, short-term arbitrage in quality new listings (prioritizing grey market price or first-day exit). At the same time, be vigilant of overseas liquidity fluctuations, geopolitical volatility, and holiday capital outflow risks. Avoid heavy positions and FOMO buying, and adhere to the principle of steady operation.$Hang Seng Index(00HSI.HK) $Hang Seng China Enterprises Index(HSCEI.HK) $Hang Seng TECH Index(STECH.HK) $STAR SPORTS MED(01609.HK) $SUNMI TECH-W(06810.HK)