The Hang Seng Index rose 550 points to close at 26,485, China Hongqiao surged by 10%, and Cathay Pacific rose by 4%

According to the Economic Information Agency on the 6th, U.S. stocks rebounded overnight, and today the major stock markets in the Asia-Pacific region generally performed well. The Hang Seng Index opened more than 100 points higher and continued to rise. The A-share market rose for the second consecutive day, with the Shanghai Composite Index surpassing the 4000-point mark, further expanding the gains of the Hang Seng Index. The Hang Seng Index closed at 26,485, up 550 points or 2.1%, with a main board turnover of nearly HKD 234.7 billion. The Hang Seng China Enterprises Index closed at 9,355, up 192 points or 2.1%. The Hang Seng Tech Index closed at 5,944, up 158 points or 2.7%. LME aluminum futures prices reached a new three-year high, with market analysts indicating that the supply-demand imbalance for electrolytic aluminum is the main reason for the recent surge in aluminum prices. As the world's largest producer of electrolytic aluminum, China's production capacity has reached the policy "ceiling" of 45 million tons, but it still cannot meet demand. China Hongqiao (01378) rose 9.9% to HKD 32.42, leading blue-chip gains; Chalco (02600) rose 11.2% to HKD 10.93. Reports indicate that China has banned state-funded data centers from using foreign AI chips. SMIC (00981) rose 7.3% to HKD 76.95; Hua Hong (01347) rose 9.1% to HKD 80.1. The Shanghai Composite Index returned to 4000 points, and insurance stocks followed suit. China Life (02628) rose 4.9% to HKD 25.9; Ping An (02318) rose 3.1% to HKD 58; New China Life (01336) rose 4.9% to HKD 50.75; China Pacific Insurance (02328) rose 3.2% to HKD 19.02. Cathay Pacific (00293) plans to conduct an off-market share buyback of approximately 643 million shares owned by Qatar Airways, accounting for about 9.57% of the issued shares, with a buyback price of HKD 10.8374 per share, a discount of 3.9% compared to yesterday's closing price of HKD 11.28, for a total consideration of approximately HKD 6.97 billion, subject to shareholder approval. Cathay rose 4% to HKD 11.73. S&P downgraded Vanke (02202) credit rating from "B-" to "CCC," with a "negative" outlook. However, this did not prevent blue-chip real estate stocks from rising with the market. Longfor (00960) rose 4.6% to HKD 9.92; Sunac (01109) rose 1.9% to HKD 28.24; China Overseas (00688) rose 1.3% to HKD 13.07. The top three traded stocks in the Hang Seng Index were Alibaba (09988), SMIC, and Tencent (00700); Alibaba closed at HKD 165, up HKD 6.5 or 4.1%, with a turnover of HKD 13.601 billion; SMIC had a turnover of HKD 8.93 billion; Tencent closed at HKD 644, up HKD 15 or 2.4%, with a turnover of HKD 8.382 billion. The two largest gainers in the Hang Seng Index were China Hongqiao and SMIC. The two largest losers were Shenzhou International (02313) and Tingyi (00322); Shenzhou International closed at HKD 64.85, down HKD 1.25 or 1.9%, with a turnover of HKD 326 million; Master Kong Holdings closed at HKD 11.7, down HKD 0.16 or 1.3%, with a turnover of HKD 270 million. (vs)