<p>1215: The Hang Seng Index opened 298 points lower this morning and continued to decline, at one point dropping 805 points to a low of 24,963 points. As of noon, it reported 25,051 points, down 716 points or 2.78%, barely holding above the 25,000 mark, with half-day turnover of HKD 207.6 billion. In terms of the Tech Index, it reported 4,780 points at noon, also down 95 points or 1.96%. Besides Hong Kong stocks, global markets such as Japanese and Korean stocks also fell sharply, with a rare occurrence of both stocks and bonds declining simultaneously. Market opinions suggest that the current market reaction is a classic performance in the face of high uncertainty.</p>
<p>Related article: Korean stocks plummet for consecutive days, dropping another 10% in a single day; the Korean won saw its largest decline in 16 years. &#34;If oil prices continue to rise, it will definitely fall further.&#34;</p>
<p>Among heavyweight blue-chip stocks, financial and tech stocks declined, with HSBC (005) and AIA (1299) down 3.7% and 5.5% respectively, along with Alibaba (9988) dropping over 4%. These three stocks have dragged the Hang Seng Index down by 249 points. Additionally, reports indicate that the U.S. White House is discussing whether to allow Tencent (700) to retain its stake in major gaming companies. The stock fell 1.6% to HKD 502.5, testing the HKD 500 mark.</p>
<p>Related article: U.S. reportedly discussing whether to allow Tencent to retain its investment in gaming companies; stock price tests the HKD 500 mark.</p>
<p>In terms of stock price fluctuations, China Life (2628) fell 6.7% at noon, making it the largest decliner among blue chips, while its peer Ping An (2318) also fell 4.6%. Pharmaceutical stocks also faced selling pressure, with WuXi Biologics (2269) down 5% and Innovent Biologics down 4.4%.</p>
<p>On the news front, JPMorgan indicated that domestic insurance stocks lagged behind the market after the Spring Festival, as major insurance companies have yet to announce positive profit forecasts. However, the bank disagrees that this poses a profit risk for the current quarter, noting that the market consensus for the fiscal year 2026 shows a projected year-on-year decline of 9% in net profit, thus limiting further downward risk in the current market consensus. Kaiyuan Securities pointed out that the surge in domestic insurance stocks around the New Year of 2026 brought a high base, while concerns about AI impacts also negatively pressured the industry, but they believe the pullback presents a layout opportunity.</p>
<p>In terms of sector performance, although tensions in the Middle East persist and oil and gold prices remain relatively high, oil and gold stocks have shown signs of fatigue. CNOOC (883) fell 3.9%, while PetroChina (857) and Sinopec (386) dropped over 4%, and China National Petroleum (632) plummeted 38%. Among oil service stocks, Baker Hughes (2178) fell 25%, Sinopec Oilfield Service (1033) dropped nearly 12%, and Shandong Molong (568) fell nearly 5%.</p>
<p>In gold-related stocks, Zijin Mining (2899) fell 4.4%; its subsidiary Zijin Gold International (2259) dropped 4.5%; Shandong Gold (1787) and Zhaojin Mining (1818) fell 4.2% and 3.5% respectively, while Chifeng Jilong Gold Mining (6693) fell 2.8%.</p>
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<p>As Iran's control over the Strait of Hormuz spurred a surge in oil prices, market concerns about inflation reignited, leading to a broad decline in U.S. stocks on Tuesday. However, U.S. President Trump later announced insurance guarantees for vessels in the Strait of Hormuz and stated that the U.S. Navy would expedite the escort of oil tankers through the Strait if necessary, alleviating concerns over disruptions in oil transportation
The three major U.S. stock indices narrowed their declines at the close, with the Dow Jones down only 403 points or 0.83%, closing at 48,501 points; the S&amp;P 500 down 64 points or 0.94%, closing at 6,816 points; and the Nasdaq down 232 points or 1.02%, closing at 22,516 points. As for the Golden Dragon Index, which reflects the movement of Chinese concept stocks, it fell 3.34% to 6,958 points on Tuesday.</p>
<h2>U.S. Dollar Continues to Rise, South Korean and Japanese Stock Markets Under Pressure</h2>
<p>In addition, the U.S. dollar index continues to rise, currently reported at 99.2, up about 0.14%; gold prices rebounded this morning after dropping over 4% yesterday, rising about 1.3% to $5,156; oil prices remain high, with Brent crude rising 1.2% to $82.35, and WTI crude rising 1% to $75.28.</p>
<p>On the other hand, the Asia-Pacific stock markets opened under pressure this morning, with the South Korean stock market down nearly 5% to 5,503 points, and the Japanese stock market down 2.8% to 54,698 points. The Hong Kong stock market opened at 25,469 points, down 298 points or 1.16%.</p>
<h2>Jack Ma Leads Core Management Team Gathering at YunGu School</h2>
<p>Tech stocks are generally weak, with Alibaba (9988) founder Jack Ma reportedly leading the core management team of Alibaba and Ant Group to gather at YunGu School in Hangzhou. The stock opened at 131.2, down 2.7%; Tencent (700) down 0.9%; Meituan (3690) down 1.3%; JD.com (9618) down 1.1%; and Baidu (9888) also down 2.3%.</p>
<h2>Xiaomi's New Generation SU7 Vehicles Enter Stores in Large Numbers</h2>
<p>Xiaomi (1810) announced that its new generation SU7 vehicles will begin to enter stores in large numbers starting today (the 4th). The stock opened at 31.46 yuan, down 0.4%.</p>
<h2>Oil Service Stocks Hotly Traded, Shandong Molong Up 15%</h2>
<p>Recently hotly traded oil-related stocks showed mixed developments, with CNOOC (883) down 0.6%; PetroChina (857) down 0.1%; China National Offshore Oil Corporation (632) up 4.5%; Shandong Molong (568) and Baqian Oil Services (2178) up 15% and 12%, respectively. In terms of gold-related stocks, Zijin (2899) opened down over 3%; Chifeng Jilong Gold Mining (6693) down over 5%; and Zhaojin Mining (1818) down 3.6%.</p>
<h2>China National Pharmaceutical and Sanofi-Aventis Sign Agreement</h2>
<p>China National Pharmaceutical (1177) announced that its subsidiary, Chengda Tianqing, has signed an exclusive licensing agreement with a wholly-owned subsidiary of Sanofi regarding the global development, production, and commercialization of the group's JAK/ROCK inhibitor, Rovaxtin. The stock opened at 5.67 yuan, down 0.7%.</p>
<p>Regarding the northbound capital flow, there was a net purchase of Hong Kong stocks amounting to 6.081 billion yuan yesterday, with Tencent (700), Tracker Fund of Hong Kong (2800), and Southern Hang Seng Technology (3033) receiving net purchases of 2.559 billion yuan, 2.343 billion yuan, and 1.413 billion yuan, respectively; while Alibaba (9988), China COSCO Shipping Energy (1138), and Yangtze Optical Fibre and Cable (6869) faced net sales of 1.209 billion yuan, 384 million yuan, and 293 million yuan, respectively</p>

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<p>Hong Kong stocks plunged 716 points in half a day, with the Hang Seng Index reporting 25,051 points, a decline of 2.78%. Financial stocks and tech stocks performed weakly, with HSBC and AIA falling 3.7% and 5.5% respectively. Global stock markets generally declined, reflecting a high level of uncertainty in the market. Oil stocks and gold stocks also fell, with CNOOC down 3.9%. JP Morgan pointed out that the profit risk for insurance stocks is limited, while Longbridge believes that the pullback presents an opportunity for positioning</p>

- The Hang Seng Index opened lower, dropping 298 points and hitting a low of 24,963 points before stabilizing at 25,051 points, down 716 points or 2.78%.  
- Global stock markets, including Japan and South Korea, also experienced significant declines, attributed to heightened uncertainty in the market.  
- Major financial and tech stocks in Hong Kong suffered losses, with HSBC falling 3.7% and Alibaba down over 4%, while concerns regarding inflation were spurred by geopolitical tensions affecting oil prices.

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Hong Kong stocks plummeted 716 points in the half-day session, with HSBC and AIA leading the decline. "Market shows high uncertainty performance" | Hong Kong stock market opens