<p>U.S. President Donald Trump's speech did not bring good news, indicating that the core strategic goal of the Iran conflict is &#34;nearly complete,&#34; and the U.S. will continue to attack Iran in the next two to three weeks, causing oil prices to rise again. This news dragged down Asian stock markets, and with the long holiday approaching, Hong Kong stocks opened lower and continued to decline, but regained the 25,000-point level, ultimately closing at 25,116 points, down 177 points, ending a two-day winning streak. The total market turnover was HKD 243.6 billion; northbound capital saw a significant net inflow of HKD 19.8 billion. Hong Kong stocks will be closed from Friday until next Wednesday; U.S. stocks will resume trading next Monday.</p>
<p>The Hang Seng Index opened down 40 points at 25,254 points, which was the day's high, and then fell steadily, hitting a low of 24,901 points in the afternoon, down 393 points. However, some investors took the opportunity to buy at lower prices, ultimately closing at 25,116 points, down 177 points. The National Index closed at 8,456 points, down 47 points; the Tech Index closed at 4,679 points, down 77 points.</p>
<p>Mainland stock markets declined, with the Shanghai Composite Index closing at 3,919 points, down 29 points or about 0.7%; the Shenzhen Component Index reported 13,486 points, down 219 points or 1.6%; the ChiNext Index reported 3,172 points, down 74 points or 2.3%. In major Asian stock markets, the Korea Composite Index reported 5,234 points, down 244 points or 4.5%; the Nikkei Index closed at 52,463 points, down 1,276 points or 2.4%; the Taiwan Weighted Index reported 32,572 points, down 602 points or 1.8%.</p>
<h2>Hang Seng Index Rises 164 Points for the Week, Ending Four Weeks of Decline</h2>
<p>In the four trading days of this week, the Hang Seng Index rose a total of 164 points or 0.7%, ending a four-week decline. The National Index rose 3 points or 0.04%, ending a two-week decline. The Tech Index fell 98 points or 2.1%, marking a three-week decline with a total drop of 325 points or 6.5%. This week, Hansoh Pharmaceutical (3692), Geely Auto (175), and Sunny Optical Technology (2382) were the best-performing blue-chip stocks, rising 20.9%, 14%, and 11.4%, respectively. BYD Electronics (285), Shenzhou International (2313), and CNOOC (883) performed the worst, falling 11.1%, 9.8%, and 7%, respectively.</p>
<h2>Domestic Chip Stocks Under Pressure, Fudan Falls 8%</h2>
<p>The market began to discuss whether AI work could be completed with less storage, leading to a decline in domestic chip stocks. Shanghai Fudan (1385) closed at HKD 35.2, down 7.6%; Biren Technology (6082) reported HKD 29.5, down 6.7%; Hua Hong Semiconductor (1347) reported HKD 79.35, down 5.1%; SMIC (981) reported HKD 51, down 3.5%.</p>
<h2>ATMXJ Weakens</h2>
<p>ATMXJ all fell, with Alibaba (9988) releasing the new generation large language model Qwen3.6-Plus, but it did not help stimulate the stock price, closing at HKD 118.5, down 3.4%. Xiaomi (1810) reported HKD 30.88, down 3.6%; Meituan (3690) reported HKD 80.25, down 2.1%; Tencent (700) closed at HKD 489.2, down 1.5%;
JD.com (9618) reported HKD 111.9, down 0.9%. JD.com stated that it has officially launched the &#34;100 Billion Double Subsidy&#34; plan for home appliances and home goods in partnership with over a hundred brands including Haier Smart Home (6690) and Midea (300).</p>
<h2>Geely Soars 8% as Major Banks Favor It</h2>
<p>Geely Auto received favorable ratings from major banks, closing at HKD 23.82, up 8.4%, reaching a new high in over 4 years, making it the best-performing blue-chip stock. Citigroup noted that its first-quarter sales exceeded their forecasts, and exports in March increased by 34% quarter-on-quarter, showing strong performance, thus raising the target price from HKD 26 to HKD 27, maintaining a &#34;Buy&#34; rating. Additionally, Longfor (960) closed at HKD 7.62, down 3.7%, making it the worst-performing blue-chip stock.</p>
<h2>Tan Zhile: Political Market Has Risks in Both Directions</h2>
<p>Futu Securities Chief Analyst Tan Zhile stated that if oil prices fall, the stock market may have conditions to improve slightly, with the Hang Seng Index's 24,200 points being an important support level, but emphasized that the market is still politically driven, and the reference value of support and resistance levels is low. He mentioned that the current proportion of bear certificates in Hong Kong stocks is relatively high, posing a risk of short squeezes in the short term, and the situation will not improve immediately, with the market waiting for concrete news. On a technical level, he indicated that the trend of Hong Kong stocks is weakening, advising investors not to &#34;stick too closely, otherwise it will be hard to turn around, hold cash&#34;; in the short term, consider reducing holdings on rebounds.</p>
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<p>1215: After Trump delivered a &#34;victory&#34; speech at the White House this morning, oil prices rose instead of falling. The Hang Seng Index opened down 39 points and continued to weaken, with the decline widening to 291 points at one point, hitting a low of 25,003 points, barely holding above the 25,000 mark, and closing near the half-day low at 25,016 points, down 277 points or 1.1%, with half-day turnover of HKD 116.1 billion. The Tech Index reported 4,651 points at midday, down 104 points or 2.2%. In U.S. stock futures, the three major indices are currently down about 1% to 1.5%.</p>
<h2>Tech Stocks Lead Declines, Alibaba Down Over 3%</h2>
<p>Among heavyweight blue-chip stocks, tech stocks led the declines, with Alibaba (9988) and XPeng (1810) down 3.5% and 4.1% respectively, along with Tencent (700) down 1.7%, being the three main stocks dragging down the Hang Seng Index, while HSBC (005) and Meituan (3690) also fell 1.5% and over 3% respectively.</p>
<h2>Geely Up Over 6% as Major Banks Favor It</h2>
<p>In terms of stock price fluctuations, SMIC (981) fell over 4.7%, making it the worst-performing blue-chip, while Longfor (960) and Johnson Controls (669) also fell 3.7% and 2.9% respectively. In contrast, Geely (175) rose 6.5%, making it the best-performing blue-chip, with Sunny Optical (2382) and Hansoh Pharmaceutical (3692) rising 5.6% and 4% respectively.</p>
<p>On the news front, Geely reported that its cumulative sales for the first quarter of this year reached 709,358 vehicles, setting a historical high for the same period; among them, the sales for March alone were 233,000 vehicles, a month-on-month increase of 13%. Citigroup's report indicated that Geely Auto's sales exceeded their forecasts, and considering a better sales mix and profit margin trends, they raised the gross margin forecast for 2026 to 2028 by 0.2 percentage points, and the net profit forecasts for each year were raised by 3%, with the target price raised to HKD 27, maintaining a &#34;Buy&#34; rating</p>
<h2>Half-new stocks are being speculated, ZEEKR rises over 20%</h2>
<p>On the other hand, some recently listed half-new stocks have surged, with Fu Li Ye (3625) rising over 12% in half a day; ZEEKR (6636) rising over 20%; Han Tian Cheng (2726) rising over 5%; and Kai Le Si Technology (2729) also rising 5.7%.</p>
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<p>0930: U.S. President Trump will give a speech at 9 PM local time on Wednesday (9 AM Thursday in Hong Kong) regarding the latest situation of the Iran war, with the market anticipating a ceasefire. The three major U.S. stock indices continued to rebound on Wednesday, with the Dow closing up 224 points or 0.48%, at 46,565 points; the S&amp;P 500 up 46 points or 0.72%, at 6,575 points; and the Nasdaq up 250 points or 1.16%, at 21,840 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it rose 0.31% to 6,774 points on Wednesday.</p>
<p>In the focus sectors, storage-related stocks surged, with Sandisk (SNDK) closing up 9%, Micron Technology (MU) up 8.9%, Seagate Technology (STX) and Western Digital (WDC) also rising 8% and 10% respectively. In addition, SpaceX has secretly submitted a listing application, and with the U.S. executing a manned lunar mission rocket launch, space concept stocks are on the rise, with Planet Labs PBC (PL) rising nearly 10%, and Boeing (BA) also rising over 4%.</p>
<h2>Trump announces decisive victory for U.S. military</h2>
<p>However, Trump delivered a national address at the White House this morning, announcing that the U.S. military has achieved a rapid and decisive victory in Iran, with most Iranian leaders dead, the navy non-existent, and the air force reduced to ruins. He also predicted that heavy strikes would be implemented against Iran in the next two to three weeks, emphasizing that the U.S. military is rapidly resolving all military targets as planned. U.S. stock index futures turned negative, with declines ranging from 0.5% to 0.6%; spot gold prices, after rising 1.9% on Wednesday, also turned from rising to falling this morning, dropping about 0.6% to $4,726; the U.S. dollar index rose 0.15% to 99.72. In contrast, oil prices surged, with Brent crude rising nearly 4%, and WTI crude futures also rising over 3%.</p>
<p>In the Hong Kong stock market, the Hang Seng Index opened down 39 points this morning, at 25,254 points. Among blue-chip stocks, Luoyang Molybdenum (3993) rose 2%, WuXi Biologics (2269) rose 1.7%, performing better. Internet stocks generally fell, with Alibaba (9988) releasing the image generation and editing unified model Wan2.7-Image, and its stock price opening down 1.4%; Tencent (700) fell 0.1%; Meituan (3690) fell 0.8%; JD.com (9618) fell 0.6%; and Xiaomi (1810) also fell 1%.</p>
<h2>Stellantis and Leapmotor discuss producing electric vehicles in Canada</h2>
<p>In the automotive sector, major electric vehicle manufacturers in mainland China released their delivery data for March, with Leapmotor (9863) exceeding 50,000 deliveries in March. At the same time, Stellantis is reportedly discussing plans to produce electric vehicles in Canada with Leapmotor; Leapmotor opened at 51.7 yuan, rising 0.88%
Li Auto (2015) resolved production capacity bottlenecks, with deliveries significantly increasing to over 41,000 vehicles; the stock price opened without fluctuations. As for XPeng (9868), it announced plans to expand into South America, aiming to achieve a leading position in the region by 2028; the stock price opened up 0.4%. Nio (9866) announced that it delivered 35,486 new vehicles in March, a year-on-year increase of 1.36 times, and a month-on-month increase of 70.6%; the stock price also opened without fluctuations.</p>
<h2>Miniso's TOP TOY Submits Listing Application Again</h2>
<p>In terms of individual stock news, Miniso (9896) subsidiary TOP TOY has submitted a listing application in Hong Kong again, with joint sponsors being JP Morgan and UBS, but CITIC Securities is no longer a joint sponsor for TOP TOY, only serving as the overall coordinator. Miniso opened at HKD 32.5, with no fluctuations.</p>
<p>Regarding the northbound capital flow, there was a net sell of HKD 12.694 billion in Hong Kong stocks yesterday, with Tencent (700), Sanofi (1530), and Xiaomi (1810) receiving net purchases of HKD 1.063 billion, HKD 112 million, and HKD 11.5 million respectively; while CNOOC (883), Tracker Fund (2800), and Pop Mart (9992) faced net sells of HKD 2.881 billion, HKD 2.628 billion, and HKD 715 million respectively</p>

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<p>The Hang Seng Index fell 177 points before the long holiday, closing at 25,116 points, ending a two-day winning streak. U.S. President Trump’s remarks about Iran led to a rise in oil prices, dragging down Asian stock markets. The turnover of Hong Kong stocks was HKD 243.6 billion, with a net inflow of HKD 19.8 billion from northbound trading. The National Index and the Technology Index closed at 8,456 points and 4,679 points, respectively, with declines of 0.6% and 1.6%. This week, the Hang Seng Index accumulated a rise of 164 points, ending four consecutive weeks of decline. Hansoh Pharmaceutical, Geely Auto, and Sunny Optical Technology performed well, while BYD Electronics and Shenzhou International performed poorly. Domestic chip stocks were under pressure, with Fudan Technology falling 8%</p>

- The U.S. President's announcement regarding Iran's military situation has led to rising oil prices and a decline in Asian stock markets.  
- The Hang Seng Index closed at 25,116 points, down 177 points, while major mainland indices also fell, with the Shanghai Composite down 29 points or about 0.7%.  
- Notably, Geely Autos surged 8.4% after positive projections from Citigroup, while domestic chip stocks faced pressure amid discussions on AI resource efficiency.

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The Hang Seng Index fell 177 points before the long holiday, oil prices rose again, leading to declines in Alibaba and Xiaomi. Experts recommend reducing holdings on rebounds | Hong Kong stock market closing