Hong Kong Stock Market Update | Hang Seng Index rises over 1%, domestic insurance and new energy vehicles lead the gains, while semiconductor stocks decline against the trend

On April 29th, during intraday trading, the three major indices of the Hong Kong stock market strengthened collectively, with the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index rising approximately 1.3%, 1.4%, and 1.5% respectively. In terms of sectors, domestic insurance stocks performed prominently, with Ping An rising over 5%, China Life and AIA following suit. Institutions indicated that the attention of public funds on the financial sector increased in the first quarter; the new energy vehicle and lithium battery industry chains saw widespread gains, with Tianqi Lithium rising over 5%, and Ganfeng Lithium, BYD Company, and Li Auto rising nearly 4%. Energy stocks were boosted by rising international oil prices and news of the UAE's exit from OPEC, with Yanzhou Coal Mining rising nearly 6% and PetroChina rising nearly 2%. New stock Smartmi Technology surged approximately 286% on its first day of listing, with active trading. However, the semiconductor sector fell against the trend, with HUA HONG SEMI dropping over 7% and SMIC falling nearly 1.4%, mainly affected by the overnight sharp decline in U.S. chip stocks and concerns over AI investment returns. In terms of trading volume, the top three were the Tracker Fund of Hong Kong, Alibaba, and Tencent Holdings, with BYD Company, HUA HONG SEMI, and Ping An each exceeding HKD 1.5 billion in trading volume