"Today's Warrants" After a brief rebound on Wednesday (24th), Hong Kong stocks resumed their downward trend this morning (25th). The market opened 23 points lower and the decline expanded, dropping 321 points at midday to test the support at the 23,000-point level, reaching a one-year low.

Gold prices fell below the $4,000 mark, and gold-related stocks were generally under pressure in the morning session. Zijin Mining (02899) saw its stock price plummet 5.8% at midday, hitting a low not seen in over six months, marking a seven-day losing streak. Investors optimistic about the stock can consider Zijin Call (13014), with an exercise price of HKD 45.678, expiring in early December.

International oil prices have fallen below pre-Middle East conflict levels, while airline stocks rose against the trend in the morning session. China Eastern Airlines (00670) saw its stock price rise 6.9% at midday, breaking through the 20-day moving average. Investors bullish on the stock can consider China Eastern Call (23287), with an exercise price of HKD 7.37, expiring in late June 2027.

Oil prices continue to be under pressure, and oil stocks have maintained their recent weakness. PetroChina (00857) saw its stock price drop another 1.9% at midday, with attention on whether the 250-day moving average can provide support. Those interested in positioning for a rebound in this stock can consider PetroChina Call (13927), with an exercise price of HKD 13.888, expiring in early July 2027.

Alibaba (09988) broke its bottom in the morning session, dropping 4.2% at midday. Investors looking to position for a rebound in this stock can consider Alibaba Call (13749), with an exercise price of HKD 139.988, expiring at the end of June 2027. "Macquarie Capital Securities"

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