Hong Kong stocks maintained upward momentum in the afternoon session on August 21, with the Hang Seng Index briefly approaching the 26,000 mark. As of press time, the Hang Seng Index rose 0.91% or 233.81 points to 25,932.30; the Hang Seng China Enterprises Index gained 0.65% to 8,603.77; and the Hang Seng Tech Index advanced 0.93% to 4,744.32. Total market turnover reached approximately HK$179.4 billion.

On the sector front, gold and resources stocks staged a broad-based rally, while Chinese insurers and financials strengthened collectively. Henderson Land surged over 6% after earnings. Tech stocks were mixed — Xiaomi and NetEase rose, while Alibaba and Meituan declined. Cloud Music tumbled more than 17%.

Gold & Resources Stocks Surge; Chifeng Gold Jumps Nearly 10%

As of press time, Chifeng Gold (06693.HK) surged nearly 10% to HK$44.68; Laopu Gold (06181.HK) rallied over 8% to HK$400.40; Zijin Mining (02259.HK) climbed nearly 8% to HK$160; Lingbao Gold (03330.HK) advanced more than 7%. On the news front, New York gold futures breached US$4,600/oz, hitting a fresh record high, with persistent Middle East tensions and global central bank gold purchases underpinning bullion prices.

Chinese Insurers & Financials Strengthen; China Life Up Over 4%

As of press time, China Life (02628.HK) rose over 4% to HK$27.78; Ping An Insurance (02318.HK) gained over 3% to HK$55.85; AIA Group (01299.HK) advanced more than 2%. Ping An Co-CEO Guo Xiaotao stated that the life insurance sector has entered a golden development period, while CFO Fu Xin noted the current valuation is undervalued by nearly 50%. Hong Kong Exchanges and Clearing (00388.HK) edged up nearly 1%, with UBS raising its average daily turnover forecast for HKEX to HK$275 billion.

Property Stocks Diverge; Henderson Land Soars Over 6%, Hysan Drops Over 3%

As of press time, Henderson Land Development (00012.HK) surged over 6% to HK$29.98. Hysan Development (00014.HK) fell more than 3% to HK$16.66. Goldman Sachs downgraded Hysan to "Sell" and slashed its target price from HK$24.90 to HK$16.00, citing structural headwinds facing the retail sector.

Tech Stocks Mixed; Xiaomi Up Nearly 4%, Alibaba Off Nearly 2%

As of press time, Xiaomi Corp-W (01810.HK) gained nearly 4% to HK$28.78; NetEase-S (09999.HK) rose over 3%. Alibaba Group-W (09988.HK) fell nearly 2% to HK$123.80; Meituan-W (03690.HK) declined more than 2%. Jefferies maintained a "Buy" rating on Alibaba and raised its target price to HK$184, citing expectations that the cloud business growth acceleration trend will persist.

In notable movers, Cloud Music (09899.HK) plunged more than 17% to HK$92.65; Pop Mart (09992.HK) dropped over 4% post-earnings. 3SBio (01530.HK) surged over 9%, with interim adjusted net profit rising 26.5%. Yangtze Optical Fibre (06869.HK) gained nearly 5% ahead of results, having issued a profit alert last month projecting a 7- to 9-fold increase in interim earnings.