Hong Kong stocks closed | All three major indices retreated, risk aversion spread, DEEPEXI TECH surged nearly 60% against the trend

Market Overview

▪ The Hong Kong stock market closed with all three major indices weakening, and market sentiment was significantly under pressure;

▪ The Hang Seng Index closed at 25,660.85 points, down 0.90%, with the index giving back some of the previous rebound gains;

▪ The Hang Seng Tech Index closed at 4,822.01 points, down 0.79%, but the collective pullback of tech giants still suppressed the index performance;

▪ The China Enterprises Index closed at 8,602.06 points, down 0.61% for the day, with large-cap stocks generally retreating, and confidence still needs to be restored in the short term.

Sector Performance

▪ The technology and hardware-related sectors led the decline. Tencent Holdings fell 2.87% today, with a turnover of HKD 10.393 billion. The price increase in cloud services has driven expectations for AI commercialization, but tech stocks are under short-term valuation pressure, and investors are clearly becoming more cautious. Xiaomi Group-W fell 0.78%, with a turnover of HKD 3.625 billion, as the market experienced short-term fluctuations. Lenovo Group fell 0.40%, with a turnover of HKD 706 million. There is a structural differentiation in funds regarding performance realization and innovation capability, with some leading stocks being pressured by high short-selling ratios.

▪ AI concept and innovative technology companies performed outstandingly. Deepixi Tech surged by 59.19%, with a turnover of HKD 3.731 billion, becoming a market highlight. Within the AI sector, different groups, 51WORLD, and Xunce also recorded significant increases, reflecting a focus on AI commercialization and high-tech growth.

▪ The internet content and information sector showed significant adjustments, with Kuaishou-W down 1.33%, heavily short-sold, and market sentiment remaining cautious in the short term. Baidu Group-SW fell 1.10%, with market risk appetite decreasing, but the company's AI and smart hardware ecosystem layout continues to advance, still attractive to long-term investors.

Macroeconomic Background

▪ The Hong Kong stock market is paying attention to import annual rates and other foreign trade indicators, with an overall cautious macro environment. Liquidity and exchange rate fluctuations have a significant short-term impact on indices and industries, and it is recommended to continue monitoring changes in import and export data and related policy directions.

Popular Stocks

▪ Deepixi Tech (1384.HK) rose 59.19% today, with the latest price at HKD 71.00 and a turnover of HKD 3.731 billion. The price increase in AI-related cloud services has catalyzed a revaluation of AI commercialization, becoming a focal point of high market attention, attracting a large inflow of funds, with a cumulative increase of over 120% in the past two days.

▪ Different Groups (6090.HK) rose 43.54% today, with a turnover of HKD 1.231 billion, as funds chase the main line of AI technology innovation.

▪ 51WORLD (6651.HK) rose 28.62% during the day, with a turnover of HKD 1.156 billion. The speculation around AI concepts is strong, and market demand for technology and industrial chains continues to heat up, with funds primarily engaged in short-term speculation.

▪ Xunce (3317.HK) surged 15.61%, with the latest price at HKD 358.40 and a turnover of HKD 2.658 billion. The company signed a strategic agreement with a data exchange to enhance its layout in the data factor industry, gaining financial support ▪ Haizhi Technology Group (2706.HK) rose 21.54%, with a trading volume of HKD 296 million. The sector is overall active, with significant capital inflow, catalyzing expectations for industrial expansion and upgrades.

Market Trading Volume TOP10

▪ Tencent Holdings (700.HK) latest trading price HKD 490.00, down 2.87%, trading volume HKD 10.393 billion

▪ Alibaba-W (9988.HK) latest trading price HKD 123.20, down 1.83%, trading volume HKD 6.292 billion

▪ YOFC (6869.HK) latest trading price HKD 214.80, down 3.42%, trading volume HKD 5.834 billion

▪ BYD Company (1211.HK) latest trading price HKD 110.30, up 4.95%, trading volume HKD 5.500 billion

▪ DEEPEXI TECH (1384.HK) latest trading price HKD 71.00, up 59.19%, trading volume HKD 3.731 billion

▪ XIAOMI-W (1810.HK) latest trading price HKD 30.66, down 0.78%, trading volume HKD 3.625 billion

▪ POP MART (9992.HK) latest trading price HKD 151.50, up 0.40%, trading volume HKD 3.495 billion

▪ XUNCE (3317.HK) latest trading price HKD 358.40, up 15.61%, trading volume HKD 2.658 billion

▪ CNOOC (883.HK) latest trading price HKD 26.64, up 0.45%, trading volume HKD 2.441 billion

▪ SMIC (981.HK) latest trading price HKD 57.15, down 1.89%, trading volume HKD 2.356 billion