The Hang Seng Index rose by 175 points, HSBC increased by 5% after earnings, leading the gains. Zhizhi MINIMAX surged over 10%. Experts expect continued volatility｜Hong Kong stocks closing

The Hong Kong stock market showed mixed performance, with the Hang Seng Index opening 155 points higher following the upward trend in external markets. In the afternoon, it rose by 280 points, reaching a high of 26,870 points before softening, closing at 26,765 points, up 175 points or 0.7%. The total market turnover was HKD 236.7 billion, with net outflow of northbound funds amounting to HKD 4.057 billion. The National Index closed up 26 points or 0.3%, at 9,034 points. The Tech Index fell 10 points or 0.2%, at 5,260 points. A-shares continued to perform well for two consecutive days, with the Shanghai Composite Index closing at 4,147 points, up 29 points or 0.7%; the Shenzhen Component Index closed at 14,475 points, up 184 points or 1.29%. Meituan rises nearly 2% Hong Kong tech stocks had mixed results, with Meituan (3690) rising 1.6%, closing at HKD 82.7; Tencent (700) rose 0.5%, closing at HKD 522.5. Bilibili (9626) fell 0.9%, closing at HKD 228.8; Kuaishou (1024) dropped 0.5%, closing at HKD 66.35. As for the "dual giants of large models," Zhihui (2513) plummeted 10.7%, closing at HKD 560.5; MINIMAX (100) fell 14.4%, closing at HKD 753.5. The non-ferrous metals sector strengthened, as a landslide occurred at the Morowali nickel mining center in Indonesia, which will impact nickel production in Indonesia. Liqian Resources (2245) rose 9.4%, closing at HKD 29.94; Jinchuan Permanent Magnet (6680) rose 6.8%, closing at HKD 23.8; China Aluminum (2600) rose 5.1%, closing at HKD 13.88. Tungsten prices continued to rise, with Jiaxin International Resources (3858) up 11.3%, at HKD 85.55, as the company was included in the Hang Seng Composite Index; Tianqi Lithium (9696) rose 2.6%, closing at HKD 47.5; Ganfeng Lithium (1772) rose 1.7%, closing at HKD 67.5; while Long Resources (1712) rose 13.8%, hitting a new high, closing at HKD 12.75. Cement and steel stocks surged, with Chongqing Steel (1053) soaring 8.7%, at HKD 1.25; Conch Cement (914) rose 5.5%, closing at HKD 26.7; Ansteel (347) rose 5.1%, closing at HKD 2.07; China Resources Cement (1313) rose 3.6%, closing at HKD 1.99; and Maanshan Iron & Steel (323) rose 0.8%, closing at HKD 2.55. Consumer stocks perform well, Haidilao rises 6% to lead blue chips With good performance in entertainment and dining during the Spring Festival, consumer stocks generally rose, with Maoyan Entertainment (1896) up 1.9%, closing at HKD 6.41; sports goods stock Anta (2020) rose 2.5%, closing at HKD 86.65; Tabo (6110) rose 6.5%, closing at HKD 3.1; and Haidilao (6862) rose 6.2%, closing at HKD 17.51, making it the blue chip stock with the largest increase. In the financial sector, HSBC announced its annual results at noon, declaring a fourth dividend of USD 0.45 per share, with its stock price surging 5.4%, closing at HKD 142.7, contributing 140 points to the rise of the Hang Seng Index. Hong Kong Exchanges and Clearing (388) fell 0.3%, closing at HKD 412.2; AIA (1299) fell 0.4%, closing at HKD 84.5. Among the domestic banks, Agricultural Bank of China (1288) fell 2.2%, closing at HKD 5.34; China Ping An (2318) rose 1.9%, closing at HKD 71.15 Hong Kong Property Stocks Favored, Longfor Up 5% Shanghai has released the "Shanghai Seven Measures" to further relax housing purchase restrictions, leading to a broad rise in property stocks. Longfor Group (960) rose 4.5%, closing at HKD 26.6; Yuexiu Property (123) increased by 3.3%, closing at HKD 4.73; Sunac China (1918) rose 3.2%, closing at HKD 1.28; and Greentown China (3900) increased by 1.6%, closing at HKD 11.1. The spot freight rates for oil tankers have surged to a nearly six-year high, with most shipping stocks strengthening. China COSCO Shipping Development (2866) rose 3.5%, closing at HKD 1.19; and China COSCO Shipping Energy (1138) increased by nearly 1%, closing at HKD 19.02. Zeng Yongjian Expects Fluctuations Between 26,200 and 27,300 Points Zeng Yongjian, vice chairman of the Hong Kong Stock Analysts Association, stated that the overall Hong Kong stock market is currently in a fluctuating pattern, with corporate earnings being the core factor driving market direction. He noted that attention should be paid to external risks and the performance of large tech stocks in the future. He believes that if there are no black swan events in the external market, such as shocks from U.S. policies, the Hang Seng Index will continue to oscillate, expected to fluctuate between 26,200 and 27,300 points in the short term. Regarding the new fiscal budget, Zeng pointed out that there are currently no substantial measures aimed at facilitating capital inflow into the stock market, thus the impact on the short-term trend of Hong Kong stocks is basically neutral, making it difficult to form significant market support. ------------ U.S. President Trump will announce the State of the Union address at 10 a.m. Hong Kong time, with the market generally expecting him to use the speech to promote the positive state of the U.S. economy and announce new measures aimed at reducing price costs. The three major U.S. stock indices closed positively on Tuesday, with the Dow Jones Industrial Average rising 370 points to close at 49,174 points; the S&P 500 rose 52 points or 0.77% to close at 6,890 points; and the Nasdaq rose 236 points or 1.04% to close at 22,863 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, also rose 1.37% to 7,581 points on Tuesday. Anthropic Signals Collaboration, Software Stocks Stabilize In market focus, AI startup Anthropic conveyed a message of "collaboration rather than replacement" at its latest briefing, leading to a stabilization in related software stocks. Figma (FIG) rose nearly 11%, Roblox (RBLX) increased by 7.5%, and Salesforce (CRM) also rose over 4%. Additionally, AMD expanded its partnership with Meta to supply graphics processing units (GPUs) for its AI infrastructure, with their stock prices rising 8.8% and 0.3%, respectively. Meanwhile, SanDisk (SNDK) faced short-selling attacks from Hindenburg, causing its stock price to drop over 4%. Mixed Developments in Property Stocks Before Budget Announcement In the Hong Kong stock market, the local government will announce a new fiscal budget today (25th), with the Hang Seng Index opening at 26,745 points, up 154 points. Local property stocks showed mixed developments, with New World (017) rising 1.3%; Henderson Land (012) falling 0.1%; Cheung Kong (1113) and Sun Hung Kai Properties (083) both down 0.5%; and New World Development (016) dropping 1.6%. Tech Stocks Perform Well, Alibaba Up Over 1% Tech stocks generally performed well, with Alibaba (9988) announcing the official release of the Qwen 3.5 medium model series. Reports indicate that the new model has stronger intelligence and lower computing power. The stock opened at HKD 149.8, up 1.2%; Meituan (3690) also opened up 1.2%; Tencent (700) rose 0.5%; and JD.com (9618) increased by 1%. As for Xiaomi (1810), it announced plans to focus on core underlying technologies such as chips, AI, and operating systems over the next five years, with its stock price remaining unchanged at HKD 35.74. Haizhi Technology Partners with Zhipu In individual stock news, Haizhi Technology (2706) signed a non-binding strategic cooperation framework agreement with AGI leader Zhipu (2513), focusing on model training and industrial scene implementation, leveraging Haizhi's graph model integration technology (such as Atlas graph) and Zhipu's large model capabilities for mutual complementarity. Haizhi opened up 2.4% to HKD 125, while Zhipu fell 5.9% to HKD 591. Paradigm Intelligence Clarifies Benefits from AI Trend Additionally, Paradigm Intelligence (6682) issued a statement noting the recent sharp decline in its stock price. It acknowledged market rumors suggesting that the rapid iteration of AI large models would replace existing business models in the software industry, raising concerns about the software industry and the group's prospects. The company clarified that the development of AI large models is accelerating, leading to a rapid increase in demand for computing power and related services, and that the group's main business benefits from this trend. The stock fell by 10% yesterday and opened this morning at HKD 41.5, rebounding by 2.8%. Regarding the movements of northbound capital, there was a net purchase of HKD 3.131 billion in Hong Kong stocks yesterday, with Southern Hang Seng Technology (3033), Meituan (3690), and Xiaomi (1810) receiving net purchases of HKD 1.585 billion, HKD 688 million, and HKD 438 million, respectively. Meanwhile, Pop Mart (9992), CNOOC (883), and Tencent (700) experienced net sales of HKD 205 million, HKD 99.89 million, and HKD 86.77 million, respectively