Hang Seng Index Up 0.7%, Property Stocks Surge, Semiconductors Tumble

Hong Kong stocks exhibited a clear structural divergence trend today. Most of the large-cap technology stocks rebounded, with Lenovo Group surging by over 30% at one point and closing up 21.95%, lifting its market capitalization to 297.7 billion Hong Kong dollars, setting a new historical high. The direct catalyst came from across the ocean - Dell Technologies' latest quarterly report soared by nearly 40% after the market closed, with results significantly exceeding expectations, on top of the strong AI PC demand data recently released by HP, rapidly heating up market expectations for a recovery in PC and server hardware. Baidu once surged nearly 9%, finally closing up 3.5%.

Real estate stocks were another main theme of today. The State Council issued the "15th Five-Year Plan for Urban Renewal", setting clear quantified targets such as the renovation of about 115,000 old residential areas, 4,000 urban villages, and 500,000 sets of dilapidated houses, causing the sector to collectively rise in response. Country Garden once surged over 40% at the start of trading, closing up 16.27%; Sunac China rose by more than 7%, while Vanke, C&D International, and Sino-Ocean Group all had gains exceeding 6%.

Oil prices falling led to a recovery in airline stocks. News of the US and Iran reaching an agreement on a 60-day Memorandum of Understanding, restoring passage through the Strait of Hormuz, Brent crude fell about 1% to $91.76 a barrel. Cathay Pacific and China Eastern Airlines rose by over 4%, and China Southern Airlines rose by over 3%.

On the other side, memory and semiconductor stocks suffered heavy losses. Montage Technology fell by over 12%, Shanghai Fudan and FORTIOR dropped by more than 11%, and NXP Semiconductor fell by over 10%, with the entire sector opening high and closing low, becoming one of today's largest drags. Power equipment stocks also weakened, with Harbin Electric falling by more than 8%, and Dongfang Electric by more than 6%.

Looking at the weekly dimension, the Hang Seng Index fell by 0.8%, the China Index fell by 0.58%, but the Hang Seng Technology Index rose by 2.42% against the trend, and AI-related main lines remain the key direction for capital layout.

Looking ahead, Everbright Securities believe that the Hong Kong stock market has reached a bottom area, but the turning point has not yet arrived. The continuous inflow of Southbound capital currently provides support at the value bottom, but the active foreign capital representing global long-term capital has not yet returned in large scale, and the market lacks the core driving force to launch a trend-following rally, with the Hang Seng Technology Index still in a complex bottom-building phase.