At midday Hong Kong stocks were firmer: the Hang Seng Index was up 1.34% and the
Hang Seng Tech Index rose 0.79%. Non-ferrous metals led gains—Ganfeng Lithium
+9%+, Tianqi Lithium (09696.HK) and Aluminum Corporation of China (Chalco,
02600.HK) each up over 7%. Power-equipment names outperformed: Dongfang Electric
(01072.HK) +5%+, Harbin Electric (01133.HK) +4%, Goldwind (02208.HK) +3%.
Brokerages including GF Securities (01776.HK), Guotai Haitong (02611.HK) and
China Merchants Securities (06099.HK) rose >2%. Lithium-battery, domestic bank,
property and logistics stocks were also strong; semiconductor names
underperformed—Tianshu Zhixin (09903.HK) -8%+, Hua Hong Hongli (01347.HK) -6%+.
Optical-communications, OLED and baby-products sectors lagged. Meituan
(03690.HK) rebounded >5%; Zhipu (02513.HK) fell ~3%.
