Overnight US indices were mixed and the China Golden Dragon Index rose. After a
two-day advance, Hong Kong stocks opened higher and extended gains; the Hang
Seng opened +176 at 25,487, peaked +426 at 25,737 before narrowing. By midday
the Hang Seng was up 1.37% and the Hang Seng Tech Index 2.2%; turnover rose to
HKD 173.04 bln. New-consumption names, autos and tourism led gains; internet and
online healthcare stocks outperformed; education and mainland property stocks
staged a rebound. Memory, AI small-caps and PCB names extended prior declines;
biotech and brain‑computer‑interface names pulled back. Notable movers: Li Auto
(02015.HK) +10%, Xiaomi Group (01810.HK) +9%, MiniMax (00100.HK) +8%, Leapmotor (09863.HK) +7%, Nongfu Spring (09633.HK) +7%; Huahong Hongli (01347.HK) and SMIC (00981.HK) near -8%, Zhipu (02513.HK) -4.5%, Laopu Gold (06181.HK) -4%.
