Hang Seng Index +0.17% at midday; Hang Seng Tech -0.55%. Stablecoin-related
names led gains: Yunfeng Financial (00376.HK) up >7%, Jinyong Investment
(01328.HK) up >3%. Mainland brokerages outperformed: Guotai Haitong (02611.HK)
up >3%, China Galaxy (06881.HK) up >2%. Biotech recovery: Fuhong Hanlin
(02696.HK) up >4%. Other relative winners included major internet names, power,
AI application plays, domestic banks, environmental and logistics stocks.
Decliners concentrated in optical communications — Cambridge Technology
(06166.HK) down >8%, Huiju Technology (01729.HK) down >5% — alongside weakness
in memory, PCB, new-consumer and NEV-related stocks.
