Hong Kong equities extended multi-week gains; the Hang Seng Index opened 64 pts
at 25,271 and peaked 233 pts higher at 25,440 before reversing, testing the
100-day moving average after weakness in memory and AI names. The market
recovered into the close; Hang Seng finished up 0.41%, Hang Seng Tech +0.61%,
turnover HK$250.63bn. Sector winners included gaming software, non-alcoholic
beverages and restaurant stocks; film & entertainment and autos rose for a
second day, while education and road transport rebounded. Laggards were
memory/storage, newly listed AI names, PCB plays, semiconductors and
power-equipment stocks. Notable movers: Horizon Robotics (09660.HK) +8%, NetEase
(09999.HK) and JD.com (09618.HK) >+4%, Leapmotor (09863.HK) and SenseTime
(00020.HK) +3.7%; China Southern 2x long SK Hynix (07709.HK) down >30%, China
Southern 2x long Samsung Electronics (07747.HK) -26.7%, Laopu Gold (06181.HK)
down >23.5%, Zhipu (02513.HK) down >18.5%, MiniMax (00100.HK) down >14%.
