Today's Hong Kong Stock Market

Hang Seng Index 26,164.31 -323.17 -1.22% ~2,020

Hang Seng Tech Index 4,963.94 -97.56 -1.93% 441.84

Hang Seng China Enterprises Index 8,805.21 -138.33 -1.55% ~560

Compared to yesterday (April 21): HSI +0.48%, HSTECH -0.08%. Today, the market shifted from divergence to collective weakness.

US-Iran Negotiations Break Down: Talks scheduled for today were canceled; Iran rejected the extension of the ceasefire. Uncertainty in the Middle East has increased, leading to a global rise in risk-averse sentiment.

Overnight US Stocks Under Pressure: Both the Dow and Nasdaq fell 0.59%. Chinese concept stocks broadly declined, with Bilibili and iQiyi falling over 6%. This sentiment spilled over to Hong Kong tech stocks.

Tech Stocks (Main Declining Force): Alibaba (9988), NetEase (9999), Bilibili (9626), XPeng (9868)

Logic: AI investments are dragging down short-term profitability, with capital flowing to hard tech.

Sectors That Defied the Downtrend:

Optical Communication: Yangtze Optical Fibre and Cable (06869), catalyzed by Google Cloud conference demand for TPUs/optical modules.

Semiconductors: Cambridge Technology, Montage Technology, driven by strong demand for AI chips/servers.

Oil & Petrochemicals: PetroChina, CNOOC saw slight gains, benefiting from geopolitical risk premiums.

Southbound Capital: Net inflow of HKD 4.89 billion against the trend.

Preference: Semiconductors, optical communication, Chinese brokerages; Reduction: Internet platforms, consumer electronics.