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Market Review: HSI Reclaims 26,000 as BABA-W, XIAOMI-W and AI Stocks Rally
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After several major US cloud service providers raised AI capital expenditure following their earnings releases last week, Hong Kong equities advanced today, driven by technology, internet and AI-related supply chain stocks. Reports said Iran has submitted a new proposal for negotiations with the US, raising hopes of a fresh round of talks between the two sides. US President Donald Trump said he had launched an operation named "Freedom Plan", under which the US would guide vessels stranded in the Strait of Hormuz to depart, while Iran's armed forces warned that US forces approaching the Strait of Hormuz would face attacks. At the time of writing, the US two-year Treasury yield stood at 3.888%, while the US 10-year Treasury yield rose to 4.398%. The US Dollar Index climbed to 98.23. DJIA futures last fell 101 points or 0.2%, while Nasdaq futures last rose 59 points or 0.2%. A-shares were closed for the "Labour Day" holiday from today (May 4) to tomorrow (May 5) and will resume trading on Wednesday (6th). The HSI opened 361 points higher and extended gains, once peaking at 26,326, up 549 points at one point. It closed at 26,095, up 319 points or 1.2%. The HSCEI closed at 8,774, up 92 points or 1.1%. The HSTECH once rose more than 3% and reclaimed the 5,000 level, closing at 4,976, up 105 points or 2.2%. Total market turnover for the day amounted to HKD176.979 billion. Southbound trading will resume on Wednesday (6th). TRACKER FUND (02800.HK) rose 1.3% to HKD26.24, while POP MART (09992.HK) bucked the market to fall nearly 1% to HKD155.7. BABA-W in Demand; AI Stocks Strengthen Technology and AI-related shares performed well. TENCENT (00700.HK) rose 1.1% to HKD473. BABA-W (09988.HK) climbed 4.5% to HKD131.7. MEITUAN-W (03690.HK) gained 1.4%. SMIC (00981.HK) rose 1.8%, HUA HONG SEMI (01347.HK) surged 6%, and ILUVATAR COREX (09903.HK) soared 20%. AI names MINIMAX-W (00100.HK) and MANYCORE TECH (00068.HK) jumped nearly 13% and 19%, respectively. KNOWLEDGE ATLAS (02513.HK) rebounded 10%, while XUNCE (03317.HK) gained 9.3%. In addition, KB LAMINATES (01888.HK) advanced 7.4%, and Changfei Guangxian Guanglan (006869.HK) leapt 12.5%. According to mainland media reports citing OpenRouter's latest data estimates, total global calls to large AI models reached 23.9 trillion tokens last week (April 27 to May 3), up 8.6% WoW and marking the second consecutive weekly increase. Among the listed models, weekly calls for Chinese AI large models rose to 7.942 trillion tokens, up 81.7% WoW, while US AI large models recorded 3.258 trillion tokens, down 34.6% WoW. After two weeks, Chinese AI large models once again surpassed their US counterparts in weekly calls. Among the global top three by call volume last week, the top two were Chinese AI large models. TENCENT's Hy3 preview (free) ranked first with 3.03 trillion tokens, surging 799% WoW. Kimi K2.6 ranked second, up 15% WoW. MiniMax M2.7 under MINIMAX-W (00100.HK) ranked eighth with 0.729 trillion tokens, down 8% WoW. DeepSeek-V4-Flash entered the rankings for the first time at ninth place with 0.704 trillion tokens, up 344% WoW. 1,300 Stocks Rise; Support for XIAOMI-W Market breadth improved, with the ratio of advancers to decliners on the Main Board at 33 to 18. A total of 1,394 stocks rose (3.6%). Among HSI constituents, 71 stocks advanced while 19 declined, representing a ratio of 79 to 21. Short selling turnover reached HKD32.211 billion, accounting for 21.5% of eligible securities turnover of HKD149.813 billion (previous day: 19.06%). XIAOMI-W (01810.HK) jumped 6.8% to HKD30.98, making it the best-performing blue chip. BOCI said in a report that it expects XIAOMI-W's 1Q26 total revenue to decline about 14% QoQ to RMB100 billion, mainly dragged by a more than 40% drop in vehicle deliveries. In contrast, its core business segments showed resilience, with smartphone and IoT revenue expected to remain broadly flat QoQ, while internet services revenue may edge down slightly QoQ. On margins, the broker expects the core business to outperform pessimistic market expectations, with smartphone gross margin likely rebounding to above 9.5% and IoT margin returning to the peak level of 25%. At the group level, adjusted net profit is forecast at RMB5.5 billion, above market expectations. Macau gaming stocks weakened. Yinyu (000027.HK) fell 2.8% to HKD32.22. SANDS CHINA LTD (01928.HK) slipped 2.3%, while MGM CHINA (02282.HK) and MELCO INT'L DEV (00200.HK) each dropped more than 3%. Citi said Macau's April GGR reached MOP19.894 billion (about MOP663 million per day), up 5% YoY and recovering to about 84% of the April 2019 level, slightly below its forecast of MOP20 billion and market consensus of MOP20.1 billion. Looking ahead to May, Macau will kick off with a series of concerts. Given one additional weekend day compared with the same month last year, Citi conservatively forecasts May GGR at MOP23 billion (about MOP742 million per day), implying 9% YoY growth. This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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