U.S. stocks fell overnight, while Hong Kong stocks fluctuated and stabilized, briefly losing and regaining the 25,000-point mark, ultimately closing at 24,951 points, up 95 points, with a narrow daily fluctuation of 383 points. The market has fallen for four consecutive weeks, losing a total of 1,679 points or 6.3%, with a total turnover of HKD 263 billion. Analysts estimate that Hong Kong stocks will continue to see a tug-of-war between bulls and bears, with support at the 24,200-point level and resistance at 25,400 points.
The Hang Seng Index opened 88 points lower, with the decline at one point expanding to 144 points, hitting a low of 24,712 points. However, it later followed the A-shares in turning from decline to rise, reaching a high of 25,095 points in the afternoon, up 239 points, and ultimately closing at 24,951 points, up 95 points. The National Index closed at 8,453 points, up 63 points. The Tech Index closed at 4,778 points, up 16 points or 0.4%.
<h2>Hang Seng Index Falls 325 Points in a Week, POP MART Plummets 29%</h2>
For the week, the Hang Seng Index fell a total of 325 points or 1.3%, marking four consecutive weeks of decline; the National Index fell a total of 120 points or 1.4%; the Tech Index fell a total of 94 points or 1.9%, with both the National and Tech Indices declining for two consecutive weeks. WH Group (288), Meituan (3690), and WuXi AppTec were the best-performing blue-chip stocks, rising 8.9%, 8.5%, and 8% respectively. In contrast, POP MART (9992), Kuaishou (1024), and China Life (2628) were the worst-performing blue-chip stocks, falling 28.6%, 14.4%, and 11.2% respectively.
In terms of daily performance, biotech stocks were in demand, with CSPC Pharma (1093) closing at HKD 9.29, up 13.8%; Innovent Biologics (1801) reported a price of HKD 85.5, up 7.7%, making these two the best-performing blue-chip stocks. Hansoh Pharmaceutical (3692) reported HKD 32.56, up 4.6%; WuXi Biologics (2269) reported HKD 32.36, up 2.6%.
<h2>Meituan Falls 1% After Earnings</h2>
The ATMXJ stocks had mixed developments, with Meituan showing fluctuating trends after earnings, closing at HKD 85.9, down 0.9%. The company released a comprehensive open-source native multimodal model LongCat-Next, along with its core component &#34;Discrete Native Resolution Visual Segmentation (dNaViT).&#34; Morgan Stanley published a report indicating that Meituan showed signs of recovery in the first quarter of this year, maintaining its market share, with the gap in unit economics compared to peers widening, and competitive pressure on in-store business profit margins being better than expected, thus giving a target price of HKD 120 and an &#34;Overweight&#34; rating.
Tencent (700) closed at HKD 493.4, down 0.4%; Alibaba (9988) reported HKD 122.6, down 0.3%. JD.com (9618) reported HKD 113.7, up 0.1%; Xiaomi (1810) reported HKD 33, up 1.7%.
Among blue-chip stocks, Haier Smart Home (6690) closed at HKD 21.88, down 4.1%, making it the worst-performing blue-chip stock. HSBC (005) closed at HKD 124.8, unchanged. BYD (1211) reported HKD 106.5 before earnings, up 3.7%
<h2>Li Zeming: Trump's Export Strategy Cannot Change the Situation</h2>
Li Zeming, Chief Investment Officer of Blue Water Capital, predicts that Hong Kong stocks will continue to struggle, with the Hang Seng Index supported at 24,200 and facing resistance around the 25,400 level at the 20-day moving average. He expects a rebound after the tech stocks have &#34;dropped nearly enough,&#34; while the three major telecom stocks remain relatively stable. He believes that U.S. President Trump will intervene in the stock market when it &#34;drops to a certain level,&#34; but he thinks it will still be difficult to &#34;negotiate well and reach a deal,&#34; making it hard to change the overall situation.
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After opening 87 points lower, the Hang Seng Index fluctuated between declines and gains, rising as much as 139 points at one point. The index closed at 24,992 points at noon, up 135 points or 0.55%, with a turnover of HKD 135.775 billion. The Tech Index closed at 4,811 points, up 50 points or 1.05%.
<h2>Innovent Biologics Rises After Earnings</h2>
Among blue-chip stocks, CSPC Pharma (1093) rose 9.56%, making it the best-performing blue-chip, as the company received favorable ratings from several major brokerages, with ratings of &#34;underperform&#34; or &#34;buy.&#34; Innovent Biologics (1801) rose 5.73%, as the company achieved comprehensive profitability for the first time, validating that the innovative drug industry is entering a new stage of profitability after burning cash on R&amp;D, which is positive for the industry atmosphere.
Domestic demand-related stocks were favored, with Haidilao (6862) rising 6.47%; Mengniu Dairy (2319) rising 5.14%; BYD (1211) rising 4.28%. Mao Geping (1318) rose 8.69% after earnings, reporting HKD 75.7. The company's revenue last year was RMB 5.05 billion, a year-on-year increase of 30.1%, with both the cosmetics and skincare core segments recording a 30% growth.
Tech stocks generally rose, with Kuaishou (1024) up 1.93%; Meituan (3690) up 1.67%; Xiaomi (1810) up 1.66%; JD.com (9618) up 0.97%; Alibaba (9988) up 0.33%; while Tencent (700) slightly fell by 0.12%.
<h2>Lithium Battery Stocks Perform Strongly, Ganfeng Up 7%</h2>
Lithium battery stocks performed strongly, with Ganfeng Lithium (1772) up 7.72%; Tianqi Lithium (9696) up 4.62%; and Zhongchuangxin Hang (3931) up 2.44%. Reports indicate that Indonesia, the world's largest nickel producer, has agreed to impose taxes on coal and nickel exports, which stimulated a 2.7% rise in nickel futures prices on the London Metal Exchange. Additionally, the Zimbabwean government announced at the end of February an indefinite suspension of all raw ore and lithium concentrate exports, with the ban continuing for nearly a month and no news of its lifting, affecting the duration beyond previous market expectations. The situation is escalating, and the ban has led to cash flow crises for small and medium-sized mining companies, supporting the rise in lithium prices.
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0930: The tug-of-war in the U.S.-Iran war continues, with U.S. stock markets collectively declining. The Dow Jones fell 470.12 points, a decrease of 1.01%, closing at 45,959.37 points; the Nasdaq fell 521.74 points, a decrease of 2.38%, closing at 21,408.08 points; the S&amp;P 500 index fell 114.78 points, a decrease of 1.74%, closing at 6,477.12 points
The Nasdaq has currently accumulated a decline of over 10% compared to its historical high on October 29, 2025; the Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 2.55% to 6,721 points.
U.S. President Trump stated that he would extend the deadline for reopening the Strait of Hormuz to April 6 and indicated that negotiations for an agreement between the U.S. and Iran are progressing very smoothly. This is the second extension after Trump issued a threat of attack, as he stated last Saturday that he only gave Iran 48 hours.
However, The Wall Street Journal cited sources indicating that Iran did not &#34;request&#34; the U.S. to postpone airstrikes on Iranian energy facilities by another 10 days and has not yet given a final response to the U.S. proposal to end hostilities with a &#34;15-point plan.&#34; Additionally, the U.S. Department of Defense is developing a &#34;decisive strike&#34; military plan against Iran, which may include the use of ground troops and large-scale bombing.
Major tech stocks generally fell, with NVIDIA down 4.16%, Alphabet down 3.44%, Microsoft down 1.37%, Amazon down 1.97%, TSMC down 6.22%, Broadcom down 2.95%, Tesla down 3.59%, and Meta down 7.96%; only Apple rose 0.11%.
Affected by the market and Google's TurboQuant AI compression algorithm, Micron has fallen for the sixth consecutive trading day, closing down 6.97%; SanDisk also fell 11.02%, Seagate down 8.33%, and Western Digital down 7.7%.
In the Hong Kong stock market, the Hang Seng Index opened down 87 points, starting at 24,768 points. Kuaishou (1024) fell 1.32%; Meituan (3690) fell 0.63% after earnings; Tencent (700) fell 0.89%; Xiaomi (1810) fell 0.43%.
BYD opened up 4.97% before earnings; CATL (3750) rose 4.06%.
Haier Smart Home (6690) fell 3.51% after earnings, with group revenue of RMB 302.329 billion, a year-on-year increase of 5.7%; profit attributable to shareholders was RMB 19.553 billion, a year-on-year increase of 4.39%.
SMIC (981) fell 1.98% after earnings, with a net profit of RMB 5.041 billion in 2025, an increase of 36.3% compared to the same period.
Regarding the direction of northbound capital, on Monday, net buying of Hong Kong stocks amounted to HKD 3.3 billion. Tracker Fund (2800), CNOOC (883), and Kuaishou (1024) received net purchases of HKD 1.376 billion, HKD 1.099 billion, and HKD 911 million, respectively; Alibaba (9988), SMIC (981), and China Mobile (941) faced net sales of HKD 998 million, HKD 523 million, and HKD 373 million, respectively

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The Hang Seng Index closed at 24,951 points, up 95 points, marking a four-week decline of 1,679 points. The turnover of Hong Kong stocks was HKD 263 billion, with analysts predicting continued contention in the market. Biotechnology stocks performed outstandingly, with CSPC PHARMA soaring 14% in a single day. Meituan fell 0.9% after earnings, with Morgan Stanley setting a target price of HKD 120. POP MART plummeted 29%, making it the worst-performing blue-chip stock

- The Hong Kong stock market closed at 24,951 points, gaining 95 points, despite fluctuating around the 25,000 mark.  
- The Hang Seng Index has experienced a 6.3% decline over four consecutive weeks, while major stocks like WuXi AppTec and Meituan showed notable performances.  
- Analysts predict continued contention in the market, with support at 24,200 points and resistance at about 25,400 points.

Stheadline

POP MART

Bosera Hang Seng Health Care ETF(QDII)

Hwabao WP Hang Seng SCHK Innovative Drug Select ETF

CSPC PHARMA

TRACKER FUND

Yinhua CSI Innovative Drugs Industry ETF

Health Care Select Sector SPDR

Ping An CSI Auto Components Thematic ETF

BYD Company

iShares Biotechnology ETF

Guotai CSI Bio-medicine ETF

CSOP HSI ETF

ISHARESHSI

Minsheng Royal CSI Biotechnology Theme ETF

FI2 CSOP HSI

ChinaAMC CSI Auto Components Thematic ETF

ISHARESHSI-U

VG Health

SPDR S&P Biotech

Bosera Hang Seng SCHK Innovative Drug Select ETF

E Fund CSI Auto Components Thematic ETF

Invesco Biotechnology & Genome ETF

ChinaAMC SSE STAR Biology and Medicine ETF

Penghua CSI HK Connect Health Care Composite ETF

First Trust NYSE Arca Biotech Index Fd

VanEck Biotech ETF

Proshares Ultra Nasdaq Biotech

iShares US Pharma

GF Fund HSI SCHK ETF

China Merchants CSI Biotechnology Theme ETF

Ark Genomic Revolution ETF

GF CSI HK Innovative Drugs Industry ETF(QDII)

Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF

Huatai-PB Hang Seng Innovative Drugs Industry ETF(QDII)

ChinaAMC SSE Health Care ETF Initiating Fund

Hwabao WP CSI Intelligent Electric Vehicle ETF

ISHARESHSI-R

Direxion S&P Biotech Bull 3X

ChinaAMC Hang Seng ETF

China Universal CNI HK Connect Innovative Drugs Industry ETF

ChinaAMC Hang Seng Biotechnology Technology ETF(QDII)

E Fund CSI Biotechnology Theme ETF

FL2 CSOP HSI

Yinhua HSI SCHK ETF

Guotai CSI 800 Automobile and Parts ETF

China Southern Hang Seng ETF

The Hang Seng Index fell 1,679 points over the week, CSPC Pharma surged 14% in a single day, and BYD rose 4% before earnings. Experts expect a tug-of-war in the market. | Hong Kong Stock Market Closing