As of the market close on March 30, the Hong Kong Hang Seng Index fell by 0.81%, closing at 24,750.79 points. The Hang Seng Tech Index dropped by 1.84%, closing at 4,690.08 points. The National Enterprises Index decreased by 0.65%, closing at 8,399.12 points, and the Red Chip Index fell by 0.43%, closing at 4,146.58 points.
Aluminum stocks led the gains, with China Aluminum International rising over 22%, Aluminum Corporation of China rising over 7%, and Nanshan Aluminum International rising over 7%, following attacks on aluminum production facilities in the Middle East by Iran. The gold sector rose, with CHIFENG GOLD increasing over 10%, WanGuo Gold Group rising over 9%, and Lingbao Gold rising over 7%. The automotive sector declined, with GAC Group falling over 6%, Great Wall Motors dropping over 5%, and XPeng decreasing over 4%.
Among large tech stocks, Alibaba-W fell by 1.71%, Tencent Holdings dropped by 2.39%, JD Group-SW decreased by 0.62%, Xiaomi Group-W fell by 1.88%, NetEase-S dropped by 0.4%, Meituan-W fell by 1.98%, Kuaishou-W decreased by 2.3%, and Bilibili-W dropped by 3.51%.
Brokerage Opinions:
Huatai Securities: The navigation status of the Strait of Hormuz remains uncertain
Huatai Securities' research report analyzes that the core variable affecting current market decisions, the navigation status of the Strait of Hormuz, remains uncertain. Therefore, it continues to recommend that investors maintain a cautious attitude and reduce trading frequency during times of high noise information. In terms of allocation, aside from the energy, new energy, and power chains that have already formed a consensus in the market, it is suggested to reallocate positions along the lines of internal and external demand rebalancing.
For external demand, reduce exposure to sectors with significant exposure to external demand, especially in the European and Asian markets for discretionary consumption; maintain allocations in sectors where external demand is not declining but rather increasing, mainly in the midstream manufacturing and broad energy chain where China has industrial advantages.
For internal demand, which previously had lower congestion, it may be more resilient than external demand. Recent high-frequency data in real estate shows marginal improvement, and after the earnings season, profit downgrades and clearing of chips are in place. It is advisable to moderately increase allocations in essential consumption, service consumption alpha opportunities, and internet consumption with improving pressures. Innovative drugs, which are relatively independent of macroeconomic logic and economic upturns, represent more alpha opportunities. Local Hong Kong stocks still offer cost-effective foundational investments.
CITIC Construction Investment: The component structure of the Hong Kong stock asset pool is undergoing fundamental optimization
CITIC Construction Investment's research report states that in the short term, the strong dollar environment combined with controversies in AI applications has led some internet companies to downgrade their performance due to the &#34;food delivery war,&#34; resulting in continued adjustments in the Hong Kong stock market. Since March, against the backdrop of escalating Middle Eastern tensions, global funds have entered &#34;risk-off mode,&#34; leading to a decline in global market risk appetite and a significant impact on equity markets, compounded by concerns over rising energy prices triggering &#34;secondary inflation,&#34; putting direct pressure on Hong Kong stocks as offshore risk assets.
In the medium to long term, since the second half of 2025, the weighted RMB exchange rate index has continued to strengthen, reflecting a trend of RMB appreciation. Against the backdrop of differentiated growth momentum among major global economies, the resilience of the Chinese economy's fundamentals is gradually becoming evident, and RMB assets are transitioning from &#34;valuation lowlands&#34; to &#34;growth highlands,&#34; which is expected to continuously enhance their attractiveness to global funds. Additionally, many high-quality A-share companies with new productive characteristics and leading firms in their segments are listing in Hong Kong, fundamentally optimizing the component structure of the Hong Kong stock asset pool
The listing of high-quality assets is expected to attract global funds to increase their allocation to Hong Kong stock assets

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The Hong Kong stock market performed weakly, with the Hang Seng Index falling by 0.81% and the Hang Seng Tech Index dropping by 1.84%. Aluminum stocks performed outstandingly, with CHALIECO rising over 22%. The gold sector increased, with CHIFENG GOLD rising over 10%. Automotive stocks generally declined, with GAC Group falling over 6%. Brokerage Huatai Securities advised investors to remain cautious and focus on balancing domestic and external demand. CITIC Securities pointed out that the asset structure of Hong Kong stocks is being optimized

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Hong Kong Stock Review: Hang Seng Tech Index fell 1.84%, aluminum stocks led the rise, CHALIECO rose over 22%