HSI Rises 1.03%
Editor’s Note: As always, we would appreciate any feedback you have. It will help us make this app more useful to you.
The Hang Seng Index(HSI) rose moderately by 1.03% this week, while the Hang Seng TECH Index(HSTECH) demonstrated greater strength with a weekly gain of 3.75%. The Hong Kong stock market continued its rebound momentum against the backdrop of positive progress in US-Iran ceasefire negotiations, leading to a continuous restoration of risk appetite. However, market sentiment turned cautious; trading volume for the HSI on the last day shrank by 13.51% compared to the 50-day average, and the HSTECH saw a significant volume contraction of 30.95%, indicating that some capital chose to wait on the sidelines after the continuous rally.
The trend of Hong Kong stocks continues to be deeply influenced by the global macro environment. US initial jobless claims for the week ending April 11 fell to 207,000, better than the expected 215,000, indicating that the labor market remains robust. Meanwhile, EIA crude oil inventories unexpectedly dropped by 913,000 barrels (expected increase of 154,000 barrels). Although this reflects tight supply, hopes for US-Iran peace talks prevented oil prices from spiraling out of control, alleviating market concerns about “stagflation.” Federal Reserve officials recently adopted a hawkish tone, emphasizing long-term rate cuts but refusing to “spoil” the path, keeping interest rate expectations oscillating at high levels. For the Chinese market, domestic fundamentals received a major boost as the National Bureau of Statistics announced Q1 GDP growth of 5% year-on-year, achieving a good start. Data showing accelerated industrial production, a gradual rebound in PPI, and overall stable employment collectively verified the quality of the economic recovery. Furthermore, the introduction of the “Regulations on Countering Improper Extraterritorial Jurisdiction by Foreign Countries” further improved the legal toolkit for maintaining the security of industrial and supply chains, enhancing the ability of Chinese-funded enterprises to resist external risks and providing a solid policy bottom for Hong Kong stocks.
In terms of industry sectors, market hotspots showed structural differentiation. Benefiting from earnings support and industry prosperity, the healthcare and high-end manufacturing sectors led the gains. Angelalign(06699) in Medical-Products(G2831IG.HK) rose 9.06% for the week; its EPS Rating is as high as 84, and its O’Neil Score is 80, showing strong fundamentals. The machinery sector also performed well; Tsugami China(01651) in Machinery-Tools & Rel(G3541IG.HK) rose 5.43%, with a top-tier EPS Rating of 97 and an industry ranking of 44, approaching our preferred range. The healthy food concept in the consumer sector also showed performance; Natural Food IH(01837) in Food-Grain & Related(G2041IG.HK) rose 2.96% for the week, with a perfect EPS Rating of 99.
The US stock market hit new highs this week, with all three major indices closing higher. The Dow Jones Indus Actual(0DJIA) rose 1.38%, the S & P 500 Index(0S&P5) surged 3.29%, and the Nasdaq Composite(0NDQC) led the way with a gain of 5.24%, coming within striking distance of its all-time high.
The core drivers of the market remain the deepening of AI industry trends and the easing of geopolitical risks. Strong bank earnings (e.g., Morgan Stanley, Bank of America) boosted the financial sector, while Oracle surged nearly 13% due to the introduction of its AI utility tools. Software giants like Microsoft and Salesforce also strengthened collectively, driving the Nasdaq to rise for the twelfth consecutive trading day, marking the longest winning streak since 2017. Although individual companies like Netflix plunged after hours due to missing expectations, the market overall focused on the long-term growth narrative brought by AI infrastructure. Notably, despite easing inflation data, hawkish comments from Fed officials and political risks such as Trump’s threat to dismiss Powell pushed the 10-year US Treasury yield back to 4.31%, posing potential pressure on market valuations.
The A-share market moved steadily upward this week, with the CSI 300(000300) gaining 1.99%. Stimulated by the positive surprise of Q1 GDP, trading remained active, but volume on the last day shrank by 25.72% compared to the 50-day average, showing some profit-taking pressure.
During sector rotation, the hard technology direction centered on “New Quality Productive Forces” continued to attract capital. Catalyzed by policies such as the SASAC promoting central enterprises to lay out the low-altitude economy and the technology service industry welcoming a development window, themes like computing hardware, robotics, and commercial aerospace stood out. The ChiNext index once refreshed an 11-year high, highlighting market preference for high-growth sectors. On the macro level, Q1 national economic data improved across the board; domestic demand contributed over 80%, the service industry remained stable and positive, and manufacturing investment accelerated, jointly forming a solid foundation for the A-share market’s rise. The central bank maintained reasonable and ample liquidity through 50 billion yuan in reverse repo operations, also providing a favorable monetary environment for the market.
This week, the Top 33 portfolio saw a pullback, falling an average of 1.86% (12 rose, 21 fell), reflecting that some individual stocks within the portfolio encountered short-term adjustments against the backdrop of an overall market rise. The leading gainer was Angelalign(06699), with a weekly gain of 9.06%. The Model Portfolio also saw a slight pullback, falling an average of 1.19% (2 rose, 2 fell), among which CATL(03750) bucked the trend to rise 1.54%; its industry ranking of 36 places it in a strong range, providing strong support. Since its inception, the Top 33 portfolio has consistently demonstrated the ability to generate excess returns in volatile markets due to its strict stock selection discipline.
From a technical perspective, the current price of the Hang Seng Index(HSI) stands firm above all key moving averages, 2.58% higher than the 20-day average, and has broken through the 200-day average (+1.2789%), consolidating the medium-term uptrend. Short-term support has moved up to near the 25,800 point level, with resistance above at 26,500 points. The technical pattern of the Hang Seng TECH Index(HSTECH) has improved significantly; the current price has not only reclaimed the 20-day average (+3.44%) but is also approaching the 50-day average (only -0.5454%). An effective breakout would further open up upside potential.
Southbound capital turned positive this week, with a total net inflow of 25.754 billion HKD for the week. This stands in sharp contrast to the net outflow of the previous week, indicating that domestic institutional investors quickly shifted to buying on dips after a brief market pullback, focusing on core assets such as technology and pharmaceuticals, reflecting their recognition and confidence in the medium-to-long-term value of Hong Kong stocks.
Overall, global markets extended their upward trend this week under the dual benefits of the continuous progress of US-Iran ceasefire negotiations and strong economic data from China and the US. Looking ahead, the market focus will shift to the intensive disclosure period of Q1 reports, where earnings will be the key to testing the quality of individual stocks. At the same time, while the geopolitical situation has eased, variables remain, and the Fed’s monetary policy path needs close monitoring. The market carries risks; investment requires caution.
What do you think? Please email us any questions or comments.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.
published on April 17, 2026