The three major indices all declined collectively, while coal stocks such as Yanzhou Coal and Energy defied the trend and rose due to geopolitical conflicts.

Hong Kong Stocks’ Major Indices All Decline Today

As of the close, the Hang Seng Index fell 0.70% to 25,716.76 points; the Technology Index dropped 0.54% to 5,027.64 points; and the H-shares Index declined 0.06% to 8,699.55 points.

Note: Performance of the Hang Seng Index

Note: Performance of the Technology Index

Market Overview Today

From the market scene, coal and wind power stocks surged, while technology and pharmaceutical stocks generally pulled back.

Geopolitical Tensions Boost Coal Stocks Yanzhou Energy Up Over 8%

At the close, South South Resources (01229.HK) rose 12.20%, Yankuang Energy (01171.HK) increased 8.26%, and Yanzhou Coal Australia (03668.HK) gained 5.15%.

In related news, escalating US-Iran tensions pushed up international oil and gas prices, triggering significant energy substitution effects. According to a research report from Orient Securities, the transmission mainly occurs in two ways: rising fuel costs increase shipping expenses; soaring natural gas prices prompt many countries to restart coal-fired power plants to replace expensive gas sources, potentially leading to an out-of-season rise in coal prices.

Overseas News Boost Wind Power Stocks Datang New Energy Up Over 8%

At the close, Datang New Energy (01798.HK) rose 8.21%, Goldwind Technology (02208.HK) increased 7.18%, and Longyuan Power (00916.HK) gained 2.93%.

According to an announcement on the UK Department for Business and Trade’s official website on March 10 local time, the UK will eliminate 33 wind turbine component import tariffs starting April 1, with core parts like blades and cables seeing tariffs reduced from 6% and 2% to 0%.

Notably, the Ningxia Zhongwei Development and Reform Commission announced on March 10 the selection results for the second phase of the green energy data center project in the big data computing industry. China Datang Group New Energy Co., Ltd. was awarded the contract, with supporting new energy installations reaching 2.6 million kilowatts.

Overseas positive news struggles to offset short-term sentiment suppression in electrical equipment stocks, Wèichái Power drops nearly 5%

At the close, Wèichái Power (02338.HK) fell 4.82%, Dongfang Electric (01072.HK) declined 3.02%, and Harbin Electric (01133.HK) decreased 2.32%.

In related news, despite Google, Tesla, and six other companies forming the “Power Grid Utilization Alliance” to improve US grid efficiency, China Everbright Securities pointed out that rising demand for grid reliability in the US will benefit gas turbines, energy storage, and electrical equipment sectors. However, related Hong Kong stocks remain under pressure today, possibly reflecting market cautiousness regarding domestic order flow and earnings realization timing.

Pharmaceutical Stocks Experience Short-term Volatility, Long-term Investment Logic Remains Sound Zhonghui Bio Down Over 13%

At the close, Zhonghui Bio-B (02627.HK) fell 13.17%, Yiming Kangke-B (01541.HK) declined 6.33%, and Shengnuo Medicine-B (02257.HK) dropped 4.79%.

Amid the overall correction in pharma stocks, analysts noted that investors should focus on globally competitive “integrated” platform leaders, companies with diversified customer bases and complete industry chains, as well as preclinical CRO targets benefiting from rising monkey testing prices, weight-loss drugs, and novel nucleic acid medicines.

Safety and Compliance Concerns Trigger AI Application Stock Adjustments, Zhipu Falls Nearly 9%

At the close, Zhipu (02513.HK) dropped 8.86%, Wuyi Vision (06651.HK) fell 6.61%, and MINIMAX-WP (00100.HK) declined 5%.

Open-source AI application OpenClaw recently sparked attention in mainland China, but regulators warned of potential safety risks. The Hong Kong Digital Policy Office clarified that government software deployment must strictly follow risk assessment procedures covering needs, technical features, historical records, and security compliance, in accordance with government cybersecurity guidelines. This cautious policy stance has heightened market concerns about the commercialization path and regulatory boundaries of AI applications.

Individual Stock Movements

Shandong Molong Once Rose Over 17% Geopolitical Risks Boost Energy Supply Chain Attention

Shandong Molong (00568.HK) rose 2.36%, with an intraday increase of over 17%. News indicates Iran reaffirmed control over the Strait of Hormuz, while US statements remain vague, reducing conflict resolution expectations. Although the International Energy Agency announced that 32 member countries will jointly release 400 million barrels from strategic reserves, details on the release pace and allocation remain unclear. Market doubts about the actual impact on stabilizing supplies have kept energy supply chain security in focus.

Giant Group Gains Over 8% High Growth Validates Business Resilience

Giant Group (01860.HK) increased 8.10%, closing at HKD 14.94. The company recently released its 2023 financial report, showing total revenue of USD 2.047 billion, up 35.7% year-over-year; adjusted EBITDA reached USD 191 million, up 38.1%.