Hong Kong stocks close: The Hang Seng Index surged 2.79% to re-enter above 25,000 points, the China Enterprises Index rose 2.51%, precious metals, AI applications, and new consumer concept stocks all soared collectively, while technology and financial stocks gained.

Ask AI · Why did the precious metals sector surge against the trend amid geopolitical risk mitigation?

On March 24, the three major stock indices in Hong Kong opened higher in the morning but retreated slightly, and then maintained an upward trend throughout the day. By the close, the Hang Seng Index rose by 681.24 points, an increase of 2.79%, closing at 25,063.71 points; the Hang Seng Tech Index rose by 118.41 points, an increase of 2.51%, closing at 4,830.89 points; the National Enterprises Index rose by 191.71 points, an increase of 2.31%, closing at 8,499.53 points.

On the market, the precious metals sector led the way, with Lao Pu Gold rising over 16%, Chifeng Gold rising nearly 13%, Wanguo Gold rising over 9%, and Lingbao Gold rising over 9%; the AI application industry chain sector also climbed, with MINIMAX-W rising over 12%, Zhipu rising over 11%, Kingsoft Cloud rising over 5%, Tencent Holdings rising over 3%, and Alibaba rising nearly 3%; new consumption concept stocks strengthened in the afternoon, with Pop Mart rising over 7% and Mixue Group rising nearly 6%. Tech stocks rebounded, with Meituan and Tencent rising over 3%, Alibaba rising 2.9%, and Baidu and Kuaishou rising over 2%; large financial stocks (banks, insurance, securities) rose across the board, further driving the market upward; airline stocks that had been declining saw a rebound, while restaurant stocks, storage concept stocks, photovoltaic stocks, shipping stocks, electric power stocks, and military industry stocks all rose. On the other hand, geopolitical risk mitigation led to declines in most oil and coal stocks, with Yanchang Petroleum International falling over 11%, the lithium battery leader Ningde Times, which had been rising continuously to new highs, falling against the trend by 2.57%.

Corporate News

Master Kong Holdings (00322.HK): 2025 revenue of approximately 79.068 billion yuan, a year-on-year decrease of 2%; net profit of approximately 4.5 billion yuan, a year-on-year increase of 20.5%.

WuXi AppTec (02359.HK): 2025 revenue of 45.456 billion yuan, a year-on-year increase of 15.8%; net profit of 19.195 billion yuan, a year-on-year increase of 105.2%.

China Resources Beer (00291.HK): 2025 operating revenue of 37.985 billion yuan, a year-on-year decrease of 1.68%; net profit of 3.371 billion yuan, a year-on-year decrease of 28.87%.

China Overseas Grand Oceans Group (00081.HK): 2025 revenue of 36.874 billion yuan, a year-on-year decrease of 19.66%; net profit of 305 million yuan, a year-on-year decrease of 68.07%.

Lao Pu Gold (06181.HK): 2025 revenue of 27.303 billion yuan, a year-on-year increase of 221%; profit of 4.868 billion yuan, a year-on-year increase of 230.5%.

Henderson Land Development (00012.HK): 2025 revenue of 25.741 billion Hong Kong dollars, a year-on-year increase of 1.92%; net profit of 5.653 billion Hong Kong dollars, a year-on-year decrease of 10.21%.

Minth Group (00425.HK): 2025 revenue growth of approximately 11.2%, reaching approximately 25.737 billion yuan; net profit increased by approximately 16.1%, reaching approximately 2.692 billion yuan.

Kerry Properties (00683.HK): 2025 revenue of 19.568 billion Hong Kong dollars, a year-on-year increase of 0.4%; net profit of 938 million Hong Kong dollars, a year-on-year increase of 16%.

COFCO Joycome (01610.HK): 2025 operating revenue of 18.579 billion yuan, a year-on-year increase of 13.8%; net loss of 292 million yuan.

BOE Technology Group (00710.HK): 2025 revenue of approximately 13.957 billion Hong Kong dollars, a year-on-year increase of approximately 4%; net profit of 345 million Hong Kong dollars, a year-on-year decrease of approximately 12%.

SENSONO International (02155.HK): 2025 revenue of 6.955 billion yuan, a year-on-year increase of 0.09%; net profit of 584 million yuan, a year-on-year decrease of 19.95%.

Asia Financial (00662.HK): 2025 insurance revenue of approximately 2.988 billion Hong Kong dollars, a year-on-year decrease of 9.21%; net profit of approximately 1.053 billion Hong Kong dollars, a year-on-year increase of 62.73%.

Jinmao Services (00816.HK): 2025 total revenue of approximately 3.668 billion yuan, a year-on-year increase of approximately 18.5%; net profit of 310 million yuan, a year-on-year decrease of 18.77%.

Efung BioTechnology (01061.HK): 2025 achieved operating revenue of 1.814 billion Hong Kong dollars, a year-on-year increase of 8.62%; net profit of 318 million Hong Kong dollars, a year-on-year increase of 3.54%.

Poly Developments (01238.HK): Expected to incur a loss of approximately 6.6 billion to 7 billion yuan for the 2025 fiscal year, with a core loss of approximately 3.4 billion to 3.8 billion yuan.

Rongchang Biopharmaceutical (09995.HK): Approved by the Chinese Medical Products Administration for the listing application of trastuzumab for the treatment of HER2 low-expressing breast cancer with liver metastases.

China Hongqiao (01378.HK): Repurchased 25.8955 million shares on the market according to the buyback authorization, with a repurchase price of 30.12-32 Hong Kong dollars.

Xiaomi Group-W (01810.HK): Spent 99.9949 million Hong Kong dollars to repurchase 3.1298 million shares, with a repurchase price of 31.8-32.08 Hong Kong dollars.

AAC Technologies (02018.HK): Spent 9.5667 million Hong Kong dollars to repurchase 300,000 shares, with a repurchase price of 31.36-32.76 Hong Kong dollars.

China Cosco Shipping Holdings (01919.HK): Spent approximately 10.94 million Hong Kong dollars to repurchase 730,000 shares, with a repurchase price of 14.83 to 15.14 Hong Kong dollars.

Lens Technology (06613.HK): Spent 56.1974 million yuan to repurchase 2.0218 million A-shares.

Institutional Views

Dongwu Securities pointed out that if oil prices remain high, it will further delay the Federal Reserve’s pivot, increasing global liquidity pressure, which will continuously suppress emerging risk assets like Hong Kong stocks. 1. The market has lowered expectations for the Federal Reserve to cut interest rates. 2. The Hang Seng Tech Index still faces downside risks. Overall, while the valuation of the Hang Seng Tech Index has significantly corrected, cautious left-side positioning is advised, and it is recommended to wait for clearer catalysts.

CICC released a research report stating that since the beginning of the year, Hong Kong regional bank stocks have fluctuated and exhibited differentiated performance. From the stock price performance, local Hong Kong banks have generally outperformed, while international banks have shown significant pullbacks. Due to the improvement in the interest rate environment since the start of the year, positive factors for local Hong Kong banks have emerged, and CICC judges that some investors may be betting on a reversal in the Hong Kong economy and real estate cycle, which drove local banks to outperform significantly from late January to early February; additionally, geopolitical shocks in the Middle East have caused international banks heavily reliant on international business and with more exposure to the Middle East to underperform.

CITIC Securities released a research report indicating that based on the current collection mechanism, the static coverage of jet fuel costs is relatively high. However, in practice, the actual ticket prices formed during the collection of fuel surcharges must also consider consumers’ ability to bear costs and actual market supply and demand.

Guotai Junan’s research report indicated that gold prices have continued to weaken recently. On the one hand, due to the previous high gains, gold may face liquidity shocks from capital withdrawals when risk appetite declines; on the other hand, expectations of monetary tightening driving actual interest rates higher are also bearish for gold. The bank believes that in the short term, gold may still be under pressure due to the Iran situation, but if long-term inflation expectations rise, the environment for gold could turn favorable again. The logic for long-term gold price increases remains solid. Investors can still consider allocation opportunities during fluctuations and declines.