Coal stocks have risen against the market trend. The surge in oil and gas prices has triggered an energy substitution effect, with institutions indicating that domestic and international coal prices may rise beyond expectations.
According to Zhitong Finance, the Hang Seng Index fell by 2.55%, or 656 points, to 25,101 points, while the Hang Seng Tech Index dropped by 2.34%. The morning trading volume of Hong Kong stocks reached HKD 219.3 billion.
The ‘production halt wave’ triggered by the situation in the Middle East pushed international oil prices above USD 110 at the opening. CNOOC (00883) surged by 6.99%; PetroChina (00857) rose by 3.56%; Shandong Molong (00568) skyrocketed by 49%; and Sinopec Oilfield Service (01033) climbed by 12%.
Coal stocks moved higher against the market trend. The surge in oil and gas prices triggered an energy substitution effect, with institutions predicting that domestic and international coal prices may rise beyond expectations. Yancoal Australia (03668) gained 8%; SouthGobi Resources (01878) rose by 5.6%; and Yankuang Energy (01171) increased by 6.25%.
Newly listed Megaway Intelligent (02692) debuted on the stock exchange, rising by 3.11% in early trading. The company is the largest provider of integrated miniature transmission and drive systems in China.
Xunce Technology (03317) surged over 57% as its revenue for last year doubled to RMB 1.283 billion, and it was officially added to the list of eligible stocks for the Shanghai-Hong Kong Stock Connect program.
MINIMAX (00100) rose over 4%. The ‘shrimp farming boom’ fueled demand for domestically produced models, and the company’s commercialization entered an accelerated phase.
Jushuitan Technology (06687) surged over 14% during trading after being included in the list of eligible stocks for the Shanghai-Hong Kong Stock Connect program. The company leverages AI to empower deeply integrated ERP system solutions.
Dekon Agriculture (02419) rose 6.8% against the market trend as its fully allocated cost for commercial pigs in January dropped to approximately RMB 11.9 per kilogram, maintaining its position in the industry’s top tier.
Jiaxin International Resources (03858) surged over 14%, hitting a new high, after the company was officially added to the Shanghai-Hong Kong Stock Connect list, signaling an impending valuation re-rating.
The smartphone supply chain continued to decline. Rising memory prices impacted the supply chain, with global smartphone panel shipments expected to fall by 7.3%. Hon Hai Precision (06088) dropped by 6.9%; Lens Technology (06613) fell by 6.4%; and Cowell E&A (01415) declined by 5.9%.
Copper stocks continued their downward trend. Citi emphasized that copper prices face significant downside risks in the short term, with inventory accumulation suppressing upward price potential. Luoyang Molybdenum Co., Ltd. (03993) dropped 6.7%; Jiangxi Copper Company Limited (00358) fell 5.4%.
Hong Kong banking stocks continued to decline, with Standard Chartered Group (02888) falling 5%. Geopolitical uncertainties in the Middle East have acted as a short-term driver for Hong Kong bank stock prices.









