HK Stock Market Move | Xinte Energy (01799) rose nearly 7% in the afternoon, trading rules were modified, and expectations for anti-overwork added. Polysilicon futures hit the limit up in the afternoon.

Xinte Energy (01799) rose nearly 7% in the afternoon, rising 5.96% to HK$5.51 at the time of publication, with a trading volume of HK$13.646 million. On the news front, on April 1, the Guangzhou Futures Exchange issued an optimization notice for polysilicon futures rules, simultaneously adjusting trading thresholds, fees, margins, etc., releasing a significant amount of liquidity in the polysilicon futures market. At a meeting of the Ministry of Industry and Information Technology on April 10, it was explicitly stated that efforts will be made to break the "circular" competition in the photovoltaic industry, improve the resilience and security of the industrial chain, and release strong expectations for supply-side reform, the elimination of backward production capacity, and the regulation of low-price competition. On April 13, the main contract for polysilicon on the Guangzhou Futures Exchange hit the limit up in the afternoon, trading at 34,770 yuan/ton, with a current increase of 9.0%. In addition, Shenwan Hongyuan Group Securities believes that the current valuation system of the new energy sector is undergoing a fundamental restructuring, no longer just pricing based on the manufacturing sector cycle logic, but gradually reflecting a "security premium" due to the increase in global energy security demand. Geopolitical conflicts have exposed the vulnerability of the fossil energy supply chain, prompting countries to accelerate energy self-sufficiency, with China becoming the global core supplier of new energy due to its low manufacturing costs, high production efficiency, and complete industrial chain, supporting an upward shift in valuation center.