Hong Kong stock market midday review: Hang Seng Index surged 1.53% to hit a new stage high again, with technology stocks leading the rally, and non-ferrous metal stocks generally active.

In the morning session, the three major stock indexes in Hong Kong opened high and fluctuated, collectively reaching new highs, with the market sentiment bullish. By noon, the Hang Seng Index rose by 1.53%, the H-share Index rose by 1.6%, and the Hang Seng Tech Index rose by 2.18%. On the market, large technology stocks performed strongly, leading the market higher. According to reports, using self-developed chips to train AI models, Baidu surged nearly 9%, Alibaba rose by 6%, Netease, Tencent, JD.com, and Kuaishou rose by nearly 3%, Xiaomi and Meituan also saw gains. Initial claims data confirmed a weak job market, prompting expectations of a rapid increase in Fed rate cuts. Non-ferrous metal stocks were active, with copper stocks showing significant gains and Jiangxi Copper Corporation rising by nearly 9% to a historical high. Real estate stocks rose, with Yuangyang Group leading the gains. As the noon approached, steel stocks showed abnormal upward movement, with Chongqing Iron & Steel Co., Ltd. rising by about 7%. Concept stocks of innovative drugs, brain-computer interface, heavy machinery, mobile games, building materials and cement, paper, and non-life insurance all rose collectively after significant declines yesterday. On the other hand, local consumer stocks in Hong Kong fell, with Apple concept stocks, coal stocks, oil stocks, and solar energy stocks mostly sluggish. Among them, Hontrend Precision, which surged nearly 13% yesterday, fell by over 6%, while New Energy, China Shenhua, and China Petroleum shares all declined.