HSI +3.0% | HSCEI +3.0% | HSTECH +5.2% | T/O @ HK$ 322B

恒生指数 +3.0% | 恒生中国企业指数 +3.0% | 恒生科技指数 +5.2% | 成交额 @ 港币 3,220 亿元

LEADERS: DISC +4.8%, INDUSTRIALS +4.4%, INFOTECH +3.3%

领军板块：DISC +4.8%，工业板块 +4.4%，信息技术板块 +3.3%

LAGGARDS: HEALTCHARE -2.4%, UTILS +0.4%, TELECOM +0.7%

滞后者：医疗保健 -2.4%，公用事业 +0.4%，电信 +0.7%

HK shares saw a pop in the last hour as US, China agreed to lower rates significantly in a 90 Day cool off period (US reducing its levies on most Chinese imports from 145% to 30% and China drop its duties on US goods from 125% to 10%). Headlines hit the tape at China close and HSTECH quickly saw a jump to +5.3% by EOD. HK Turnover jumped from ~HKD190Bn to HKD322Bn (+100% DoD) in the last 60 mins post the headline and SB which was a seller of $1.3Bn, interestingly aggravated selling to $2.4Bn (the biggest single day net selling from SB since after Feb 2021).

港股在最后一小时出现反弹，美国和中国同意在 90 天冷静期内显著降低关税（美国将对大多数中国进口商品的关税从 145% 降至 30%，中国将对美国商品的关税从 125% 降至 10%）。这一消息在中国收市时传出，恒生科技指数迅速跳升至收盘时的 + 5.3%。港股成交额在 headline 发布后的 60 分钟内从约 1900 亿港元跃升至 3220 亿港元（同比增长 100%），而南下资金原本是 14 亿美元的卖方，有趣的是，其卖出规模迅速扩大至 24 亿美元（这是自 2021 年 2 月以来兴业银行单日最大规模的净卖出）。

Flow wise, we ended 1.9X buyer on the pad with desk starting as a buyer in Tech/Internet (Tencent) and then catching some late buying in Baba after the tariff lowering hit the tapes. Desk also caught some small buying in Kuaishou from HFs. Consumer was more twao way with Buying in Restaurants (Haidilao) whilst sellers of Pop Mart, Samsonite. We were also buyers of Gold (Jilong Gold) and some in Healthcare, drug names such as Zai Lab. Where we caught selling was Financials/SOE banks – CCB and ICBC and some switches in other bank names.

从流向来看，我们在科技 / 互联网行业（腾讯）以 1.9 倍买盘结束，之后在关税降低后又在阿里巴巴进行了一些延迟买入。交易台还从对冲基金那里获得了快手的小额买入。消费领域更为双向，在餐饮行业买入海底捞，同时卖出泡泡玛特和新秀丽。我们还买入了黄金（吉隆黄金）和一些医疗健康、药品股，如再鼎医药。我们卖出的是金融 / 国有银行股 —— 建设银行和工商银行，并对其他银行股进行了一些调换。

Consumer and Tech saw the most sizable gains as tariff cuts exceeded expectations massively. EV names jumped notably with Xpeng +10.6%, Nio +7.7%, Li Auto +7.2%. Amongst Tech, hard tech saw gains in Lenovo +9.65 and soft tech saw sizable gains in JD +6.4%, Bili +6.6%, Baidu +5%. Xiaomi -1.5% was an underperformer notably (as much as down 5.7% at one point ) after a local media report that over 300 people want to cancel their SU7 Ultra electric vehicle orders due to "false advertising" about the design of the vehicle's hood. On the flip side, lagging were Healthcare and Pharma names - after President Donald Trump said he plans to sign an executive order to cut prescription drug prices. Ongoing buying on our desk in Healthcare had paused today. Topical in HK was also CATL +4% whose A shs have now rallied for the past 5 sessions – HK listing launched today.

消费和科技板块看到了最显著的涨幅，关税减免大大超出预期。电动车股票明显上涨，小鹏汽车上涨 10.6%，蔚来上涨 7.7%，理想汽车上涨 7.2%。在科技板块中，硬科技领域联想上涨 9.65%，软科技领域京东上涨 6.4%，哔哩哔哩上涨 6.6%，百度上涨 5%。小米下跌 1.5%，表现不佳（一度下跌高达 5.7%），原因是本地媒体报道称超过 300 人因 “设计虚假宣传” 要取消 SU7 Ultra 电动汽车订单。相比之下，医疗和制药板块表现落后，原因是唐纳德・特朗普总统表示计划签署行政令以降低处方药价格。我们桌面上的医疗板块购买活动今日暂停。在香港市场，宁德时代上涨 4%，其 A 股已连续 5 个交易日上涨 - 香港上市今日启动。调研交易更新