Market Performance - The Hong Kong stock market indices opened higher, with all three major indices rising over 2%. The Hang Seng Index increased by 2.26% to 27,009.28 points, the Hang Seng Tech Index rose by 3.34% to 5,385.68 points, and the China Enterprises Index gained 2.38% to 9,172.42 points [1]. Large Tech Stocks - Among large tech stocks, Alibaba-W rose by 2.99%, Tencent Holdings increased by 2.3%, JD.com-SW surged by 4.14%, Xiaomi Group-W gained 2.88%, NetEase-S rose by 3.4%, Meituan-W increased by 5.33%, Kuaishou-W rose by 3.38%, and Bilibili-W increased by 2.79% [3]. Historical Performance Analysis - China Galaxy Securities reviewed the performance of the Hong Kong stock market before and after the Spring Festival over the past decade, revealing that the probabilities of the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index rising in the week before the Spring Festival were 70%, 90%, and 70% respectively. In the week after the Spring Festival, the probabilities were 60%, 70%, and 70% respectively. Although the probabilities of rising remain high, they have decreased compared to the pre-Spring Festival period [3]. Correlation with A-shares - According to the research team at GF Securities, since 2018, the correlation between the Hong Kong stock market and the US stock market has significantly decreased, while the correlation with the A-share market has strengthened. This indicates that under the backdrop of a notable increase in risk appetite in the mainland market, there is a possibility of a "passive follow" upward trend in the Hong Kong stock market. If the A-share market experiences strong seasonal movements during the Spring Festival to the Two Sessions period, the Hong Kong market may also rise. In 2024 and 2025, under the strong performance of the A-share market post-Spring Festival, the Hong Kong market may see a phase of synchronized upward movement [3].