Market Performance - The Hang Seng Index (HSI) fell by 570 points or 2.1%, closing at 26,059 points, with a total market turnover of HKD 357.68 billion[1] - The Shanghai Composite Index rose by 19 points or 0.5%, closing at 4,182 points, with a turnover of CNY 1.35 trillion[1] - The S&P 500 Index increased by 2 points, closing at 6,881 points, while the Dow Jones Industrial Average decreased by 73 points or 0.2%, closing at 48,904 points[2] Oil Price Surge - New York April crude oil prices rose by 5.4% or USD 3.6, reaching USD 70.7 per barrel[3] - Brent May crude oil prices increased by USD 4.4 or 6%, closing at USD 77.3 per barrel, marking a 52-week high[3] Company Earnings - MiniMax (00100.HK) reported a revenue of USD 79.038 million for the year, a year-on-year increase of 158.9%, with a net loss of HKD 1.872 billion[3] - MiniMax's Annual Recurring Revenue (ARR) exceeded USD 150 million as of February 2026, with new registered users increasing fourfold compared to December 2025[3] - 汇量科技 (01860.HK) expects revenue between USD 2.03 billion and USD 2.06 billion for the year, representing a year-on-year growth of approximately 34.6% to 36.6%[4]

Core Viewpoint - Recent fluctuations in international oil prices have drawn attention to oil service stocks, particularly Hai Tian (02883), which is currently trading at 7.1 HKD, up 3.05%. The stock is at a critical point in a triangular consolidation pattern, indicating a potential directional choice in the short term [1]. Technical Analysis - The stock price of Hai Tian is hovering around the MA10 and MA30 at 6.84 HKD, with MA60 at 7.00 HKD acting as resistance. Despite an overall "sell" signal with a strength of 8, several leading indicators suggest a potential turnaround. The RSI is at 53, indicating a neutral zone, while the stochastic oscillator has issued a buy signal, particularly the momentum oscillator indicating oversold conditions that may lead to a bottom formation [2]. - Key support levels are at 6.74 HKD (first support) and 6.54 HKD (second support), while resistance levels are at 7.14 HKD (first resistance) and 7.34 HKD (second resistance) [2]. Market Environment - Major securities firms, such as Everbright Securities, have reported that in the context of increasing external uncertainties and significant oil price fluctuations, the "Big Three" oil companies (China National Petroleum, Sinopec, and CNOOC) will continue to enhance their production capacity. Their respective oil and gas equivalent production plans for 2025 are projected to grow by 1.6%, 1.5%, and 5.9% [1]. - The ongoing efforts to increase output while reducing costs are expected to highlight the long-term investment value of these companies, with market speculation suggesting that Hai Tian's stock price could rise above 8 HKD [1]. Derivative Opportunities - In the warrant market, although there are relatively few options for Hai Tian, the implied volatility tends to increase explosively when market movements occur. Investors optimistic about the recovery of the oil service sector may consider out-of-the-money call options, such as the Macquarie call option 26675 and the JPMorgan call option 15278, both with a strike price of 8.8 HKD and premiums around 27%, with implied volatilities of 53% and 51% respectively [4].