Market Overview - The Hang Seng Index closed at 21,973 points, down 7 points, with a trading range of only 255 points, indicating a lack of direction in the market[1] - The market turnover was approximately HKD 163.8 billion, the lowest since February 4[1] - Net inflow from the Hong Kong Stock Connect was HKD 2.12 billion[1] Sector Performance - Major banks and some consumer brands showed strong performance, with four major banks rising between 0.7% and 2.8%[1] - Stocks like Mixue Group and Pop Mart surged between 4.1% and 12.0%, reaching new highs since their listings[1] - Yao Cai Securities saw a significant increase of 81.9% to HKD 5.55, following Ant Group's acquisition[1] Economic Indicators - The upcoming release of China's PMI data and the U.S. GDP for Q1 is expected to increase market volatility[1] - New home sales in 30 major cities fell by 23.3% year-on-year, indicating a continued decline in the real estate market[3] Valuation and Strategy - The current PE ratio of the Hang Seng Index is approximately 9.7 times, suggesting limited downside but requiring effective internal policies for upward movement[2] - Key focus areas for investment include AI infrastructure, consumer demand, and high-dividend state-owned enterprises[2] Coal Market Insights - Yancoal Australia reported a 12.8% year-on-year decline in average coal prices to AUD 157 per ton, influenced by strong market supply[7] - The company’s coal production increased by 8.0% to 9.5 million tons, but sales only rose by 1.2% due to inventory rebuilding[6] Risk Factors - Potential risks include production delays, fluctuations in electricity and steel market demand, and geopolitical uncertainties[11]