Market Performance: The Hang Seng Index (HSI) rose slightly by 12 points to close at 26,847, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) fell by 100 points and 4 points, respectively, with a total market turnover of $285.43 billion.

Active Heavyweights: Major stocks like Tencent, Xiaomi, and Meituan experienced declines, with Tencent dropping 4% to close at $558, while other heavyweights also saw significant short selling activity.

Notable Movers: Trip.com saw a significant drop of 6.1%, while Xinyi Glass and China Shenhua recorded gains of 5.9% and 5.7%, respectively, with several stocks hitting new highs.

Short Selling Trends: Various stocks experienced notable short selling, with Techtronic Industries and China Resources Mixc among those hitting new highs, while others like Kingdee International and Meitu faced substantial declines.

Market Performance: The HSI dropped 109 points (0.4%) to 26,724, while the HSTI fell 119 points (2.2%) to 5,347, and the HSCEI decreased by 48 points (0.5%) to 9,004.

Active Heavyweights: Major stocks like TENCENT, XIAOMI, and MEITUAN saw declines, with TENCENT down 3.4% and XIAOMI down 2.6%, while BABA fell 0.9%.

Notable Movers: XINYI GLASS and CHINA SHENHUA experienced significant gains, with XINYI GLASS up 6.2% and CHINA SHENHUA up 5.4%, while TRIP.COM-S dropped 6.1%.

Short Selling Trends: High short selling ratios were observed in several stocks, including XIAOMI (20.155%) and MEITUAN (17.261%), indicating increased bearish sentiment among investors.

Elon Musk's Investigations: Musk's team has conducted secret visits to various Chinese photovoltaic companies, focusing on equipment, silicon wafers, and battery components, particularly those using heterojunction and perovskite technologies.

Market Reaction: Following the news, Hong Kong-listed photovoltaic stocks saw an increase, with notable gains in companies like XINYI SOLAR, GCL TECH, XINYI GLASS, and GCL NEWENERGY.

Market Performance: The HSI rose by 148 points (0.5%) to 27,975, while the HSTI fell by 39 points (0.7%) to 5,860, and the HSCEI increased by 43 points (0.5%) to 9,555.

Active Heavyweights: Notable stock movements included PING AN (+1.9%), XIAOMI (+1.5%), and CCB (+1.5%), while BABA saw a slight decline of 0.2%.

Significant Movers: SANDS CHINA LTD dropped significantly by 7.3%, whereas LONGFOR and XINYI GLASS saw gains of 5.6% and 5.1%, respectively, with XINYI hitting a new high.

High Performers in HSMI & HSSI: LOGAN GROUP surged by 29.1%, SUNAC by 27.2%, and COUNTRY GARDEN by 20%, indicating strong performance among certain stocks in the market.

Revenue Forecast Adjustment: Citi Research has reduced its revenue forecasts for XINYI GLASS for 2025-2027 by 5% and gross margin forecasts by 1.3-2.8 percentage points, now estimating a gross margin of 28.5-30.2%.

Valuation Increase: Despite the forecast cuts, Citi raised the valuation multiple for XINYI GLASS' core glass business to a projected 2026 PE ratio of 10x and increased the target price from $7.55 to $9.01.

Cautious Outlook: The broker maintains a Neutral rating on XINYI GLASS, expressing caution regarding the company's short- to medium-term outlook due to ongoing economic and property market weaknesses.

Short Selling Data: The article includes short selling data for XINYI GLASS and related companies, indicating significant short selling activity in the market.