Lau Sze-ming: Funds Adopt Defensive Positioning, Longyuan Power Reassessed

The rebound in Asia-Pacific stocks generally met resistance. The Hang Seng Index fell before rising for two consecutive days, with buying support at low levels, but the market remained subdued and funds still tended towards defensive positioning. High international oil prices, China's PPI growth exceeding expectations, and pressure on AI computing power and infrastructure stocks intensified concerns about rising costs, significantly cooling risk appetite.