Hong Kong stocks continued their strong momentum today, breaking out against the trend and becoming a highlight in the Asia-Pacific markets. The Hang Seng Index approached a 2% gain in the early trading session, while the Hang Seng Tech Index performed even better, rising by 2.3%, with tech stocks clearly leading the market.

Meanwhile, the US markets were also active. All three major indices closed higher overnight, with the Dow Jones Industrial Average reaching a new all-time high, up by 1.23%. Sector-wise, oil and gas stocks surged strongly, semiconductors continued their upward trend, and ASML's two-day increase of 14.8% also hit a new high; the autonomous driving sector shined as well, with a leading electric vehicle company rising by 3.1% overnight.

The action on the A-shares side was even more robust. The Shanghai Composite opened flat but then steadily rose throughout the morning, closing up 1.14% at 4,069 points, the highest since 2015. During the session, it touched a high of 4,069.91 points, successfully breaking through the long-standing consolidation resistance level since August 21, which had persisted for over four months. If the upward momentum continues, the A-shares will officially bid farewell to this long-term consolidation cycle.

In terms of trading volume, the combined turnover of the two markets in the morning reached 1.78 trillion yuan, and at this pace, the total for the day could approach 2.7 trillion yuan. However, sector performance was quite differentiated—Shanghai’s market was strong, with the STAR Market 50 rising 1.95% driven by semiconductors; Shenzhen’s market was relatively weaker, with the Shenzhen Component Index up 0.81%, and the ChiNext Index slightly down by 0.04%.

From a technical perspective, the Shanghai Composite has now formed a rare 13-day consecutive bullish pattern, breaking through a key resistance level. But there is a risk to note—if the index cannot hold this high point, a pullback is quite possible. However, don’t be too pessimistic; even if a correction occurs, its magnitude should be limited. The market has already been activated, and the spring offensive is just beginning. Once this level is stabilized, it could very well become the starting point for the next rally.

Overall, the slow bull pattern in A-shares has almost been established. After such a long period of sideways consolidation, the new market trend is essentially just a matter of time. Operational advice: if the index can maintain its strength without pulling back, continue to be bullish; if the index reverses and falls below the trendline, be cautious of potential resistance risks.