The Hang Seng Index rose by 141 points but failed to hold above 26,000. The concept of stablecoins has gained attention, and high-yield products may be used to hedge against market uncertainties. Investors could consider the monthly dividend-paying CSOP FTSE China A50 Covered Call ETF.

With US-Iran negotiations about to begin and reports that Trump has instructed Israel to scale back its offensive in Lebanon, markets are optimistic about a further easing of tensions in the Middle East. Additionally, China's Producer Price Index (PPI) turned positive for the first time in over three years in March, boosting sentiment across Asia-Pacific stock markets. The Hong Kong stock market opened 139 points higher, with gains expanding to as much as 321 points, reaching an intraday high of 26,073 points. However, resistance around the 26,000-point level proved significant, causing gains to narrow quickly. The index fell to a low of 25,843 points and closed at 25,893 points, up 141 points or 0.55%. The 26,000 mark was lost after initially being reached. Turnover amounted to HKD 246.3 billion; the Hang Seng Tech Index closed at 4,860 points, up 38 points or 0.8%; the Hang Seng China Enterprises Index closed at 8,655 points, up 43 points or 0.5%. Among blue chips, 56 stocks rose, 31 fell, and 3 remained unchanged. Southbound capital shifted to a net outflow of RMB 2.814 billion.

The Ministry of Industry and Information Technology and three other departments jointly held a battery industry enterprise symposium, urging companies to regulate price competition, shorten supplier payment terms, and continue efforts to address 'internal competition externalization.' This news drove a sharp rise in battery stocks, including CATL. $CATL (03750.HK)$ (3750) surged 56.383 yuan or 9.02% throughout the day, closing at 681.5 yuan, making it the best-performing blue chip of the session. Upstream lithium mining stocks also benefited, with Ganfeng Lithium $GANFENGLITHIUM (01772.HK)$ (1772) rising 1.6 yuan or 2.07%, closing at 79.05 yuan; Tianqi Lithium $TIANQI LITHIUM (09696.HK)$ (9696) rose by 0.93 yuan or 1.88%, closing at 50.35 yuan.

Chip stocks performed well, with SMIC $SMIC (00981.HK)$ (0981) rising by 2.55 yuan or 4.58%, closing at 58.25 yuan; Hua Hong Semiconductor $HUA HONG SEMI (01347.HK)$ (1347) up by 1.2 yuan or 1.32%, closing at 91.2 yuan. In the tech and AI sectors, Alibaba $BABA-W (09988.HK)$ (9988) officially confirmed that the mysterious AI video generation model 'HappyHorse' was developed by its ATH Innovation Division and is expected to be officially released in a week. This news drove the stock price up by 2.6 yuan or 2.12%, closing at 125.5 yuan; Zhipu $KNOWLEDGE ATLAS (02513.HK)$ (2513) increased by 6.5 yuan or 0.7%, closing at 935.5 yuan; XunCe $XUNCE (03317.HK)$ (3317) surged again by 22 yuan or 7.64%, closing at 310 yuan; Lenovo Group $LENOVO GROUP (00992.HK)$ (0992) rose by 0.23 yuan or 2.33%, closing at 10.1 yuan. The group stated that it aims for a 20% increase in solution service revenue in the new fiscal year.

The HKMA announced the issuance of stablecoin issuer licenses to the first batch of institutions. It is reported that the initial licensees include at least two major note-issuing banks, HSBC and Standard Chartered. Related concept stocks surged rapidly in the afternoon. HSBC Holdings $HSBC HOLDINGS (00005.HK)$ (0005) rose by 0.8 yuan or 0.58%, closing at 139.7 yuan; Standard Chartered $STANCHART (02888.HK)$ (2888) rose by 2.8 yuan or 1.57%, closing at 178.7 yuan; Guotai Junan International $GUOTAI JUNAN I (01788.HK)$ (1788) surged 0.67 yuan or 27.69% for the day, closing at 3.09 yuan; HASHKEY $HASHKEY HLDGS (03887.HK)$ (3887) rose by 0.39 yuan or 8.5%, closing at 4.98 yuan; Yunfeng Finance $YUNFENG FIN (00376.HK)$ (0376) increased by 0.24 yuan or 8.39%, closing at 3.1 yuan; Yaotai Securities $BRIGHT SMART (01428.HK)$ (1428) rose by 0.67 yuan or 5.55%, closing at 12.75 yuan; China Merchants Securities $CMSC (06099.HK)$ (6099) rose by 0.51 yuan or 3.84%, closing at 13.8 yuan; CITIC Securities $CITIC SEC (06030.HK)$ (6030) recorded a net profit of 10.22 billion yuan in the first quarter, an increase of nearly 55% year-on-year, with its share price rising by 2.06 yuan or 8.29%, closing at 26.9 yuan; TipTop Technology $DEEPEXI TECH (01384.HK)$ (1384) stock price surged by 48.77%, closing at 44.6 yuan.

Automotive stocks showed mixed performance, Nio $NIO-SW (09866.HK)$ (9866) officially launched and started pre-sales for its flagship large SUV ES9 with a starting price of 528,000 yuan. However, a major brokerage noted that Nio’s stock price has risen 36% over the past month, creating short-term profit-taking pressure, causing the stock to fall by 3.09 yuan or 5.96%, closing at 48.76 yuan. BYD $BYD COMPANY (01211.HK)$ (1211) rebounded by 3.3 yuan or 3.24%, closing at 105.1 yuan; Li Auto $LI AUTO-W (02015.HK)$ (2015) rose by 2.3 yuan or 3.2%, closing at 74 yuan; Geely Auto $GEELY AUTO (00175.HK)$ (0175) increased by 0.6 yuan or 2.46%, closing at 24.42 yuan; Xiaomi $XIAOMI-W (01810.HK)$ (1810) fell by 0.46 yuan or 1.47%, closing at 30.9 yuan.

China's CPI in March rose 1% year-on-year, lower than the expected 1.2%, with consumer demand sectors generally under pressure. Tingyi Holdings $TINGYI (00322.HK)$ (0322) dropped by 0.44 yuan or 3.28%, closing at 12.99 yuan, making it the worst-performing blue-chip stock of the day; Mengniu Dairy $MENGNIU DAIRY (02319.HK)$ (2319) decreased by 0.32 yuan or 1.85%, closing at 16.96 yuan; Nongfu Spring $NONGFU SPRING (09633.HK)$ (9633) declined by 0.56 yuan or 1.17%, closing at 47.3 yuan; Pop Mart $POP MART (09992.HK)$ (9992) fell by 1.8 yuan or 1.18%, closing at 150.9 yuan. Haidilao $HAIDILAO (06862.HK)$ (6862) saw its share price reverse losses and rise by 0.42 yuan or 2.86% to close at 15.09 yuan after major shareholder Zhang Yong announced plans to purchase at least 100 million yuan worth of shares.

In other individual stock movements, Yangtze Optical Fibre $YOFC (06869.HK)$ (6869) faced a proposed sell-off of up to 1 million shares by its A-share shareholder, Yangtze Communication, causing the stock price to plummet against the market trend by 18 yuan or 7.49%, closing at 222.4 yuan; China Hongqiao $CHINAHONGQIAO (01378.HK)$ (1378) retreated by 2.39%, closing at 38.36 yuan; Chalco $CHALCO (02600.HK)$ (2600) dropped by 0.39 yuan or 3.04%, closing at 12.43 yuan. Real estate stocks rebounded, with Longfor Group $LONGFOR GROUP (00960.HK)$ (0960) rising by 0.25 yuan or 3.4%, closing at 7.68 yuan; China Overseas Land & Investment $CHINA OVERSEAS (00688.HK)$ (0688) increasing by 0.2 yuan or 1.7%, closing at 11.93 yuan.

With ongoing fluctuations in the Middle East and continued market volatility, coupled with the Hang Seng Index failing once again to hold above the 26,000 level, some investors may lean toward high-dividend products to hedge against market uncertainty while maintaining exposure to core Hong Kong-listed assets. The CSOP FTSE China Enterprise Active Covered Call ETF $CSOP HSCEI Covered Call Active ETF (02802.HK)$ (2802) employs a covered call strategy, primarily holding constituent stocks of the Hang Seng China Enterprises Index, including Tencent $TENCENT (00700.HK)$ (0700), China Construction Bank $CCB (00939.HK)$ (0939), and Alibaba $BABA-W (09988.HK)$Core Chinese enterprises such as ICBC and Xiaomi, while actively selling call options on the Hang Seng China Enterprises Index, use the option premiums as an additional income source. Compared to merely holding stocks, the premium income from selling call options can provide partial hedging during market downturns, helping investors reduce losses and volatility. This ETF aims for an annualized dividend yield of approximately 21% and adopts a monthly dividend mechanism. The latest dividend was 0.14 yuan per unit, with the latest closing price at 8.125 yuan, up 0.31%. The net asset value scale is approximately 6.578 billion Hong Kong dollars. Investors should note that the covered call option strategy has limited upside potential in a bull market. Dividends are not guaranteed and have recently been paid mostly from capital, which may lead to a gradual decline in net asset value, eroding principal. This makes it more suitable for income-focused investors seeking stable high-yield cash flow who can accept trading some upside potential for income.$ICBC (01398.HK)$and Xiaomi$XIAOMI-W (01810.HK)$Chinese core companies can also proactively write call options on the Hang Seng Index, using the option premiums as an additional source of income. Compared with simply holding the underlying stocks, the premium income from writing call options can provide partial hedging during market downturns, helping investors reduce losses and volatility. This ETF targets an annualized dividend yield of approximately 21% and employs a monthly dividend distribution mechanism; the most recent payout was RMB 0.14 per unit, with the latest closing price at RMB 8.125, up 0.31%. The fund's net asset value stands at about HK$6.578 billion. Investors should note that the covered call strategy has limited upside potential in a bull market, and dividends are not guaranteed—recent payouts have largely been funded from capital, which may gradually erode the net asset value and diminish the principal. As such, this strategy is best suited for income-oriented investors who seek stable, high-yield cash flows and are willing to accept some foregone upside in exchange for regular income.

@孫子的末代傳人 @中戶變大戶小牛變大牛 @股海GSO

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