A long-awaited surge, but according to the latest Hong Kong stock data provided by Longbridge skill, it currently looks more like a "strong rebound," with only confirmation needed to become a "reversal." The Hang Seng Index is now at 25743.88, up about 2.50% intraday, with a turnover of about 1841.5 billion HKD; the Hang Seng Tech Index is at 4864.21, up about 3.96%; the HSCEI is at 8626.72, up about 2.01%. However, from a positional perspective, the Hang Seng Index is still about 4.9% below the previous high of 27081.91 on February 22, 2026, and the Tech Index is about 9.7% below its previous high of 5385.35. Meanwhile, the Hong Kong stock market temperature index has risen to 88, with sentiment at 92 and valuation at 84, indicating that short-term sentiment is already overheated. My judgment is: treat this as a rebound for now. If the Hang Seng Index can stabilize above 25800-26000 with increased volume, there is still 3%-5% upside potential, possibly reaching 26500-27000; if volume declines, be prepared for a pullback to the 25200 area. A true "reversal" depends on whether it can sustain high volume and break through previous highs.