Hong Kong Stock Market's First Trading Day of the Year of the Horse: Hang Seng Tech Index Falls, AI Application and Storage Concept Stocks Rise Against the Market

The Hong Kong stock market showed a mixed pattern on the first trading day of the Year of the Horse, with technology stocks and concept stocks performing very differently. The Hang Seng Tech Index continued to decline in the morning session, with its drop once surpassing 2%, while the Hang Seng Index also fell more than 1%, indicating a generally cautious market sentiment.

The tech sector became a major area of decline, with many internet giants under pressure. Baidu Group and Kingdee International led the declines, both dropping over 5%; Bilibili, Alibaba, and NetEase followed closely, with declines of 4.3%, 3.8%, and 3.7%, respectively. Market analysis suggests that the global tech stock correction wave and fluctuations in some companies’ earnings expectations are the main reasons for the collective downturn.

In stark contrast to mainstream tech stocks, AI application stocks surged against the trend. Haizhi Technology Group’s stock price soared 21.3% in a single day, hitting its largest gain since listing; Zhipu Technology followed with a 12.7% increase; MiniMax even surged to a 10.5% high during the session, with all three companies’ stock prices hitting new records. Fund flow data shows that institutional investors are accelerating their deployment into the commercialization of artificial intelligence.

The storage chip sector also performed strongly, with Lianliang Technology leading with a 7.6% increase, and GigaDevice rising 5.2%. Notably, leveraged ETF products were active, with the Southern Two Times Long Samsung Electronics Fund up 4.1% and the Southern Two Times Long SK Hynix Fund up 2.3%, indicating strong investor expectations for the semiconductor cycle recovery. Market experts point out that the surge in AI computing power demand and the industry inventory cycle turning point jointly support this round of storage chip market rally.