CICC: How much momentum does the current rebound in Hong Kong equities have left?
In the first half of 2026, the weak performance of Hong Kong equities and consumer stocks stood in stark contrast to AI-driven extreme K-shaped divergence. Naturally, due to its composition, the broad-based Hong Kong equity index can itself be viewed as a 'large-cap consumer' proxy. Conversely, when tech stocks began to experience volatility in July, Hong Kong equities and the Hang Seng Tech Index rebounded—like two ends of a seesaw.
Market Snapshot | All three major indices declined, with the Hang Seng Tech Index dropping nearly 2%; robotics-related stocks and oil stocks gained, with MicroPort MicroRobotics rising over 7% and CNOOC Limited up over 3%; gold stocks weakened, with Lingb
Tech and internet stocks broadly declined, with Kuaishou-W down 3.79% and Xiaomi Group-W falling 3.48%; non-ferrous metal stocks weakened, with Lingbao Gold dropping 8.07% and Zijin Gold International down 7.08%; most auto stocks fell, with Nio-SW declining 4.37% and Geely Auto down 4.26%.
Hong Kong Market Midday Commentary | All three major indices declined, with the Hang Seng Tech Index down 1.27%; tech and internet stocks fell, with Kuaishou and JD.com each dropping nearly 3%; biotech stocks rose, as GenScript Biotech surged over 8% and
Tech and internet stocks broadly declined, with Kuaishou-W down 2.80% and JD.com-SW falling 2.76%; gold mining stocks were mostly lower, with Zijin Mining dropping 3.51% and China Gold International down 2.55%; oil stocks rose across the board, with CNOOC up 3.76% and PetroChina advancing 2.04%.
Futu Morning Brief | Trump claims '100% control' over the strait; U.S. and Iran remain at odds over compensation; Fed hawks signal potential for multiple rate hikes, with September hike odds surpassing 50%; NVIDIA partners with Wall Street to establish a
Trump stated that he has only had a brief conversation with Wallsh since the latter assumed office and denied frequent communication; Goldman Sachs: approximately half of the S&P 500's earnings growth relies on debt-driven AI-related capital expenditures.
Express News | Hang Seng Indexes Company: Seeking market feedback on potential revisions to the Hang Seng Tech Index
AI's 'Windows moment': Hong Kong-listed internet stocks may present a strategic allocation window
Western Securities believes that AI is currently at a critical juncture, transitioning from a 'command-line interface (CLI)' to a 'graphical user interface (GUI).' Due to persistently high hardware costs and insufficient workflow integration, total factor productivity has not yet seen widespread improvement, but China is poised to achieve a breakthrough by leveraging its engineering talent dividend.
Market Snapshot | All three major indices rose, with the Hang Seng Tech Index up 1.26%; coal and gold stocks advanced, with Zijin Gold International gaining over 5% and China Coal Energy rising over 4%; semiconductor stocks declined, with Tianshu Zhixin f
Technology and internet stocks rose broadly, with Alibaba Group Holding Ltd. up 2.34% and JD.com, Inc. up 2.27%; gold mining stocks advanced across the board, with Tongguan Gold Group Ltd. rising 5.42% and Zijin Mining Group Co., Ltd. up 5.03%; coal stocks all gained, with Jinma Energy Group Ltd. surging 20.00% and Power Development Holdings Ltd. up 9.21%.
Hong Kong Market Midday Review | All three major indices rose, with the Hang Seng Index up 0.72%; tech and internet stocks broadly advanced, Alibaba gaining over 2%; biotech stocks climbed, with Wuxi Apptec rising nearly 3% to hit a new intraday high; Guo
Tech and internet stocks rose, with Alibaba-W up 2.10% and JD.com-SW up 1.80%; coal stocks advanced, with Jinma Energy surging 20.83% and Power Development rising 8.95%; Hong Kong retail stocks gained, with Bonjour Holdings down 8.00% and Chow Sang Sang up 6.69%;
Futu Morning Brief | A long-term bullish signal? Berkshire deployed cash heavily in Q2 to build a significant position in Google; Divergence on AI hardware? Market热议 over the weekend on the 'short memory, long optics' strategy; Musk aims to disrupt lithog
July CPI is expected to ease slightly, with Citi and Bank of America diverging on the outlook for a September rate hike; Bank of America's Hartnett: 'tactically' bearish but 'strategically' bullish.
Week Ahead | Inflation Takes Center Stage! US CPI Follows Nonfarm Payrolls; JD.com and Tencent Lead Wave of China-Concept Earnings, as AI Supply Chain Giants Report En Masse
In the new week, the market’s macro focus will shift comprehensively from employment to inflation and consumer spending. The U.S. July CPI, PPI, and retail sales—dubbed the 'terrifying data'—will be released consecutively starting Wednesday, directly influencing market expectations for the Federal Reserve’s policy path in September.
Express News | Moore Threads: Planning to issue H-shares and list on the Main Board of The Stock Exchange of Hong Kong Limited.
Express News | China's Producer Price Index (PPI) rose by 3.5% year-on-year in July, compared with a 4.1% increase in the previous month.
Express News | China's CPI rose by 0.5% year-on-year in July, compared with a 1% increase in the previous month.
Top-performing Hong Kong-listed stocks this week | Nason Technology surged over 64% on its listing day, driven by strong revenue growth from NBC product ramp-up; MINIMAX rose more than 41% after DeepSeek officially announced price hikes, signaling an end
This week, the Hang Seng Index declined by 0.84% cumulatively, closing at 25,668.03 points; the Hang Seng Tech Index rose by 0.6% over the same period, closing at 4,858.29 points; and the Hang Seng China Enterprises Index fell by 0.94% cumulatively, closing at 8,531.58 points.
Market Snapshot | All three major indices rose, with the Hang Seng Tech Index up 0.78%; large-model-related stocks performed strongly, Zhipu AI surged nearly 15%, and MINIMAX gained almost 10%; PCB-related stocks advanced, with T.T. Board Holdings rising
Technology and internet stocks declined across the board, with SenseTime Group down 3.95% and NetEase up 1.08%; pharmaceutical stocks rose collectively, led by Pharmaron advancing 12.07% and Insilico Medicine up 10.88%; semiconductor stocks gained, with GigaDevice rising 6.80% and Tianshu Zhixin up 6.31%;
Hong Kong Market Midday Review | All three major indices rose, with the Hang Seng Tech Index up 0.34%; large-model and PCB-related stocks were active, with MINIMAX and Zhipu AI surging over 17%, and Shenghong Technology rising more than 11%; pharmaceutica
Tech and internet stocks broadly declined, with SenseTime-W down 4.61% and Kuaishou-W up 1.13%; semiconductor stocks strengthened, with GigaDevice rising 8.31% and Tianshu Zhixin up 7.33%; pharmaceutical stocks advanced, with Pharmaron climbing 8.08% and Asymchem rising 8.07%;
Futu Morning Brief | Trump announces additional tariffs on polysilicon and its derivatives; Terafab AI chip mega-factory project launches with initial investments of $16.8 billion from SpaceX and Tesla; U.S. nonfarm payrolls data to be released tonight at
The Trump administration has banned the export of tungsten scrap and battery waste to enhance the supply capacity of critical minerals; Trump stated that no agreement on the Strait of Hormuz has been reached yet and that he is involved in related negotiations.
HK Market Snapshot | All three major indices declined, with the Hang Seng Tech Index dropping over 2%; tech and internet stocks fell, Baidu down more than 4%, Alibaba and Tencent each falling nearly 3%; MINIMAX surged逆势 by over 17%.
Tech and internet stocks declined, with Baidu Group-SW down 4.38% and Alibaba-W down 2.89%; auto stocks fell, with Leapmotor down 4.70% and Geely Auto down 4.48%; shares across the smartphone supply chain broadly declined, with FIT HON TENG down 4.85% and SMIC down 3.90%;
Hong Kong Market Midday Review | All three major indices declined, with the Hang Seng Tech Index falling 1.87%; artificial intelligence stocks rose, with MINIMAX surging over 16% and Shenghong Technology gaining more than 7%; insurance stocks weakened, wi
Tech and internet stocks declined, with Baidu Group-SW down 3.21% and Alibaba-W down 3.12%; insurance stocks broadly fell, with AIA down 8.75% and China Pacific Insurance down 2.10%; most lithium battery stocks declined, with Ganfeng Lithium down 4.84% and CALB down 4.18%;
Why Did Trump TACO Again? Analyzing the Ultimate Outcome in the Strait of Hormuz
Winning the election is critically important; Trump cannot afford a prolonged conflict. Iran has gained de facto control over the Strait, and there are two proposed tolling schemes that would save Trump's face—securing a ceasefire from the Houthis would not be difficult.