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HSCEI News
Express News | Li Qiang chaired a symposium with experts and entrepreneurs on the economic situation: comprehensive policy measures should be implemented to unlock the potential of domestic demand and accelerate the cultivation of new drivers of consumption.
Zhang Yidong’s Latest Insights Following Silicon Valley Research Trip: The AI Era Is Far From Over, and Opportunities Will Radiate Outward from 'Light'
In Zhang Yidong's view, the current Chinese equity market—including the AI-related rally—has undergone sufficient adjustment and is now entering a window for left-side positioning. Going forward, investment opportunities in AI will continue to expand from the 'light'-based computing power segment into a broader range of related fields.
Goldman Sachs: Chinese equities show 'rotation signals,' with A-share hard-tech stocks still favored and H-share internet firms seeing earnings recovery.
Goldman Sachs’ latest China strategy maintains its tactical preference for A-shares over H-shares and hard tech over soft tech, but has started paying attention to the recovery potential of large-cap H-share internet stocks following their valuation adjustments. The key to sustained H-share rebounds lies not in valuations but in earnings: losses from internet subsidies and AI-related capital expenditures continue to weigh on profits. China’s AI sector as a whole is not viewed as a bubble, though signs of localized overheating have emerged in semiconductors and certain A-share hard tech segments.
Futu Morning Brief | U.S.-Iran tensions escalate over the weekend! Strait passage in question; Samsung's Yongin chip plant starts production ahead of schedule; SK Hynix CEO: memory supply will remain tight through 2030; GigaDevice's Hong Kong-listed share
OpenAI, Meta, and SpaceX are competing to develop more cost-efficient AI models; Silicon Valley tech giants are borrowing aggressively, triggering a sell-off in the bond market.
Week Ahead | Waller’s Congressional Debut Coincides with June CPI! Q2 Earnings Season Kicks Off for Wall Street’s Big Five; Taiwan Semiconductor and ASML Holding Test AI Demand; U.S.-Iran 'Fight-and-Talk' Dynamics Stir Oil Prices
Next week, Hong Kong and U.S. equities will face a confluence of macroeconomic data releases, earnings reports, and key technology events. Waller will testify before Congress for the first time as Federal Reserve Chair, coinciding with the release of U.S. CPI and PPI data, potentially prompting a repricing of interest rate expectations. Meanwhile, ongoing U.S.-Iran negotiations amid military tensions continue to influence oil prices. Earnings season intensifies with results from Wall Street’s five major banks, while Taiwan Semiconductor and ASML will serve as barometers of AI demand. Jensen Huang is set to appear in Tokyo, and rumors suggest the imminent launch of Gemini 3.5 Pro. In Hong Kong markets, attention turns to China’s economic data releases, the expiration of share lock-ups for GigaDevice, and technology-driven catalysts from the World Artificial Intelligence Conference (WAIC).
Iran announced the closure of the Strait of Hormuz, as U.S. forces stated they were launching strikes against Iran and explosions were heard in multiple Iranian locations.
On July 12, Iran's Islamic Revolutionary Guard Corps (IRGC) announced the closure of the Strait of Hormuz, prohibiting all vessel traffic until the United States ceases its intervention. The U.S. military declared it would strike Iran in response to attacks on civilian vessels in the strait. Explosions were subsequently reported in southern Iran, including in Bushehr, Asaluyeh, Qeshm Island, and Chabahar Port. The IRGC warned that if the U.S. uses this as a pretext for new attacks, Iran will respond forcefully and target additional U.S. bases in the Middle East.
Futu Morning Brief | U.S. Commerce Secretary urges SK Hynix and Samsung to expand U.S. memory chip capacity; Zuckerberg denies Meta has excess computing power, citing commercial potential in cloud business; GigaDevice and Han's CNC issue profit warnings;
Tensions between the U.S. and Iran escalated, prompting Trump to switch Air Force One mid-trip during his travel to and from the NATO summit, after Israel informed the U.S. of 'a new Iranian plot to assassinate Trump'; Trump resumed strikes against Iran, raising concerns among Republicans about negative impacts on the midterm elections.
Goldman Sachs makes a strong call: Go long on China's AI value chain
As investors pull capital out of South Korea’s two leading memory chip giants—the top performers globally this year—and seek alternative assets with more attractive valuations, the Chinese market is clearly standing out…
Futu Morning Brief | Trump issues de-escalatory remarks following 'threat to strike'; a minority of Fed officials support a June rate hike; Apple and Broadcom reach a chip procurement agreement exceeding USD 30 billion; six new listings debut today, inclu
Trump stated that Iran had urgently called, expressing a strong desire to reach an agreement; Federal Reserve Chairperson Wach will testify before the Senate Banking Committee on July 15.
Comprehensive Analysis of Hong Kong Equity Market Liquidity in H1 2026: Record-High Turnover, Imbalanced Allocation, and Diverted Financing Exerting Multiple Pressures
In the first half of 2026, markets led by South Korea’s stock market surged under the impetus of the AI-driven theme. The KOSPI index rose by over 100%, propelled by Samsung Electronics and SK Hynix—South Korea’s two leading memory chipmakers—while Taiwan’s weighted index climbed nearly 60%, and both the Nikkei 225 and China’s ChiNext Index posted gains exceeding 30%. In contrast, Hong Kong’s equity market underperformed significantly amid structural imbalances in its benchmark indices and liquidity mismatches, lagging notably behind other major global equity markets. During the first half of 2026, the Hang Seng Index (800000.HK) declined by more than 10%, and the Hang Seng Tech Index (80
Futu Morning Brief | U.S. reinstates oil sanctions on Iran and initiates a series of strikes; WTI crude rises nearly 3%; Samsung begins mass production of advanced solid-state drives; reports indicate DeepSeek and Zhipu AI plan to develop in-house AI chip
Iran condemned the United States for violating the ceasefire memorandum and stated it would take necessary measures in response; the EIA lowered its price forecasts for both WTI and Brent crude oil for this year and next.
Some leading stocks have fallen back to levels seen before 'September 24'—how can the Hong Kong stock market emerge from its trough?
Hong Kong equities have retraced more than 30% from their October 2023 peak, with the internet sector down over 40%, and some leading stocks falling back to levels last seen before the '924' policy shift. Is this a bottoming opportunity or a value trap? CICC notes that the Hang Seng Tech Index valuation has breached one standard deviation below its historical mean, share buybacks have reached a post-'924' high, yet key indicators still fall short of those observed during true historical market bottoms. Near-term catalysts for a rebound could include declining U.S. Treasury yields, portfolio rebalancing flows, and incremental fiscal support.
The currently configured impossible trinity
Since the second quarter of this year, amid a systemic rise in global asset prices and valuation benchmarks, as well as a shift in the global monetary cycle, major investable assets worldwide are confronting an impossible trinity of space, allocation, and volatility, significantly increasing the overall difficulty of asset allocation. From a macroeconomic perspective, the K-shaped divergence in economic performance shows no signs of easing; however, financial assets may need to pay closer attention to risks associated with the turning point in global macro liquidity and the rare phenomenon of extreme synchronization across global equity markets. Macro and Policy: The Persistence of K-Shaped Divergence The K-shaped divergence in economic structure represents the most critical characteristic of major global economies today, exemplified by the United States and China. The AI industry has already
Futu Morning Brief | Waller says the Fed’s forward guidance remains valuable; NVIDIA responds that its product roadmap remains unaffected; Samsung Electronics reports Q2 operating profit up more than 19-fold year-over-year; NATO summit kicks off today; To
Trump: Early investment is key, and the stock market will 'soar through the roof!' He encouraged households to continue investing rather than cashing out; U.S. Strategic Petroleum Reserve crude oil inventories have fallen to their lowest level since 1983.
Stop talking vaguely about an AI bubble! Exclusive interview with Wang Sheng of Shenwan Hongyuan: the market remains a slow bull, and even tech needs to 'slow down'…
Although both fall under the umbrella of 'artificial intelligence,' the challenges they face are entirely different. Chinese AI entities are still focused on domestic substitution and strengthening and completing industrial chains, and the sector itself does not exhibit significant signs of a bubble; however, some Chinese AI stocks have already priced in growth expected over the next several years, which warrants attention.
Futu Morning Brief | The next round of U.S.-Iran negotiations will be held on July 11; the Bank of Korea warned that single-stock leveraged ETFs could exacerbate market volatility, and regulatory measures will be discussed today in South Korea; Micron has
OPEC+ decided to increase production by 188,000 barrels per day in August; vessel traffic through the Omani shipping lane in the Strait of Hormuz has sharply declined as Iran continues to strengthen its control over the waterway.
Where does the Hong Kong stock market currently stand? How does it compare with previous market bottoms? Latest institutional analysis
Source: CICC Insights Authors: Liu Gang, Zhang Weihan In the first half of 2026, global markets exhibited a stark bifurcation: those with AI exposure versus those without. The former included the Philadelphia Semiconductor Index in the U.S., South Korean and Taiwan equity markets, as well as China’s STAR Market and ChiNext Board. The latter comprised the Hang Seng Tech Index in Hong Kong and China A-share consumer sectors. To a significant extent, global markets displayed a pronounced K-shaped divergence, but this split was even more extreme in China: while technology stocks repeatedly hit new highs, A-share consumer names and Hong Kong-listed internet companies fell back to their September 24 lows. Even within the relatively stronger A-share market, only 30% of companies outperformed the benchmark index, with the median return across all A-shares standing at -11.8%; conversely, even in the weaker Hong Kong market,
Week Ahead | June FOMC Minutes Release! SK Hynix ADR Set for U.S. Listing on Friday; SpaceX to Join Nasdaq-100; Zhipu AI, MiniMax, and Tianshu Zhixin Face Major Lock-up Expiry Test
The National Assembly of South Korea has launched discussions on institutional reforms, focusing on an investigation into the regulation of single-stock leveraged ETFs; the Sun Valley annual summit is approaching, with CEOs from OpenAI, Apple, and Meta in attendance, while Jensen Huang and Elon Musk are absent.
Futu Morning Brief | Nonfarm payrolls came in weaker than expected, prompting markets to push back expectations for the Fed's rate hike timing; reports indicate Anthropic is in talks with Samsung to develop custom AI chips; Meta acknowledged its AI progre
Report: The U.S. government and Anthropic have not discussed government equity participation; Trump stated that AI will surpass the late-1990s internet boom and expects more than half of chips to be manufactured in the U.S.
Mid-Year Review | Southbound capital recorded net purchases of over HK$300 billion in Hong Kong-listed stocks in the first half of the year, a 60% year-on-year decline; added HK$35.3 billion to Tencent holdings while selling Alibaba to reallocate funds in
Amid the dual impact of the global AI boom and shifting macroeconomic conditions, southbound capital—which has been a key source of incremental funding supporting Hong Kong equities in recent years—saw a notable slowdown in overall inflows during the first half of the year. However, funds have not withdrawn; instead, their allocation focus has clearly shifted from internet and consumer sectors toward hard-tech AI-related segments such as semiconductors, optical communications, and domestically developed large AI models.