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<On Move> HSI Reverses to Gain; SMIC and Hua Hong Rally; AI Stocks Under Pressure
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The HSI reversed losses to close higher today (24th). Under the shadow of US-Iran negotiations, declines in software stocks and rising oil prices weighed on sentiment. Overnight (23rd), the DJIA and Nasdaq fell 0.4% and 0.9%, respectively. At the time of writing, the US 2-year Treasury yield rose to 3.836%, while the US 10-year Treasury yield climbed to 4.326%, and the US Dollar Index advanced to 98.78. DJIA futures were down 80 points or 0.16%, while Nasdaq futures were up 167 points or 0.62%. The Shanghai Composite Index fell 13 points or 0.3% to close at 4,079, while the Shenzhen Component Index dropped 103 points or 0.6% to 14,940. The ChiNext Index declined 1.4%. Total turnover on the Shanghai and Shenzhen markets reached RMB2.64 trillion. The HSI opened 181 points lower and once dropped 275 points to a trough of 25,639, before rebounding to a peak of 26,004, up 89 points in the afternoon. It closed at 25,978, up 62 points or 0.2%. The HSCEI closed at 8,775, up 42 points or 0.5%. The HSTECH closed at 4,902, up 36 points or 0.8%. Total market turnover for the day was HKD236.723 billion. Northbound and southbound trading totaled HKD107.909 billion, with southbound funds recording a net inflow of HKD3.46 billion today (vs net inflow of HKD8.598 billion in the previous trading day). ASMPT (00522.HK) surged 6.9% to close at HKD165.2, marking its 11th consecutive trading day of gains (cumulative increase of HKD54.9 or 50%). Australian miner IGO sharply lowered its full-year production forecast for Greenbushes, the worlds largest hard-rock lithium mine. Lithium stocks rallied, with Tianqi Lithium (09696.HK) and Ganfeng Lithium (01772.HK) rising 6.1% and 9.2%, respectively. For the week, the HSI fell 182 points or 0.7%, the HSCEI dropped 69 points or 0.8%, and the HSTECH declined 140 points or 2.8%. Southbound funds recorded a net inflow of HKD13.317 billion this week (vs HKD25.754 billion last week). The market continues to monitor developments in US-Iran negotiations. US President Donald Trump announced mid-week an extension of the ceasefire agreement between the US and Iran, citing serious divisions within the Tehran government as necessitating the extension. Lithium Stocks Rebound; AI Stocks Under Pressure Stocks related to large AI models came under pressure. MiniMax (00100.HK) plunged 9.4% to HKD777.5, with turnover of HKD2.029 billion. Zhipu (02513.HK) fell 9% to HKD935, with turnover of HKD2.96 billion, while Xunce (03317.HK) slumped nearly 16%. According to Global Times, the White House recently issued a memorandum accusing China of stealing intellectual property from US AI laboratories, alleging that an entity based in China is deliberately conducting industrial-scale operations to "distill" leading US AI systems. At a regular press conference today (24th), Chinese Foreign Ministry spokesperson Guo Jiakun rejected the claims as groundless and defamatory toward Chinas AI development achievements, urging the US to respect facts, abandon bias, cease technological suppression against China, and promote technological exchange and cooperation between the two countries. In addition, TENCENT (00700.HK) released and open-sourced the preview version of Hunyuan HY3. Its shares fell 0.4% to HKD493.4. Citi noted in a report that Tencent launched the new HY3.0 preview version yesterday (23rd), a Mixture-of-Experts architecture language model with 295 billion parameters and a 256k context window, delivering significant improvements in complex reasoning and agent capabilities. HY3.0 adopts a pragmatic approach, focusing on real-world applications rather than lab benchmarks, and claims a 40% improvement in inference efficiency with competitive pricing. Although labeled a preview version, the model has already been integrated into Tencents broad product ecosystem, including Yuanbao, ima, CodeBuddy, WorkBuddy, QQ, Tencent Docs, Tencent Maps, WeChat Official Accounts and Peacekeeper Elite, indicating readiness for practical problem-solving. Over 1,100 Stocks Decline; SMIC and Hua Hong Shine Market breadth in Hong Kong improved slightly. The ratio of advancers to decliners among main board stocks was 22 to 27 (vs 17 to 33 previously), with 1,113 stocks declining (down 2.2%). Among HSI constituents, 46 stocks rose while 43 fell, with an advancer-to-decliner ratio of 51 to 48 (vs 27 to 70 previously). Short selling amounted to HKD44.096 billion, accounting for 21.786% of the HKD202.408 billion turnover of securities eligible for short selling. Following the release of the V4 preview version by DeepSeek, which achieved in-depth adaptation with domestic chips, semiconductor stocks surged. SMIC (00981.HK) and Hua Hong Semiconductor (01347.HK) jumped 10% and 15.2%, respectively. Tianshu Zhixin (09903.HK) and Naxin Micro (02676.HK) rose 9.5% and 9%, while Biren Technology (06082.HK) and Changguang Chenix (03277.HK) gained 4% and 4.9%. The preview version of DeepSeek-V4 was launched and open-sourced today (24th), including DeepSeek-V4-Pro and DeepSeek-V4-Flash. According to official documentation, DeepSeek V4 verified its fine-grained Expert Parallel solution on both NVIDIA GPUs and Huawei Ascend NPUs. The official API page also noted that, due to constraints in high-end computing power, service throughput for the V4-Pro model remains limited. Prices are expected to be substantially reduced in 2H26 after the Huawei Ascend 950 super nodes enter mass production. (wl/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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