Hong Kong's three major stock indices opened higher and maintained their gains throughout the session, with the Hang Seng Tech Index surging nearly 5% by the close.
Nvidia's official announcement of its entry into the PC market drove communication-related ETFs to outperform, while most heavyweight stocks showed strength, leading to a rebound in Hang Seng Tech ETFs.
At the market close, the Hang Seng Index rose 2.52% to 26,038.32 points, with a total turnover of HK$373.78 billion.
The Hang Seng Tech Index climbed 4.72% to 5,199.28 points.
Among major Hong Kong-listed ETFs by size, Tracker Fund (02800) closed up 2.49% at HK$26.32.
CSOP 2X Long Hynix ETF (07709) fell 3.64% to HK$139.05.
Hang Seng China Enterprises Index (02828) gained 3.25%, closing at HK$90.16.
Sector Performance Overview
Nvidia's official move into the PC market ignited the AI PC industry chain, driving communication-related ETFs to strong gains for the day.
By the close, Guotai Communication ETF (515880) surged 6.72% to CNY 1.635.
ChinaAMC Communication ETF (515050) advanced 5.71% to CNY 1.222.
Yinhua Communication ETF (159994) rose 5.44% to CNY 1.493.
On June 1st, during his keynote at COMPUTEX 2026, Nvidia CEO Jensen Huang announced the launch of the RTX Spark super chip, marking the company's formal entry into the PC market.
This chip integrates a Blackwell architecture RTX GPU with a 20-core Grace CPU, features 128GB of unified memory, and delivers top-tier local AI computing power of 1 Petaflop.
Jinyuan Securities noted that the release of RTX Spark signifies that AI Agents are transitioning from cloud services to local terminals, upgrading AI PCs from "office computers with NPUs" to "personal AI computing platforms capable of running large models and agents locally."
Huaxin Securities analysis suggests that the proliferation of Arm-architecture PCs will drive demand in related IP, memory connectivity, and terminal ODM supply chains, including companies like Lenovo Group (00992), Huaqin Technology (03296), GigaDevice (03986), Jiangbolong (301308.SZ), and Biwin Storage (688525.SH).
Concurrently, high-bandwidth unified memory (up to 128GB) imposes greater demands on memory interfaces and on-board memory modules.
Most heavyweight stocks demonstrated strength throughout the session, propelling Hang Seng Tech ETFs to a rebound.
At the close, CSOP 2X Long Hang Seng Tech Index ETF (07226) jumped 9.44% to HK$4.268.
CSOP Hang Seng Tech Index ETF (03033) gained 4.71% to HK$5.095.
SOUTHERN HENDERSON TECHNOLOGY EXCHANGE-TRADED OPEN-END INDEX SECURITIES INVESTMENT FUND (QDII) (ASX: 520570)
This fund rose 3.77% to CNY 0.825.
The Hang Seng Tech Index closed up nearly 5% on June 2nd, driven by its constituent heavyweight stocks.
Tencent Holdings (00700) soared over 10%, Meituan-W (03690) closed up more than 9%, while JD Group-SW (09618) and Alibaba-W (09988) both gained over 6%.
Dongwu Securities indicated that in May, the industry continued to focus on AI computing power, domestic semiconductors, index system expansion, and commercialization of large models.
While industry catalysts were relatively concentrated, against a backdrop of weakening index fund flows, their impact on market performance was more structural.
Looking ahead to June, the Hang Seng Tech sector may continue its pattern of "low valuation support, insufficient upward momentum, and range-bound fluctuations."
Low valuations, index rebalancing, and AI industry catalysts are expected to help stabilize the downside.
On the other hand, uncertainties surrounding overseas inflation and the FOMC, weakening fund flows, and profit realization by core heavyweights continue to constrain a sustained upward trend for the index.
Public information shows that Southern Asset Management's Hang Seng Tech ETF (520570; with off-exchange feeder fund A class 020988 and C class 020989) closely tracks the Hang Seng Tech Index, covering 30 large-cap, high-liquidity technology companies listed in Hong Kong.
Industrial Securities believes that with the AI narrative continuing, technology remains a primary theme, but it notes that current valuations of heavyweight companies largely reflect their earnings, and further valuation expansion may require earnings growth or more abundant liquidity support.
Institutional Perspectives
Dongwu Securities' view suggests the market may be in the early stages of a style shift, making a smooth, one-way upward trend for the tech sector difficult to sustain.
Against a backdrop of marginally tightening liquidity, overall sector volatility has increased, market rotations have accelerated, and the difficulty of achieving excess returns has risen significantly.
However, it is important to clarify that the high-growth trend of the AI industry has not ended, and the tech sector will remain a primary focus going forward.
Considering the domestic and international macro environment, market structure, and industry trends, the recommended allocation strategy for June is to maintain a core focus on tech assets while also incorporating defensive dividend plays and high-quality stocks supported by both domestic and external demand to balance portfolio volatility.
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