According to Zhitong Finance APP, the broader market opened lower and drifted downward today, with all three major Hong Kong stock indices declining, tech stocks broadly falling, while robotics and innovative drug sectors remained active against the trend. As of market close, the Hang Seng Index fell 1.32% to 23,867.74 points, with total daily turnover of HKD 190.455 billion; the Hang Seng Tech Index dropped 1.52% to 4,045.91 points. In the Hong Kong ETF space, among the products ranked by size, the Tracker Fund of Hong Kong (02800) fell 1.13% to HKD 24.54; the Hang Seng China Enterprises Index ETF (02828) declined 1.15% to HKD 82.54; and the CSOP SK Hynix Daily Leveraged 2x Product (07709) dropped 10.21% to HKD 17.23.
Industry Performance
Catalyzed by a cluster of industry events including Tesla's "production readiness" announcement, the robotics sector strengthened against the broader market trend. As of market close, the Robotics ETF Fullgoal (159272.SZ) rose 4.84% to RMB 0.737; the Robotics ETF Penghua (159278.SZ) gained 4.83% to RMB 0.868; and the Robotics ETF E Fund (159530.SZ) climbed 4.81% to RMB 1.220. On the news front, in the annual shareholders' meeting materials submitted by Tesla Motors on October 19 (Monday US Eastern Time), the company stated in writing for the first time that it "is prepared for large-scale production of V3 Optimus," though it did not disclose production volume, pricing, or delivery dates. On the same day, the Ministry of Industry and Information Technology disclosed at a press conference that China's humanoid robot complete-unit output exceeded 40,000 units in the first half of the year, with full-year output expected to surpass 100,000 units, and stated that it would next release the "National Humanoid Robot Industry Standard System Construction Guidelines (2026 Edition)." Recently, the robotics sector has been catalyzed by a dense cluster of events: OpenAI's official website posted 19 Robotics positions; Nvidia's GTC Berlin conference is being held from October 20 to 22, with Physical AI and robotics listed as core topics. Guojin Securities noted that the next frontier for AI is entering the physical world, where VLA maps visual and language inputs into robot actions, and world models provide future-state predictions for action selection—the gradual integration of the two is expected to propel robots from single-step operations toward multi-step planning. China Securities Co. stated that for humanoid robots, investors should focus on T-chain product launches and mass production progress, seize opportunities in core supplier positioning, and that the robotics sector is expected to see continuous catalysts both domestically and internationally.
Rising inflation pressures combined with "oil up, gold down" sent gold stocks into a volatile retreat. As of market close, the Gold Stock ETF Yongwin (517520.SH) fell 3.82% to RMB 1.814; the Gold Stock ETF Guotai (517400.SH) dropped 3.81% to RMB 1.439; and the Gold Stock ETF ChinaAMC (159562.SZ) declined 2.94% to RMB 1.980. On the news front, International Energy Agency data showed that global crude oil inventories have decreased by more than 500 million barrels since February, with the spot premium widening to $28 per barrel; Iran's Revolutionary Guard stated that a tanker struck a mine and caught fire in the Strait of Hormuz, with daily crude exports from the region plunging to 8.5 million barrels, far below the previous level of 20 million barrels. The U.S. September CPI rose 3.7% year-over-year, above expectations, while September PPI rose 1.3% month-over-month, with energy prices surging 10.8% for a second consecutive month; the 10-year U.S. Treasury yield climbed to 5.30%, and international gold prices briefly fell below $4,150 during intraday trading. Galaxy Futures noted that current inflation data is highly correlated with oil prices, and under present market conditions with no new data drivers, a "gold-oil seesaw" capital allocation pattern is emerging, warranting attention to inflation spillover risks from sustained high oil prices. Guosheng Securities' October 18 weekly report pointed out that last week's U.S. CPI and PPI both exceeded expectations, yet gold quickly recovered its losses despite the bearish data, as expanding U.S. fiscal deficits and the reversal of the AI narrative both challenge dollar credibility, with gold's allocation value remaining prominent.
Institutional Views
Huatai Securities' strategy team believes that last week's U.S. September CPI and PPI both exceeded expectations, pushing up the probability of an October rate hike and sending long-end U.S. Treasury yields to a 24-year intraday high. However, the AI supply chain subsequently retreated under the dual pressures of financing stress and growth concerns, which in turn drove Treasury yields down from their highs. Asset performance thus saw a modest reversal, with markets not on the AI main line but benefiting from partial easing of Treasury pressure—such as India and the Hang Seng Index—outperforming on a relative basis, while traditional sectors saw slight recovery. Looking ahead, under AI adjustment pressures, investors can still focus tactically on innovative drugs and CXO leaders; dividend strategies should continue as a base position, with a primary focus on operational assets such as railways, highways, and ports; the window for trend-following long positions in tech hardware still requires further waiting, as internet leaders are relatively resilient but earnings expectations have not yet stabilized, pending verification during the earnings season.
ETF Developments
The ChiNext Software ETF Nanfang (158072.SZ) debuted on its first trading day, closing up 2% at RMB 1.018 with turnover of RMB 152 million; the fund tracks the ChiNext Software Index, with its core focus on the software and information technology services industry.
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