Hong Kong stocks saw a sharp rally in both the biopharmaceutical and technology hardware sectors today. As of 16:00, the HKEX Technology 100 Index rose more than 4%, significantly outperforming the Hang Seng TECH Index, which gained 1.68%.
On the pharmaceutical side, BEONE MEDICINES (ASX: 06160) led the advance alongside Akeso, WuXi Biologics, and WuXi AppTec. On the technology hardware side, SMIC (ASX: 00981), Hua Hong Semiconductor, YOFC, and Innolight staged a strong rebound.
The direct catalysts for the pharmaceutical sector stem from two main themes. First, more than 30 oncology innovative drugs have been approved year-to-date, combined with progress in tumor vaccines, reinforcing expectations for commercial realization. Second, the national medical insurance negotiation and the commercial insurance innovative drug catalog have completed bidding and price negotiations, with the catalog expected to be officially released in November. This, together with heavyweight clinical data readouts from ESMO, SITC, and other major conferences, forms a dual tailwind of policy and clinical catalysts.
Additionally, better-than-expected third-quarter earnings from overseas multinational corporations, along with upward guidance revisions, have boosted sentiment for the innovative drug sector. Pfizer reported Q3 revenue of $16.58 billion and adjusted earnings per share of $0.87, both above market expectations, and raised its full-year revenue and earnings guidance.
On the technology hardware side, strong results from overseas computing power leaders have eased market concerns about the return on AI capital expenditure and the sustainability of downstream demand, driving a recovery in risk appetite across growth sectors. Overnight, the Philadelphia Semiconductor Index rose approximately 2.6%. Computing hardware names including AMD, Broadcom, Micron, and Nvidia all moved higher.
AMD and Super Micro Computer delivered results and guidance that substantially exceeded expectations, creating a positive spillover effect. AMD reported Q3 revenue of $13.38 billion, up 45% year-over-year, with data center revenue of approximately $8.55 billion, up 97% year-over-year and about 27% quarter-over-quarter. Super Micro Computer reported quarterly revenue of approximately $19.9 billion, nearly tripling year-over-year and up 79% quarter-over-quarter, with next-quarter revenue guidance of $19.5 billion to $21.5 billion and full-year revenue guidance raised to $72 billion to $82 billion.
Goldman Sachs forecasts that global data center capacity could reach 273 GW by 2030, with potential investment demand of approximately $8.5 trillion over the next five years.
The E Fund (Hong Kong) HKEX Technology 100 Index ETF (03456) tracks the HKEX Technology 100 Index, covering six major themes: artificial intelligence, biotechnology and pharmaceuticals, information technology, electric vehicles and intelligent driving, internet, and robotics. As of September 30, information technology and biotechnology and pharmaceuticals accounted for 28.2% and 26.5% respectively. The index constituents include innovative drug and CXO leaders such as BEONE MEDICINES, WuXi Biologics, Innovent Biologics, and WuXi AppTec, as well as semiconductor hardware leaders such as SMIC, Lenovo Group, Hua Hong Semiconductor, and YOFC, offering one-stop exposure to the dual主线 of "AI hard tech + biopharmaceuticals."
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