Hong Kong's major stock indices showed a mixed performance today, with the Hang Seng Index closing slightly lower while the Hang Seng Tech Index continued its upward trajectory. The domestic semiconductor supply chain saw a significant rally, driving related semiconductor and Tech Innovation 50 ETFs higher. The robotics sector also advanced against the broader market trend, buoyed by multiple positive catalysts from both domestic and international industries.
At the close, the Hang Seng Index was down 0.63% at 22,881.02 points, with a total turnover of HK$308.05 billion. The Hang Seng Tech Index rose 1.8% to 4,472.23 points. Among major Hong Kong-listed ETFs by size, the Tracker Fund (02800) fell 0.51% to HK$23.28. The CSOP 2x Long SK Hynix ETF (07709) gained 1.5% to HK$149, and the CSOP 2x Long Samsung ETF (07747) surged 6.01% to HK$167.5.
Market Sector Highlights
1. Domestic Semiconductor and Tech Innovation 50 ETFs Rally
Sparked by AI-driven demand fueling a "price hike wave" and "capacity expansion wave" for memory chips, coupled with massive expansion plans from overseas memory giants, the domestic semiconductor industry chain surged. This propelled related semiconductor and Tech Innovation 50 ETFs significantly higher.
The CSOP STAR 50 ETF (03109) rose 4.29% to HK$21.38. The PP STAR 50 ETF (03151) increased 4.02% to HK$15.52. The Bosera STAR 50 ETF (02832) climbed 3.59% to HK$15.87. The CSOP Asia Pacific Select ETF (159687.SZ) gained 3.13% to RMB 1.978.
As of June 30th, the STAR 50 Index has surged over 64% in the first half of the year. The domestic semiconductor equipment sector has maintained its strength recently, boosted by South Korea's announcement of plans to build four chip plants in its southwest region with an investment of approximately 800 trillion won, alongside large-scale investment plans from Samsung Electronics and SK Hynix.
Concurrently, market reports indicate that nearly 20 global analog and power semiconductor companies are set to initiate a new round of price increases starting July 1st. The hikes show a clear structural differentiation: AI server, data center power supply, and high-voltage signal chain chips are expected to rise 15%-25%, while industrial and energy storage isolation chips are set to increase 10%-15%. This trend is accelerating the confirmation of an upward cycle in semiconductor prices.
Research from Zhongtai Securities suggests the market is likely to maintain a pattern of having a clear bottom while consolidating over the next one to two weeks. As market uncertainties resolve and sentiment improves, the market is expected to see a rally towards previous highs or new highs. The subsequent market style is anticipated to remain focused on the diffusion of technology themes rather than a style rotation.
Xiangcai Securities noted that from NVIDIA's computing chips to Micron's memory chips, operational data from upstream and downstream industry leaders continues to validate the high-growth cycle of the AI infrastructure sector. Core supply constraints within the industry are gradually spreading from GPUs to encompass the entire stack of computing infrastructure, including HBM and CPUs. Furthermore, Micron's recent financial report reflects a paradigm shift in the AI industry, moving from the model training phase into large-scale inference and commercial deployment, providing a long-term growth foundation for storage demand.
2. Robotics Sector Advances on Multiple Catalysts
The robotics sector moved higher, supported by multiple positive developments from both domestic and international industries.
At the close, the Penghua Robotics ETF (159278.SZ) surged 8.63% to RMB 1.145. The Invesco Robotics ETF (159559.SZ) jumped 8.11% to RMB 1.44. The E Fund Robotics ETF (159530.SZ) gained 7.91% to RMB 1.609. The E Fund Artificial Intelligence ETF (03489) rose 2.1% to HK$14.12.
Recent news regarding the impending mass production of Tesla's humanoid robot, Optimus, has once again captured significant market attention. Nomura indicated that Tesla has raised its annualized production capacity target for the Optimus Gen 3 line in Fremont from the previous 50,000 units to approximately 70,000 units. The company also plans to add around 70,000 units of capacity in Austin by 2028, with a long-term combined capacity target of 1.5 million units.
Meanwhile, UBS pointed out that strategic-level capital activities in the global humanoid robotics industry are expected to emerge intensively in the first half of 2026. China's Ministry of Industry and Information Technology has set a goal to deploy 10,000 humanoid robots across over 100 application scenarios by the end of 2027. The Shanghai municipal government plans to deploy 100,000 units in factories around 2030.
CSC Financial believes that the mass production of Optimus is drawing closer, with recent guidance on supply chain production volumes becoming clearer, gradually validating its scaling pace. Subsequent developments, including the V3 product release and progress on mass production, remain worthy of close attention. Additionally, the ongoing IPO processes for domestic robotics companies could lead to a revaluation of these entities. The sector is expected to see continuous catalysts over the next quarter, with a focus on high-quality segments recommended.
Fidelity International suggests that the investment logic for the robotics sector has shifted from "buying the robot bodies" to "buying the supply chain." Upstream core components—such as reducers, sensors, and actuators—may offer more stable allocation value under a landscape where multiple technological pathways coexist.
Institutional Perspectives
Lv Xin from GF Fund Management noted that the current AI market theme is gradually converging and narrowing in scope. Capital flow is shifting from terminal computing power and chip design upstream. Equipment, as a prerequisite and rigid demand for wafer fab capacity expansion, offers higher order visibility and certainty in earnings realization. Wafer production capacity has become a core focus in major powers' technological competition, with countries continuously ramping up investments in local production lines, thereby raising the industry's long-term ceiling. With overseas equipment delivery cycles saturated, domestic etching, cleaning, and deposition equipment are being batch-imported by South Korean memory fabs, opening a second growth curve for equipment exports. Combined with the ongoing expansion and bidding by domestic memory manufacturers and the steady increase in equipment localization rates, this provides an independent alpha opportunity for domestic substitution.
ETF Developments
1. New Listings
The Bosera CSI All Share Dividend Quality ETF (561430.SH) made its debut, closing down 1.52% at RMB 0.975 with a turnover of RMB 70.3532 million. The fund tracks the CSI All Share Dividend Quality Index.
The Yinhua SSE STAR Market Chip Design ETF (589350.SH) also debuted, closing up 5.21% at RMB 1.11 with a turnover of RMB 103 million. The fund tracks the SSE STAR Market Chip Design Theme Index, focusing on listed companies on the STAR Market primarily engaged in chip design.
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