The Hong Kong stock market saw a moderate rise today, with storage-related concepts collectively rebounding and ChiNext and semiconductor ETFs remaining strong throughout the session. At the close, the Hang Seng Index was up 0.15% at 26,388.44 points, with a full-day turnover of HK$277.771 billion. The Hang Seng Tech Index rose 0.46% to 5,093.85 points. Among Hong Kong-listed ETFs, the top three performers were: Tracker Fund (02800), up 0.15% to HK$26.52; CSOP Hang Seng Tech Index ETF (03033), up 0.4% to HK$4.988; and CSOP 2X Long SK Hynix ETF (07709), which surged 14.81% to HK$105.6.
Sector Performance: 1. South Korean customs data revealed a sharp monthly surge in storage prices, and the AI computing arms race continues to intensify, leading to a collective rebound in related storage ETFs. In the market, CSOP 2X Long SK Hynix ETF (07709) closed up 14.81% at HK$105.6, while CSOP 2X Long Samsung Electronics ETF (07747) closed up 6.56% at HK$149.4. On May 13, market media cited sources stating that SK Hynix CEO Kwak Noh-jung is set to meet with Microsoft co-founder Bill Gates and CEO Satya Nadella in the United States, potentially further deepening the strategic partnership between Microsoft and SK Hynix, particularly regarding HBM supply. Additionally, the South Korean government may intervene in the Samsung strike to stabilize the supply chain. The latest South Korean customs data shows that export prices for memory chips continue to climb, confirming that the storage upcycle driven by AI computing demand is accelerating. Zhang Yidong, Chief Economist at Haitong International, believes that the fundamental recovery in the storage industry continues upward, with the Q2 price increase trend already fully verified across the industry chain. The subsequent investment focus in the sector is officially shifting from broad-based gains to structural differentiation. The market's attention is no longer on whether storage prices can achieve sequential growth but has shifted to the absolute height of the price increase, the duration of the high-price equilibrium, and the varying cost tolerance of different downstream end markets for sustained price hikes. The divergence in demand strength between the consumer electronics and AI server chains has become the core variable driving subsequent market performance.
2. The ChiNext Index returned above the 4,000-point level, with the ChiNext 50 and STAR Composite indices continuing their upward trend. ChiNext and semiconductor ETFs remained strong throughout the day. Driven by the continued diffusion of prosperity within the AI industry chain and the strengthening logic of semiconductor localization, related ETFs performed notably. Specifically, Huatai-PineBridge CSI South Korea Semiconductor ETF (513310) closed up 9.57% at 6.134 yuan; ChinaAMC STAR Semiconductor ETF (588170) closed up 4.7% at 2.316 yuan; China Southern ChiNext Artificial Intelligence ETF (159382) closed up 4.89% at 3.066 yuan; and Fullgoal ChiNext Artificial Intelligence ETF (159246) closed up 4.81% at 1.35 yuan. Industrial Securities believes that although competition in the ChiNext board is intense, the probability of success for AI-related plays remains relatively high. Specifically, the profitability effect in the AI sector may create a siphon effect on other sectors. Even during market adjustments, there is stronger demand for capital to flow out of other sectors to bet on an AI rebound, leading to a relatively higher win rate for AI, while adjustments in other sectors may be more pronounced. Everbright Securities, however, notes that while the current valuation of the ChiNext Index is on the high side, fundamental support is also strong. A trend-based market movement is unlikely, and strong volatility is expected to be the main pattern.
Institutional Views: China Merchants Securities pointed out that the Philadelphia Semiconductor Index has continued to rise since April. Global CSP capital expenditures for 2026 are projected to total approximately $830 billion, driving sustained improvement in the prosperity of the AI industry chain. The supply-demand gap in the storage industry is expected to persist until 2027, with domestic module companies entering a period of profit expansion. The global CPU market space has significantly increased, with domestic computing power orders and revenue growing rapidly, simultaneously driving demand for domestic advanced processes. The trend of domestic storage capacity expansion is clear, localization rates are improving, equipment orders continue to be favorable, and materials are set for scaled-up growth after overcoming capacity bottlenecks. China Merchants Securities recommends focusing on storage benefiting from tight supply-demand, computing power and foundry services with sustained demand growth, and equipment and materials within the expansion cycle. It also suggests paying attention to core constituent stocks of various tech and semiconductor indices.
ETF Developments: On May 13, four ETFs debuted on the exchange: 1. E Fund Industrial Non-ferrous Metals ETF (159032) debuted, closing up 1.6% at 1.018 yuan with a turnover of 103 million yuan. The fund tracks the CSI Industrial Non-ferrous Metals Theme Index, focusing on the industrial non-ferrous metals industry chain including copper, aluminum, and rare earths. 2. Bosera Hong Kong Stock Connect Technology ETF (159010) debuted, closing down 0.4% at 0.997 yuan with a turnover of 89.3715 million yuan. The fund tracks the Hang Seng Hong Kong Stock Connect Technology Theme Index, covering tech leaders such as Alibaba-SW (09988), Tencent Holdings (00700), and SMIC (00981). 3. Fullgoal CSI All Share Food ETF (560320) debuted, closing up 0.3% at 0.999 yuan with a turnover of 44.3197 million yuan. The fund tracks the CSI All Share Food Index, focusing on mass food sectors like seasonings and dairy. 4. China Southern CSI All Share Automobile ETF (516840) debuted, closing up 0.1% at 0.987 yuan with a turnover of 49.8301 million yuan. The fund tracks the CSI All Share Automobile Index, covering the entire vehicle and auto parts industry chain.
Comments