Hong Kong stocks experienced a V-shaped recovery during a half-day trading session on February 16, with the three major indices reversing early losses to close higher. The Hang Seng Index gained 0.52%, while the Hang Seng Tech Index rose 0.13%. AI application concepts and non-ferrous metal sectors led the gains. MINIMAX-WP surged 24%, and Zhipu AI advanced 4%. CMOC Group climbed over 5%, while Zijin Mining Group and Lingbao Gold each rose more than 4%. The semiconductor sector demonstrated strength, with Montage Technology Co.,Ltd. soaring over 14% and GigaDevice Semiconductor increasing over 9%.
Precious metals markets saw intensified volatility. As of February 16, spot silver fell 2.79% to $74.97 per ounce, and spot gold declined 1.23% to $4,976.61 per ounce. Analysts Soni Kumari and Daniel Hynes from ANZ noted on February 13 that despite recent pullbacks from record highs, structural drivers for precious metals remain intact, and the current correction may attract new investment. ANZ raised its gold price forecast for the second quarter from $5,400 to $5,800 per ounce.
Media reports indicate that the wave of memory chip price increases is intensifying, with the trend impacting capital markets. According to recent news, Japanese memory giant Kioxia is expected to implement revised pricing policies for North American customers starting in the first quarter of 2026, with the average selling price projected to increase by approximately 50% quarter-over-quarter. Morgan Stanley estimates that Kioxia's adjusted gross margin will reach 66% in the first quarter. Analysis suggests that Kioxia's price hike sends a positive signal for the entire NAND industry, with profitability expected to improve significantly. Goldman Sachs forecasts that Samsung Electronics' NAND business operating margin will surge to 37% by Q1 2026, while SK Hynix's margin will jump to 42%.
Counterpoint's February Memory Price Tracker report shows a substantial month-over-month increase in memory prices, with NAND flash prices also climbing sharply. Concurrently, as the Chinese New Year holiday approaches, domestic memory markets have seen recent price fluctuations, with some memory product quotes experiencing corrections and market sentiment turning more rational. Feedback from Shenzhen's Huaqiangbei spot market indicates that mainstream DDR4 memory prices have retreated approximately 10% to 20% from their 2025 highs but remain at historically elevated levels. Some merchants reported that DDR4 memory prices have accumulated gains of 5 to 6 times since late last year. Although prices have softened slightly recently, single module prices generally remain around 1,800 yuan, with certain models even exceeding the market price of an equivalent weight in gold.
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