Hong Kong's three major stock indices rebounded collectively today, with the Hang Seng Tech Index delivering the strongest performance; on the sector front, robotics stocks led the advance while gold shares fell broadly.
At the close, the Hang Seng Index rose 0.69% to 23,093.37 points, with total daily turnover reaching HK$249.784 billion; the Hang Seng Tech Index gained 2.05% to 3,871.66 points.
Among Hong Kong ETFs ranked by size, Tracker Fund of Hong Kong (02800) closed up 0.76% at HK$23.76; CSOP Hang Seng Tech Index ETF (03033) rose 2.37% to HK$3.798; and CSOP SK Hynix Daily Leveraged 2x Product (07709) surged 8.43% to HK$18.65.
Sector Performance
With multiple catalysts emerging both domestically and internationally, robotics-themed funds swept the top positions on the daily on-exchange fund gainers list.
At the close, E Fund CSI Robot ETF (159530.SZ) gained 8.64% to 1.320 yuan; Invesco Great Wall CSI Robot ETF (159559.SZ) rose 8.58% to 1.190 yuan; and Penghua CSI Robot ETF (159278.SZ) climbed 8.33% to 0.936 yuan.
After the U.S. market close on October 21, Tesla's Q3 earnings call provided a systematic humanoid robot mass production timeline for the first time, planning an annual capacity of 1 million units, ramping up to 20,000 units per week within a year, and delivering to external enterprises by the end of 2027; on the domestic front, at the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference held on October 22, Wang Xingxing demonstrated Unitree Technology's brand ambassador — the Unitree G1 humanoid robot — completing a live sketch of a physical drawing under the control of OpenAI GPT-6.
Wang Xingxing stated: "We have already seen signs of physical AI being broken through, and it is very likely to happen in the next one to two years, or two to three years."
China Securities Co. believes that the T-chain is actively advancing factory audits and mass production work, with positive feedback from multiple supply chain sources, and recommends focusing on major customer product launches and mass production progress, which is expected to bring important catalysts to the sector.
Regarding industry trends, physical AI represents the next wave of artificial intelligence, and robots are one of the best physical carriers of AI; the industry development trend is clear, and it is advisable to focus on high-quality segments.
High interest rates and a strong dollar continue to suppress gold prices, with gold ETFs retreating broadly.
At the close, Guotai Gold ETF (518800.SH) fell 2.02% to 8.594 yuan; Qianhai Open Source Gold ETF (159812.SZ) dropped 2.01% to 8.180 yuan; and ChinaAMC Gold ETF (518850.SH) declined 1.94% to 8.287 yuan.
Middle East tensions pushed oil prices higher, with Brent crude briefly topping $113 per barrel; rising energy inflation expectations pushed December rate hike pricing above 90% at one point, raising the holding cost of non-yielding assets; crowded long positions from earlier periods triggered concentrated liquidation after negative news emerged; and stabilizing dollar and Treasury yields weakened safe-haven buying.
Overnight spot gold fell 2.79% to $4,024.33, briefly approaching the $4,000 mark.
Oriental Gold Credit believes gold prices are expected to see a corrective rebound, but "the current suppression of gold prices by high interest rates and a strong dollar has not been fundamentally lifted," and if the situation pushes oil prices higher, it may once again limit upside space.
Hong Kong's technology sector rebounded from oversold levels.
At the close, CSOP Hang Seng Tech Index Daily 2x Leveraged Product (07226) rose 4.17% to HK$2.246; Hang Seng Tech ETF (03032) gained 2.22% to HK$3.870; and ChinaAMC Hang Seng Tech ETF (03088) rose 2.27% to HK$4.946.
Guoyuan Securities estimates that the Hang Seng Tech Index's PE-TTM stands at 22.01 times, placing it at the 22.9th percentile over the past year, with Hong Kong internet sector valuations still in historically low territory.
Zhongtai International stated that in the first half, the global focus was on AI hardware with higher earnings visibility, and Hong Kong internet stocks faced foreign capital outflow pressure; in the fourth quarter, AI industry chain development is one of the most important catalysts for the internet sector.
The previous day, the Hang Seng Tech Index fell 5.03% to a more than two-year low, and recovered on the day as external technology stocks warmed up.
Institutional Views
Qu Jing of Zhongou Fund believes the market remains in a phase of style rebalancing. From a market microstructure perspective, the previously highly concentrated technology mainline has seen its trading crowding significantly digested, market trading concentration is trending downward, and investment breadth is gradually increasing.
Peng Wei of Zhongou Fund stated that, considering the industry chain prosperity outlook and supply-demand dynamics, the firm slightly reduced its allocation to GPU-related main chips in the third quarter and increased allocation to memory chip segments with more favorable supply-demand dynamics, as well as super-node-related industry chain segments with more elastic potential prosperity outlooks.
ETF Developments
ChinaAMC Satellite ETF (158036.SZ) debuted on its first day of listing, closing up 1.12% at 0.997 yuan with a turnover of 114 million yuan; the fund tracks the CSI Satellite Industry Index, focusing on the commercial space industry chain including satellite manufacturing, launch, communications, navigation, and remote sensing.
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