A+H "AI Hardware" Stocks Rally, 159363 Surges 3% Nearing Previous High, First "HK Chip Chain" ETF Gains Over 2%, Metals Hit Record Close!

Deep News12-22 19:41

On December 22, the market continued its rebound, led by the tech sector. The Shanghai Composite Index rose for the fourth consecutive day, reclaiming the 3,900-point level, while the ChiNext Index gained over 2%. Trading volume expanded to 1.86 trillion yuan, with more than 2,900 stocks advancing, signaling improved short-term sentiment.

In the A+H market, "AI hardware" stocks rallied together. On the A-share side, optical modules and CPO (co-packaged optics) continued their upward momentum, with the ChiNext AI ETF (159363) surging over 3%, approaching its previous high. The semiconductor industry chain also saw strong gains, with the Electronics ETF (515260) rising over 2%.

In Hong Kong, the first ETF focusing on the "HK chip" industry chain, the HK Information Technology ETF (159131), climbed over 2% intraday before closing up 1.58%, outperforming other Hong Kong ETFs. The ETF's underlying index comprises 70% hardware and 30% software, heavily weighted in semiconductors, electronics, and computer software, effectively capturing the AI hardware trend in Hong Kong.

Meanwhile, the metals sector remained strong, with the largest metals ETF by scale, Huabao Metals ETF (159876), rising over 2% to a record closing high. Cooling U.S. CPI data for November reinforced expectations of Fed rate cuts, boosting the long-term outlook for precious metals. Spot gold surpassed $4,440 per ounce for the first time in history.

Institutions suggest that a classic "year-end to spring" rally is brewing. Xingye Securities notes that as the Lunar New Year approaches, liquidity and risk appetite typically drive market momentum, favoring small-cap and high-growth tech sectors. CICC highlights metals as a top performer for 2026, with Goldman Sachs, JPMorgan, and Bank of America forecasting gold could challenge $5,000/oz, supported by central bank demand.

Key ETF Performances: - ChiNext AI ETF (159363): +3.05%, nearing record highs, with net inflows of 278 million yuan this week. - Huabao Metals ETF (159876): +2.37%, hitting an all-time high, up 89.68% from its April low. - HK Information Technology ETF (159131): +1.58%, reclaiming its 5-day moving average.

Sector Highlights: - **AI Hardware**: U.S. AI stocks' rally (Nvidia +4%, AMD +6%) buoyed A-shares. Domestic GPU firms like Moore Threads and MetaX are accelerating IPOs, while Zhipu AI and Minimax plan Hong Kong listings in 2026. - **Metals**: Gold's breakout reflects Fed pivot expectations, while industrial metals like copper benefit from low inventories and China's recovery. Citigroup sees further copper upside in 2026. - **Semiconductors**: Breakthroughs in optical computing chips and Zhipu AI's IPO plans (backed by Tencent, Alibaba) spotlight Hong Kong's chip sector. The HK Information Technology ETF trades at a 33.23x P/E, below ChiNext (39.87x) and Nasdaq 100 (35.81x).

Note: All data as of December 19, 2025. ETFs mentioned are the first of their kind tracking respective indices.

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