Hong Kong stock movement: AXERA surged 22.08%, with clear capital flow; can market sentiment be sustained?

Hong Kong Stock Movement AXERA surged 22.08%, with no significant news recently. The trading is active, and the capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and the specific reasons need further observation. Stocks Ranked High in Industry Transaction Volume Lattice Semiconductor rose 3.89%. Based on recent key news: On February 16, Lattice Semiconductor was listed on the Hong Kong Stock Exchange, raising approximately HKD 6.9 billion, mainly for the research and development of interconnect chips to promote technological upgrades. This move aims to seize the high ground of next-generation technology, enhance DDR5/MRDIMM generational advantages, expand PCIe/CXL product lines, and consolidate industry position. Source: Company prospectus On February 17, Lattice Semiconductor attracted international long-term capital, with 17 cornerstone investors subscribing approximately USD 450 million, including UBS Asset Management, JP Morgan Asset Management, and other global long-term funds. This trend reflects international capital's recognition of Chinese technology companies, especially in the semiconductor sector. Source: UBS Group On February 18, Counterpoint Research pointed out that Chinese memory companies are shifting from domestic self-sufficiency to global exports, and the listing of companies like Lattice Semiconductor on the Hong Kong Stock Exchange marks the advancement of the industry's globalization strategy. Source: Counterpoint Research. Hong Kong tech companies are favored by international funds, with high industry attention. Huahong Semiconductor fell 4.95%. Based on recent key news: On February 20, CMB International reported that Huahong Semiconductor's product portfolio and scale continue to improve, but the valuation is high. The company's revenue in Q4 2025 reached a quarterly high, growing 22.4% year-on-year, but net profit fell 53.4% quarter-on-quarter due to rising labor costs. The firm maintains a "Hold" rating, with a target price raised to HKD 80. Source: CMB International On February 20, DBS Group Research reported that Huahong Semiconductor's revenue hit a record high in Q4 last year, mainly driven by the recovery of domestic demand and increased demand for AI-related applications. DBS maintains a "Hold" rating, with the target price raised to HKD 88. Source: DBS Group On February 19, DBS Group Research pointed out that Huahong Semiconductor's low gross margin may persist until 2026, affected by depreciation and operating costs from expansion. AI-driven memory tightness may continue, impacting the consumer electronics upgrade cycle. Source: DBS Group. The risk of valuation adjustments in the semiconductor industry is increasing. SMIC fell 1.93%. Based on recent news: On February 20, DBS Group Research published a report stating that SMIC, as China's leading 7nm wafer foundry, has the widest 12-inch capacity and the most advanced local logic process capabilities. The firm believes that in the short term, SMIC's profit margins are mainly affected by depreciation rather than demand constraints, and it currently expects profit margins to remain at the level of teens to twenties percent this year. DBS maintains a "Buy" rating for SMIC but lowers the target price from HKD 88.8 to HKD 87.4, and reduces the earnings forecasts for 2026 and 2027 by 10% and 12%, respectively To reflect the short-term pressure on profit margins. The overall performance of the industry is stable, with attention to policy changes. Stocks ranked at the top of the industry by market capitalization Zhaoyi Innovation fell by 1.97%. Based on recent news, On February 18, MS Hwang, the research director of Counterpoint Research, stated that several memory companies in China are looking to go public in Hong Kong, indicating the industry's strategic intent for global expansion. This move may trigger competitive pressure on companies like Zhaoyi Innovation, leading to a decline in stock prices. Recently, there has been a tight supply of memory products, increasing market attention on Chinese memory companies, which may impact Zhaoyi Innovation's market share and further depress its stock price. In January, several Chinese memory companies submitted applications for listing in Hong Kong, including Hosin Global Electronics, XTX Technology, and Beijing XSKY Technology. The listing plans of these companies may pose competitive threats to Zhaoyi Innovation, affecting its stock price performance. Competition in the memory industry is intensifying, with tight supply