"Hong Kong Stocks" Hang Seng Index rises 559 points in half a day, technology stocks lead the surge, chip concept heats up

The offshore RMB exchange rate reached a new high since May 2023, and Hong Kong stocks rose on the first trading day of the New Year, driven by the artificial intelligence chip boom. The Hang Seng Index opened 86 points higher and the gains significantly expanded, rising by 593 points to a peak of 26,224 points, closing up 559 points or 2.2% at 26,189 points; the Hang Seng China Enterprises Index rose 201 points or 2.3% to 9,115 points; the Hang Seng Tech Index rose 186 points or 3.4% to 5,702 points. The total market turnover for the half-day was HKD 76.869 billion.

Domestic GPU company Wallen (06082.HK) debuted on its first day, closing at HKD 33.8, up 72.4% from the listing price of HKD 19.6, with a peak of HKD 42.88 and a turnover of HKD 4.655 billion.

Hua Hong (01347.HK) finalized its A-share issuance to raise RMB 7.556 billion, acquiring Hualiwei at a price excluding cash, with the stock rising 9.9%. SMIC (00981.HK) rose 4.9%, and Baidu (09888.HK), which is developing the Kunlun chip, rose 7.5%. Some robotics concepts continued to be speculated, with UBTECH (09880.HK) rising 3%, and Sanhua Intelligent Control (02050.HK) and Minth Group (00425.HK) rising 6.4% and 5%, respectively.

In other tech stocks, Tencent (00700.HK), Alibaba (09988.HK), JD.com (09618.HK), Kuaishou (01024.HK), and Bilibili (09626.HK) rose between 2.6% and 3.2%, NetEase (09999.HK) rose 5.9%, and Meituan (03690.HK) rose 1.5%. Additionally, Kingdee (00268.HK), Jingtai (02228.HK), and GDS Holdings (09698.HK) rose between 5.8% and 6.3%, while Chinasoft (00354.HK) rose 3.6%. In mobile-related stocks, BYD Electronics (00285.HK) rose 4.3%, QiuTai (01347.HK) rose 9.9%, and AAC Technologies (02018.HK) rose 3.2%.

In the automotive sector, Lei Jun indicated that Xiaomi (01810.HK) YU7 has delivered over 150,000 units in six months, 2.3 times that of SU7 during the same period. Additionally, it was reported that Xiaomi will launch four new cars this year, including two extended-range SUVs. Xiaomi rose 2.4%. Geely (00175.HK) saw a 39% year-on-year increase in total vehicle sales last year, with its stock rising 1.7%. Leapmotor (09863.HK) delivered over 60,000 units in December last year, a year-on-year increase of 42%, with its stock rising 1.4%. Li Auto (02015.HK) saw monthly vehicle deliveries exceed 40,000, a month-on-month increase of 33%, with its stock rising 4.9%. Additionally, BYD (01211.HK) rose 2.6%, and lithium stocks such as Ganfeng Lithium (01772.HK) rose 3.3% In the financial sector, HSBC (00005.HK) and Hong Kong Exchanges and Clearing (00388.HK) rose by 1.7% and 1.6%, respectively, while AIA (01299.HK) increased by 2.9%. Among domestic insurance stocks, China Life (02628.HK) and ZhongAn Online (06060.HK) rose by 3.2% and 2.9%, respectively, and brokerage stocks Huatai (06886.HK) increased by 4%. Spot gold and silver prices rebounded during the Asian session, with China Silver (00815.HK), Shandong Gold (01787.HK), Zhaojin (01818.HK), and Zijin (02899.HK) rising by 2.9% to 3.3%. Aluminum stocks such as Hongqiao (01378.HK) also rose by 3.2%. Oil prices increased during the Asian session, with CNOOC (00883.HK) rising by 2.2%.

Goldwind (02208.HK) disclosed in its annual report that its investment in Landspace Technology's application for listing on the STAR Market in mainland China has been accepted, leading to a 17.2% surge in Goldwind's stock price. Among military industry stocks, AVIC (02357.HK) also rose by 4.3%. On the first day of the New Year holiday, hotel bookings in mainland China increased more than threefold, with Trip.com (09961.HK) rising by 4.3%. Consumer stocks Haier Smart Home (06690.HK) and Pop Mart (09992.HK) rose by 2.9% and 3.6%, respectively, while movie stock Damai Entertainment (01060.HK) fell by 5.3%.

In the pharmaceutical sector, China National Pharmaceutical (01177.HK), Heng Rui (01276.HK), Innovent Biologics (01801.HK), and Junshi Biosciences (01877.HK) rose by 2.6% to 3.6%. China Telecom (00728.HK) and China Unicom (00762.HK) rose by 2% and 3%, respectively