--- title: "Hong Kong Stock Review: A Pre-rehearsal of the Catch-up Rally" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276584611.md" description: "Hong Kong stocks regained ground under the influence of the rebound in U.S. stocks. Affected by the unconstitutional ruling on Trump's tariffs, the U.S. dollar and U.S. Treasury bonds fell, while gold and silver rose. The market is focused on the transition between the old and new economies and the support of AI for economic growth. In the short term, tariff news may stimulate companies to rush for exports, but sustainability needs to be monitored in light of global market performance. The new entrant in the VLCC shipping industry, Changjin Shipping, has gained control of a large number of vessels through acquisitions, affecting freight rates. The global inflation decline may slow down, and the impact of AI also affects the space for monetary policy" datetime: "2026-02-23T09:53:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276584611.md) - [en](https://longbridge.com/en/news/276584611.md) - [zh-HK](https://longbridge.com/zh-HK/news/276584611.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276584611.md) | [English](https://longbridge.com/en/news/276584611.md) # Hong Kong Stock Review: A Pre-rehearsal of the Catch-up Rally Following the rebound of the US stock index last Friday, the Hong Kong stock market today regained its lost ground. Of course, this is largely related to the ruling that Trump's tariffs are unconstitutional, with the US dollar and US Treasury bonds both declining, while gold and silver opened higher, reflecting a sell-off of US assets and safe-haven trading. Although Trump has retaliated, creating new uncertainties, the impact of the tariffs is likely to be limited from here on, making it difficult for further escalation. The market is more focused on how the old and new economies transition and whether AI can support economic growth. Especially with the release of new features for Claude AI last week, which caused a collapse in the cybersecurity sector of the US stock market. While AI capabilities are becoming increasingly powerful, companies involved in non-public data, compliance, and security will find it difficult to be replaced. However, from another perspective, these companies must also increase their investment in AI to avoid falling behind, and ultimately, AI hardware will benefit further. In the Hong Kong stock market, new technology stocks fell, while old technology stocks revived, even blooming comprehensively in anticipation of the return of southbound funds tomorrow, serving as a rehearsal for the A-share market's catch-up rally. Still, although there is short-term positive news regarding tariffs, this may also trigger a new round of export rush for companies during the current window period, but sustainability will still depend on the overall performance of global sectors. Additionally, some VLCC routes have reached new highs since April 2020. As mentioned multiple times before, the long-term logic of the industry is important, but more importantly, there is a new participant in the market, namely Korea's Changjin Shipping, which has rapidly acquired control of 120-130 VLCCs within just six months, becoming an industry leader. Moreover, Changjin is willing to let ships sit idle to raise freight rates. This is somewhat similar to the storage industry, where effective supply-side management influences market pricing, creating a situation where prices are easy to rise but difficult to fall. Indonesia's nickel and Congo's cobalt are also reducing supply through national policies. 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