Hong Kong Market: PCB and Tech Stocks Lead Rally as Hang Seng Index Reclaims 25,000 Level

Hong Kong's major indices rallied collectively on Monday (27th), extending recent upward momentum. By the close, the Hang Seng Index settled at 25,207.18 points, up 0.98%; the Hang Seng Tech Index rose 1.57% to 4,702.05 points, and the H-share Index gained 1.14%. Total market turnover expanded to HK$210.5 billion, reflecting robust trading activity.

The market opened 30 points higher but briefly dipped to 24,938 points before rebounding sharply following the release of fresh economic data from mainland China. Buying interest surged, pushing the market back above the 25,000-point threshold. Gains accelerated in the afternoon, with the Hang Seng Index peaking at 25,276 points, successfully breaking through the 100-day moving average.

PCB-related stocks surged collectively, driven by explosive demand for AI computing power. High-end printed circuit boards (PCBs) are experiencing supply shortages, with prices continuing to rise. Reports indicate that leading manufacturers have order books locked in through 2027. Among them, Xinji Microelectronics soared over 19%, while Kingboard Laminate rose more than 6.5%.

Most large-cap tech stocks advanced, with Xiaomi Group leading the charge, closing up 7.34% and topping the trading volume leaderboard. Meituan and Tencent Holdings rose 3.00% and 1.93%, respectively.

Geopolitical tensions between the U.S. and Iran eased, causing international oil prices to plummet. WTI crude briefly fell below $84 per barrel. Airlines benefited from reduced jet fuel cost pressure, with China Southern Airlines surging 6.85%. At the same time, reduced risk aversion boosted gold prices, sending Zhufeng Gold soaring 23.29%. Conversely, oil stocks declined under oil price pressure, with PetroChina dropping over 3.5%.

Looking ahead, experts remain cautiously optimistic. China Galaxy Securities noted that the current Hong Kong market rally is primarily driven by global capital rebalancing out of highly leveraged markets. It recommends focusing on three key themes: technology, high-dividend assets, and non-ferrous metals.

CITIC Construction Investment Securities believes that the AI and computing infrastructure chain remains robust. While short-term corrections or volatility may occur, technology will continue to be the primary driver of medium- to long-term growth. The index is expected to continue forming a 'W-shaped' bottom. Investors should closely monitor earnings verification during the reporting season and changes in global liquidity risks.