Post-Market: Hang Seng Index Falls 0.34%, Zhipu Surges Over 12%, Property Stocks Weak

The major indices of the Hong Kong stock market fluctuated at low levels on Thursday (27th) and closed with the Hang Seng Index down 0.34% at 25565.74 points, the Hang Seng Tech Index down 0.13% at 4620.29 points, and the H-share Index down 0.51% at 8490.31 points. The total turnover of the market reached 233.515 billion Hong Kong dollars.

In the market, the performance of the tech and internet sector was mixed, but AI and hard tech concepts stood out. AI application stocks were active across the board, with Zhipu's stock surging 12.62% after it launched and open-sourced the GLM-5.3-Flash native multimodal model. Baidu rose 5.34% ahead of its dual primary listing on September 1st. Additionally, driven by the demand for AI computing infrastructure and NVIDIA's upward revision of its guidance, storage and PCB concept stocks collectively strengthened, with Lantronix Technology surging 12.30% and Jentek Circuit Board rising 10.51%.

In contrast, property stocks performed weakly, with China Evergrande falling more than 4%. Automobile stocks generally fell, with Land Rover's stock plummeting more than 11% due to rising raw material costs leading to a loss in the first half of the year.

Looking ahead, institutions are optimistic about the prospects of the technology industry chain. Huatai Securities expects domestic AI financing needs to reach 1.27 trillion to 3.5 trillion yuan from 2026 to 2030, and the expansion of related tools will attract attention to the technology and financial sectors in Hong Kong, but attention needs to be paid to risks such as return on investment and physical bottlenecks.

CICC pointed out that the evolution of AI chips will drive the development of glass substrate technology, which is expected to enter a key commercial period in 2027-2028. CITIC Securities believes that semiconductor equipment components are experiencing a price surge across the entire supply chain, and extended delivery times will further boost the demand for domestic substitution, and the profit potential of these hard tech supply chains is worth continuous attention.