Market Overview: A Tale of Two Markets, Significant Structural Divergence
Market sentiment showed clear divergence today. In Hong Kong, the Hang Seng Index fell 0.86%, ending its three-day winning streak, primarily pressured by widespread pullbacks in large-cap tech and financial stocks. However, the AI and semiconductor sectors became the brightest spot, driving a counter-trend rally in related A-share areas.
Core Drivers: Resonance Between AI Application Boom and Memory Chip Upswing
The white-hot competition in the AI large model space was the core catalyst for today's market movement. Zhipu's release of its new open-source model GLM-5, whose official coding plan sold out immediately, demonstrated robust market demand. Following closely, MiniMax launched its flagship programming model M2.5. Both companies' stocks hit record highs in Hong Kong, directly igniting market enthusiasm for AI computing infrastructure.
Simultaneously, the memory chip industry chain received significant positive news. Global memory giant Kioxia issued better-than-expected quarterly guidance, emphasizing that surging data center demand would outstrip supply. This news spurred pre-market gains for U.S. memory concept stocks, which translated into a collective afternoon surge in A-share memory chip and semiconductor equipment sectors.
Industry Logic: Supply-Side Changes Under Cost Pressure
Another report reinforced expectations for memory chip price increases. Due to soaring costs for chips using advanced processes and significant price hikes for DRAM and NAND flash memory, multiple flagship Android models are reportedly being canceled, with mid-range models facing substantial production cuts. While this poses short-term pressure on the smartphone supply chain, from another perspective, smartphone makers' "production cuts to protect profits" could further exacerbate inventory tightness for upstream memory chips, strengthening their upward price cycle.
Liquidity Environment and Risk Notes
To maintain ample liquidity, the central bank conducted a 100-billion-yuan 6-month reverse repo operation today, providing medium to long-term funding support for the market. However, investors should also note risks in certain areas, such as Cisco's pre-market plunge due to disappointing gross margin guidance, reminding us that amid the AI demand explosion, divergence in corporate profitability is equally noteworthy.
Investment Focus
The current market narrative clearly revolves around "AI Computing Power" and "Memory Chips." A-share investors may focus on companies with core competitiveness in memory chip design, manufacturing, equipment, and materials, as well as the domestic chip industry chain supporting AI large models with computing power.
This article does not constitute any investment advice. The stock market involves risks, and investing requires caution!