{Economic Information Daily, 22nd} Crude oil prices continued to retreat ahead of the Xi-Biden meeting. Meanwhile, Meta's newly launched Muse AI assistant has topped the U.S. iOS App Store charts within less than two weeks, demonstrating strong global AI demand. U.S. stocks rose overnight, with the Nasdaq closing at a record high. Apart from Japan's market holiday, most Asia-Pacific markets advanced. Supported by tech and internet stocks, the Hang Seng Index broke above its 100-day moving average (around 25,086) at the open, but met resistance near the 20-day MA (around 25,171). The index's gains narrowed throughout the session, closing at 25,087, up 45 points or 0.2%. The Hang Seng China Enterprises Index closed at 8,362, up 22 points or 0.3%. The Hang Seng Tech Index ended at 4,438, up 14 points or 0.3%. Heavyweight stocks' notable gains pushed the main board's total turnover to HK$249.2 billion. Northbound funds aggressively bought Hong Kong stocks, with net inflows reaching HK$12.7 billion, marking the 12th consecutive day of net buying.
Meta's AI Agent application Muse has become highly popular in the U.S., topping both Google and Apple's free app charts, fueling market optimism about AI demand. Meta's shares rose over 12% during Monday's session, hitting a year-to-date high. Hong Kong tech and internet stocks collectively advanced: Tencent (00700) was particularly strong, rising 5.02% for the day to close at HK$451.60; Kuaishou (01024) gained 1.3% to HK$31.22; Baidu (09888) rose 0.56% to HK$89.50; Meituan (03690) dipped 1.08% to HK$73.20; JD.com (09618) rose 1.04% to HK$106.50.
AI hardware stocks surged significantly: HaiZhi Technology Group (02706) rose 9.15% to HK$46.50; Montage Technology (06809) gained 8.1% to HK$309.60; Foxconn Industrial Internet (06088) climbed 3.88% to HK$5.62; TianShu Zhixin (09903) rose 3.18% to HK$139.40; Yangtze Optical Fibre and Cable (06869) advanced 2.7% to HK$190.50; Lenovo Group (00992) rose 2.8% to HK$36.74. However, the two major chip blue-chips reversed earlier gains to close lower: SMIC (00981) fell 1.98% to HK$64.30; Hua Hong Semiconductor (01347) dropped 1.47% to HK$113.80.
Alibaba (09988) held its Yunqi Conference today, rising 1.95% to HK$114.80, marking three consecutive days of gains with a cumulative rise of 9.23%. During the conference, Alibaba CEO Eddie Wu stated the company plans to train AI models with up to 10 trillion parameters and will fully commit to AI infrastructure, aiming for Alibaba Cloud to operate global data centers exceeding 20GW by 2032. On the AI chip front, Pingtouge unveiled its most powerful domestic AI chip, Zhenwu V900, with computing power triple that of the previous Zhenwu M890. He expects Pingtouge's annual AI chip shipments to increase substantially.
While investing heavily in AI infrastructure, Alibaba is also urgently raising funds. It was reported that on Monday (21st), Alibaba sold approximately US$500 million worth of ZTO Express ADRs via unregistered block trades, involving 25 million ZTO Express ADRs. ZTO Express (02057) fell 5.12% for the day to HK$155.70, while peer J&T Express (01519) dropped 3.99% to HK$8.775.
The top three most actively traded stocks in the HSI and HSCEI were Tencent, Alibaba, and SMIC. The top three in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu (02513). Zhipu closed at HK$742, down 6.5%. (ey)
Meta's AI Agent application Muse has become highly popular in the U.S., topping both Google and Apple's free app charts, fueling market optimism about AI demand. Meta's shares rose over 12% during Monday's session, hitting a year-to-date high. Hong Kong tech and internet stocks collectively advanced: Tencent (00700) was particularly strong, rising 5.02% for the day to close at HK$451.60; Kuaishou (01024) gained 1.3% to HK$31.22; Baidu (09888) rose 0.56% to HK$89.50; Meituan (03690) dipped 1.08% to HK$73.20; JD.com (09618) rose 1.04% to HK$106.50.
AI hardware stocks surged significantly: HaiZhi Technology Group (02706) rose 9.15% to HK$46.50; Montage Technology (06809) gained 8.1% to HK$309.60; Foxconn Industrial Internet (06088) climbed 3.88% to HK$5.62; TianShu Zhixin (09903) rose 3.18% to HK$139.40; Yangtze Optical Fibre and Cable (06869) advanced 2.7% to HK$190.50; Lenovo Group (00992) rose 2.8% to HK$36.74. However, the two major chip blue-chips reversed earlier gains to close lower: SMIC (00981) fell 1.98% to HK$64.30; Hua Hong Semiconductor (01347) dropped 1.47% to HK$113.80.
Alibaba (09988) held its Yunqi Conference today, rising 1.95% to HK$114.80, marking three consecutive days of gains with a cumulative rise of 9.23%. During the conference, Alibaba CEO Eddie Wu stated the company plans to train AI models with up to 10 trillion parameters and will fully commit to AI infrastructure, aiming for Alibaba Cloud to operate global data centers exceeding 20GW by 2032. On the AI chip front, Pingtouge unveiled its most powerful domestic AI chip, Zhenwu V900, with computing power triple that of the previous Zhenwu M890. He expects Pingtouge's annual AI chip shipments to increase substantially.
While investing heavily in AI infrastructure, Alibaba is also urgently raising funds. It was reported that on Monday (21st), Alibaba sold approximately US$500 million worth of ZTO Express ADRs via unregistered block trades, involving 25 million ZTO Express ADRs. ZTO Express (02057) fell 5.12% for the day to HK$155.70, while peer J&T Express (01519) dropped 3.99% to HK$8.775.
The top three most actively traded stocks in the HSI and HSCEI were Tencent, Alibaba, and SMIC. The top three in the Hang Seng Tech Index were Tencent, Alibaba, and Zhipu (02513). Zhipu closed at HK$742, down 6.5%. (ey)