On May 28, the three major Hong Kong stock indices faced downward pressure and closed lower. By market close, the Hang Seng Index had fallen 1.27% or 322.07 points to 25,006.16, with a total turnover of HKD 356.345 billion. The Hang Seng TECH Index declined 0.39% to 4,888.58 points. Among Hong Kong-related ETFs ranked by size, the top performers were as follows: the Tracker Fund (02800) dropped 1.17% to HKD 25.26. Among mainland ETFs tracking the Hang Seng TECH Index, the ChinaAMC Hang Seng TECH ETF (513180) fell 0.32% to CNY 0.618.

In the A-share market, the optical module concept surged strongly in the afternoon session, with InnoLight Technology (300308.SZ) soaring over 7% to hit a new historical high. By the close, the Guotai Communication ETF (515880) rose 5.20% to CNY 1.619; the GF Communication ETF (159507) gained 4.23% to CNY 3.053; and the ChinaAMC ChiNext AI ETF (159381) increased 3.61% to CNY 2.727.

After the U.S. market closed on May 27, U.S. optical communications stock Marvell Technology reported its Q1 FY2027 results, with revenue reaching $2.418 billion, a year-on-year increase of 28%. The company anticipates its optical interconnect business will grow over 70% by the end of FY2027, a significant upward revision from its previous 50% growth forecast.

Renewed military tensions between the U.S. and Iran triggered a sharp rise in crude oil prices, while ETFs related to gold and cryptocurrencies experienced widespread declines. By the close, the Bosera Ether ETF (03009) fell 4.43% to HKD 1.51, and the Hua An Gold Stock ETF (159321) dropped 3.39% to CNY 1.452.

On May 28, the Public Relations Department of Iran's Islamic Revolutionary Guard Corps issued a statement confirming that U.S. forces conducted an airstrike in the suburbs of Bandar Abbas in the early hours. The IRGC subsequently retaliated by striking the U.S. airbase responsible for the attack. This development led to a sharp spike in international oil prices. The international gold price plummeted, falling below the $4,400 per ounce threshold, while Bitcoin briefly dropped below $73,000, marking its lowest level since April 13. Risk-off sentiment intensified for high-risk assets.

South Korean stocks also declined sharply today, with the KOSPI index briefly falling below the 8,000-point mark during the session and ultimately closing down 0.53%. SK Hynix bucked the trend, rising 2% to close at a new high. By the close, the CSOP 2X Long SK Hynix ETF (07709) gained 0.79% to HKD 133.55, while the CSOP 2X Long Samsung Electronics ETF (07747) fell 5.46% to HKD 158.45. The Huatai-PineBridge China-Korea Semiconductor ETF (513310) dropped 6.59% to CNY 6.070.

Regarding institutional views, Lin Weibin of E Fund Management noted that leading companies in the STAR Market and ChiNext, represented by semiconductors and AI hardware, have shown significant improvement in both revenue and profit growth rates, further strengthening the profitability advantage of the growth sector. Fang Junyi, a fund manager at China Merchants Fund, stated that while the recent strong performance in the semiconductor equipment sector has led to increased profit-taking and intensified market volatility, the fundamentals remain solid. The application of Tao's Law has opened new paths for performance enhancement in domestic chips, and the clearer listing and capacity expansion timelines for memory products provide a relatively definite expansion outlook. The logic of domestic semiconductor equipment achieving independent and controllable supply chains remains robust.

In ETF developments on May 28, two funds debuted on the exchange. The Harvest SSE STAR 200 ETF (589320) closed its first trading day up 2.35% at CNY 1.002, with a turnover of CNY 33.1633 million. This fund tracks the SSE STAR 200 Index, which selects 200 smaller-cap, more liquid listed companies on the STAR Market to reflect the overall performance of small and mid-cap STAR Market firms. Its initial listed share count was 258.053 million. The Hua An STAR & ChiNext AI ETF (588470) closed its first day up 1.82% at CNY 1.009, with a turnover of CNY 74.8899 million. This fund tracks the CSI STAR & ChiNext AI Index, selecting AI-related listed companies from the STAR and ChiNext markets, covering AI infrastructure, technology, and application segments to reflect the overall performance of the AI industry within these innovative boards. Its initial listed share count was 574.907 million.