According to Zhitong Finance APP, overnight US stocks suffered a severe sell-off, with concentrated signs of retreat in AI trades, triggering a collective decline across Asia-Pacific markets. All three major Hong Kong stock indices turned negative today.

As of market close, the Hang Seng Index fell 1.27% to 24,481.86 points, with full-day turnover reaching HK$247.428 billion; the Hang Seng Tech Index dropped 1.83% to 4,078.23 points.

Among Hong Kong ETF products ranked by scale, Tracker Fund of Hong Kong (02800) fell 1.36% to HK$24.6; CSOP Hang Seng Tech Index ETF (03033) declined 1.92% to HK$3.994; and Hang Seng China Enterprises ETF (02828) dropped 1.35% to HK$84.9.

Sector Performance: Memory Chips 鈥?Korean Stock Market Valuation Chain Crushed Across the Board

As of market close, China-Korea Semiconductor ETF Huatai-PineBridge (513310.SH) plunged 6.50% to 3.541 yuan; CSOP SK hynix Daily Leveraged (2x) Product (07709) tumbled 19.08% to HK$14.63; and CSOP 2x Long Samsung Electronics Product (07747) dropped 13.38% to HK$35.34.

After Democrats regained both chambers of Congress in the midterm elections, incoming governors in Texas and several other states proposed pausing approvals for new data centers. The market fears that delays in data center construction could directly suppress server DRAM and HBM order expectations. The Philadelphia Semiconductor Index plunged 12.24% overnight in a single session. On November 6, the KOSPI fell another 6.02% to 5,059.69 points, at one point dropping more than 8% intraday and triggering a circuit breaker. South Korea's two memory giants saw cumulative two-day declines of 13.44% and 18.91% respectively. Goldman Sachs estimates that related policies could affect approximately 45% of planned data center capacity expansion in the United States, with Texas accounting for about 25% of that. The South Korean government announced that starting November 9, the 140% maintenance obligation on securities firms' credit financing guarantees will be waived for three months to alleviate margin call pressures.

Japan Cross-Border: Nikkei Index Enters Technical Bear Market

As of market close, Japan TOPIX Index ETF Nanfang (513800.SH) fell 5.46% to 1.713 yuan; Nikkei 225 ETF Huaan (513880.SH) dropped 4.92% to 1.893 yuan; and Nikkei 225 ETF E Fund (513000.SH) declined 4.92% to 2.010 yuan.

After the overnight concentrated liquidation of the US AI industry chain, risk-aversion sentiment relayed across Asia-Pacific markets. The Nikkei 225 Index closed down 5.96% on November 6 at 57,434.77 points, retreating more than 20% from its June high and officially entering a technical bear market, marking the third-largest single-day decline in history, with the TOPIX also plunging in tandem. Against the backdrop of the Bank of Japan's September meeting minutes explicitly stating that "it is necessary to continue raising interest rates" and Japanese government bond yields having previously risen to multi-decade highs, the valuation denominator for long-duration AI-weighted stocks was already under pressure, and external regulatory shocks became the final straw that crushed sentiment. Nomura Securities strategist Maki Sawada analyzed that "concerns about AI have spread throughout the entire market, causing declines across various sectors." It should be noted that safe-haven buying on the day actually pushed Japanese government bond yields lower, with the 10-year yield falling 14.5 basis points to 2.61%. This round of decline was mainly driven by risk appetite deterioration rather than further interest rate increases.

Telecommunications: External Sentiment Transmission, Optical Module Chain Follows the Decline

As of market close, Telecom ETF Yinhua (159994.SZ) fell 6.12% to 0.782 yuan; Telecom ETF Huaxia (515050.SH) dropped 6.05% to 0.637 yuan; and Telecom ETF Guotai (515880.SH) declined 5.59% to 0.405 yuan.

Sentiment transmission triggered by external political events was most directly reflected in the telecommunications sector. Overnight, the US optical communications and memory chains collapsed simultaneously, with overseas leaders generally falling between 12% and 21% in a single day. A-share and Hong Kong computing hardware chains came under pressure as a result, with optical communications, CPO, and PCB directions all selling off collectively. The telecommunications sector saw net main capital outflows of 4.437 billion yuan. Guosheng Securities telecommunications chief analyst Song Jiaji's team pointed out that "financing friction" is not "demand disappearance," and the underlying industry logic of optical modules and broader optical interconnection has not been undermined, with the long-term trend of deep penetration of optical interconnection in large-scale computing clusters remaining solid. Everbright Securities believes that the core demand of the optical fiber industry is shifting from traditional "communication necessity" to "computing necessity" driven by high-speed interconnection in AI intelligent computing centers. Caitong Securities research reports indicate that CPO has entered the mass production introduction phase, and the market space for related packaging and testing segments is accelerating its opening.

Institutional Views

Zheshang Securities macro analysis suggests that the resolution of midterm election uncertainty helps restore risk appetite, and policy negatives should not be over-interpreted. The partisan divide in Congress over AI legislation is mainly at the execution level rather than a divergence in approach. New AI legislation remains constrained by presidential veto power, and regulatory adjustments at the state level mainly affect the construction pace and costs of certain projects. After the midterm elections conclude, market focus is expected to return to corporate earnings and AI investment realization. On the US Treasury front, fiscal policy is unlikely to shift quickly, and the 10-year US Treasury yield is expected to remain in high-level oscillation. Wanlian Securities stated that the day exhibited a divergence characterized by "blue chips stabilizing the index while thematic stocks sold off." The collective sharp retreat in technology growth sectors represents a typical high-low switch and risk appetite decline. The volume-driven decline in telecommunications equipment indicates short-term capital flight but does not represent a breakdown in industry logic.

ETF Developments

ChiNext Battery ETF Yongying (158076.SZ) listed on its first day, closing up 0.71% at 0.999 yuan with turnover of 97.4445 million yuan. The fund tracks the CSI Dividend Low Volatility Index, combining both "high dividend" and "low volatility" attributes, with sector coverage highly concentrated in banking, followed by construction decoration, petroleum and petrochemicals, pharmaceutical and biological products, and home appliances.