Semiconductor stocks continued their upward trajectory. At the time of writing, Montage Tech (06809) surged 10.18% to HK$251; SMIC (00981) rose 6.77% to HK$68.65; OMNIVISION (00501) increased 6.38% to HK$93.35; and SOLOMON SYSTECH (02878) climbed 6.25% to HK$0.425.

The gains follow a broad rally in U.S. chip stocks. Last Friday, the Philadelphia Semiconductor Index soared over 4%, marking its 18th consecutive day of gains. Intel reported first-quarter revenue of $13.6 billion, surpassing market expectations of $12.36 billion. The company forecasts second-quarter revenue between $13.8 billion and $14.8 billion, also exceeding the consensus estimate of $13.03 billion. Stimulated by the earnings report, Intel's stock price surged over 23% in a single day, reaching a record high.

In related developments, DeepSeek released the preview version of its open-source V4 model, introducing both a Pro version with 1.6 trillion parameters and a Flash version with 284 billion parameters. The maximum context length has been expanded to 1 million tokens, with inference costs in million-token scenarios significantly reduced compared to the V3.2 model. On the day of its release, the model achieved Day 0 adaptation for two domestic chips, Cambricon and Huawei's Ascend, demonstrating deep synergy between domestic large models and homegrown computing power.

Guojin Securities believes that DeepSeek's in-depth collaboration with domestic chip manufacturers in technical pre-research and software-hardware coordination is significant for promoting the synergistic development of the domestic large model software and hardware industry and accelerating the autonomy of the AI computing power ecosystem.