The Hang Seng Index advanced 1.44%, gaining 382 points to reach 26,942 points. The Hang Seng Tech Index increased by 1.02%. Trading volume in the Hong Kong stock market during the morning session reached HK$136.3 billion.
Stocks related to the space-based solar power concept saw broad-based strength. With Tesla accelerating its solar manufacturing efforts, demand for space solar technology is anticipated to experience exponential growth. Junda Solar (02865) surged 13.86%, while GCL Technology (03800) rose 4.5%.
Mainland property stocks continued their recent upward trend. Confidence in the real estate market showed signs of recovery in January, and the likelihood of further policy easing is gradually increasing. Sunac China (01918) climbed 7.38%, and CIFI Holdings (00884) gained 5.88%.
Yangtze Optical Fibre and Cable (06869) jumped 13.99% to a record high, driven by rising demand for AI computing power boosting the optical fibre industry's prospects. Chongqing Machinery & Electric (02722) soared over 15.6%, buoyed by strong performance from Cummins and robust demand for data center backup power supplies.
Sentiment along the AI industry chain continued to improve. Zhipu AI (02513) surged more than 17%, and MiniMax (02513) advanced over 6%.
China Tourism Group Duty Free (01880) rose over 8%, as institutions forecast sustained strength for Hainan's offshore duty-free sales during the Spring Festival. Ascletis Pharma (01672) increased by 8% after GIC invested HK$781 million to raise its stake in the company to 6.42%.
Dongfang Electric (01072) climbed over 11%, supported by the ongoing narrative of power shortages in North America, which may create opportunities for Chinese gas turbine exports. Jiaxin International Resources (03858) gained over 7% after projecting a turnaround to a profit of up to HK$340 million for the last fiscal year.
Kingboard Laminates (01888) advanced over 8% after Citigroup noted that rising copper prices are expanding profit margins for copper-clad laminate manufacturers. International Golden Group (03939) led gains in gold stocks, rising over 7%, as the People's Bank of China continued its gold purchasing streak for the 15th consecutive month.
GigaDevice (03986) increased over 10% after its H-shares were included in the Hong Kong Stock Connect list starting today, with the company also benefiting from an upswing in the memory chip cycle.