On February 16, Hong Kong's three major indices closed collectively higher. At market close, the Hang Seng Index rose 0.59% to 26,723.00 points, the Hang Seng Tech Index advanced 0.13%, and the Hang Seng China Enterprises Index increased 0.56%. Over the entire Lunar Snake Year, the Hang Seng Index accumulated a gain of more than 32%, the Hang Seng Tech Index rose over 13%, and the Hang Seng China Enterprises Index climbed over 23%.
In today's session, technology and internet stocks showed mixed performance. Alibaba fell nearly 1%, while Baidu and NetEase rose over 1%. The semiconductor sector saw an uptick, with Montage Technology jumping more than 14%. Non-ferrous metals stocks were strong, as China Molybdenum gained over 5%. AI application shares were active, with Minimax surging 25%. Chinese brokerage stocks opened high but closed lower, with Guolian Minsheng falling over 6%.
The semiconductor sector advanced, led by Montage Technology's rise of over 14%. Market sentiment was buoyed by intensifying price increases in memory chips, which have positively impacted capital markets. Recent reports indicate that Japanese memory giant Kioxia plans to implement revised pricing policies for North American customers starting in the first quarter of 2026, with average selling prices expected to increase by approximately 50% quarter-on-quarter. Morgan Stanley estimates Kioxia's adjusted gross margin for the first quarter could reach 66%. Analysts suggest Kioxia's price adjustments signal a positive outlook for the entire NAND industry, with profitability in the memory chip sector expected to improve significantly.
Non-ferrous metals stocks performed strongly, with China Molybdenum rising over 5%. Everbright Securities noted in a recent report that against the backdrop of major global changes, countries are increasingly emphasizing resource security. Strategic stockpiling is expected to boost demand for metals and elevate valuations of related stocks. The report highlighted strategic metals likely to benefit from stockpiling initiatives, including gold and silver amid geopolitical tensions, copper, aluminum, silver, and tin for AI and new energy development, rare earths, tungsten, and antimony for military applications, and essential metals with low production shares in China and the U.S., such as uranium, tantalum, and nickel.
AI application stocks were active, with Minimax soaring 25%. In a recently released video, Elon Musk stated, "By the end of this year, we may not even need programming," suggesting that AI will directly write binary code more efficiently than any compiler.
Chinese brokerage stocks opened higher but retreated, with Guolian Minsheng declining over 6%. Recently, Guolian Minsheng Securities' wholly-owned subsidiary, Guolian Minsheng Underwriting and Sponsorship Co., Ltd., appealed a securities misrepresentation liability case involving Longlive Biotechnology. The Shandong High Court has accepted the case and initiated a second trial. The case stems from investor allegations of financial fraud by Longlive Biotechnology. In the first trial, Guolian Minsheng Underwriting was ordered to bear 5% of joint liability, amounting to approximately 13.75 million yuan.