Hong Kong stocks closed (07.31) | Hang Seng Index closed up 0.1%, AI industry chain rebounded strongly, Alibaba (09988) rose more than 4%

The Zhitong Finance App learned that global technology rebounded strongly. The three major Hong Kong stock indices had mixed ups and downs today, and the Hengke Index performed the best. At the close, the Hang Seng Index rose 0.1% or 25.55 points to 25884.43 points, with a full-day turnover of HK$328.178 billion; the Hang Seng State-owned Enterprises Index fell 0.38% to 8612.15 points; and the Hang Seng Technology Index rose 0.53% to 4829.22 points. Looking at the whole month, the Hang Seng Index rose 13.13%, the National Index rose 13.94%, and the Hengke Index rose 7.98%.

Dongwu Securities pointed out earlier that Hong Kong stocks are still in the recovery window, but they may face the risk of not rising or pulling back in the short term, and whether Hong Kong stocks can rebound in the short term mainly depends on overseas rhythms. Everbright Securities believes in exploring “structural opportunities” in the direction of allocation. The Hong Kong stock market does not yet have the basis for a general rise in a bullish market. Instead, it has entered a structured market centered on “defending the bottom and developing capital for growth.”

Blue-chip stock performance

Lenovo Group (00992) is trending strongly. At the close, it rose 9.75% to HK$23.86, with a turnover of HK$3,027 billion, contributing 22.19 points to the Hang Seng Index. Lyon expects Lenovo's server business profit margin and revenue to achieve a strong breakthrough in the first quarter of fiscal year 2027. The server business profit margin is expected to expand from 3.6% in the quarter ending March to 5.2% in the quarter ending June, and further improve in the future.

In terms of other blue-chip stocks, Lao Shop Gold (06181) rose 10.1% to HK$324.8, contributing 2.87 points to the Hang Seng Index; Alibaba-W (09988) rose 4.65% to HK$117, contributing 82.75 points to the Hang Seng Index; Budweiser Asia Pacific (01876) fell 6.67% to HK$6.58, dragging down the Hang Seng Index by 1.38 points; and New Oriental-S (09901) fell 4.55% to HK$45.28, dragging down the Hang Seng Index by 2.59 points.

Popular sector aspects

On the market, TechNet stocks showed mixed trends. Alibaba rose more than 4%, Baidu rose 3.72%, and Tencent rose 0.72%. The technology market experienced a strong rebound today. AI applications, storage concepts, semiconductors, etc. had the highest gains. The South doubled and Hynix surged by more than 67%; the lower US dollar helped the price of gold, and gold stocks continued to rise; the IPO of Yushu Technology's Science and Technology Innovation Board was approved, and robot concept stocks rose across the board. On the other hand, consumer stocks such as beer, tobacco, and food pulled back; trends such as petroleum stocks and domestic bank stocks weakened.

The AI industry chain fought back strongly. At the close, Haizhi Technology Group (02706) rose 82.65% to HK$39.16; Guanghe Technology (01989) rose 20.46% to HK$100.4; Tianshu Zhixin (09903) rose 12.84% to HK$425.4; and GigaYi Innovation (03986) rose 7.19% to HK$459.

Core PCE inflation in the US has cooled down expectations of short-term interest rate hikes. Furthermore, the latest financial reports from Microsoft and Amazon confirm that the heavy investment in AI by leading technology companies has entered the payback cycle; when combined with the end of selling pressure brought about by the liquidation of large AI funds in the early stages, US AI hardware staged an epic counterattack overnight, and the simultaneous sharp rise in the Japanese and South Korean stock markets drove sentiment in the Asia-Pacific AI industry chain. SPDB International believes that in the second half of the year, the main line of the industry will still revolve around the expansion of computing power brought about by Agentic AI, the increase in token consumption, and the cashing out of industrial chain profits. AI capital expenditure has not yet peaked, and the boom in storage and CPU is expected to continue. Driven by global production expansion and domestic storage IPOs, the boom in semiconductor equipment is expected to continue.

Robotics concepts are mostly getting stronger. At the close, Laifu Harmonics (03952) rose 21.46% to HK$60; Xiangong Intelligence (06106) rose 17.75% to HK$58.05; and Zhaowei Electromechanical (02692) rose 9.37% to HK$43.88.

On the evening of July 30, Yushu Technology issued an announcement stating that the company's application for the initial public offering of shares and listing on the Science and Technology Innovation Board has been approved by the Securities Regulatory Commission and will commence subscription on August 10. According to reports, Yu Shu's listing is not only a milestone in the company's own capitalization, but will also become the first profit valuation anchor for the entire humanoid robot circuit. Earlier, Tesla executives posted a video explaining the highlights of the earnings call: the Optimus humanoid robot Fremont production line will start production by the end of 2026, with a long-term annual production capacity of 1 million units, and the long-term target for the second production line in Texas is 10 million units.

Gold stocks generally rose. At the close, Lingbao Gold (03330) rose 5.75% to HK$19.3; Chifeng Gold (06693) rose 2.33% to HK$33.88; and Shandong Gold (01787) rose 1.66% to HK$20.16.

The US dollar index fell below the 100 mark last night, closing down 0.82% to 99.98, the biggest one-day decline since January. Meanwhile, the US PCE price index turned negative month-on-month in June. The core PCE rose only 0.1% month-on-month, lower than expected. The cooling of inflation strengthened expectations of interest rate cuts; signs of slowing economic growth further supported gold prices. Guomao Futures believes that in the short term, against the backdrop of easing pressure to raise interest rates and the US dollar index falling, the center of gravity of gold and silver prices may fluctuate upward, and follow up on the progress of the geographical situation. Looking at the medium to long term, it may still be difficult for the Federal Reserve to raise interest rates in September, and the pace may move further back to the end of the year; combined with the accelerated restructuring of the international political order system and continued demand for gold purchases by the central bank, there is still some support below precious metals.

Popular exotic stocks

Yingpai Pharmaceutical-B (07630) rose significantly. At the close, it was up 14.84% to HK$13.23.

Yingpai Pharmaceutical announced that it has reached an exclusive cooperation with Pharmanovia, a global pharmaceutical company, to grant Pharmanovia the exclusive production, development and commercialization rights for Senapa to maintain monotherapy for advanced epithelial high-grade ovarian cancer, fallopian tube cancer and primary peritoneal cancer in Europe, the Middle East, North Africa, Australia and New Zealand. Yingpai Pharmaceuticals is expected to receive a total of up to 423.5 million euros in payments.

Prada (01913) moved higher after the results. At the close, it was up 14.14% to HK$43.26.

According to Damo's research report, Prada's sales for the second quarter were 3% higher than market expectations, of which retail sales were 1% higher. Prada's retail performance beat expectations. EBIT for the first half of the year was 3% higher than market expectations, mainly driven by improved gross margin. EBIT is expected to continue to be dragged by Versace by about 350 basis points in the second half of the year, and the drag on foreign exchange should ease. The target price is HK$42, and the rating is “in sync with the market”.

MINIMAX-W (00100) has been strong throughout the day. At the close, it was up 13.15% to HK$230.6.

Xiyu Technology announced the official release of MiniMax H3 this morning. This is a universal full-modal generation model that supports unified understanding of multi-modal contexts composed of text, images, video, and sound, and can output audio and video with native dual channels, and can support up to 15s 2K resolution.

Meitu (01357 ) performed well. At the close, it was up 10.28% to HK$4.72.

Meitu announced that as of June 2026, the number of Meitu paid subscribers exceeded 18.44 million to a new high, and revenue from video and design products increased 30.9% year-on-year to about 1.8 billion yuan. Additionally, ARR for AI productivity applications increased 47.8% year over year. According to non-IFRS, Meitu's adjusted net profit attributable to parent company equity holders is likely to increase 36% to 40% year-on-year in the first half of 2026.