Hong Kong’s Hang Seng index closed up 1.35% on Tuesday while the Hang Seng TECH index lagged, rising 0.5%. The move reflected a broader, selective rally across cyclical and industrial plays rather than a uniform rebound in large-cap technology names.
The semiconductor sector led much of the optimism. Mainland chip-related stocks showed notable strength: Shanghai Fudan rose more than 5%, GigaDevice (兆易创新) climbed over 4%, Hua Hong Semiconductor added more than 2%, and SMIC edged up about 1%. The gains underline renewed investor appetite for companies tied to China’s domestic chip supply chain and manufacturing upgrade story.
Precious-metals-linked equities told a different story, with heavy dispersion among gold miners. Zijin Gold International jumped more than 11% while Zhufeng Gold plunged roughly 7%; Laopu Gold and China National Gold International fell about 3% and 2% respectively. That split suggests the sector is being driven as much by idiosyncratic company news and positioning as by bullion prices — even as global headlines point to a sharp rise in the price of gold and surging retail demand.
Taken together, the market move signals a rotation of capital into cyclical and commodity-exposed names amid a backdrop of persistent macro uncertainty. Investors are weighing supportive domestic policy narratives for high-tech manufacturing against lingering external risks — including trade frictions and export controls — that can quickly alter the outlook for semiconductor firms. The divergent performance in gold equities also serves as a reminder that rising commodity prices do not translate evenly into gains for producers.