The Hong Kong stock market continued its rebound on Wednesday, with all three major indices closing higher. The market displayed a "AI computing power chain + resource products" resonant structural trend. The optical communication, oil, gold, telecommunications, and real estate sectors performed prominently, while the tea and aviation sectors saw a pullback.
Index Performance: Hang Seng Index Near 27,800 Points
At the close, the Hang Seng Index rose 2.58% to 27,826.91 points; the Hang Seng Tech Index increased by 2.53% to 5,900.16 points; the China Enterprises Index climbed 2.89% to 9,512.24 points. Against the backdrop of rising market risk appetite, funds are reassessing the "high prosperity direction."
Overflow of AI Computing Demand: Optical Communication Concept Leads Gains
The optical communication sector led the market, with Yangtze Optical Fibre and Cable gaining significantly, and Huahong Semiconductor and JCET also strengthening.
One driving factor is the rising expectations for fiber and connector demand due to the expansion of overseas AI data centers: Meta and Corning have reached a multi-year cooperation worth up to $6 billion, covering optical fiber, cables, and related connection solutions, which will drive capacity expansion; Corning's stock price rose significantly following the announcement.
Geopolitical Disruptions and Oil Price Sensitivity: Oil and Gas Stocks Strengthen
The oil sector also performed impressively, with PetroChina, CNOOC, and COSL generally advancing.
The market focus is on the increasing sensitivity of oil prices to geopolitical risks: the U.S. Central Command disclosed that it conducted several days of aerial readiness drills in its area of responsibility, leading to a renewed rise in risk premium expectations.
Weak Dollar Boosts Precious Metals: Gold Mining Stocks Follow Higher
Gold mining stocks significantly strengthened, with Chifeng Gold, Zijin Mining Group International, and Shandong Gold taking the lead in gains.
Externally, the weakening of the dollar has reinforced the upward trend in gold prices; Reuters also reported on the market background of rising gold prices amid a softening dollar.
Telecommunications and Real Estate Gain Momentum: "Deep Integration" of Computing Power and Regulatory Changes
The telecommunications sector strengthened, with China Telecom, China Unicom, and China Mobile all closing higher. The catalyst for funds' attention comes from the Ministry of Industry and Information Technology's disclosure of industry data: by the end of 2025, the three major operators are expected to provide about 938,000 service racks in data centers, an increase of 108,000 from the previous year, with the industry's focus shifting from "broad coverage" to "deep integration," alongside resource coordination and intelligent scheduling capabilities progress.
The real estate sector also warmed up noticeably, with China Jinmao, Greentown China, and Longfor Group rising; the market interprets this as a signal of marginal improvement in the regulatory and financing environment.
Pullback Sectors: Tea Affected by Ratings, Aviation Disrupted by Oil Price Expectations
In contrast to the broader market recovery, the tea sector weakened, with Mixue Group leading the declines. Several reports mentioned that UBS downgraded Mixue Group to "neutral" and lowered its target price, along with adjusting its earnings forecast, prompting the market to quickly digest short-term pressure.
The aviation sector retreated due to disruptions from oil price-related expectations, with China Southern Airlines, China Eastern Airlines, and Air China closing down.
