Hong Kong stocks closed (07.27) | Hang Seng Index closed up 0.98%, Xiaomi Group-W (01810) surged more than 7%, and PCB concepts, aviation stocks, etc. strengthened

The Zhitong Finance App learned that the military confrontation between the US and Iran was suspended, the three major Hong Kong stock indices fluctuated higher throughout the day, and the Hengke Index rose more than 2% in the afternoon. At the close, the Hang Seng Index rose 0.98% or 243.95 points to 25207.18 points, with a full day turnover of HK$210.5 billion; the State-owned Enterprises Index rose 1.14% to 8365.38 points; and the Hang Seng Technology Index rose 1.57% to 4702.05 points.

Cathay Pacific Haitong Securities believes that short-term external fluctuations still exist, and that improvements in the micro liquidity of Hong Kong stocks have made the market refocus on the cost performance ratio of Hong Kong stocks, and that southbound and foreign investors will work together to make up or help improve the situation. In the next stage, we will wait for the Hong Kong stock interim report to be verified in mid-August. If the inflection point of the profit expectations of weighted internet companies is confirmed, the Hong Kong stock technology sector is expected to switch from being driven by odds to being driven by winning rates.

Blue-chip stock performance

Xiaomi Group-W (01810) led the blue chip increase. At the close, it rose 7.34% to HK$28.68, with a turnover of HK$7.825 billion, contributing 54.38 points to the Hang Seng Index. The technical conference for the Xiaomi Pengcheng series is scheduled for July 30 at 7 p.m. Lei Jun wrote that this is Xiaomi's second technical conference, inviting everyone to witness new developments in Xiaomi's car building technology. Meanwhile, the Xiaomi Pengcheng N90 and N70 SUVs officially debuted.

In terms of other blue-chip stocks, Galaxy Entertainment (00027) rose 6.26% to HK$33.6, contributing 5.94 points to the Hang Seng Index; Old Shop Gold (06181) rose 5.65% to HK$396.4, contributing 2.12 points to the Hang Seng Index; CNPC (00857) fell 3.53% to HK$9.85, dragging down the Hang Seng Index by 11.62 points; and Shiyao Group (01093) fell 2.92% to HK$8.3, dragging down the Hang Seng Index by 3.06 points.

Popular sector aspects

On the market, large technology stocks are generally flourishing. Xiaomi surged more than 7%, Meituan rose 3%, and Tencent rose nearly 2%. AI computing power sparked the high-end PCB boom, and the PCB concept strengthened in the afternoon; the overall hotel occupancy rate in Macau during the summer vacation was expected to reach 90%, and gaming stocks rose throughout the day; the US and Iran suspended mutual attacks and oil prices plummeted, and aviation stocks rebounded collectively; mass production of Tesla Optimus is imminent at the end of the year, and the robot concept is active; brain-computer interfaces and lithium battery stocks are bright. On the other side, oil and gas stocks were under pressure throughout the day; storage concepts and coal stocks weakened.

1. The PCB concept picked up in the afternoon. At the close, Chipboard (09630) rose 19.33% to HK$335.8; Dingtai Hi-Tech (01377) rose 7.35% to HK$362; Jiantao Laminate (01888) rose 6.52% to HK$40.18; and Shenghong Technology (02476) rose 6.25% to HK$227.8.

According to CCTV Finance, driven by the explosion in demand for AI computing power, high-end printed circuit board PCBs are in short supply, prices continue to rise, and orders from leading manufacturers have been locked in until 2027. The head of a motherboard manufacturer explained that the first increase in PCB prices began with high-speed PCBs. High-speed PCBs are mainly used on server motherboards with high computing power, and the price increase of high-speed PCBs has far exceeded three to four times. CITIC Construction Investment released a research report saying that benefiting from AI, the global PCB industry has ushered in a new upward cycle. With the demand for orthogonal backplanes and the upgrade of the Cowop process, future PCBs will be more similar to semiconductors, and their value will steadily increase.

2. Gaming stocks had the highest gains. At the close, Galaxy Entertainment (00027) rose 6.26% to HK$33.6; Melco International Development (00200) rose 5.6% to HK$3.58; and MGM China (02282) rose 4.11% to HK$10.9.

According to the latest data recently released by the Statistics and Census Service of the Macao Special Administrative Region, the number of visitors entering Macau reached 20.944 million in the first half of 2026, an increase of 9% over the previous year. Zhang Jianzhong, chairman of the Macau Hotel and Tourism Chamber of Commerce, said in an interview that thanks to the central government's many policies benefiting Macao, visitors to Macao continued to grow well, and the overall hotel occupancy rate during the July-August summer vacation period is expected to reach 90%. Family guests and family visitors account for a large proportion, and travel time is relatively concentrated. August is expected to be the peak number of guests. HSBC released a research report saying that with the end of the World Cup, the bank expects the number of visitors to pick up in summer. In addition, Macau continues to host non-gaming events, and gaming revenue is expected to gradually improve month by month.

3. Aviation stocks rebounded collectively. At the close, China Southern Airlines (01055) rose 6.85% to HK$3.59; Air China (00753) rose 5.65% to HK$4.3; and Eastern Airlines (00670) rose 5.54% to HK$3.24.

Over the weekend, Trump ordered the suspension of air strikes on Iran, ending the previous daily crackdown for nearly two weeks and 13 days. At the same time, there are reports that Oman and Iran are in negotiations on new arrangements to restart navigation in the Strait of Hormuz. International oil prices fell sharply today, and the main Brent crude futures contract once fell to around 85 US dollars. The Changjiang Securities Research Report said that looking ahead, the peak summer season is expected to continue to support flight volume, passenger flow, and passenger occupancy rates, but ticket prices are still low year over year, and the industry's profit flexibility still depends on stabilizing bare ticket prices and changes in aviation fuel costs during the peak season.

4. The brain-computer interface concept is active. At the close, Nanjing Panda Electronics (00553) rose 12.04% to HK$3.63; Xinwei Medical-B (06609) rose 5.63% to HK$50.7; and Minimally Invasive Brain Science (02172) rose 4.24% to HK$9.1.

American startup Science Corp. has been approved to sell a retinal chip that can help patients with “map like atrophy” (GA) recover part of their vision in the European Union. This is the first time that an American brain-computer interface (BCI) company introduced related devices to the patient market on a large scale, and it is also an important milestone in the company's commercialization of brain-computer interfaces. Earlier, on the afternoon of July 22, China's research team released a novel EEG signal acquisition device. For the first time in the world, thousands of people across regions were able to simultaneously collect EEG signals, taking a key step in the development of general technology for neural model training and brain-computer interface.

5. Some robotic concepts are moving higher. At the close, Laifu Harmonics (03952) rose 7.27% to HK$67.9; Zhaowei Electromechanical (02692) rose 3.86% to HK$45.2; and Sanhua Intelligent Control (02050) rose 3.2% to HK$25.82.

Tesla executives released a video explaining the highlights of the earnings call: The Fremont production line of the Optimus humanoid robot will start production by the end of 2026, with a long-term annual production capacity of 1 million units. The long-term target for the second production line in Texas is 10 million units. Furthermore, the Xiaopeng humanoid robot has officially started small-batch trial production at the Guangzhou factory. At the same time, the mass production line has entered the final joint adjustment stage, and the mass production sprint has officially entered the countdown. According to Guolian Minsheng Securities, the humanoid robot industry is entering the triple driving stage of “large-scale manufacturing implementation, industrial giants increasing, and physical intelligence upgrading.”

Popular exotic stocks

MINIMAX-W (00100) showed a strong trend. At the close, it rose 17.14% to HK$229.6.

Goldman Sachs released a research report on MiniMax's CEO meeting minutes, reaffirming the MiniMax “buy” rating, with a target price of HK$860. Goldman Sachs said that the MiniMax core strategy model is extremely cost-effective. The M3 model processes trillion tokens per day and the gross margin of the API business is healthy. It is expected that the M3 Pro, which will be launched from September to October, will have significant cost benefits.

Lung Poon Technology (02465) rose significantly. At the close, it rose 7.4% to HK$10.3.

Dongwu Securities pointed out that the leading demand guidelines are optimistic, and that the sector has clearly fallen over and over, while it is basically strong, it is optimistic that the sector will rebound. According to the report, according to the expected 5-10% increase in production in the industrial chain in August, which is better than the market's previous forecast, demand for lithium batteries increased by more than 35% this year, and is expected to remain above 25% in 2027.

Sihuan Pharmaceutical (00460) reported positive results. At the close, it rose 6.82% to HK$0.94.

Sihuan Pharmaceutical expects that in the six months ending June 30, 2026, the group's revenue will be no less than 1.14 billion yuan, roughly the same as the same period last year; net profit is expected to be no less than 210 million yuan, an increase of no less than 217.2% over the previous year. The announcement stated that the medical and aesthetic business continued to grow, with revenue of no less than 680 million yuan, a year-on-year increase of no less than 16.1%.

Ctrip Group-S (09961) performed well. At the close, it rose 3.79% to HK$355.6.

On July 25, the General Administration of Market Regulation imposed administrative penalties on Ctrip Group Co., Ltd. for abusing its dominant position in the market to impose a monopoly in accordance with the law. The total amount of forfeiture was 5.179 billion yuan. Ctrip stated that the company sincerely accepts the decision and will take corrective measures in accordance with applicable laws and regulations to implement the requirements of the decision.