Hong Kong Stock Closing Review: Hang Seng Index Up 0.61% Surpassing 26000 Points, Tech Index Up 0.01% Electric Power Equipment Stocks Strong, AI Application Stocks Active, Minimax Up Over 19%

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March 18 News: The three major Hong Kong stock indices all rose. At the close, the Hang Seng Index increased by 0.61%, closing at 26,025.42 points; the Hang Seng Tech Index rose by 0.01%; and the H-shares Index gained 0.1%. In the market, tech stocks mostly rose, with Bilibili, Alibaba, and Baidu up over 2%, while Kuaishou fell over 1%. Power equipment stocks surged in the afternoon, with Northeast Electric up over 12%. The semiconductor sector led gains, with Tianzhi Zhixin up over 13%. AI application stocks were active, with Minimax rising over 19%. Domestic property stocks declined, with Longfor Group dropping over 3%.

Power equipment stocks surged in the afternoon, with Northeast Electric up over 12%. Wu Securities pointed out that the explosion in AI computing power is accelerating global data center construction. Gas turbines, due to their fast construction and stable power generation, are becoming a core solution for data center power supply. According to Zhiyan Consulting data, from 2024 to 2027 alone, the surge in electricity demand from AI data centers will create an incremental market of about $57.8 billion, providing strong support for the gas turbine industry. Additionally, under the “dual carbon” goals, gas turbines, as high-efficiency, low-emission clean energy equipment, are also key to replacing coal power and supporting wind and solar power peak shaving, with domestic installed capacity continuing to grow.

The semiconductor sector led gains, with Tianzhi Zhixin up over 13%. UBS reviewed a 20-year storage cycle and noted that after HBM displaced DRAM capacity and AI increased storage value weight, the traditional “price acceleration” method for predicting market peaks has become less accurate. A more effective leading indicator is operating profit. Historically, stock prices have peaked in 90% of cases either simultaneously with or ahead of profit peaks. UBS expects the profit peak to occur in Q3 2027, implying that the rally in storage stocks could continue until Q2 2027.

AI application stocks were active, with Minimax up over 19%. Kaiyuan Securities indicated that, according to industry monitoring, the surge in AI computing power demand at the start of 2026 has driven the cloud computing market into a price-increase cycle. The widespread adoption of AI applications and the OpenClaw framework may trigger increased inference demand. Coupled with NVIDIA’s capacity constraints, rising hardware costs, and gaps in domestic substitution, the market is entering a “seller’s market.” The firm believes that the increase in computing power leasing prices may continue. Core sectors such as AIDC, computing power leasing, and CDN, as key components of AI cloud IaaS, are expected to benefit.

Domestic property stocks declined, with Longfor Group down over 3%. Guoxin Securities believes that, from a short-term perspective, high-frequency real estate data are at a “good” and “bad” critical point, insufficient to support a consistent market outlook on future housing prices. Therefore, property stocks are unlikely to experience sharp rises or falls. From a long-term perspective, current valuation levels already reflect pessimistic expectations about policies and fundamentals. Continued decline would require market deterioration to accelerate, while a rise would only need the decline in second-hand home prices to narrow to become a market consensus. As long as there is no panic-driven collapse in housing prices, current valuations for property stocks are reasonable. We believe it is a good time to invest in high-quality developers with ample valuation adjustments and strong land acquisition improvements.

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Editor: Hao Xinyu