Hong Kong stocks closed with the Hang Seng Index down 1.89%, once again falling below 25,000 points. The China A50 Index dropped 3.28%. Tech stocks and gold stocks generally declined. The semiconductor sector also fell. Kuaishou dropped over 14%.

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March 26 news, the three major indices of the Hong Kong stock market opened lower and continued to decline. At the close, the Hang Seng Index fell by 1.89%, closing at 24856.43 points, the Hang Seng Tech Index fell by 3.28%, and the State-Owned Enterprises Index fell by 2.25%. On the market, technology stocks broadly declined, with Kuaishou down over 14%, Alibaba down over 4%, Meituan down over 3%, and NetEase, Baidu, and Bilibili down over 2%; gold stocks broadly declined, with Zijin Mining International down over 7%; the semiconductor sector plummeted, with Beike down over 12%; Chinese brokerage stocks weakened, with Guotai Junan down over 4%.

Gold stocks broadly declined, with Zijin Mining International down over 7%. The spot gold price fell below the key level of $4500 per ounce. Huaxi Securities’ latest research report points out that the volatility in the gold market has significantly increased, and the risk characteristics have fundamentally changed. Data shows that implied volatility of gold has been climbing since last Thursday, with the latest reading reaching 35. This level is at the 99.4% historical percentile since 2009, indicating that the market is in an extremely unstable “high-risk zone.”

The semiconductor sector plummeted, with Beike down over 12%. Google stated that its new TurboQuant technology can significantly reduce the memory usage of large language models and vector search engines. Following this news, the stock prices of computer memory and storage products fell sharply, but industry insiders believe this impact may only be a short-term disturbance rather than a survival threat. Bullish investors optimistic about the current strong upward trend in global storage chips argue that efficiency improvements will actually increase rather than decrease demand.

Galaxy Securities pointed out that the demand for computing power and capital investment are resonating upwards, with the industry entering a phase of high prosperity and expansion. The demand for computing power is rapidly transmitted to all links in the industry chain, with significant growth in the performance of chipmakers, foundries, and server manufacturers, while cloud vendors are raising computing power prices in response to tightening supply and demand. The AI industry is entering a high-intensity expansion cycle of “demand explosion—price transmission—capital increase.”

Chinese brokerage stocks weakened, with Guotai Junan down over 4%. Guojin Securities pointed out that due to the ongoing impact of international situations, market risk appetite continues to decline. Although the geopolitical impact has amplified since February, leading to a weakened investment environment and narrowing transaction growth rates, the transaction volume can still support the performance growth of brokerages in Q1 2026. The average daily stock-based transaction volume for the entire market from January to February 2026 was 3.3 trillion yuan, a substantial increase of 89% year-on-year, and brokerage profits are expected to continue to grow rapidly. In terms of valuation, as of March 20, the brokerage sector’s PB valuation was 1.23 times, only at the 19th percentile of the past ten years, indicating a serious mismatch with performance, leaving ample room for valuation recovery.

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Editor: Hao Xinyu