This week, major global markets rose mainly. The South Korean Comprehensive Index (4.24%), Hang Seng Technology (2.25%), Nasdaq and Hang Seng Index all rose by more than 2%; Nikkei 225 (-0.59%), Ho Chi Minh Index (-0.2%), CSI A50 and France CAC40 Index all rose by less than 2%. Hang Seng Index, Hang Seng Technology, CSI 300 and CSI A50 rose 2.16%, 2.25%, 0.88% and 0.34% respectively.
In the news, Nvidia's performance exceeded expectations, driving the valuation of technology stocks. Data shows that Nvidia's total revenue in the first quarter of fiscal year 2026 (February 1-April 30, 2025) was US$44.1 billion, a year-on-year increase of 69%, exceeding the market expectations of US$43.29 billion; of which, the data center business revenue was US$39.1 billion, accounting for 88.7% of the total revenue, a year-on-year increase of 73%. The new generation of Blackwell architecture chips contributed nearly 70% of the revenue of this sector. After the financial report was released, Nvidia's market value exceeded US$3.45 trillion, surpassing Microsoft to regain the world's first place, and boosting market sentiment in the global technology sector, especially the AI industry chain. During the week, the A-share DeepSeek Index and the Science and Technology Innovation 100 Index rose by 5.23% and 3.57% respectively, ranking among the top gainers.
For the week, the VIX index, which reflects market panic, continued to fall 9.69%, closing at 16.77 points, indicating that market sentiment basically returned to normal levels.
In addition, the Hong Kong Stablecoin Ordinance officially came into effect, strengthening its global financial technology hub status and further increasing the attractiveness of Hong Kong stocks to global capital.
Specifically, A-shares and Hong Kong stocks showed a simultaneous upward trend this week, and policy expectations and technology main lines support market sentiment. The Shanghai Composite Index rose 1.13% to 3385.36 points, the Shenzhen Component Index rose 1.42% to 10183.70 points, and the ChiNext Index rose 2.32% to 2039.44 points. The average daily turnover of A-shares throughout the week was 1208.9 billion yuan, a significant increase of 115 billion yuan from last week.
The Hong Kong stock market strengthened simultaneously, with the Hang Seng Index rising 2.16% to 23792.54 points weekly, and the Hang Seng Technology Index rose 2.25% to 5286.52 points weekly, with an average daily turnover of HK$159.4 billion, an increase of 12% over last week.
Structurally, the main technology line has performed well, and new consumption has shown signs of ebbing.
The overall performance of the technology sector was outstanding, the Science and Technology Innovation Composite Index rose 2.41% during the week, among which the AI computing power index rose 5.13% and the rise was high. At the individual stock level, performance was differentiated due to performance differences. With Tesla Optimus mass production expectations, the humanoid robot index rose 2.24%.
The bull market for innovative drugs is still continuing. The Hang Seng Innovation Drug Index rose 6.13% this week, and the A-share Innovation Drug Index rose 1.33%.
The new consumption sector has experienced a tide. Pop Mart continued to perform strongly, rising 11.07% weekly, and the stock price hit a new high of HK$252.6; but Mixue Group rose first and then fell, with a cumulative decline of 1.29%, with an amplitude of up to 17.48% during the week; Laoshu Gold also had a similar trend, closing up 2.96%, with a weekly amplitude of up to 17.67%.
The new consumer leader in A-shares also fluctuated violently. Although Chaoac closed up 1.95%, the amplitude was as high as 30.72%, and the closing price fell by 20.5% from the weekly high of 18.18 yuan. Mancaron also surged and fell, although it closed up 10.66%, with an amplitude of 43.98%.
Looking next week, Continue to pay attention to the continuity of the main line of technology and be wary of the pressure of phased pullbacks in new consumption themes. In terms of sector allocation, it is recommended to pay attention to technologies (AI computing power, robots) that benefit from industrial trends, innovative drugs with cycle reversals, and high-dividend assets with defensive high dividends, while avoiding consumer targets with overvalued valuations.
In one week, the Shanghai Composite Index rose 1.13% to close at 3385.36 points. The major wide-based indexes all recorded an increase, with Wande All A rising by 1.61%; the CSI A50, CSI 300, CSI 500, CSI 1000 and CSI 2000 respectively increased by 0.34%, 0.88%, 1.6%, 2, 1% and 2.29% respectively. The micro-cap stock index rose 3.68%, and the small-cap style significantly outperformed.
At the industry level, communications (5.27%), non-ferrous metals (3.74%), electronics, comprehensive, computers, and basic chemicals all rose by more than 2.6%; household appliances (-1.79%), food and beverages (-1.06%), transportation, coal and steel all fell by the highest.
From the transaction amount, the average daily transaction volume within the week1210.506 billion yuan, an increase of 115.182 billion yuan from the previous week.
