"red chip stocks" significantly expanded, hard technology reshaping Hong Kong stock market ecosystem

In the first half of 2026, the Hong Kong stock market presents a distinct "two extremes" pattern: the heat of new stock issuance is unprecedented, with a large number of innovative companies in AI big models, semiconductors, high-end manufacturing and other fields listing on the Hong Kong Stock Exchange, continuously injecting fresh blood into the market. In the secondary market, leading stocks in big models, storage chips, optical communications, PCBs and other fields continue to emerge, while the camp of "red chip stocks" with a share price of over 100 yuan expands significantly; traditional internet and consumer electronics sectors continue to weaken, and the trillion-dollar market cap club is undergoing a transformation. Behind the intertwined pattern of ice and fire in the Hong Kong stock market is the fourth wave of technological revolution, with China's economic structural transformation and accelerated development of new productive forces resonating with the shift in capital preferences, driving the Hong Kong stock market to accelerate its "metabolism" and prompting a systemic reshaping of the market ecology and valuation system.