Hang Seng TECH jumps 3.36% as foreign investors keep buying — Chinese assets shine

Key Points

Hang Seng TECH opened strong on October 2, 2025 and closed the session up 3.36%.

Market Snapshot: Hong Kong and U.S.-listed Chinese stocks lead the gains

The Hang Seng Index (Hengsheng Zhengshu 恒生指数) gapped up after the holiday and closed up 1.61%.

The Hang Seng TECH Index (Hang Seng TECH 恒生科技指数) gapped higher and finished the day up 3.36%.

U.S.-listed China concept names also strengthened overnight.

The NASDAQ Golden Dragon China Index (NASDAQ China Golden Dragon) closed up more than 1.4%.

FTSE China A50 futures climbed as much as about 1.2% intraday and were roughly up 0.9% at the time of reporting.

Sector Leaders: Semiconductors, electrical equipment, metals, lithium and storage

Semiconductors led the rally in Hong Kong.

The Wind Hong Kong Semiconductor Index (Wind Xianggang Bandao 半导体指数) rose more than 10% at one point.

• Junma Semiconductor (Junma 半导体 驰码? — note: original ticker referenced) — up nearly 30% intraday.

• SMIC (SMIC / Zhongxin Guoji 中芯国际) — up over 12%.

• Hongguang Semiconductor (Hongguang 半导体) and Hua Hong Semiconductor (Huahong 半导体) — both up more than 7%.

• Jingmen Semiconductor, Shanghai Fudan, Innosilicon and others — gains roughly 4%–6%.

Market chatter and supplier notices supported the chip rally.

In September 2025 several memory suppliers signaled meaningful price increases.

SanDisk (Shandi 闪迪) reportedly raised retail/channel prices by more than 10%.

Micron Technology (Meiguang 美光) notified channel partners of proposed price rises of 20%–30%.

Samsung Electronics (Sanxing Dianzi 三星电子) informed major clients of higher contract prices in Q4 — DRAM increases of roughly 15%–30% and NAND increases of roughly 5%–10%.

Morgan Stanley (Mogun Shidangli 摩根士丹利) has predicted a possible memory “supercycle” if supply and demand conditions shift next year.

The electrical equipment sector also performed strongly.

Xinyi Solar (Xinyi 光能), China High-speed Transmission (Zhongguo Gaosu Chuandong 中国高速传动), Borgeton/Boleiton (博雷顿) and Sunshine Energy (Yangguang Nengyuan 阳光能源) recorded gains in the high single-digit to low double-digit range.

Precious and base metals surged across the board.

China Silver Group (Zhongguo Baiyin 中国白银集团) rocketed more than 30% on the day (intraday >37%).

Tongguan Gold (Tongguan Huangjin 潼关黄金) jumped over 15%.

Zijin Mining (Zijin Huangjin 紫金黄金国际) climbed more than 14%.

Gold and silver prices rallied amid U.S. government shutdown worries and rising odds of a Federal Reserve rate cut.

London and COMEX gold prices at one point neared or exceeded $3,900/oz.

Silver touched the mid‑$40s/oz range.

Lithium and battery names extended gains in Hong Kong.

Tianqi Lithium (Tianqi Liyue 天齐锂业) rallied about 12% at close after intraday gains of roughly 15%.

Ganfeng Lithium (Ganfeng Liyue 赣锋锂业) rose about 11% at close.

Dual-use battery makers and component suppliers such as Shuangdeng, Longpan Technology, BYD Electronics (BYD Dianzi 比亚迪电子) and Contemporary Amperex Technology Co. Limited (CATL / Ningde Shidai 宁德时代) registered gains between roughly 5% and 8%.

Energy‑storage demand and investment outlook

CCTV Finance reported that domestic demand for energy-storage battery cells is currently very strong.

Leading battery manufacturers report factories at full capacity and some order backlogs extending into early 2026.

A central government plan — the “New Energy‑Storage Large‑Scale Construction Special Action Plan” — targets cumulative installed capacity of more than 180 million kilowatts (180 GW) by 2027.

That target would stimulate roughly ¥2,500 亿元 RMB (¥250 billion RMB / $34.7 billion USD) in incremental project investment, according to the plan’s projection.

Foreign capital: Increasingly positive on China

Foreign institutions have been more bullish on Chinese assets recently.

• Goldman Sachs (Gaosheng 高盛) and HSBC (Huifeng 汇丰) published notes reflecting stronger appetite among foreign allocators to increase China weighting.

• Bloomberg reported global fund managers are re‑entering China in force, and Goldman noted hedge fund activity in Chinese onshore equities reached multi‑year highs last month.

• Fidelity International (Fuda 富达) and Invesco (Jingshun 景顺) signaled rising allocations to Chinese equities, with Invesco reportedly increasing China positions while reducing exposure to India.

Morgan Stanley reported foreign long funds’ net inflows into onshore Chinese equities reached about $1 billion USD (¥7.2 billion RMB) through the end of August.

That compares with net outflows of $17 billion USD (¥122.4 billion RMB) for the prior year.

Morgan Stanley also estimated global fund allocations to China remain underweight by around 1.3 percentage points versus a neutral benchmark — implying there may be room for further buying if reallocations continue.

China’s State Administration of Foreign Exchange (SAFE) data for the first half of 2025 showed foreign net purchases of domestic stocks and funds of about $10.1 billion USD (¥72.7 billion RMB).

What this means for investors

Short‑term market moves reflect coordinated strength across cyclical and technology sectors.

Semiconductors, energy storage, lithium, electrical equipment and base metals all posted notable gains on the day.

Price action plus rising foreign inflows and bullish research from major banks has created a positive narrative for Chinese assets in both Hong Kong and U.S. listings.

Key themes to watch that emerge from the data and headlines include:

• Memory and chip pricing: supplier price signals and Morgan Stanley’s “supercycle” commentary suggest a shift in the semiconductor supply/demand balance could be a catalyst.

• Energy-storage buildout: the central government’s 180 GW target and ¥250 billion RMB ($34.7 billion USD) projected project investment point to sustained demand across the battery value chain.

• Foreign flows and re‑allocation: net inflows year‑to‑date, SAFE data and global fund behavior indicate a growing willingness among allocators to increase China exposure, which can support valuations over time.

That said, market conditions can change quickly and prices are cyclical.

The piece is informational and not investment advice.

Investors should perform their own due diligence and manage risk accordingly.

Actionable takeaways for investors, founders and allocators

• Scan semiconductors and memory suppliers for pricing signals and inventory commentary from channel checks.

• Map energy‑storage supply chains to companies positioned to benefit from the 180 GW target and the projected ¥250 billion RMB ($34.7 billion USD) in incremental investment.

• Watch foreign flow data such as SAFE releases and Morgan Stanley flow updates to gauge whether re‑allocation momentum accelerates.

• Prioritize names with clear revenue exposure to the demand themes above and strong balance sheets in cyclical downturns.

Linking opportunities

• Company profiles: link to corporate investor relations pages for SMIC (SMIC / Zhongxin Guoji 中芯国际), CATL (Ningde Shidai 宁德时代) and Tianqi Lithium (Tianqi Liyue 天齐锂业).

• Macro and flow data: link to SAFE data releases and Morgan Stanley research notes when citing foreign flows.

• Commodity pricing: link to COMEX and London bullion market pages for near‑real‑time gold and silver prices.

• Policy context: link to the central government’s New Energy‑Storage plan or CCTV Finance coverage for authoritative context.

Quick summary: coordinated strength across semiconductors, metals, lithium and energy storage — backed by supplier price signals, government energy‑storage targets and rising foreign flows — pushed the Hang Seng TECH Index up 3.36% and helped Chinese assets shine.

Hang Seng TECH remains a key barometer for tech and cyclicals as foreign buying continues.

References

• 中国资产爆发 恒生科技指数涨3.36% 外资持续“唱多”“做多” – Eastmoney
• 中国资产，闪耀市场！ – 证券时报 (Securities Times)
• Memory market outlook and “supercycle” commentary – Morgan Stanley
• Global fund managers’ China allocations report – Bloomberg