Hong Kong's three major stock indices closed higher collectively on Tuesday. At the close, the Hang Seng Index was up 1.28% at 25,210.81, the Hang Seng Tech Index gained 0.65%, and the Hang Seng China Enterprises Index advanced 1.23%.

Across the board, technology and internet stocks saw broad gains, with Meituan surging over 4%, and Lenovo Group and Baidu rising more than 2%. Wind power stocks were among the top performers, with Goldwind Science & Technology climbing over 5%. The non-ferrous metals sector surged significantly, led by Ganfeng Lithium Group which jumped more than 9%. In contrast, semiconductor stocks were among the biggest decliners, with Huahong Grace Semiconductor Manufacturing dropping over 7%.

Wind Power Stocks Lead Gains

Wind power stocks were a strong sector, with Goldwind Science & Technology rising over 5%. The National Development and Reform Commission and the National Energy Administration released the "15th Five-Year Plan for Renewable Energy Development," which mentions that during the "15th Five-Year Plan" period, the new installed capacity for offshore wind power nationwide is expected to be around 100 million kilowatts, with cumulative installed capacity reaching over 100 million kilowatts by 2030. Guosen Securities believes that domestic wind power installations will enter a peak season in the second half of the year, and it is expected that the year-on-year growth rate of cumulative installations will continue to increase over the coming months. The revenue and profitability of the wind power industry chain are also expected to gradually improve as shipments increase sequentially.

Non-Ferrous Metals Sector Surges

The non-ferrous metals sector posted substantial gains, with Ganfeng Lithium Group soaring over 9%. Ganfeng Lithium recently issued a positive profit alert, forecasting a net profit attributable to shareholders of between 3.65 billion yuan and 4.6 billion yuan for the first half of the year. This represents a year-on-year increase of 787% to 966%, compared to a net loss of 531 million yuan in the same period last year. Adjusted net profit is expected to be between 3 billion yuan and 4.2 billion yuan, a year-on-year increase of 428.64% to 560.10%. Additionally, Tianqi Lithium expects its first-half net profit to reach between 2.85 billion yuan and 4.25 billion yuan, representing a year-on-year increase of 3,276.35% to 4,934.91%.

Semiconductor Stocks Under Pressure

Semiconductor stocks were among the biggest decliners, with Huahong Grace Semiconductor Manufacturing falling over 7%. Multiple headwinds from the industrial side continue to pressure valuations. Downstream terminal manufacturers' resistance to memory price hikes is intensifying, with terminal brands like OPPO and vivo explicitly rejecting Samsung's third-quarter memory quotes, indicating customer demand tolerance has hit a ceiling, suggesting a potential inflection point in the momentum for memory price increases. Demand for consumer electronics terminals remains persistently weak, with global smartphone shipments declining year-on-year for two consecutive quarters, leading to continued softening in demand for traditional chips. Concerns over capital expenditure by overseas cloud giants are becoming more apparent. Alphabet's second-quarter capital expenditure reached a high of $44.92 billion, with its full-year guidance raised to $195 billion to $200 billion. However, its free cash flow turned negative to -$5.9 billion, raising market concerns that sustained high investment in AI computing power may not translate into long-term profitable returns, thereby weakening the long-term profit expectations for the industry chain. Expectations for future capacity expansion on the supply side are heating up, as major memory manufacturers continue to plan for new production capacity. The market is concerned about a potential oversupply of memory after 2027, which is putting pressure on the valuation space for cyclical sectors.