Hopes for the end of the food delivery war drove Meituan up 14%, Hang Seng Index up 272 points. Pop Mart plummeted 22% post-results. Optimism about the development of Asia's semiconductor sector can focus on tomorrow's listing of the E Fund Asia Semiconductor Select Index ETF.

Signs of a potential ceasefire in the Middle East caused oil prices to drop. Today, the Asia-Pacific stock markets performed well overall; Japan and South Korea’s stocks surged over 3% in early trading, while Hong Kong stocks opened 216 points higher, reaching a high of 25,390 points. However, heavy selling pressure at higher levels led to a divergence in blue-chip earnings performance. In the afternoon, the market briefly reversed, dropping 48 points to 25,015. Later, following an article titled 'The Food Delivery War Should End,' republished by China's State Administration for Market Regulation from state media, the market began to anticipate the end of fierce competition among mainland food delivery platforms. Stocks related to food delivery, such as Meituan ($MEITUAN-W (03690.HK)$), Alibaba ($BABA-W (09988.HK)$) and JD Group ($JD-SW (09618.HK)$ The market surged, with three stocks contributing over 196 points to the overall market, driving the Hang Seng Index back on its upward trajectory. It closed the day at 25,335 points, up 272 points or 1.09%, with a total daily turnover of 350.9 billion yuan; the Hang Seng Tech Index closed at 4,922 points, up 92 points or 1.91%; the China Enterprises Index closed at 8,582 points, up 83 points or 0.98%. Among blue-chip stocks, 64 rose, 24 fell, and 2 remained unchanged; southbound capital today had a net inflow of 22.3 billion yuan.

Anticipation of the end of the food delivery war became today’s biggest market catalyst. Meituan (3690) released its earnings after the market close, closing up 11 yuan or 13.92% for the day, at 90 yuan, making it the best-performing blue-chip stock of the day. Alibaba (9988) rose 5.7 yuan or 4.63%, closing at 128.9 yuan; JD.com (9618) rose 5.2 yuan or 4.85%, closing at 112.4 yuan. Pop Mart ( $POP MART (09992.HK)$ ) also became a market focus today. After announcing its annual results at noon—showing a 309% year-on-year rise in net profit and an 80% rise in revenue—the final dividend per share was 2.3817 yuan, up 190% year-on-year. However, LABUBU and other IP sales revenue underperformed expectations, causing the stock price to plummet in the afternoon, triggering a ‘stampede’-like sell-off. The stock ended the day with a massive drop of 48.9 yuan or 22.51%, closing at 168.3 yuan, marking an 11-month low and making it the worst-performing blue-chip stock of the day.

Other stocks releasing earnings today showed polarized performances. Nongfu Spring ( $NONGFU SPRING (09633.HK)$ ) reported a 31% year-on-year increase in net profit last year, driven by strong performance in non-pure water businesses. Several major banks upgraded their outlooks, and the stock rose 3.98 yuan or 9.38%, closing at 46.42 yuan; WH Group ( $WH GROUP (00288.HK)$ ) saw an 8% rise in full-year net profit before biological fair value adjustments, with quarterly results slightly beating expectations. Its stock rose 0.67 yuan or 7.12%, closing at 10.08 yuan; Yihai International ( $YIHAI INTL (01579.HK)$ ) reported a 16% increase in net profit last year, with the final dividend rising nearly 40%. Its stock rose 1.01 yuan or 6.75%, closing at 15.97 yuan; Ping An Good Doctor ( $PA GOODDOCTOR (01833.HK)$ ) reported a 161% increase in adjusted net profit for the year, with its stock rising 1.25 yuan or 10.87%, closing at 12.75 yuan; CR Pharma ( $CHINARES PHARMA (03320.HK)$ ) reported a 21% increase in net profit last year, with its stock rising 0.52 yuan or 11.69%, closing at 4.97 yuan; Tongcheng Travel ( $TONGCHENGTRAVEL (00780.HK)$ ) reported a 20% increase in net profit for the year, with its stock rising 0.25 yuan or 1.33%, closing at 19 yuan. Meanwhile, Haidilao ( $HAIDILAO (06862.HK)$ Pop Mart's profit fell by 14% last year and the final dividend was significantly reduced; its share price plunged 1.77 yuan or 11.07% to close at 14.22 yuan. Anta Sports ( $ANTA SPORTS (02020.HK)$ ) reported a 13% drop in annual net profit, with its share price declining 0.8 yuan or 1.05% to close at 75.75 yuan. Mixue Group ( $MIXUE GROUP (02097.HK)$ ) saw multiple brokerages downgrade their target price after earnings, citing concerns over slowing store expansion, with shares falling 19.8 yuan or 5.79% to close at 322 yuan. Wuxi Bio ( $WUXI BIO (02269.HK)$ ) posted a 46% increase in annual net profit, but its share price reversed lower by 0.74 yuan or 2.18% to close at 33.14 yuan. SenseTime ( $SENSETIME-W (00020.HK)$ ) narrowed its full-year loss to 1.766 billion yuan, with EBITDA turning positive for the first time post-IPO in the second half of the year; however, the market reaction was cautious, with shares down 0.03 yuan or 1.57% to close at 1.88 yuan.

In the tech and AI sector, Zhipu ( $KNOWLEDGE ATLAS (02513.HK)$ ) surged 105 yuan or 16.03% to close at 760 yuan. Unisound ( $UNISOUND (09678.HK)$ ) climbed 45.6 yuan or 16.52% to close at 321.6 yuan. MINIMAX ( $MINIMAX-W (00100.HK)$ ) rose 49 yuan or 4.76% to close at 1079 yuan. Tencent ( $TENCENT (00700.HK)$ ) dropped 8.5 yuan or 1.65% to close at 505.5 yuan. Baidu ( $BIDU-SW (09888.HK)$ ) dropped by 0.6 yuan or 0.53%, closing at 112 yuan; Kuaishou (1024) rose by 0.25 yuan or 0.47%, closing at 53.05 yuan; Xiaomi ( $XIAOMI-W (01810.HK)$ ) reported a 24% year-on-year drop in adjusted net profit for the fourth quarter last year, in line with market expectations. The share price fell by 0.16 yuan or 0.49%, closing at 32.52 yuan; A-share optical communication concept stocks were favored today, with Yangtze Optical Fiber ( $YOFC (06869.HK)$ ) rising by 20 yuan or 12.12%, closing at 185 yuan; FIT HON TENG ( $FIT HON TENG (06088.HK)$ ) rising by 0.99 yuan or 14.04%, closing at 8.04 yuan; Biren Technology ( $BIREN TECH (06082.HK)$ ) rising by 1.54 yuan or 5.28%, closing at 30.7 yuan; SMIC ( $SMIC (00981.HK)$ ) rising by 1.3 yuan or 2.36%, closing at 56.5 yuan; Huahong Semiconductor ( $HUA HONG SEMI (01347.HK)$ ) rising by 1.8 yuan or 2.07%, closing at 88.65 yuan; ASMPT ( $ASMPT (00522.HK)$ ) rising by 5.2 yuan or 4.99%, closing at 109.5 yuan.

Oil prices retreated due to easing expectations in the Middle East, pressuring energy stocks broadly. CNOOC ( $CNOOC (00883.HK)$ ) fell by 0.94 yuan or 3.19%, closing at 28.5 yuan; Yanzhou Energy Group ( $YANKUANG ENERGY (01171.HK)$ ) fell by 0.47 yuan or 2.88%, closing at 15.83 yuan; Kunlun Energy Holdings ( $KUNLUN ENERGY (00135.HK)$ ) dropped by 0.7 yuan or 8.43%, closing at 7.6 yuan. Gold prices rose above $4,500, pushing gold stocks higher, with Lingbao Gold ( $LINGBAO GOLD (03330.HK)$ ) increasing by 1.44 yuan or 6.09%; Zijin Mining ( $ZHAOJIN MINING (01818.HK)$ ) rising by 1.24 yuan or 4.28%, closing at 30.2 yuan; Shandong Gold ( $SD GOLD (01787.HK)$ ) up by 1.16 yuan or 3.72%, closing at 32.36 yuan; Zijin Mining ( $ZIJIN MINING (02899.HK)$ ) gaining 0.76 yuan or 2.18%, closing at 35.62 yuan; Zijin Gold International ( $ZIJIN GOLD INTL (02259.HK)$ ) climbing by 2.2 yuan or 1.22%, closing at 182.3 yuan; Laopu Gold ( $LAOPU GOLD (06181.HK)$ ) edged down slightly today by 1.5 yuan or 0.23%, closing at 647 yuan. In the resources sector, Jiangxi Copper ( $JIANGXI COPPER (00358.HK)$ ) gained 1.76 yuan or 4.97%, closing at 37.16 yuan; Aluminum Corporation of China ( $CHALCO (02600.HK)$ ) increased by 0.31 yuan or 2.85%, closing at 11.2 yuan.

In other stock movements, Innovent Bio ( $INNOVENT BIO (01801.HK)$ ) saw its strategic cooperation agreement with Eli Lilly and Co officially take effect, clarifying that Eli Lilly has no intention of acquiring the company. Its share price rose by 1 yuan or 1.23%, closing at 82.55 yuan; CSPC Pharma ( $CSPC PHARMA (01093.HK)$ ) reported a 10% drop in full-year net profit but raised its final dividend. The share price increased by 0.16 yuan or 1.92%, closing at 9.49 yuan.

The continuous wave of AI is driving rapid growth in global semiconductor demand. As the core hub of the global semiconductor supply chain, Asia produces over 75% of the world’s chips. This semiconductor ecosystem consists of four major industrial clusters: mainland China, South Korea, Japan, and Taiwan, playing irreplaceable strategic roles across key sectors such as wafer foundry, memory, equipment materials, and packaging/testing. Investors looking to capitalize on investment opportunities across Asia’s semiconductor value chain may consider the upcoming listing of the E Fund Asia Semiconductor Select Index ETF ( $EFund A SEMICON ETF (03486.HK)$ ), priced at 15 yuan per share with a minimum lot size of 100 shares. The ETF tracks the Solactive Asia Semiconductor Select Index, which selects 30 leading semiconductor stocks from companies listed in Hong Kong, Japan, South Korea, and the US (including ** semiconductor leaders), such as SK Hynix, Huahong Semiconductor, Taiwan Semiconductor, and SMIC. The index includes 15 Hong Kong-listed and 15 non-Hong Kong-listed stocks, ensuring balanced regional exposure. Since its base date in March 2020, the index has delivered cumulative returns of 426%, with one-year and two-year returns of 72% and 185%, respectively, significantly outperforming similar indices in Asia. Investors should note that this ETF is concentrated in the semiconductor sector, carrying industry and geographic concentration risks. Its net asset value may experience higher volatility compared to broader funds, making it suitable for investors optimistic about the long-term development of Asia's semiconductor industry and sustained growth in AI computing power.

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