Why is the AI sector performing independently despite the pressure on the Hang Seng Index? These three 'core' assets in Hong Kong stocks are worth watching!

Since the beginning of this year, due to repeated geopolitical tensions in the Middle East and disruptions caused by overseas policy expectations, the overall Hong Kong stock market has shown significant defensiveness and volatility. The Hang Seng Index fell slightly by 3.29% in the first quarter, while the Hang Seng Tech Index retreated by as much as 15.70%.

However, despite the weak overall market trend, a group of AI concept stocks have emerged in the Hong Kong stock market, performing independently, which contrasts sharply with the broader market.Looking at the core assets at the top of this year's Hong Kong stock gains, the main focus is on three major AI core themes: AI large models, optical communications, and memory.

As the market追捧 (pursues) AI large models and hardware stocks, it also reflects the pursuit of 'earnings certainty' and 'industry scarcity' amidst cautious market conditions. Specifically:

Mainline One: AI Large Models --- From 'AI Empowerment' to 'Pure AI Business,' Token consumption reshapes valuation anchors

The 'Twin Stars' of Domestic AI Large Models $KNOWLEDGE ATLAS (02513.HK)$and $MINIMAX-W (00100.HK)$Undoubtedly the absolute focus of the year, with cumulative gains of approximately 715% and 476% respectively from the beginning of the year until now.

Entering 2026, the investment logic of the sector has evolved, with capital shifting to bet on 'pure artificial intelligence' companies with technical scarcity: the market believes that it was previously accustomed to measuring internet moats using DAU (daily active users) and user duration, but in this wave of AI, phenomenon-level agents like OpenClaw have driven up B-end and C-end usage rates, causing the amount of Tokens consumed per task to increase exponentially.Tokens are no longer just a unit of computational power measurement but also one of the standards for measuring commercial potential, with valuation fundamentals gradually shifting towards Token consumption.

$KNOWLEDGE ATLAS (02513.HK)$(B2B),$MINIMAX-W (00100.HK)$Leading models such as ToC are experiencing explosive growth in performance due to technical barriers.In March 2026, Zhipu launched Agent tools like AutoClaw, enabling AI to evolve from 'knowing how to respond' to 'knowing how to execute.' MiniMax's M2.5 model focuses on high efficiency and low cost, excelling in programming, complex task planning, and office automation, demonstrating strong performance in end-user application scenarios and providing core power for various intelligent applications.

Main theme two: Optical communications — Acceleration of global computing infrastructure drives volume and price increases, unleashing profit potential.

The rapid development of global computing centers has become the core driver of skyrocketing demand for optical communications, with Changfei Fiber Optic Cable increasing over 318% year-to-date.。

Stringent requirements for low latency and high bandwidth in 'multi-thousand GPU interconnections' within AI clusters have transformed fiber optics from a long-distance transmission medium into a core transmission 'artery' between server racks, with usage reaching 5 to 10 times that of traditional data centers. In 2025, the demand for fiber optics in global data centers is expected to grow by 75.9% annually; according to CRU data, AI-related demand will surge from less than 5% in 2024 to over 30% in 2027.

Under the dual catalysts of surging demand and constrained production capacity, core products are entering a prolonged period of price increases. For example, the price of mainstream G.652.D single-mode fiber surged from about 20 RMB/core kilometer at the beginning of the year to over 80 RMB in March, marking an annual increase exceeding 410%.$YOFC (06869.HK)$As the only global leader with full independent control over the 'rod-fiber-cable' entire industrial chain, its self-sufficiency rate for optical rods exceeds 90%, positioning it strongly for substantial profit release during this pricing cycle.

Main theme three: Memory — Return of the 'super cycle,' breaking through AI performance bottlenecks.

As AI applications rapidly progress from the training side to the inference side, memory bandwidth, a key hardware component determining the upper limit of AI server operations, becomes a critical bottleneck.

The two leading domestic integrated circuit design firms,$MONTAGE TECH (06809.HK)$and$GIGADEVICE (03986.HK)$increasing by over 96% and 163%, respectively.

$MONTAGE TECH (06809.HK)$As the global leader in memory interface chips,its second-generationMRCD/MDBchip shipments are expected to enter a rapid growth phase by 2026, with data transmission rates increasing by up to 45%. Coupled with the pricing power of memory products, investors no longer view the company merely as a component supplier but as a 'picks-and-shovels' provider in the AI server space.

$GIGADEVICE (03986.HK)$With overseas giants like Samsung and SK Hynix shifting over 30% of their production capacity to HBM4, a significant supply gap has emerged for niche DRAM and SLC NAND products.$GIGADEVICE (03986.HK)$Quickly absorbed the overflow demand and pricing opportunities. At the same time, its NOR Flash product line gained stronger pricing power due to AI applications consuming major manufacturers’ capacity, especially during international shortages.

Beyond model applications, computing infrastructure, and core hardware, what other AI-related themes in Hong Kong stocks are worth watching?

Overall, from foundational computing power, core models, to smart hardware, the Hong Kong stock market has mapped out a clear investment landscape for the AI industry ecosystem.

Although the AI sector demonstrates explosive growth potential, in light of the current macroeconomic situation,Investors still need to be wary of the risks associated with overvaluation and overcrowded positions in some popular stocks.

Take Zhipu and MiniMax, which have surged significantly this year, as examples; their sector热度 has reached a阶段性 high point.For investors seeking more opportunities, they can适度 shift their focus from the "overheated" model layer to the relatively reasonably valued "AI broader hardware industry chain."As previously highlighted in "Hang Seng Index challenges 28,000 points: Who is supporting the new highs? These four AI-driven themes in Hong Kong stocks are worth watching!", the four key sectors spanning computing power infrastructure, core models, smart hardware, and application ecosystems will remain crucial themes worth exploring in a volatile market.

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