The semiconductor sector faced pressure at the open.

Hong Kong-listed semiconductor stocks opened lower across the board:
📉 GigaDevice -12.46%
📉 Montage Technology -6.80%
📉 SMIC -5.93%
📉 Innoscience, Nanochip, and others followed with declines.
Short-term sentiment in the sector has clearly cooled, and capital is beginning to reassess the valuation and future expectations of the semiconductor sector.
However, this seems more like a digestion of profit-taking from the previous rally rather than a fundamental change in industry logic.
In the short term, sentiment matters; in the long term, earnings matter.
When the market returns to rationality, what truly determines whether stock prices can regain upward momentum is still corporate profitability, technological competitiveness, and industry cyclicality.