#夏日创作营
In the past few days, Hong Kong stocks have performed okay.
So, as Hong Kong stocks rebound, is it a bounce or a full reversal?
First, the answer: I think, just like tech, it’s basically a rebound after a selloff from Wave A—not a reversal.
1. From the capital side
In Hong Kong stocks, the relative parties with pricing power—or that have a bigger impact on the price trend—are foreign investors.
Foreign investors account for roughly 60%–70% of Hong Kong stocks.
And among these foreign investors, there are two parts:
allocation capital and trading capital.
Of these, there is more capital that is geared toward longer-term allocation.
That means it’s not short-term gambling for a quick move, but that they genuinely think you’ve fallen too much.
Some US-dollar funds view Hong Kong as part of the Asian market. After it has dropped too far, they may add positions, and thus make allocations.
Another part is short-term trading capital.
It has some speculative attributes.
That is, they like the trend in the market over this period, and then money pours in.
Earlier, didn’t things go crazy in South Korea with Samsung and SK hynix? Those funds all headed to South Korea, and so the whole Hong Kong market dimmed.
According to statistics, as of the first week of July, foreign allocation-oriented funds have flowed in more, while trading-oriented funds not only haven’t flowed in, but have seen some outflows.
Overall, Hong Kong stocks have had too much downside, and people are coming to add positions—but we haven’t seen signals of a reversal yet.
So, from the capital side, it still leans toward a rebound, not a reversal.
2. From the sector side
So what about sectors?
In Hong Kong’s market, there are basically only a few kinds of sectors:
innovative drugs, Hang Seng Tech, new consumption, and state-owned/central-government SOE assets that lean more “value/dividend-like.”
Which sectors are rising now, and what’s the logic?
Innovative drugs are being bought because people are optimistic about its mid-term earnings.
Hang Seng Tech (AI applications) is mainly because everyone expects marginal growth to improve, but current earnings have not yet been validated.
3. From the liquidity side
At present, the Fed is still raising rates in words.
Not only that, the Hong Kong stock market will also face a wave of unlocks at the end of September this year.
Although to hedge the impact of the unlocks, related parties from several companies have voluntarily committed to extend lock-up periods or not cut their holdings within certain timeframes,
but the unlock wave itself will inevitably, to some extent, bring concerns about liquidity to the market.
On one side, US rate-hike expectations are shrinking liquidity.
On the other side, the unlock wave still needs to fan the flames.
Plus, global liquidity is currently on the tight side.
When liquidity tightens, it means there is less market capital.
Whether the bull market is over—we won’t go there. Stepping back, even if there really is a bull market, it would be a structural bull market.
After all, there’s only so much money. It’s easy to cover one area while neglecting another: you might save Hong Kong stocks, but still need to save the mainland A-shares.
So overall, because Hong Kong stocks fell quite deeply earlier, there is still room for a rebound here.
But whether it’s truly a reversal—Xiao Caishen thinks we need to be more cautious and wait and see.

#IntelQ2RevenueSurges25%
INTEL JUST DELIVERED ITS FASTEST REVENUE GROWTH IN 15 YEARS AND AI IS LEADING THE COMEBACK
Intel has delivered one of its strongest quarterly performances in more than a decade. For Q2 2026, the company reported $16.1 billion in revenue, representing a 25.4% year-over-year increase—its fastest quarterly revenue growth since Q3 2011. The results exceeded both company guidance and Wall Street expectations, sending Intel shares 9–11% higher in after-hours trading on July 23.
After gaining more than 170% year-to-date, Intel is no longer being viewed solely as a legacy semiconductor manufacturer. The latest earnings reinforce a broader transformation centered on artificial intelligence, data centers, and advanced chip manufacturing.
AI DATA CENTER BUSINESS IS DRIVING THE MOMENTUM
The biggest contributor to Intel's strong quarter was its Data Center and AI Group (DCAI).
The division generated $6.3 billion in revenue, a remarkable 59% increase compared with the same quarter last year.
Growing demand for AI servers, enterprise computing, and cloud infrastructure continues to fuel investment in high-performance processors, making this business the primary engine behind Intel's recovery.
The results also demonstrate that AI infrastructure spending remains strong despite ongoing macroeconomic uncertainty.
CORE BUSINESSES CONTINUE TO IMPROVE
Intel's Client Computing and Physical AI Group (CCPG) reported $8.9 billion in quarterly revenue, improving steadily from $7.9 billion one year earlier.
Meanwhile, Intel Foundry generated $5.8 billion in revenue while reaching another important milestone.
The company's Intel 18A-P process technology has officially entered risk production, marking significant progress in Intel's long-term strategy to compete more aggressively in advanced semiconductor manufacturing.
This development strengthens Intel's position within the global foundry market alongside other major chip manufacturers.
PROFITABILITY SHOWS A MAJOR TURNAROUND
Operationally, Intel delivered one of its strongest improvements in years.
Key highlights include:
• Non-GAAP operating income improved from a $0.5 billion loss last year to a $2.8 billion profit
• Gross margin recovered to 42%, a significant improvement from 2.5% a year ago
• Non-GAAP net income reached $2.2 billion
• Non-GAAP earnings per share came in at $0.42
Although Intel reported a GAAP net loss of approximately $11 billion, management explained that the loss primarily reflected a large accounting adjustment related to escrowed shares connected to its CHIPS Act agreement rather than deterioration in underlying business performance.
GUIDANCE REMAINS CONFIDENT
Looking ahead, Intel expects Q3 2026 revenue between $15.8 billion and $16.8 billion, comfortably above many analyst forecasts.
Management also highlighted continued investment in:
• AI infrastructure
• Advanced manufacturing equipment
• Clean-room expansion
• Semiconductor substrates
These investments indicate Intel expects AI-driven demand to remain strong throughout the remainder of 2026.
WHY THIS MATTERS FOR TECHNOLOGY AND CRYPTO
Intel's results extend beyond one company's earnings.
They reinforce several important trends:
• Enterprise AI spending continues accelerating.
• Data center investment remains robust.
• Semiconductor demand shows no meaningful signs of slowing.
• Domestic chip manufacturing capacity continues expanding.
The same AI infrastructure supporting cloud computing, machine learning, and enterprise workloads also benefits the broader digital economy, including blockchain infrastructure, high-performance computing, and emerging AI-focused crypto ecosystems.
THE BIGGER PICTURE
Throughout 2026, investors have increasingly rewarded companies with meaningful exposure to artificial intelligence.
Intel's strong recovery demonstrates that AI investment is beginning to translate into measurable financial performance rather than remaining purely a future growth narrative.
Strong earnings from semiconductor companies also reinforce confidence that the global AI infrastructure cycle remains intact.
Intel's 25.4% revenue growth marks its strongest quarterly expansion in 15 years, highlighting how rapidly artificial intelligence is reshaping the semiconductor industry.
With record growth in its Data Center and AI business, improving profitability, stronger guidance, and continued manufacturing expansion, Intel is demonstrating tangible progress in its multi-year transformation.
As AI adoption accelerates across industries, the companies building the hardware foundation behind that growth are increasingly delivering results that match investor expectations.
#SummerCreationCamp
@Gate_Square