Editor's Note:This Week's Bull Stocks in Hong Kong and U.S. MarketsThe column closely follows market dynamics on a weekly basis, reviewing the weekly performance of Hong Kong and U.S. stock markets, helping fellow investors identify key sectors, strong stocks, and major news highlights for the week, while seeking investment themes with profit potential.
This week, $Hang Seng Index (800000.HK)$Accumulated an increase of 2.34%, closing at 26,844.96 points; during the same period$Hang Seng TECH Index (800700.HK)$Accumulated an increase of 2.37%, closing at 5,822.18 points;$Hang Seng China Enterprises Index (800100.HK)$Accumulated an increase of 1.9% during the same period, closing at 9,220.81 points.
Surging demand in memory market! Memory chip manufacturers $GIGADEVICE (03986.HK)$ Surged nearly 68% in their first week after listing
According to the latest report by Counterpoint Research, the memory market has now entered a "super bull market" phase, with current conditions surpassing the historical peak of 2018. It is projected that prices will rise by another 40%-50% in Q1 2026. GigaDevice stated during its institutional investor briefing held in Q4 2025 that positive changes in demand are expected for 2025, driven by overseas tech giants advancing AI infrastructure. The growth in computing power will significantly boost demand for memory, and the capacity requirements announced by these tech giants exceed the planned increases from major memory manufacturers.
Against this backdrop, GigaDevice expects niche DRAM markets to remain relatively tight over the next two years, with prices likely to rise further and maintain relatively favorable levels through 2026. The company noted that looking ahead five years, for the domestic niche DRAM market valued at $3 billion to $4 billion, its goal is to capture at least one-third of the share.
Collaborated with Huawei to open-source the first domestic chip-trained multimodal SOTA model, hailed as 'China's OpenAI' $KNOWLEDGE ATLAS (02513.HK)$ Surged nearly 58% this week
Zhipu AI is one of the earliest companies in China dedicated to large-scale model research and development. It pioneered the General Pretraining Paradigm GLM based on autoregressive gap-filling, and was the first to release China’s first 10-billion-parameter model, the first open-source 100-billion-parameter model, the first dialogue model, the first multimodal model, and the world’s first device-control intelligent agent (Agent). These achievements have established a comprehensive model system and positioned Zhipu AI as one of the few domestic firms whose original technological approach remains aligned with global top-tier standards, earning it the reputation of being 'China's OpenAI'.
On January 14, Zhipu AI announced a collaboration with Huawei to open-source a new image generation model, GLM-Image. The model was fully trained using Huawei's Ascend Atlas 800T A2 devices and the MindSpore AI framework, marking it as the first SOTA multimodal model to complete full training on domestically produced chips. Reportedly, GLM-Image adopts an innovative hybrid architecture combining “autoregressive + diffusion decoder,” integrating image generation with language models. This represents a significant exploration by the company into the new paradigm of “cognitive generative” technology, exemplified by Nano Banana Pro.
Since its official listing on the Hong Kong Stock Exchange last Thursday, Zhipu's share price has doubled, with a cumulative increase of up to 115%.
Foreign investment banks are aggressively increasing their positions, driven by the dual engines of 'AI + energy storage.' $GUOXIA TECH (02655.HK)$ The stock surged over 47% this week, hitting a new high since its IPO.
Recently, market activity for Guoxia Technology has significantly increased, reflecting strong investor confidence in the company. Notably, foreign institutions have shown particularly positive sentiment—Morgan Stanley has been continuously increasing its holdings, with net purchases over the past five days surging more than tenfold compared to the previous period, providing robust buying support. This wave of purchases led by foreign capital is one of the core drivers pushing the stock price to new historical highs.
As the world’s eighth-largest energy storage supplier and a leading global provider of AI internet-driven renewable energy solutions, Guoxia Technology positions itself in the midstream of the energy storage supply chain, offering integrated AI-based energy storage solutions covering power generation, grid, and end-user sides. Its core products include large-scale, commercial, and residential energy storage systems. The company’s self-developed Safe ESS and Hanchu iESS digital energy management cloud platforms enable intelligent scheduling, battery health forecasting, and risk warnings for energy storage systems. Currently, its products are available in over ten countries across Europe, Africa, and the Middle East, supported by an international sales network of ten core distributors. Leveraging a mature supply chain and global distribution network, the company has successfully entered high-barrier markets such as the UK, Germany, the Netherlands, and South Africa, firmly maintaining its position in the global top tier.
Additionally, the list of eligible securities under the Shanghai-Hong Kong Stock Connect program is set to undergo a new round of adjustments. The results of this adjustment are expected to be announced on February 20 and will take effect starting March 9. Notably, Xingye Securities recently issued a research report stating that an estimated 48 Hong Kong-listed stocks will be included in the Stock Connect program, with Guoxia Technology anticipated to be added to the list.
On the other hand, the weaker-performing stocks this week are as follows:
Editor/Jamie
