Hong Kong's three major stock indexes closed mixed on Tuesday, with tech and memory-storage plays leading gains while gold-related stocks retreated. The Hang Seng Index edged up 0.18% to 25,087.75 points, with total turnover reaching HK$249.214 billion, while the Hang Seng Tech Index rose 0.34% to 4,438.21 points.

Among the top Hong Kong-listed ETFs by assets, Tracker Fund of Hong Kong (02800) closed up 0.31% at HK$25.74, CSOP Hang Seng TECH Index ETF (03033) gained 0.37% to HK$4.354, and CSOP SK Hynix Daily (2x) Leveraged Product (07709) dropped 4.06% to HK$42.5.

AI ETFs rally as Muse's surge ignites 'CPU demand repricing' narrative

Consumer-facing AI agent Muse topped the U.S. free app charts on both Apple's iOS and Google Play within roughly 10 days of launch, prompting the market to reassess CPU demand driven by broader agent adoption. An agent can be broken down into "brain + orchestration + tool calling + memory," where task scheduling, data routing, sandbox execution, and memory management are primarily handled by the CPU, which is now evolving from a "supporting component" into a "compute hub."

According to BOCOM International, the CPU-to-GPU ratio in AI servers is shifting from 1:8 to 1:1 as agents become more prevalent. China Securities noted that agents like Muse require dedicated or isolated cloud execution environments to handle browser activity, code execution, tool calls, and application runs, all of which rely on CPU scheduling. As personal and enterprise agent penetration grows, CPU demand is expected to extend beyond traditional GPU server pairings into the agent execution layer itself.

By the close, Boshi STAR AI ETF (588790.SH) advanced 3.17% to RMB 0.814, GF STAR AI ETF (588760.SH) rose 3.07% to RMB 0.771, and Yinhua STAR AI ETF (588930.SH) added 2.91% to RMB 1.592.

Nasdaq-linked ETFs climb as macro headwinds ease alongside AI catalysts

Overnight, all three major U.S. indexes finished higher, with the Nasdaq Composite surging 2.26% to a fresh closing record, while the Philadelphia Semiconductor Index jumped 4.29%—its biggest one-day gain since August 4. The 10-year U.S. Treasury yield fell 4.2 basis points to 4.955%, and international oil prices dropped for a fourth straight session, with WTI crude sliding 3.80% to $91.64 per barrel.

CSC Financial pointed out that the macro volatility triggered by Middle East geopolitical tensions—which had earlier pushed up oil prices and Treasury yields—has now largely settled. With oil and long-end yields retreating, domestic liquidity staying relatively loose, and the renminbi exchange rate remaining stable, market focus has shifted back to earnings fundamentals, opening a window for capital to rotate back into high-growth sectors.

In the ETF space, Invesco Nasdaq 100 Technology ETF (159509.SZ) climbed 2.83% to RMB 3.049, ChinaAMC Nasdaq ETF (513300.SH) rose 2.31% to RMB 2.792, and Dacheng Nasdaq 100 ETF (159513.SZ) advanced 2.13% to RMB 1.874.

Institutional outlook: rate hike seen as precautionary; focus shifts to earnings quality

Guoyuan Securities (Hong Kong) believes the Federal Reserve's September rate hike is closer to a "precautionary, risk-management style policy tightening," but whether it evolves into a sustained hiking cycle still requires observation. Hong Kong stocks are expected to remain in a "range-bound index, structural divergence, and rotation" baseline scenario, with the market placing greater emphasis on whether corporate earnings and cash flows can absorb valuation pressure from elevated interest rates.

In terms of positioning, the tech sector should prioritize earnings delivery and self-financing capacity, focusing on companies in AI infrastructure, semiconductors, and hardware equipment where orders, revenue, profit, and free cash flow are consistently improving. In healthcare, investors may look at sub-segments with improving earnings trends and sufficient valuation adjustments.

New ETF debuts on ChiNext board

GF ChiNext Computing Power ETF (158049.SZ) made its debut on the ChiNext board, closing up 0.2% at RMB 1.026 with turnover of RMB 810 million. The fund tracks the ChiNext Computing Power Infrastructure Index, covering the full computing power chain including data centers, communications equipment, PCB, storage, and liquid cooling.

Meanwhile, E Fund ChiNext AI ETF (158031.SZ) also launched, rising 0.49% to RMB 1.019 with turnover of RMB 134 million. The fund tracks the ChiNext AI Index, focusing on the AI industry chain listed on the ChiNext board.

The co-occurrence of shifting macro headwinds and AI industry catalysts is driving a notable rotation into high-growth assets, with tech and compute-related ETFs leading the charge in both Hong Kong and mainland markets.