On May 18th, the three major indexes of the Hong Kong Stock Market were under pressure. By the close of trading, the Hang Seng Index fell by 1.11% to 25,675.18 points, with a total trading volume of 292.712 billion Hong Kong dollars for the day; the Hang Seng Tech Index fell by 1.95% to 4,844.94 points. In terms of size ranking, the top three performing Hong Kong-related ETF products are as follows: Yingfu Fund (02800) fell by 1.15% to 25.82 Hong Kong dollars; among mainland ETFs tracking the Hang Seng Tech Index, the Hang Seng Tech ETF Huaxia (513180) fell by 1.91% to 0.617 yuan; and the Hang Seng Tech ETF Huatai Peregrine (513130) fell by 1.78% to 0.608 yuan. Industry Performance The South Korean stock market staged a V-shaped rebound, with Samsung Electronics' stock price reversing from a decline to a rise, rising by more than 6% at one point during trading. By the close of trading, Samsung's double long ETF in the South surged by 3.92% to 141.9 Hong Kong dollars. On May 18th, the South Korean KOSPI index plummeted by over 4.5% in the morning, triggering a circuit breaker, and later rebounded strongly in a V-shaped manner, ultimately closing up by 0.31% at 7,516 points. The South Korean court approved some of Samsung Electronics' requests for injunctions, demanding that the Samsung union's strike action not affect production. The South Korean court also ruled that if the Samsung Electronics Korean union does not comply with the court's orders, they will be fined approximately 100 million Korean won per day. Trump warns Iran, oil prices hit $110, and crude oil ETFs strengthen. By the close of trading, F Samsung Oil Futures (03175) rose by 2.96% to 11.48 Hong Kong dollars; GlobalX S&P Crude Oil (03097) rose by 2.78% to 9.785 Hong Kong dollars; in addition, the S&P Oil and Gas ETF Fuguo (513350) hit the limit up, with a premium of over 11%. As for international oil prices, Brent crude oil at one point reached $110 per barrel. US President Trump issued a warning to Iran on May 17th local time, stating, "For Iran, time is ticking away, they had better act fast, otherwise they will have nothing left." According to multiple media reports, Trump had earlier discussed the Iran situation and the possibility of resuming military action against Iran with Israeli Prime Minister Netanyahu over the phone. Demand for computing power receives a catalyst, digital economy and AI-related ETFs rise. By the close of trading, the Digital Economy ETF ICBC (561220) rose by 2.91% to 1.837 yuan; the Sci-Tech Artificial Intelligence ETF GF (588760) rose by 2.56% to 0.923 yuan; and the Telecom ETF EFUND (563010) rose by 2.24% to 2.372 yuan. Benefiting from the surge in token consumption brought about by the explosion of AI applications, the "Token Factory" is accelerating from concept to implementation. Chinese telecom giants China Telecom, China Mobile, and China Unicom have launched a series of trial commercial token packages. In addition, Chinese storage chip giant Changxin Technology updated its prospectus on May 17th, predicting revenue of 110-120 billion yuan, a year-on-year growth of 612.53% to 677.31% for the period of January to June 2026; and projected net profit attributable to shareholders to be 50-57 billion yuan, a year-on-year growth of 2244.03% to 2544.19%, far exceeding expectations. Institutional Views Lei Tao, a fund manager at Debon Fund, stated that the current market is the inevitable result of AI restructuring the storage supply and demand landscape - the starting point is the explosive growth in demand for AI computing chips such as HBM (High Bandwidth Memory), and storage manufacturers are focusing their strategic efforts on data centers and other business lines, with the three major global storage manufacturers actively reducing general capacity and shifting towards AI demand. At the same time, based on the lessons learned from past cycles of oversupply after large production expansions, storage manufacturers have maintained a relatively cautious attitude towards expanding production in this supercycle. Huatai Securities released a strategy for the Hong Kong stock market, stating that the Hong Kong stock market still faces two major external challenges. On one hand, the impact of oil supply shocks is approaching a critical point of concentration; on the other hand, rising inflation expectations are pushing up global bond yields, and monetary policy has limitations in responding to supply shocks. Internally, the positions of southbound funds still need to be cleared. Huatai Securities recommends using certainty in earnings to address valuation and liquidity headwinds and to position along the two main lines of cash flow certainty and industry trend certainty. ETF Trends The Hong Kong Medical ETF, Yinhe (513620), was listed today and closed down by 3.1% at 0.939 yuan, with a turnover of 37.8469 million yuan. The ETF tracks the CSI Hong Kong Stock Connect Medical theme index, selecting listed companies within the scope of the Hong Kong Stock Connect involved in medical equipment, medical services, medical informationization, and other medical themes, and is weighted by free float market value to reflect the overall performance of the medical industry in the Hong Kong Stock Connect.