On May 28th, the three main stock indices in Hong Kong were under pressure and fell. By the close of trading, the Hang Seng Index fell by 1.27% or 322.07 points to 25,006.16 points, with a total trading volume of 356.345 billion Hong Kong dollars; the Hang Seng Technology Index fell by 0.39% to 4,888.58 points. Among the Hong Kong-related ETFs, the leading products in terms of size performed as follows: GF Fund (02800) fell 1.17% to 25.26 Hong Kong dollars; among the mainland ETFs tracking the Hang Seng Technology, the Hang Seng Technology ETF by Huaxia (513180) fell by 0.32% to 0.618 yuan. Industry Performance In the afternoon, A-share light module concepts were strong, with ZhongJi Xuchuang soaring more than 7% to a historic high. By the close of trading, the Communication ETF by Guotai (515880) rose by 5.20% to 1.619 yuan; Guangfa's Communication ETF (159507) rose by 4.23% to 3.053 yuan; the GEM Artificial Intelligence ETF by Huaxia (159381) rose by 3.61% to 2.727 yuan. After the U.S. stock market closed on May 27th, the fiber optic communication concept stock, Mellanox Technologies, announced its first quarter fiscal year 2027 results with revenue of $2.418 billion, a 28% increase year-on-year. Mellanox Technologies expects that by the end of fiscal year 2027, its optical interconnect business will grow by over 70%, a substantial increase from the previous expectation of 50% growth. The reignition of the U.S.-Iran conflict triggered a sharp rise in oil prices, with gold and cryptocurrency related ETFs all falling. By the close of trading, Bosera Ethereum (03009) fell by 4.43% to 1.51 Hong Kong dollars; the Gold Stock ETF by Hua'an (159321) fell by 3.39% to 1.452 yuan. On May 28th, the Islamic Revolutionary Guard Corps of Iran issued a statement indicating that in the early hours of the day, the U.S. military launched an airstrike on a location in the outskirts of Abbas Port, and the Islamic Revolutionary Guard Corps later struck the U.S. Air Force base that launched the attack. As a result, international oil prices rose sharply, international gold prices plunged below the $4,400 per ounce mark, and Bitcoin fell below $73,000, hitting a low since April 13th, as risk assets ditched amid increasing safe-haven sentiment. The South Korean stock market saw a dive today, with the KOSPI index briefly falling below 8,000 points and closing down by 0.53%. SK Hynix rose against the trend by 2% to hit a new high. By the close of trading, the Southern Two Times Bullish Hynix (07709) rose by 0.79% to 133.55 Hong Kong dollars; the Southern Two Times Bullish Samsung Electronics (07747) fell by 5.46% to 158.45 Hong Kong dollars; the China-Korea Semiconductor ETF by Huatai Borui (513310) fell by 6.59% to 6.070 yuan. Institutional Views Lin Weibin of E Fund believes that leading companies on the sci-tech and GEM boards, represented by semiconductor and AI hardware industries, show significant improvement in revenue and profit growth, further strengthening the profitable advantages of growth sectors. Fang Jun, a fund manager at China Merchants Fund, stated that the recent strong performance of the semiconductor equipment sector has led to increased desire for profit-taking within the market, intensifying the long and short game. However, from a fundamental perspective, Moore's law has opened up a new path for performance improvement in domestic chips, with the timing of IPOs and production expansions becoming clearer, providing a more definite expectation for industry expansion of domestically controlled logic semiconductor equipment. ETF Trends On May 28th, two new ETFs were listed for the first time: Science and Technology 200 ETF by Jiashi (589320) It rose by 2.35% on the first day to 1.002 yuan, with a trading volume of 33.1633 million yuan. This ETF tracks the Shanghai Science and Technology Innovation Board 200 Index, selecting 200 small-cap, high-liquidity companies listed on the Sci-Tech board, reflecting the overall performance of small-cap companies on the Sci-Tech board. The number of shares listed is 258.053 million. Science Innovation Artificial Intelligence ETF by Hua'an (588470) It rose by 1.82% on the first day to 1.009 yuan, with a trading volume of 74.8899 million yuan. This ETF tracks the China Securities Science Innovation Artificial Intelligence Index, selecting AI-related companies listed on the Sci-Tech and GEM boards, covering AI infrastructure, technology, and applications, reflecting the overall performance of the AI industry on the dual innovation board. The number of shares listed is 574.907 million.