On May 28th, the three main Hong Kong stock indices were under pressure and declined. By the end of trading, the Hang Seng Index fell by 1.27% or 322.07 points to 25,006.16 points, with a total daily turnover of 356.345 billion Hong Kong dollars; the Hang Seng Tech Index fell by 0.39% to 4888.58 points. In terms of size, the leading products in related Hong Kong stock ETFs performed as follows: Ping An Fund (02800) fell by 1.17% to 25.26 Hong Kong dollars; among mainland ETFs tracking the Hang Seng Tech Index, Hang Seng Tech ETF Huaxia (513180) fell by 0.32% to 0.618 yuan. Industry Performance The A-share photovoltaic module concept was strong in the afternoon, with ZTE Corporation soaring by over 7%, setting a new historical high in stock price. By the end of trading, the communication ETF Guotai (515880) rose by 5.20% to 1.619 yuan; the communication ETF GF (159507) rose by 4.23% to 3.053 yuan; and the ChiNext artificial intelligence ETF Huaxia (159381) rose by 3.61% to 2.727 yuan. After the US stock market closed on May 27th local time, the US stock concept stock of light communication, Lumentum, announced its performance for the first quarter of fiscal 2027, with revenue of 2.418 billion US dollars, a 28% year-on-year increase. Lumentum expects that by the end of fiscal 2027, its optical interconnection business will grow by over 70%; this is a significant increase from the previously expected 50% growth rate. The reignition of the US-Iran conflict caused a sharp increase in oil prices, while gold and cryptocurrency-related ETFs all declined. By the end of trading, Bosera Ethereum (03009) fell by 4.43% to 1.51 Hong Kong dollars; the gold stock ETF Huaxin (159321) fell by 3.39% to 1.452 yuan. On May 28th, the Iran Islamic Revolutionary Guard Corps issued a statement through its Public Relations Department, stating that early in the morning of that day, the US military conducted an airstrike in a suburb of Abu Dhabi, and the Islamic Revolutionary Guard Corps retaliated by attacking the US air base that carried out the airstrike. As a result, international oil prices surged, international gold prices plummeted below the key level of 4400 US dollars per ounce, and Bitcoin fell below 73,000 US dollars, hitting a new low since April 13th, as risk assets became more desirable for hedging. The South Korean stock market plunged today, with the KOSPI index dropping by 0.53% after briefly dropping below 8000 points. SK Hynix meanwhile rose by 2% to hit a new high. By the end of trading, the South Double Bull Hynix (07709) rose by 0.79% to 133.55 Hong Kong dollars; the South Double Bull Samsung Electronics (07747) fell by 5.46% to 158.45 Hong Kong dollars; and the China-Korea Semiconductor ETF Huatai Bairui (513310) fell by 6.59% to 6.070 yuan. Institutional Views Lin Weibin of E Fund believes that leading companies in the semiconductor and AI hardware sectors, represented by the STAR Market and ChiNext, have shown significant improvements in revenue and profit growth, further strengthening the profitability of growth sectors. Fang Jun from China Merchants Fund stated that the recent strong performance of the semiconductor equipment sector in the market has led to an increase in profit-taking intentions among investors, intensifying the market's long and short game. However, from a fundamental perspective, Taodling has opened up a new path for the performance improvement of domestic chips, and the listing and expansion pace of the "two reserves" have become clearer, providing a clearer expectation for the industry's expansion. The independent and controllable logic of domestic semiconductor equipment remains stable. ETF Trends On May 28th, two ETFs were listed on the market for the first time: Ganshi SC200ETF (589320) First-day increase of 2.35% to 1.002 yuan, with a turnover of 33.1633 million yuan. This fund tracks the Shanghai Stock Exchange Science and Technology Innovation Board 200 Index, selecting 200 listed companies in the Science and Technology Innovation Board with smaller market capitalization and better liquidity, reflecting the overall performance of small-cap companies in the Science and Technology Innovation Board. The total listed shares are 258,053.30 million. Huaxin Creative Entrepreneurial AI ETF (588470) First-day increase of 1.82% to 1.009 yuan, with a turnover of 74.8899 million yuan. This fund tracks the China Securities Science and Technology Innovation Entrepreneurial Artificial Intelligence Index, selecting artificial intelligence-related listed companies in the Science and Technology Innovation Board and the ChiNext, covering AI infrastructure, technology, and applications, reflecting the overall performance of the AI industry in the innovative entrepreneurial sector. The total listed shares are 574,907.00 million.