$HUA HONG GRACE(01347.HK) and $ILUVATAR COREX(09903.HK) both rose three to four percentage points today – while U.S. chip stocks were hammered all day by news about Samsung and DeepSeek, domestic chip stocks in Hong Kong actually moved against the broader market and went up. The logic isn't hard to understand: DeepSeek's move to develop its own AI inference chips raises demand concerns for high-end overseas computing power, but it's a real positive for domestic substitution. Foundry $HUA HONG GRACE(01347.HK) and AI chip maker $ILUVATAR COREX(09903.HK) benefit directly.

But it's not uniform across the same supply chain. $VGT(02476.HK) and $CREALIGHTS(01191.HK) fell three to four percentage points, and $ASMPT(00522.HK) also declined slightly. Sectors like advanced packaging and PCB, which are more closely tied to overseas capital expenditure, were still dragged down by external market sentiment. Domestic substitution and the global computing power cycle are tugging against each other within the same batch of stocks. In the short term, who has greater pricing power depends on where the next wave of orders lands.