In the second week of July, global capital markets experienced a dramatic rotation. Hong Kong stocks staged a violent rebound after People's Bank of China Governor Pan Gongsheng announced plans to increase asset allocation to Hong Kong, with the Hang Seng Tech Index surging over 4.3% in a single day. Alibaba briefly spiked over 12% intraday, Xiaomi surged nearly 10%, and AI leaders Zhipu and MiniMax saw intraday gains briefly touch 19% to 20%. Conversely, South Korean and Japanese memory chip stocks entered a technical bear market, with Morgan Stanley explicitly calling for a "sell chips, buy cloud" strategy. Meanwhile, Middle East tensions escalated sharply after President Donald Trump threatened to scrap a ceasefire agreement, driving safe-haven demand for the US dollar and pushing the Japanese yen past the 162 level against the greenback.