Semiconductor Manufacturing International Corp (00981.HK) shares extended gains to 5%.

深证成指日内跌幅达1%，上证综指现跌0.7%。

Goldman Sachs maintained an overweight on A-shares in a new note, saying this year’s market has seen extreme divergence with A-shares’ hard-tech names substantially outperforming Hong Kong internet. It judges the A-shares AI complex is not broadly frothy but warns valuations in semiconductors and certain subsegments are rich and trading-concentration risk is elevated. Hong Kong internet stocks have rebounded and, Goldman says, current prices largely discount AI investment losses and pressure on core businesses; with subsidy rollbacks and faster cloud/AI monetization, earnings could inflect in Q2–Q3, supporting a gradual accumulation of high-quality Hong Kong-listed internet leaders. On flows, hedge funds remain heavily positioned in Korea and Taiwan while EM funds are beginning to overweight China.