ETF Review: Robotics, Oil & Gas Lead; Hong Kong Biotech Slips

The Shanghai Composite and ChiNext both hit intraday lows not seen since August 2025, with ChiNext falling below 2,600 points and down more than 40% from its year-to-date high. Despite the broader weakness, several thematic ETFs bucked the trend: the S&P Oil & Gas ETF, Energy & Chemical ETF, and Robotics ETF led gains. The humanoid robot theme rose against the market after Tesla signaled that Optimus V3 is ready for mass production; Daye Co. hit a fifth consecutive limit-up and Zhaowei Electromechanical posted its second limit-up in four sessions. On the downside, Hong Kong innovative drug ETF and Hong Kong Stock Connect information technology ETF declined, while the Invesco Nasdaq Technology ETF traded at a 28.57% premium/discount rate, highlighting divergent sentiment. The session underscored a sharp rotation into policy- and theme-driven trades even as major benchmarks weakened.