这类基金，总规模增长14倍

Core Insights - The first batch of ETFs tracking the Hang Seng Tech Index has seen its total scale increase by 14 times over four years, indicating strong growth in the Chinese tech sector [1][2][5] Group 1: ETF Performance and Growth - As of May 9, the total scale of the first batch of Hang Seng Tech ETFs reached 755.63 billion, a significant increase from the initial scale of 49.89 billion, representing a growth of 14.15 times [2] - The Huatai-PB Southbound Hang Seng Tech ETF has grown to 249.85 billion, a 20-fold increase since its inception, while the Huaxia Hang Seng Tech ETF has reached 272.50 billion, leading among the six products [2][3] - Since 2024, the performance of the first batch of Hang Seng Tech ETFs has rebounded significantly, with an overall net asset value growth rate exceeding 40% [5][6] Group 2: Market Dynamics and Drivers - The growth of the Hang Seng Tech ETFs is driven by structural beta and alpha, reflecting the "Chinese tech industry upgrade dividend" and "global capital reallocation" [2][3] - Factors such as policy risk alleviation and capital flow have catalyzed short-term growth, while long-term support comes from technological iterations and business model innovations in new economy enterprises [2][3][6] - The Hang Seng Tech Index comprises 30 high-quality Chinese tech companies, which enhances its investment value, especially after experiencing a period of adjustment [3][6] Group 3: Future Outlook - The long-term logic of the Chinese tech industry remains unchanged, and the removal of risk factors that previously suppressed this logic suggests that related ETFs may recover and enter a new revaluation phase [6][7] - The Hang Seng Tech Index is expected to benefit from both interest rate cuts and high growth in the tech sector, with a projected earnings growth of over 50% for its constituent companies in 2024 [7] - The anticipated price-to-earnings ratio for the Hang Seng Tech Index in 2025 is 17.6, significantly lower than its historical average and the Nasdaq 100, indicating potential for continued strength [7]