Mei Ri Jing Ji Xin Wen·2025-07-07 03:29Core Viewpoint - The recent competition among leading companies in the food delivery sector has drawn attention to the Hang Seng Technology Index, with significant capital inflows into the Hang Seng Technology ETF (513130) [1] Group 1: Market Activity - The Hang Seng Technology ETF (513130) saw a net inflow of 1.053 billion yuan over three trading days (July 2 to July 4), with a single-day inflow of 634 million yuan on July 4, highlighting its investment appeal [1] - The total shares of the Hang Seng Technology ETF (513130) reached a record high of 38.642 billion, marking an increase of 2.752 billion shares in the past month [1] - The average daily trading volume of the Hang Seng Technology ETF (513130) exceeded 5 billion yuan this year, indicating its scale and liquidity advantages [1] Group 2: Industry Insights - Goldman Sachs suggests that the current price war in the food delivery sector aims to acquire user traffic for cross-selling to more profitable e-commerce and travel businesses, rather than focusing solely on profitability from food delivery [1] - As competition normalizes, leading companies are expected to reallocate marketing expenditures towards food delivery subsidies, gradually achieving moderate profitability or breakeven, thus enhancing GMV profit margins [1] Group 3: Investment Outlook - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 leading companies in the Hong Kong internet and technology manufacturing sectors, representing a scarce core asset direction in the Hong Kong market [1] - The top five weighted stocks in the Hang Seng Technology Index include Xiaomi Group-W, NetEase-S, Tencent Holdings, Alibaba-W, and BYD Company, all of which are competitive leaders in the internet and technology manufacturing sectors [1] - According to a recent report by Galaxy Securities, the absolute valuation of Hong Kong stocks is relatively low, with mid-to-high historical valuation percentiles, indicating high medium-to-long-term allocation value [1] - The technology sector continues to present significant investment opportunities, supported by strong policy backing and leading profit growth, with valuations at historical low levels, suggesting substantial upside potential [1]