“反内卷”提振港股市场情绪？恒生科技指数ETF（513180）强势拉升

Group 1 - The Hong Kong stock market saw a collective rise in its three major indices, with the Hang Seng Tech Index increasing by over 2% on July 23. The largest ETF tracking this index, 513180, followed suit with a nearly 2.5% increase, driven by significant gains in stocks like NIO, Baidu, Kuaishou, Tencent, Kingdee International, and Meituan, with NIO rising nearly 11% [1] - Since 2025, policies have been guiding various industries to reduce "involution" to address the challenges of unhealthy competition and achieve high-quality development. On July 18, the State Administration for Market Regulation held discussions with platforms like Ele.me, Meituan, and JD.com, urging them to comply with laws such as the E-commerce Law and the Anti-Unfair Competition Law, and to regulate promotional activities [1] - Dongwu Securities suggests that the current "anti-involution" measures will have a more pronounced effect on correcting unhealthy competition and will marginally benefit emerging industries. The firm recommends focusing on the photovoltaic industry chain, particularly leading companies in silicon materials and glass, as well as energy storage sectors affected by photovoltaic valuation pressures, lithium battery supply chains, new energy vehicles, and mature process wafer foundries [1] Group 2 - As of July 22, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was only 21.14 times, which is approximately 17.14% of the index's valuation since its launch on July 27, 2020. This indicates that the current valuation is lower than 82% of the time since the index was published, placing it in a historically undervalued range. The high elasticity and growth characteristics of the index suggest greater upward momentum [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain exposure to core AI assets in China [2]