Ge Long Hui A P P·2025-09-30 03:05Group 1 - The Hang Seng Technology ETF Tianhong (520920) was launched on September 30, 2023, with a total of 1.22 billion shares raised, and individual investors accounted for 99.18% of the subscriptions [1] - The ETF closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong tech stocks across key sectors such as internet platforms, semiconductors, and automotive [1] - Major Chinese tech companies are increasingly clarifying their AI strategies, with Alibaba announcing a three-year plan to invest 380 billion yuan in AI infrastructure and a partnership with NVIDIA [1][2] Group 2 - Alibaba and Baidu have begun using self-developed AI chips to train some AI models, indicating a trend towards increased AI penetration and economic recovery in China [2] - The current PE valuation of the Hang Seng Technology Index is 23.29 times, which is at the 34.23% percentile of the past five years, suggesting a high margin of safety [2] - The Hang Seng Technology ETF Tianhong (520920) allows T+0 trading and has established off-market linked funds [3]