AI算力国产替代需求升温，恒生科技指数ETF(159742)回调蓄势，最新规模创新高

Core Viewpoint - The Hang Seng Tech Index has experienced a decline of 1.86% as of October 10, 2025, with mixed performances among constituent stocks, indicating a volatile market environment influenced by external factors such as foreign investment interest and upcoming e-commerce events [3][4]. Group 1: Market Performance - The Hang Seng Tech Index ETF (159742) fell by 1.59%, with the latest price at 0.87 yuan, while it has seen a cumulative increase of 1.38% over the past two weeks as of October 9, 2025 [3]. - The index showed strong performance leading up to the holiday, with a 3.2% increase from September 30 to October 6, driven by AI market trends and significant interest in major stocks like Alibaba and Tencent [3][4]. Group 2: Stock Movements - Among the constituent stocks, Ctrip Group-S led with a 1.52% increase, while Horizon Robotics and JD Health also saw gains of 0.98% and 0.71%, respectively [3]. - Conversely, Hua Hong Semiconductor and SMIC experienced declines of 5.99% and 5.75%, respectively, with Baidu Group-SW down by 3.75% [3]. Group 3: Liquidity and Fund Flows - The Hang Seng Tech Index ETF recorded a turnover of 6.75% during the trading session, with a transaction volume of 322 million yuan [3]. - Over the past week, the ETF has averaged a daily transaction volume of 1.319 billion yuan, indicating robust trading activity [3]. Group 4: Sector Insights - The demand for AI infrastructure remains high internationally, and domestic AI chip production is expected to continue growing, which may increase demand for computing and storage solutions [4]. - The latest scale of the Hang Seng Tech Index ETF reached 4.602 billion yuan, marking a one-year high, with recent inflows balancing out [4]. Group 5: Top Holdings - As of October 8, 2025, the top ten weighted stocks in the Hang Seng Tech Index include Alibaba-W, SMIC, Tencent Holdings, and others, collectively accounting for 69.87% of the index [5].