Xin Lang Cai Jing·2025-11-20 05:10Core Insights - The Hong Kong Technology ETF Tianhong (159128) has seen significant trading activity, with a turnover of 9% and a transaction volume of 58.47 million yuan as of November 20, 2025 [1] - The ETF has attracted substantial investment, with a net subscription of 13 million shares in just half a day [1] - Over the past week, the ETF's scale has increased by 17.31 million yuan, reaching a new high of 679 million shares since its inception [2] Fund Performance - The Hong Kong Technology ETF Tianhong (159128) tracks the National Index of Hong Kong Technology Stocks, focusing on 30 leading technology companies across high-growth sectors such as internet, electronics, communication, biotechnology, and smart vehicles [2] - The ETF has shown a strong historical performance, often outperforming other Hong Kong technology indices, indicating higher elasticity and potential for excess returns [2] Recent Corporate Events - Tencent Holdings announced a buyback of 1.018 million shares for 636 million HKD, with a total buyback amounting to 1.271 billion HKD over the past 30 days [3] - Kuaishou reported a 14.2% year-on-year revenue growth in Q3, reaching 35.554 billion yuan, with operating profit increasing by 69.9% to 5.299 billion yuan [3] Market Outlook - CITIC Securities predicts a rebound in the Hong Kong market fundamentals, expecting a second round of valuation recovery and further earnings revival by 2026 [4] - The market is anticipated to benefit from a complete domestic AI industry chain and the influx of quality A-share companies listing in Hong Kong, driven by ongoing liquidity and AI narratives [5]