指数基金产品研究系列报告之二百五十六：广发恒生港股通科技主题 ETF：港股硬科技，从互联网到AI +

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Internet giants have deep roots and natural advantages in developing AI, with strategic transformations and capability upgrades in the AI era [2][5][8]. - The investment value of Hong Kong stocks in the technology sector has increased in the AI wave, benefiting from industry trends, capital allocation, and policy support [2][10]. - The Hang Seng SCHK Technology Index focuses on core Hong Kong technology assets, with strong performance and high investment value [23][32][34]. - The GF Hang Seng SCHK Technology Theme ETF closely tracks the Hang Seng SCHK Technology Index, aiming to achieve returns similar to the target index [49]. 3. Summary According to the Directory 3.1 Core Evolution: The AI Transformation Path of Internet Giants - Internet Giants' Natural Advantages in AI Development: Chinese internet giants have built competitive barriers with large user bases and ecosystems, accumulating vast user data and R & D foundations for AI development [5]. - Evolution Path of Internet Giants in the AI Era: They are shifting their technological focus to underlying technologies, upgrading business models, and increasing resource investment to seize the initiative in the AI track [8][9]. 3.2 Investment Logic: The Core Value of Hong Kong Technology Stocks in the AI Era - Industry Trend Dividend: The global AI computing power industry chain is booming, and the demand for domestic technological self - sufficiency is urgent. Hong Kong technology stocks, as the gathering place of domestic AI core assets, directly benefit from industry development [10]. - Capital Allocation Support: Southbound funds have a net inflow of over one trillion yuan this year, providing sufficient liquidity support for Hong Kong technology stocks [11]. - Capital Market Boost for New Productivity: The capital market supports new - quality productivity, and the growth potential of Hong Kong - connected technology stocks is worth attention [13]. - Favorable Conditions and Challenges for Domestic AI Development: China has made progress in model and application layout, has certain advantages in AI computing power and network infrastructure, and may benefit from policy support [15][19]. 3.3 Hang Seng SCHK Technology Index: Focusing on Core Hong Kong Technology Assets and Sharing New Economy Dividends - Focus on Core Hong Kong Technology Assets: The index is designed to reflect the overall performance of Hong Kong - listed companies engaged in technology - related businesses within the scope of the Hong Kong - Stock Connect [23]. - Component Stocks Cover Core Technology Industries: It has a distinct technology - dominated style, covering core technology fields, with high index sharpness and industry purity [26][32]. - Small Drawdown and Quick Recovery: Since its establishment, the index has had a relatively small drawdown and has significantly outperformed similar indices since "924", showing high investment value [34][37]. - AI Breakthroughs of Leading Component Stocks: Leading companies such as Alibaba - W, Tencent Holdings, and Xiaomi Group - W have made significant AI breakthroughs and technological practices [41][46][48]. 3.4 GF Hang Seng SCHK Technology Theme ETF (159262) The fund was established on June 26, 2025, and listed on July 7, 2025. Managed by Xia Haoyang, it has a management fee of 0.50% and a custody fee of 0.10%. It closely tracks the Hang Seng SCHK Technology Index to minimize tracking deviation and error [49].