华夏国证港股通科技ETF投资价值分析：人工智能加速落地，支撑龙头科技公司的增长动能

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy indicates that technology and artificial intelligence are entering an accelerated implementation phase, and the implementation of AI applications in leading technology companies is evident, supporting their performance growth [4]. - The Guozheng Hong Kong Stock Connect Technology Index focuses on leading technology companies in the Hong Kong stock market, has a high - weight concentration, and has relatively excellent historical performance. It also has differences and advantages compared with other Hong Kong technology indexes [4]. - The Huaxia Guozheng Hong Kong Stock Connect Technology ETF has increasing circulating shares and good on - site liquidity since its listing, and its fund managers have rich experience in managing ETF products [4]. 3. Summary According to Directory 3.1 Artificial Intelligence Accelerates Implementation, Supporting the Growth Momentum of Leading Technology Companies 3.1.1 Policy Points to Technology and Artificial Intelligence Entering an Accelerated Implementation Phase - On January 9, 2026, eight departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'". By 2027, China will promote the in - depth application of 3 - 5 general large - models in the manufacturing industry, form a large - scale application paradigm covering multiple industries, build 1000 high - level industrial intelligent agents, create 100 high - quality industrial data sets, and promote the implementation of 500 typical application scenarios [4][10]. 3.1.2 The Implementation of AI Applications in Leading Technology Companies is Evident, Supporting Performance Growth - Tencent Holdings: In the second quarter of 2025, AI - driven advertising technology upgrades significantly improved click - through rates and delivery efficiency, and marketing service revenue increased by about 20% year - on - year. The demand from enterprise customers for AI services has increased, and GPU leasing and API token usage have become new sources of revenue [13][14]. - Alibaba: In fiscal year 2025, the revenue growth rate of Alibaba Cloud's public cloud accelerated significantly, and the revenue of AI - related products has achieved triple - digit growth for seven consecutive quarters. The company clearly takes "AI + Cloud" as its core growth direction [14]. - Meituan: In 2025, it introduced AI technology and intelligent assistant tools in multiple scenarios, which helps optimize resource allocation and improve user and merchant experience [14]. - Xiaomi: By the end of 2024, the Xiaomi AIoT platform had connected 904 million devices (excluding smartphones and laptops), showing that AI has formed a real and continuous demand in the terminal [15]. 3.2 Guozheng Hong Kong Stock Connect Technology Index: Fully Covers the Hong Kong Technology Field and has High Offensive Elasticity 3.2.1 The Guozheng Hong Kong Stock Connect Technology Index Focuses on Leading Technology Companies in the Hong Kong Stock Market - The Guozheng Hong Kong Stock Connect Technology Index selects 30 listed company securities with large market capitalizations in the technology - related fields that are listed on the Hong Kong Stock Exchange and eligible for the Stock Connect program as index samples. As of December 31, 2025, the sum of the weights of the top five constituent stocks was 60.45%, and the sum of the weights of the top ten constituent stocks was 79.53%. Leading enterprises such as Tencent Holdings, Alibaba - W, Xiaomi Group - W, and Meituan - W have a weight of more than 10% [4][20]. 3.2.2 Comparison of the Guozheng Hong Kong Stock Connect Technology Index with Other Hong Kong Technology Indexes - In terms of the main industries covered by the index, the Guozheng Hong Kong Stock Connect Technology Index has a wider coverage. It includes the pharmaceutical industry compared with the Hang Seng Technology Index and adds hardware equipment, semiconductors, automobiles, and the pharmaceutical industry compared with the CSI Hong Kong Stock Connect Internet Index. In terms of the single - weight limit, it increases the weights of heavy - weight stocks compared with the Hang Seng Technology Index, making the index more elastic [4][28]. 3.2.3 The Guozheng Hong Kong Stock Connect Technology Index has Relatively Excellent Historical Performance - From 2019 to 2025, the annualized return of the Guozheng Hong Kong Stock Connect Technology Index was 12.98%, and the Sharpe ratio was 0.35, both significantly higher than those of the CSI Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index. In annual return comparisons, it has greater elasticity in good market conditions and smaller decline amplitudes in poor market conditions [4][36]. 3.3 Analysis of the Investment Value of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF 3.3.1 The Circulating Shares have been Continuously Increasing Since Listing and the On - site Liquidity is Good - Since its listing on September 3, 2025, the circulating shares of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF have been increasing. As of January 27, 2026, the circulating shares increased to 3.059 billion, a 131.22% increase compared with the listing. Its on - site average daily turnover was 341 million yuan, and the highest daily turnover reached 792 million yuan [4][42][43]. 3.3.2 The Current Fund Managers' Managed ETF Products - The current fund managers of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF are Mr. Xu Meng and Ms. Wang Xinwei. Taking Mr. Xu Meng as an example, as of January 27, 2026, he is currently managing 10 ETF products with a total scale of 222.98 billion yuan [49].