Group 1 - The core viewpoint is that the recent U.S. non-farm payroll data has led to increased expectations for interest rate cuts by the Federal Reserve, which may positively impact the Hong Kong stock market, particularly the technology sector [1][2] - The Hang Seng Technology Index is currently in a historically undervalued range and is highly sensitive to changes in U.S.-China interest rate differentials, making it likely to benefit from a loosening of overseas liquidity [2] - As of August 1, the futures market implied that the market expects the Federal Reserve to cut rates 2.4 times within the year, an increase from the previous week [1] Group 2 - The probability of a 25 basis point rate cut at the September Federal Reserve meeting has exceeded 90%, indicating a significant shift in market sentiment towards easing monetary policy [2] - The Hang Seng Technology Index is characterized by high elasticity and growth potential, suggesting that it will have stronger upward momentum if market conditions improve [2] - Investors without a Hong Kong Stock Connect account can consider using the Hang Seng Technology Index ETF (513180) to gain exposure to core Chinese AI assets [2]

Group 1 - The Hong Kong stock market indices collectively declined, with technology and new energy vehicle stocks mostly falling, including significant drops in Li Auto and Xpeng Motors [1] - Li Auto's first pure electric SUV, the Li i8, was officially launched with a price range of 321,800 to 369,800 yuan, which is lower than the previously announced pre-sale price of 350,000 to 400,000 yuan [1] - Morgan Stanley's view indicates that the initial price of the Li i8 is slightly above expectations, with market focus on the competitiveness of hardware specifications, particularly for the Pro version [1] Group 2 - As of July 29, the latest valuation of the Hang Seng Technology Index ETF (513180) is 22.16 times, which is below 76% of the time since the index was launched on July 27, 2020, indicating a relative undervaluation [2] - The Hang Seng Technology Index is currently in a historically undervalued range, with characteristics of high elasticity and high growth, suggesting greater upward momentum [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

Group 1 - The Hong Kong stock market saw a collective rise in its three major indices, with the Hang Seng Tech Index increasing by over 2% on July 23. The largest ETF tracking this index, 513180, followed suit with a nearly 2.5% increase, driven by significant gains in stocks like NIO, Baidu, Kuaishou, Tencent, Kingdee International, and Meituan, with NIO rising nearly 11% [1] - Since 2025, policies have been guiding various industries to reduce "involution" to address the challenges of unhealthy competition and achieve high-quality development. On July 18, the State Administration for Market Regulation held discussions with platforms like Ele.me, Meituan, and JD.com, urging them to comply with laws such as the E-commerce Law and the Anti-Unfair Competition Law, and to regulate promotional activities [1] - Dongwu Securities suggests that the current "anti-involution" measures will have a more pronounced effect on correcting unhealthy competition and will marginally benefit emerging industries. The firm recommends focusing on the photovoltaic industry chain, particularly leading companies in silicon materials and glass, as well as energy storage sectors affected by photovoltaic valuation pressures, lithium battery supply chains, new energy vehicles, and mature process wafer foundries [1] Group 2 - As of July 22, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was only 21.14 times, which is approximately 17.14% of the index's valuation since its launch on July 27, 2020. This indicates that the current valuation is lower than 82% of the time since the index was published, placing it in a historically undervalued range. The high elasticity and growth characteristics of the index suggest greater upward momentum [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain exposure to core AI assets in China [2]