Core Viewpoint - The Hong Kong stock market's state-owned enterprise ETF (159519) has seen a 2% increase, indicating a potential recovery in the midstream manufacturing sector's supply-demand dynamics, expected to improve around mid-2026 [1]. Industry Summary - The midstream manufacturing sector is showing signs of improvement, with the negative impact on profitability from supply-demand dynamics and scale effects diminishing as of the second quarter of 2025 [1]. - Positive effects from overseas policy stimulation and optimized industry competition are beginning to manifest [1]. - The technology and emerging industries are experiencing a rebound, with significant room for expansion in the future [1]. - Solid-state batteries and electric power equipment are emerging as new market hotspots, while AI computing power remains highly prosperous with potential for valuation increases [1]. - The global market share in the photovoltaic and chemical industries is benefiting from increased concentration and short-term expectations of price alliances due to the trend of "anti-involution" [1]. Investment Opportunities - The Hong Kong state-owned enterprise ETF (159519) tracks the mainland state-owned index (H11153), which primarily selects Chinese state-owned enterprises listed in Hong Kong, covering sectors such as finance, energy, and communication services, focusing on large blue-chip companies [1]. - Investors without stock accounts can consider the Cathay CSI Hong Kong Mainland State-Owned Enterprise ETF Initiated Link (QDII) A (021044) and C (021045) [1].