Core Viewpoint - The recent strengthening of the RMB against the USD is driven by the depreciation of the dollar and proactive domestic macroeconomic policies, which enhance the resilience of the domestic economy [2] Group 1: Market Performance - As of May 26, the Hong Kong Stock Connect Technology ETF (513860) has seen a net value increase of 40.38% over the past three years, ranking 94 out of 1769 in the index stock fund category, placing it in the top 5.31% [3] - The ETF has a maximum monthly return of 26.48% since inception, with the longest consecutive monthly gains being three months and a total increase of 42.80%, averaging a monthly return of 10.00% [3] - The ETF's recent performance shows a 2.74% annualized return exceeding the benchmark over the last three months [3] Group 2: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 22.23, which is in the 6.3% percentile over the past year, indicating that the valuation is lower than 93.7% of the time historically [3] Group 3: Fund Composition - As of April 30, the top ten weighted stocks in the index include Xiaomi Group-W, Alibaba-W, BYD Company, Tencent Holdings, Meituan-W, SMIC, BeiGene, Kuaishou-W, Li Auto-W, and XPeng Inc., collectively accounting for 71.55% of the index [3] Group 4: Market Sentiment and External Factors - The recent downgrade of the US sovereign rating by Moody's to Aa1, along with rising expectations of US debt, has led to a "sell America" trade, benefiting the Hong Kong market as funds flow out of US assets [1] - The Hong Kong market is experiencing improved risk sentiment, with a slight increase of 1.1% last week, supported by ample liquidity and the potential for large IPOs [2]