Group 1 - The core viewpoint of the articles highlights the collective decline of Hong Kong's three major indices, with the semiconductor sector remaining strong while tech stocks and automotive shares weakened, particularly Meituan, which fell over 12% [1] - Meituan reported its Q2 2025 earnings, showing revenue of 91.8 billion yuan, a year-on-year increase of 11.7%, but adjusted net profit decreased by 89% to 1.493 billion yuan. The increase in sales costs was attributed to higher delivery transaction volumes, rider subsidies, and expansion in retail and overseas businesses [1] - The Hang Seng Technology Index ETF (513180) has seen trading volume exceed 7 billion yuan, indicating intense capital speculation in the market [1] Group 2 - Despite short-term pressures, the Hang Seng Technology Index still possesses a certain safety margin from a valuation perspective, with a latest P/E ratio of 22.3, which is below 74% of the time since its inception [2] - The current valuation of the Hang Seng Technology Index is considered historically low, suggesting potential upward momentum, especially with expectations of Federal Reserve interest rate cuts and improved external liquidity [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]