Core Viewpoint - A rare occurrence of dividend distribution among growth-style active equity funds has been observed, with several funds announcing their first dividends of the year, indicating a shift in strategy and market conditions [1][2][3] Group 1: Dividend Announcements - Multiple active equity funds, including those from E Fund, have announced their first dividends of the year, allowing investors to choose between reinvestment or cash dividends [1][2] - The recent dividend distributions are notable as they come from growth-style funds, which typically focus on capital appreciation rather than income generation [3][5] - Funds like E Fund Kexun and Wanjiabj North Exchange Selection have reported significant year-to-date returns, with E Fund Kexun exceeding 100% [2][5] Group 2: Market Context - The decision to distribute dividends is attributed to the strong performance of growth sectors, particularly technology, which has led to substantial gains for fund managers [6] - The current market environment has seen a notable increase in the valuation of technology stocks, with the ChiNext 50 Index PE ratio reaching 157 times, indicating a high valuation compared to historical averages [6][7] - Analysts suggest that the distribution of dividends may serve as a strategy for fund managers to lock in profits and optimize portfolio structures amid high valuations and concentrated holdings in technology stocks [6][7]

Group 1 - The Hong Kong stock market, particularly the Hang Seng Technology Index, experienced a decline, with the index dropping over 1% in the afternoon session on July 9 [1] - The largest ETF tracking the Hang Seng Technology Index (513180) also saw a slight decrease, with major holdings like Hua Hong, NetEase, Alibaba, Bilibili, Kuaishou, and Xpeng Motors showing significant declines [1] - According to a recent report by Founder Securities, the current upward trend in the Hong Kong stock market is expected to continue, driven by strong economic fundamentals and a series of favorable policies [1] Group 2 - The Hang Seng Technology Index ETF (513180) is currently at a relatively low valuation, with a latest P/E ratio of 20.10, which is below 91% of the time since the index was launched on July 27, 2020 [1] - Positive sentiment and ample liquidity are seen as crucial foundations for the next phase of growth in the Hong Kong technology sector, with expectations for thematic catalysts to drive performance [1] - The Hang Seng Technology Index ETF (513180) has seen significant capital inflows, with net inflows of 755.7 million yuan on July 3 and 682 million yuan on July 4, totaling over 2.4 billion yuan in the last 20 trading days, reaching a new high of 29.488 billion yuan [2]