Core Viewpoint - The Shanghai Stock Exchange International Investor Conference emphasizes the importance of long-term, stable, and scalable investments in technology assets, which are characterized by high volatility, high growth, and long cycles [1]. Investment Strategy - Long-term investment is essential for nurturing technology companies from their early stages to maturity, akin to growing a seedling into a towering tree [1]. - Stability in investment acts as a stabilizing force against the uncertainties of technology assets, ensuring that their volatility remains within the overall risk budget through systematic asset allocation [1]. - Maintaining a scalable investment approach is crucial for systematically supporting national strategies and facilitating a comprehensive layout in technology assets across the entire value chain [1].

Core Viewpoint - By the third quarter of 2025, Chinese technology assets are leading among major asset classes, reflecting the trend of China's economic upgrade and the realization of the "engineer dividend" advantage [1][9][10]. Dimension Summaries Dimension 1: Macro Risk Clearance - High-growth narratives require a risk clearance opportunity where capital is willing to invest. The study tested six potential variables, revealing that timing signals based on the MOVE index and monthly nominal GDP down volatility yield significant excess returns. The strategies based on these signals since 2006 have shown cumulative returns of 1176.91% and 1227.15%, respectively [2][13][16]. Dimension 2: Nominal Growth Rate Central Level - If the nominal growth rate is below the historical average, asset returns are constrained. A strategy of increasing allocation to technology assets when nominal GDP is low has yielded cumulative returns of 1184.04% since 2006. The best macro scenario for high-growth sectors is when nominal growth is at a low level with marginal improvement [3][17][19]. Dimension 3: High-Yield Asset Scarcity - The essence of asset scarcity is not a lack of assets but a mismatch between changing asset returns and rigid capital return expectations. A strategy based on high-yield asset scarcity has yielded cumulative returns of 258.06% since 2014, indicating that negative carry conditions favor technology assets [4][21][23]. Dimension 4: Internal and External Liquidity Conditions - The analysis considers both domestic and international liquidity conditions. A strategy based on low SHIBOR rates and a narrowing yield spread has shown cumulative returns of 433.01% since 2012, indicating favorable conditions for technology stocks [5][25][27]. Dimension 5: Existence of Industry Narratives - The study quantifies the impact of long-term narratives on short-term pricing by examining the difference between price-to-sales (P/S) and price-to-earnings (P/E) ratios. A strategy based on the presence of industry narratives has yielded cumulative returns of 518.05% since 2009, suggesting that new industry information can catalyze long-term narratives [6][30][32]. Dimension 6: High-Growth Odds Perspective - The analysis focuses on market breadth and concentration within technology stocks. A strategy based on market width has yielded cumulative returns of 264.87% since 2013, indicating that a healthy market breadth is essential for sustaining high-growth narratives [7][34][35]. Composite Summary - A "5+1" timing strategy has been constructed, integrating five winning dimensions and one odds dimension. The composite signal has shown cumulative returns of 1147.47% since 2006, indicating a robust framework for understanding high-growth asset pricing [8][36][38].

Group 1 - Public funds are experiencing a renewed wave of self-purchase, with institutions like ICBC Credit Suisse Fund, Taikang Fund, and Founder Fubon Fund announcing plans to use proprietary funds to buy their equity public funds, reflecting confidence in the long-term stability and health of the capital market [1][2] - The Shanghai Composite Index has recently surpassed 3600 points, boosting investor confidence in the market, and industry insiders suggest that a new round of self-purchase by public funds has begun, signaling positive market sentiment [1][3] - As of August 10, 2025, a total of 137 public fund companies have initiated self-purchases, with 56 companies focusing on stock funds and 73 on mixed funds, indicating a strong preference for equity assets [3] Group 2 - ICBC Credit Suisse Fund announced a self-purchase of at least 10 million yuan for its "ICBC Credit Suisse Selected Return Mixed Fund," with a commitment to hold for at least one year [1][2] - Taikang Fund has utilized 1.55 million yuan of its proprietary funds to invest in its "Taikang Hong Kong Stock Connect Index Fund," while Founder Fubon Fund plans to self-purchase at least 25 million yuan in equity public funds, marking its second self-purchase this year [2][3] - The self-purchase actions by fund companies are expected to enhance performance stability, instill confidence in investors, and encourage a focus on long-term performance rather than short-term gains [3]

Group 1 - The Nasdaq China Golden Dragon Index rose by 1.23%, indicating a positive performance for Chinese assets overnight [1] - Hong Kong stocks continued to rise, with the Hang Seng Index and Hang Seng Tech Index both opening over 1% higher, led by tech giants such as Kuaishou and Bilibili, which rose over 3% [1] - The Hong Kong Internet ETF (513770) saw an increase of 1.7%, reflecting strong investor interest in internet stocks [1] Group 2 - Tianfeng Securities noted that Hong Kong stocks are currently at historical low valuations, with a rebound in foreign investment interest expected due to easing global liquidity and domestic growth policies [2] - Galaxy Securities projected an upward trend for the Hong Kong market, emphasizing the structural nature of the rally and the high investment opportunities in the tech sector [2] - The Hong Kong Internet ETF (513770) has attracted a total net inflow of 1.042 billion yuan over the past 10 trading days, indicating strong capital inflow into the sector [2] Group 3 - The Hong Kong Internet ETF (513770) and its linked funds heavily invest in the "ATM" trio (Alibaba, Tencent, Xiaomi), with a combined weight of 61.06%, making it a key tool for AI investments in Hong Kong [4] - Since the start of the current market rally until the end of June, the CSI Hong Kong Internet Index has seen a cumulative increase of over 28%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [4] - The average daily trading volume of the Hong Kong Internet ETF (513770) for the year is 594 million yuan, highlighting its liquidity and appeal for investors [5] Group 4 - The CSI Hong Kong Internet Index has shown significant annual performance fluctuations, with a peak increase of 109.31% in 2020 and a decline of 36.61% in 2021, indicating volatility in the sector [6] - The index's performance over the past five years reflects a mixed trend, with a notable recovery of 23.04% in 2024, suggesting potential for future growth [6]

Group 1 - The core viewpoint of the article highlights the positive performance of the Hong Kong stock market, particularly in sectors such as innovative drugs, chips, and new consumption stocks, with the Hong Kong Stock Connect Technology ETF (513860) rising by 1.14% and accumulating over 27% gains this year [1] - Notable individual stocks include Hong Teng Precision Technology rising over 6%, while Meitu, Kingsoft Cloud, ASMPT, AAC Technologies, ZTE, and Bilibili-W all saw increases of over 2% [1] - The article reports a net inflow of over 260 million yuan into the Hong Kong Stock Connect Technology ETF (513860) over the last three trading days, with a total net inflow of 542 million yuan over the past three months and 680 million yuan year-to-date [1] Group 2 - A German pension fund, KZVK, managing 34.1 billion euros (approximately 286.8 billion yuan), has reportedly entrusted 5 million USD to a Hong Kong institution for investment in Chinese stocks listed in Hong Kong, mainland China, and the United States [1] - CITIC Securities anticipates that the ongoing reform of the Hong Kong listing system will enhance the asset quality and liquidity of the Hong Kong stock market, with continued inflows of southbound capital expected [1] - The article suggests that the Hong Kong stock market may experience a trend of fluctuating upward movement in the third quarter, with potential for earnings upgrades in the fourth quarter due to increased domestic growth policies [1] Group 3 - The Hong Kong Stock Connect Technology ETF (513860) closely tracks the CSI Hong Kong Stock Connect Technology RMB Index, with the top ten weighted stocks as of July 7, 2025, including Xiaomi Group-W, Tencent Holdings, BYD Company, Alibaba-W, Meituan-W, SMIC, Kuaishou-W, Li Auto-W, Xpeng Motors-W, and Innovent Biologics, collectively accounting for 68.78% of the index [1] - Investors can access the Hong Kong Stock Connect Technology ETF (513860) through off-market connections (Class A: 021464; Class C: 021465) for easy investment in quality technology assets in the Hong Kong market [1]