Group 1 - The Hang Seng Technology Index fell by 2.91% on the first trading day of the Year of the Horse, with a cumulative decline of nearly 20% since October 2025 [1][3] - Over 100 billion yuan has flowed into the Hong Kong stock market through ETFs, indicating significant investment interest despite the index's decline [1][3] - Active equity public funds held 594 billion yuan in Hong Kong stocks as of the third quarter of 2025, significantly exceeding the benchmark size of 356 billion yuan, leading to selling pressure at year-end [3] Group 2 - Despite the ongoing adjustment of the Hang Seng Technology Index, there has been a net inflow of 144.6 billion yuan into ETFs tracking similar indices since October 2025 [3] - Major ETFs such as Huaxia Hang Seng Technology ETF, Huatai-PB Hang Seng Technology ETF, and Tianhong Hang Seng Technology ETF have collectively received over 15 billion yuan in net inflows [3] - The latest round of net inflows into overseas-listed ETFs tracking Chinese assets has shown a slow and sustained characteristic, indicating a shift in the Chinese market from "tradable" to "investable" since July 2025 [3]