Core Viewpoint - The Hong Kong technology sector is experiencing a rebound in macro liquidity and is at the early stage of the AI technology cycle, presenting high mid-term allocation value [1] Group 1: Market Dynamics - The underlying logic benefits from the explosion in application and content driven by new technological changes, currently positioned at the starting point of the AI technology cycle [1] - The competition for existing market user numbers and user engagement is intensifying against the backdrop of diminishing traffic dividends, alongside the optimization of business models [1] Group 2: Sector Performance - The e-commerce and local lifestyle sectors are performing steadily due to policy stimulation and operational efficiency improvements, with positive trends in GMV and advertising revenue growth [1] - The acceleration of smart driving and mobility scenarios is expected to become a new growth driver for the industry [1] Group 3: Technology and Innovation - In the AI hardware sector, there is a continuous resonance between cloud computing power and edge AI, with accelerated launches of new edge products and preemptive supply chain demand [1] - Software applications are in the early stages of AI empowerment, with optimism regarding opportunities arising from overseas software performance releases [1] Group 4: ETF Overview - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related companies listed in Hong Kong that can be traded through the Stock Connect [1] - The index selects the top 30 companies by market capitalization, reflecting the overall performance of core enterprises in the Hong Kong technology sector, characterized by significant industry purity and leading features [1]