Core Insights - The Hang Seng Index Company and Cyberport have successfully launched the first generative AI application based on the "Index Innovation Lab" to enhance index calculation efficiency [1] - The generative AI solution is currently applied to the calculation of the Hang Seng Index series, including the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index [1] Group 1 - The collaboration between Hang Seng Bank and Cyberport established the "Index Innovation Lab" in 2024, focusing on improving data processing efficiency through generative AI technology [1] - The Hang Seng Index Company collaborates with over 200 innovative institutions within the Cyberport community to develop practical solutions for enhancing index calculation efficiency [1] - The generative AI solution assists in calculating the circulation adjustment factor, improving the efficiency of determining the publicly tradable shares of listed companies [1] Group 2 - The Executive Chairman of the Hang Seng Index Company expressed satisfaction in introducing generative AI into index operations, reinforcing the company's commitment to innovation and enhancing market transparency and liquidity [2] - The Chairman of Cyberport highlighted the transformative power of AI in improving efficiency and driving innovation, emphasizing the collaboration's role in fostering growth for local startups and enhancing Hong Kong's status as an international financial and innovation center [2]

Group 1 - S&P Dow Jones Indices is collaborating with major exchanges, custodians, and decentralized finance protocols to launch tokenized benchmark index products [1] - Earlier this year, the company partnered with Centrifuge to authorize a tokenized version of the S&P 500 index [1] - The initiative aims to establish a robust infrastructure supporting tokenized index trading, focusing on transparency, security, and regulatory compliance [1] Group 2 - The tokenization plan may extend to other flagship indices, such as the Dow Jones Industrial Average [1]

Group 1 - The core viewpoint of the article is the launch of two innovative covered call option indices based on the Hang Seng Technology Index by the Hang Seng Index Company [1] - The Hang Seng Tech Index 15% Target Option Premium Weekly Covered Call Option Index retains long positions in the Hang Seng Technology Index while selling a portion of weekly call options, with the premiums reinvested into the portfolio [1] - The Hang Seng Tech Index Net Dividend Accumulation 15% Target Option Premium Weekly Covered Call Option Index is a net dividend accumulation version where both premiums and dividends are reinvested into the portfolio [1] Group 2 - The newly launched indices are the first batch of target option premium covered call option indices in the Hang Seng Index series, aiming to retain the upside potential of the Hang Seng Technology Index while generating income from selling weekly call options [1] - Backtesting data for the first seven months of this year shows that the Hang Seng Tech Index 15% Target Option Premium Weekly Covered Call Option Index has a return of 22.5%, while the Hang Seng Tech Index Net Dividend Accumulation 15% Target Option Premium Weekly Covered Call Option Index has a return of 23.6% [1]

Group 1: Market Performance - The Hang Seng Tech Index recorded an increase of over 53% in the past year, outperforming the broader Hang Seng Composite Index by 12 percentage points [1] - As of July 18, 2025, the Tech Index has risen by 24% year-to-date, continuing its upward trend after a nearly 19% increase in 2024 [1] - The Tech Index's one-year annualized volatility is approximately 41%, compared to 28% for the Hang Seng Composite Index [1] Group 2: Exchange-Traded Products (ETPs) - The total assets under management (AUM) for ETPs tracking the Tech Index reached $26.3 billion as of June 30, 2025, reflecting a nearly 35% increase from the end of 2024 [2] - The cumulative AUM growth from 2021 to 2025 for ETPs tracking the Tech Index is 362% [2] - There are currently 29 ETPs based on the Tech Index listed across 13 different exchanges in the US, Europe, and Asia [2] Group 3: Futures Market - The average daily trading volume (ADV) for Tech Index futures reached approximately 172,000 contracts in the first half of 2025, a 44% increase from 2024 [3] - Since the launch of Tech Index futures in November 2020, the ADV has increased by 97 times, significantly boosting its market share in Hong Kong's overall futures market to 22% [3]

Core Insights - The U.S. stock market has underperformed this year, while gold prices have surged above $3,000 per ounce, indicating a potential shift in market dynamics in the coming months [1] - The S&P 500 index has lagged behind gold futures by 24% over the past three months, marking the largest gap since March 2022, characterized by market pressure and increased demand for safe-haven assets [3] Group 1 - The return rate gap between the S&P 500 and gold futures has reached its most significant level in over two years, with only 5% of historical instances since 1970 showing a gap below -24% [3] - This divergence suggests that traders' pessimism is intensifying, often indicating a market bottom followed by a rebound in the coming months [3] - Historically, when the return rate gap falls below -24%, the S&P 500 index tends to experience a volatile bottoming process, with a 65% probability of rising in the subsequent two months [3] Group 2 - Following the -24% return rate gap, gold may face pressure in the initial months, indicating traders' reluctance to hold safe-haven assets like gold [4] - If the stock market rebounds, gold could experience short-term pressure while remaining within its long-term upward trend [4]

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