Group 1 - The Hong Kong stock market is expected to benefit from the accelerated commercialization of AI and the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - The AI technology and new consumption sectors have significant growth potential, and the marginal pricing power of southbound funds in the Hong Kong market is increasing, particularly in a low-interest-rate environment [1] - The overall performance of the Hong Kong stock market has been strong recently, with the IT sector showing substantial gains, driven by improved market sentiment and rising expectations of interest rate cuts by the Federal Reserve [1] Group 2 - The Hong Kong Stock Connect Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects leading companies in the TMT (Technology, Media, and Telecommunications) and automotive sectors [1] - The index focuses on companies with high market capitalization, significant R&D investment, and rapid revenue growth, covering sectors such as electronics and the internet to reflect the overall performance of technology companies listed in the Hong Kong Stock Connect [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The core viewpoint is that Hong Kong stocks, particularly in the technology sector, are expected to outperform A-shares in the second half of the year due to a recovery in southbound capital inflows and the unique asset advantages of Hong Kong stocks [1] - Since July, there has been a significant acceleration in southbound capital inflows, with the inflow momentum returning to the mean plus one standard deviation level [1] - The rapid transformation of the AI industry is driving upward profitability in Hong Kong technology stocks, which may become a mid-term investment focus [1] Group 2 - Domestic large model breakthroughs are increasing, leading to a gradual increase in southbound allocations to Hong Kong technology stocks [1] - The easing of US-China trade tensions and technology export controls is expected to accelerate the iteration of domestic large models and the implementation of AI applications [1] - Hong Kong technology leaders are likely to regain relative advantages under the resonance of technology, capital, and policy [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects investable Hong Kong-listed technology companies through the Stock Connect channel [1] - The index focuses on high-growth technology sectors, reflecting the overall performance of quality technology companies [1] - Other sectors such as Hong Kong dividends, new consumption, and innovative pharmaceuticals are also considered scarce compared to A-shares and are worth attention in the second half of the year [1]