Core Viewpoint - The Hong Kong stock market has experienced a significant rebound over the past year, particularly in the technology sector, with notable index performances [1][4]. Group 1: Index Performance - The Shanghai Composite Index increased by 42.77%, while the Hang Seng Technology Index rose by 73.68%, and the Hang Seng Hong Kong Stock Connect Technology Theme Index surged by 109.25% [1][4]. - Investors are eager to invest in Hong Kong technology through index products, but there are many similar-sounding indices with varying performances [4]. Group 2: Index Compilation - Differences in index compilation methodologies lead to varying characteristics among the indices. Most indices consist of 30 constituent stocks, except for the CSI Hong Kong Stock Connect Technology Index, which has 50 [5][6]. - The Hang Seng Hong Kong Stock Connect Technology Theme Index and the National Index have a higher individual stock weight limit of 15%, resulting in greater concentration of leading stocks [5][6]. Group 3: Industry Distribution - The Hang Seng Hong Kong Stock Connect Technology Theme Index excludes industries such as pharmaceuticals, automobiles, and home appliances, focusing more on pure technology sectors [5][7]. - The CSI and National indices include a broader range of industries, which affects the "purity" of the technology focus [5][9]. Group 4: Historical Performance - Over the past year, the Hang Seng Hong Kong Stock Connect Technology Theme Index achieved the highest increase of 109%, confirming that higher purity leads to better performance [12][15]. - Over three years, the Hang Seng Hong Kong Stock Connect Technology Theme Index has shown a cumulative increase of over 92%, with an annualized return of nearly 25% [15][16].

Group 1 - The Hong Kong Stock Connect Technology ETF (159101) has officially launched, tracking the National Index of Hong Kong Stock Connect Technology, allowing T+0 trading [1] - The index includes 30 large-cap technology companies with high R&D investment and revenue growth, with over 60% weight in the top seven technology giants, the highest among peers [1] - The index has outperformed other indices, with a year-to-date increase of 45.95%, surpassing Hong Kong Stock Connect Technology (43.46%), Hong Kong Stock Connect Internet (42.22%), and Hang Seng Technology (28.2%) [1] Group 2 - As of yesterday, southbound funds have net bought HK stocks totaling 100.02 billion HKD this year, with Alibaba leading at 10.0178 billion HKD, followed by Meituan, Tencent, and others, all of which are top-weighted stocks in the new ETF [2] - Industry experts believe that the Hong Kong technology sector may enter a new favorable cycle due to factors such as the easing of the food delivery war, continued capital support for AI technology leaders, normalized regulation, and the onset of interest rate cuts by the Federal Reserve [2]