Group 1 - The 2025 World Artificial Intelligence Conference held in Shanghai from July 26 to 28 aims to inject new momentum into the high-quality development of the AI industry, leading to increased attention and investment in the Hang Seng Technology ETF (513130) [1] - On July 28, the Hang Seng Technology ETF saw a net subscription of 201 million shares, raising its total shares to 3.7482 billion and its scale to 28.149 billion yuan, highlighting its scale advantage [1] - Year-to-date, over 18.7 billion yuan has flowed into ETFs tracking the Hang Seng Technology Index, with the Hang Seng Technology ETF receiving 3.019 billion yuan in additional investments, indicating strong market interest [1] Group 2 - The AI industry is transitioning from technological exploration to value cultivation, with emerging technologies expected to accelerate practical applications, benefiting the Hang Seng Technology ETF which closely tracks the AI industry chain [2] - The top five constituents of the Hang Seng Technology Index include major players in the AI field such as Tencent, Xiaomi, NetEase, Alibaba, and BYD, which are expected to benefit from increased capital expenditure [2] - The Hang Seng Technology Index's price-to-earnings ratio has recently dropped to 21.58, making it more attractive for investment, potentially opening a significant allocation window [2] Group 3 - The management of the Hang Seng Technology ETF, Huatai-PB Fund, is one of the first ETF managers in China, maintaining an 18-year record of zero errors in ETF operations, providing diversified and high-quality index investment tools [3] - The performance of the Hang Seng Technology ETF since its inception on May 24, 2021, shows returns of -30.24%, -21.43%, -8.89%, 21.13%, and 16.37% for the years 2021 to 2025 H1, respectively, compared to its benchmark returns [3]

Group 1 - The Hong Kong stock market has gained significant attention in 2023, with the Hang Seng Index rising 25%, second only to the Korean Composite Index, MSCI Vietnam, and Russia's RTS [1] - The Hang Seng Technology Index has also increased over 25% this year, with the Hang Seng Technology ETF (513130) showing strong liquidity, averaging daily trading volume of 4.9 billion yuan [1] - The Hang Seng Technology ETF has reached a record high in size of 27.823 billion yuan since its inception on May 21, 2024 [1] Group 2 - The Hang Seng Technology Index includes 30 Hong Kong-listed companies related to technology themes, with top five constituents being NetEase, Xiaomi, Tencent, Alibaba, and BYD, all of which are leading firms in the internet and technology manufacturing sectors [1] - The current PE (TTM) of the Hang Seng Technology Index is 21.14 times, which is lower compared to the NASDAQ 100 at 36.06 times, indicating potential for valuation uplift [1] - Huatai-PineBridge Fund, the manager of the Hang Seng Technology ETF, has over 18 years of ETF operation experience and manages ETFs with a total size exceeding 510 billion yuan [1] Group 3 - Huatai Securities reports that global funds are overweight in US tech stocks while under-allocating to Chinese assets, highlighting the unique growth potential of technology [2] - The Hong Kong technology sector is expected to receive fundamental support due to economic resilience, AI benefits, and industry optimization, making it a core asset for both domestic and foreign investors [2] - Investors are encouraged to consider the Hang Seng Technology ETF (513130) and its associated off-exchange funds for T+0 trading opportunities [2]

Core Viewpoint - The recent competition among leading companies in the food delivery sector has drawn attention to the Hang Seng Technology Index, with significant capital inflows into the Hang Seng Technology ETF (513130) [1] Group 1: Market Activity - The Hang Seng Technology ETF (513130) saw a net inflow of 1.053 billion yuan over three trading days (July 2 to July 4), with a single-day inflow of 634 million yuan on July 4, highlighting its investment appeal [1] - The total shares of the Hang Seng Technology ETF (513130) reached a record high of 38.642 billion, marking an increase of 2.752 billion shares in the past month [1] - The average daily trading volume of the Hang Seng Technology ETF (513130) exceeded 5 billion yuan this year, indicating its scale and liquidity advantages [1] Group 2: Industry Insights - Goldman Sachs suggests that the current price war in the food delivery sector aims to acquire user traffic for cross-selling to more profitable e-commerce and travel businesses, rather than focusing solely on profitability from food delivery [1] - As competition normalizes, leading companies are expected to reallocate marketing expenditures towards food delivery subsidies, gradually achieving moderate profitability or breakeven, thus enhancing GMV profit margins [1] Group 3: Investment Outlook - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 leading companies in the Hong Kong internet and technology manufacturing sectors, representing a scarce core asset direction in the Hong Kong market [1] - The top five weighted stocks in the Hang Seng Technology Index include Xiaomi Group-W, NetEase-S, Tencent Holdings, Alibaba-W, and BYD Company, all of which are competitive leaders in the internet and technology manufacturing sectors [1] - According to a recent report by Galaxy Securities, the absolute valuation of Hong Kong stocks is relatively low, with mid-to-high historical valuation percentiles, indicating high medium-to-long-term allocation value [1] - The technology sector continues to present significant investment opportunities, supported by strong policy backing and leading profit growth, with valuations at historical low levels, suggesting substantial upside potential [1]

Group 1 - Southbound funds have been continuously flowing into Hong Kong stocks, with a net purchase of HKD 5.743 billion on June 16, marking 14 consecutive days of net buying, the longest streak since February this year [1] - The Hang Seng Tech ETF (513130) has seen significant inflows, accumulating a total of HKD 928 million over three trading days from June 12 to June 16, with a total growth of over HKD 1.1 billion in June [1] - The Hang Seng Tech Index, which the ETF closely tracks, includes major tech companies such as Tencent, Xiaomi, Alibaba, Meituan, and JD.com, representing core competitive players in the Chinese tech sector [1] Group 2 - CITIC Securities research indicates that while AI commercialization is slowing, the undervaluation of Hong Kong stocks and improving fundamentals may lead to valuation and performance recovery, presenting significant upside potential [1] - The influx of southbound funds provides additional capital, and the ongoing trend of AI industrialization suggests opportunities in Hong Kong's tech leaders, particularly through the Hang Seng Tech ETF (513130) and its associated funds [1]