Core Viewpoint - The Hong Kong stock market is experiencing a significant rebound, driven by strong performances in sectors such as media, agriculture, and pharmaceuticals, amid a favorable economic outlook following the release of U.S. inflation data [1] Group 1: Market Performance - The overall Consumer Price Index (CPI) in the U.S. rose by 2.7% year-on-year in July, lower than the expected 2.8%, indicating a moderation in inflationary pressures [1] - The core CPI increased by 3.1% year-on-year, slightly above the expected 3%, but the market perceives the overall data as mild, enhancing expectations for potential interest rate cuts by the Federal Reserve [1] Group 2: Investment Opportunities - The Hong Kong stock market is expected to benefit from the outflow of U.S. dollars and global capital reallocation, particularly in the technology sector, which is sensitive to interest rate changes [1] - The Hang Seng Tech ETF (513130) has seen a net inflow of funds for two consecutive days, totaling 790 million shares, reaching historical highs in both scale and share count at 31.034 billion yuan and 4.3102 billion shares, respectively [1] - The ETF's liquidity is notable, with an average daily trading volume of 4.826 billion yuan, making it a convenient asset allocation tool in a loose liquidity environment [1] Group 3: ETF Characteristics - The underlying assets of the Hang Seng Tech ETF (513130) are characterized by their scarcity and quality, comprising 30 leading companies in the internet and manufacturing sectors with strong R&D capabilities [1] - The top five weighted stocks in the Hang Seng Tech Index include Tencent Holdings, NetEase, Alibaba, Xiaomi, and SMIC, representing a unique asset type in the Hong Kong market [1] - Investors without stock accounts can consider the offshore connecting funds (Class A 015310/Class C 015311) to gain exposure to leading Hong Kong tech assets [1]

Core Viewpoint - The Hong Kong stock technology sector has shown signs of recovery since late July 2025, with significant inflows into the Hang Seng Tech ETF (513130), indicating strong investor interest and potential for future growth [1] Group 1: Market Performance - The Hang Seng Tech ETF (513130) experienced a net subscription of 899 million shares on August 4, 2025, bringing its total scale to 30.636 billion yuan, a historical high [1] - Over the past seven trading days (July 25 to August 4, 2025), the ETF has seen a total net inflow of 3.808 billion yuan, making it the only ETF tracking the Hang Seng Tech Index with net inflows exceeding 3 billion yuan during this period [1] - The average daily trading volume of the ETF reached 4.522 billion yuan, highlighting its liquidity advantage [1] Group 2: Capital Inflows - Southbound funds recorded a net purchase of over 59 billion HKD in the week of July 28 to August 1, 2025, marking the highest weekly inflow since April 11, 2025 [1] - The inflow of capital into the Hong Kong stock market is expected to provide solid momentum for future performance, especially with upcoming mid-term earnings reports in August [1] Group 3: Investment Potential - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading internet and technology manufacturing companies in the Hong Kong market [1] - As of August 4, 2025, the top five weighted stocks in the Hang Seng Tech Index are Tencent Holdings, NetEase-S, Xiaomi Group-W, Alibaba-W, and Kuaishou-W, all of which are key players in the internet and technology sectors [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.55, which is within the historical range of 21.57% over the past five years, suggesting a potential value investment opportunity [1] Group 4: Trading Mechanism - The Hang Seng Tech ETF (513130) supports T+0 trading, providing both scale and liquidity advantages, making it an important tool for investors looking to capitalize on the growth of Chinese technology leaders [1]

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]

Core Viewpoint - The Hong Kong stock market experienced significant volatility due to escalating geopolitical tensions in the Middle East, yet investor sentiment remained strong, particularly in the technology sector, with substantial capital inflows into related ETFs [1]. Group 1: Market Performance - On June 13, Hong Kong technology-related ETFs saw a total inflow of 1.249 billion yuan, with the Hang Seng Technology ETF (513130) attracting a net inflow of 576 million yuan over two consecutive trading days [1]. - The Hang Seng Technology ETF (513130) recorded positive growth in shares for two consecutive days (June 12-13), reaching a total of 35.9 billion shares and a latest scale of 25.055 billion yuan as of June 13 [1]. - Since June, the ETF's shares and scale have increased by 207 million shares and 448 million yuan, respectively, highlighting its liquidity and scale advantages [1]. Group 2: Industry Insights - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes leading internet and technology manufacturing companies in the Hong Kong market, representing core Chinese technology assets [1]. - According to Guotai Junan Securities, the acceleration of AI applications positions Hong Kong technology firms to benefit significantly from the AI industry boom, with strong growth in capital expenditure and cloud business revenues among leading internet companies [1]. - The fundamentals and capital support suggest that Hong Kong internet stocks still have potential for valuation uplift [1]. Group 3: Investment Opportunities - Investors without stock accounts can access Hong Kong technology investment opportunities through the offshore connection funds of the Hang Seng Technology ETF (513130) [1].