Group 1: Market Performance - The Hong Kong stock market has shown a significant rebound in September, with the Hang Seng Index achieving a cumulative increase of 5.85%, contrasting with a 0.98% decline in the Shanghai Composite Index during the same period [1] - The unique offshore market characteristics and high foreign capital participation of the Hong Kong stock market have made it increasingly attractive amid a global interest rate cut environment [1] - Historical data indicates that preemptive interest rate cuts tend to have a positive impact on stock assets, emphasizing the resilience of the Hong Kong stock market [1] Group 2: AI Industry Impact - The development of the AI industry has been a crucial driver for the rise of the Hong Kong stock market, with significant advancements in both hardware infrastructure and software applications since 2025 [2] - Major internet companies in Hong Kong have begun self-developing chips for AI training, achieving performance levels comparable to overseas counterparts [2] - Alibaba's cloud computing revenue growth rate reached 26%, Tencent's profit increased by 16%, and Xiaomi's automotive business revenue hit 21.3 billion yuan with a year-on-year growth of 234%, providing strong support for the tech sector in Hong Kong [2] Group 3: Capital Inflows - Net inflows of southbound funds have exceeded 1.1 trillion Hong Kong dollars this year, marking a record high since the establishment of the mutual market access mechanism [2] - The narrowing of the Hong Kong-US interest rate differential has led to a gradual recovery of the Hong Kong dollar, prompting international investment banks to upgrade their ratings for Hong Kong stocks [2] - Major investment banks like Goldman Sachs, Standard Chartered, and Morgan Stanley have given positive evaluations of the Hong Kong stock market, particularly in sectors like AI and semiconductors [2] Group 4: Valuation Advantage - As of September 17, 2023, the price-to-earnings ratio of the Hang Seng Tech Index was only 24.24 times, significantly lower than the NASDAQ Tech Index at 36.66 times and the STAR 50 Index at 177.25 times, highlighting the valuation advantage of Hong Kong tech stocks [3] - The Hang Seng Tech ETF (513130) has a strong liquidity profile, with an average daily trading volume of 4.8 billion Hong Kong dollars over the past three months, making it suitable for investors focusing on the AI industry [3] - The Hong Kong Stock Connect Tech ETF (513150) focuses on internet, new energy vehicles, and biotechnology sectors, offering a cost-effective and policy-friendly investment option for long-term investors [3]

Group 1 - The Hong Kong technology sector is experiencing active performance, with the Hang Seng Technology Index reaching a new intraday high of 6000 points since April this year [1] - There is a strong expectation for a 25 basis point interest rate cut by the Federal Reserve, which is likely to benefit the interest-sensitive Hong Kong technology sector [1] - The Hang Seng Technology ETF (513130) has seen significant trading volume, with daily turnover exceeding 5 billion yuan from September 9 to September 12, and a net inflow of 1.186 billion yuan in September, reaching a historical high of 39.2 billion yuan [1] Group 2 - The Hang Seng Technology ETF closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong internet and manufacturing companies, covering various sectors such as internet, media, software, automotive, and chips [2] - There has been a cumulative increase of 93.882 billion Hong Kong dollars in southbound capital since September, with internet companies being a key focus for investment [2] - The current price-to-earnings ratio of the Hang Seng Technology Index is 23.12 times, which is in the lower range of the past five years, indicating potential investment value [2]

9月15日，港股科技板块开盘高开高走表现活跃，Wind数据显示，恒生科技指数早盘突破6000点刷新今 年4月以来盘中新高。消息面上，美联储将于当地时间9月17日召开议息会议，基于前期公布的一系列数 据表现出经济走势疲软的背景，市场对于降息25个基点的预期较强。离岸特性突出的港股备受关注，其 中利率敏感性较高的港股科技板块有望深度受益。受此逻辑强化，恒生科技ETF（513130）上周有所放 量，近4个交易日（2025/9/9-2025/9/12）全天成交额均超55亿元，近10个交易日资金净流入额累计达 11.86亿元，最新规模达392.11亿元，创历史新高。（指数历史涨跌幅情况不代表未来表现，不构成对基 金业绩表现的保证，请投资者关注指数波动风险） 此外港股科技板块产业层面同样传来利好消息。据 The Information 援引四位直接知情人士的话报导， 两大港股互联网龙头企业或已开始采用内部自主设计的芯片训练AI 大模型，取代了部分英伟达芯片， 我国芯片自主可控进程又迈进一步。此外海外科技巨头发布2026财年Q1业绩，其中云基础设施营收增 长显著，在海外映射作用下对国内AI产业链相关标的有望产生进一步催化。 ...

Group 1 - The expectation of interest rate cuts by the Federal Reserve has increased, leading to heightened interest in the Hong Kong stock market's technology sector, with significant inflows into technology ETFs [1][2] - As of September 11, 2025, the Hong Kong technology ETFs have seen a net inflow of 18 billion yuan since September, with the Hang Seng Technology ETF (513130) experiencing a notable increase in trading volume over the past three days [1][2] - The Hang Seng Technology Index, which the Hang Seng Technology ETF tracks, includes 30 leading companies in internet and manufacturing sectors, showcasing strong research capabilities and broad representation [2] Group 2 - The Hang Seng Technology Index has shown a TTM revenue growth of 17%, while profit growth remains high at 51.5%, indicating a positive outlook for the index [2] - The index is expected to benefit from global capital reallocation, with a potential recovery in ROE over the next two years [2] - Recent regulatory actions in the food delivery sector aim to promote fair competition and curb excessive subsidies, which may positively impact the market environment for related companies [2][3] Group 3 - The Hang Seng Technology ETF (513130) has a significant scale of over 38.872 billion yuan and 49.740 billion shares, providing liquidity and low fees, making it an attractive investment tool for capturing opportunities in the Hong Kong technology sector [3] - The ETF has over 220,000 holders, indicating strong investor interest and participation [3]

Group 1 - The recent divergence in the performance of Hong Kong and A-shares highlights the relative advantage of quality assets in Hong Kong, with investor risk appetite and trading sentiment significantly boosted [1] - Since September, over 17 billion CNY has flowed into Hong Kong's technology sector ETFs, with the Hang Seng Technology ETF (513130) seeing substantial trading volumes of 6.33 billion CNY and 6.63 billion CNY in the last two trading days [1] - The strength of the Hong Kong technology sector is supported by several factors, including local liquidity easing, rising expectations for Federal Reserve rate cuts, and the strengthening trend of AI [1] Group 2 - Open Source Securities identifies two key highlights in the Hong Kong internet sector: the continuous strengthening of performance certainty through self-developed AI chips and cloud business expansion, and the current valuation being in a recovery range, attracting potential incremental capital [2] - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 strong R&D internet platforms and tech manufacturing companies, indicating strong market representation and potential benefits from overall valuation increases in the sector [2] - On September 10, 2025, leading internet companies in Hong Kong held a significant press conference in Hangzhou, launching a global first ranking based on user behavior, which is expected to drive growth in the local service market and serve as a new growth engine for internet companies [2] Group 3 - The Hang Seng Technology ETF (513130) is a popular product among investors, with over 220,000 account holders and a latest scale of 38.919 billion CNY, with 4.9737 billion shares outstanding [3] - The latest price-to-earnings ratio of the Hang Seng Technology Index is 22.73, which is within a reasonable range compared to the NASDAQ 100's 35.47 and the Sci-Tech 50's 173.63, indicating a competitive valuation [3] - The ETF and its linked funds (Class A 015310, Class C 015311) provide investors with opportunities to capitalize on the valuation uplift in the Hong Kong technology sector [3]

Group 1 - The overall Hong Kong stock market has shown strong performance, breaking through previous lows and reaching a nearly four-year high, driven by multiple favorable factors including rising expectations for Federal Reserve interest rate cuts and stabilization of Hibor [1] - The Hang Seng Technology Index, which the Hang Seng Technology ETF (513130) closely tracks, includes 30 leading companies in the internet and manufacturing sectors, indicating a strong recovery in the tech sector [1] - The Hang Seng Technology ETF (513130) has seen significant trading volume, with a single-day trading volume of 6.333 billion yuan on September 9, representing a 35.66% increase compared to the previous day [1] Group 2 - The Hang Seng Technology ETF (513130) has accumulated a net inflow of 5.01 billion yuan over the past 20 trading days, reaching a record high in both share count (49.737 billion shares) and total size (38.338 billion yuan) [1] - The ETF has over 220,000 holders, and its characteristics such as large scale, good liquidity, and support for T+0 trading make it an attractive tool for investors during the Federal Reserve's interest rate cut window [1] - The ETF was established on May 24, 2021, and is a popular choice for investors looking to gain exposure to the Hong Kong tech sector [2]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing volatility but remains attractive to investors, with significant capital inflows into the Hang Seng Technology ETF (513130) [1][2] Group 1: Market Performance - The Hang Seng Technology ETF has seen a capital increase of 2.676 billion yuan over the past seven trading days, with a total scale reaching 36.869 billion yuan as of September 3, 2025 [1] - The technology sector is supported by expectations of interest rate cuts and the strengthening narrative around AI [1] Group 2: Economic Indicators - The U.S. economic report indicates growth below average, with no signs of acceleration, leading to increased expectations for a rate cut by the Federal Reserve [1] - The sensitivity of the Hong Kong technology sector to interest rates positions it to benefit from these anticipated cuts [1] Group 3: Company Performance - The mid-year earnings reports from Hong Kong's internet companies have shown stable performance, with strong revenue and profit growth from AI-driven companies [1] - AI is proving to have a significant impact on advertising, cloud computing, and enterprise efficiency for major internet companies [1] Group 4: ETF Characteristics - The Hang Seng Technology ETF closely tracks the Hang Seng Technology Index, which includes 30 leading technology and internet companies, with top holdings including Tencent, Alibaba, and SMIC [2] - As of September 3, 2025, the ETF has an average daily trading volume of 5.3 billion yuan and a price-to-earnings ratio of 21.76, indicating potential for valuation uplift amid liquidity easing and AI validation [2]

Group 1 - The Hong Kong technology sector is experiencing a significant rebound, driven by positive market sentiment and active trading in related ETFs, particularly the Hang Seng Tech ETF (513130) [1][2] - As of September 4, 2025, the Hang Seng Tech ETF has a total size of 36.285 billion yuan and 49.047 billion shares, with a trading volume of 1.45 billion yuan [1] - The rebound in the technology sector is attributed to the cooling labor market in the U.S., as indicated by the ADP employment report and initial jobless claims, which strengthen expectations for a potential interest rate cut by the Federal Reserve [1][2] Group 2 - The Hang Seng Tech Index, which the Hang Seng Tech ETF tracks, includes 30 leading technology companies in Hong Kong, such as Tencent, Alibaba, and Xiaomi, and covers various sectors like automotive, internet platforms, and semiconductors [2] - The Hang Seng Tech ETF has seen an average daily trading volume of 4.96 billion yuan in 2025 and has attracted over 12 billion yuan in net inflows, making it one of the top-performing ETFs in terms of capital inflow [2] - As of September 4, 2025, the Hang Seng Tech Index's price-to-earnings ratio is 21.39, which is at the 20.3% historical percentile over the past five years, indicating potential for further valuation increases amid rising interest rate cut expectations [2]

Group 1 - The Hong Kong stock market, particularly the technology sector, has experienced volatility, yet there has been a notable inflow of capital, with large internet companies being the top net buyers [1] - Recent data indicates that Hong Kong technology ETFs have seen a strong inflow of funds, totaling 51.6 billion yuan over the past month, reflecting investor confidence in the sector [1] - Factors contributing to the underperformance of the Hong Kong market compared to A-shares include tight liquidity, low AH share premium rates, and downward revisions in earnings for major stocks [1] Group 2 - The Hang Seng Tech Index, which includes 30 major Hong Kong internet and manufacturing companies, is expected to capture opportunities in the tech sector, covering both soft and hard technology industries [1] - As of September 3, 2025, the top five constituents of the Hang Seng Tech Index are Tencent Holdings, Alibaba-W, SMIC, NetEase-S, and Xiaomi Group-W [1] - The Hang Seng Tech ETF (513130) has a current size of 36.869 billion yuan and an average daily trading volume of 5.3 billion yuan since August, indicating strong liquidity and potential for capturing rebound opportunities in the tech sector [1]

Group 1 - The Hong Kong stock market is experiencing volatility, but market liquidity remains strong, with the Hang Seng Tech ETF (513130) seeing a capital inflow of 2.676 billion yuan over the past seven trading days [1] - The current support for the Hong Kong tech sector is driven by two main factors: expectations of interest rate cuts and the strengthening narrative around AI [1] - The U.S. economic report indicates slower growth, with no signs of acceleration, leading to increased expectations for a rate cut by the Federal Reserve, which could benefit the interest-sensitive Hong Kong tech sector [1] Group 2 - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 strong R&D internet and manufacturing tech companies, with top five constituents being Tencent, Alibaba, SMIC, NetEase, and Xiaomi [2] - As of September 3, 2025, the Hang Seng Tech ETF has a daily average trading volume of 5.3 billion yuan since August, and the index's price-to-earnings ratio stands at 21.76, below the historical average of 23.75% over the past five years [2] - The ETF was established on May 24, 2021, and is considered a liquid product that may benefit from the anticipated easing of liquidity and validation of AI-driven business models [2]