Group 1 - The Hong Kong Technology ETF (159751) increased by 0.46% on January 13, with a trading volume of 131 million yuan [1] - The fund's shares increased by 4 million, bringing the total shares to 1.216 billion, although there was a decrease of 6 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.344 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index return [1] - The fund is managed by Penghua Fund Management Co., Ltd., with Zhang Yuxiang as the fund manager [1] - Since its establishment on December 10, 2021, the fund has achieved a return of 10.55%, with a return of 2.83% over the past month [1]

Market Overview - The Hong Kong stock index experienced a significant decline, with the Hang Seng Tech Index dropping over 2% at one point, which also affected the A-shares market in the afternoon [2][4] - The Hang Seng Index closed down 1.17%, while the Hang Seng Tech Index fell by 1.05% [2] - The A50 index also saw a substantial drop, exceeding 1.5% [4] External Market Influences - The decline in the Hong Kong market was influenced by a drop in the US stock market, particularly in financial stocks, which fell nearly 1% [4][5] - The Japanese stock market continued its downward trend, with the Nikkei Index dropping over 1.7% [2] - The strengthening of the US dollar has put pressure on the market, affecting sectors like metals and growth stocks [5][4] Goldman Sachs Report Insights - Goldman Sachs released a report indicating that while the bull market is expected to continue until 2026, the momentum may slow down [6] - The S&P 500 is projected to reach around 7600 points, representing a 12% increase, aligning with other major banks' growth expectations of 3% to 16% [6] - The report highlights that strong earnings growth will be the main driver for the stock market's rise, with an expected 12% increase in earnings per share (EPS) for S&P 500 companies in 2026 [6] AI Capital Expenditure Trends - Capital expenditure related to artificial intelligence (AI) is expected to rise significantly, with a projected increase of 36% in 2026, reaching approximately $539 billion [7] - This growth trend is anticipated to continue into 2027, with a further increase of 17%, reaching $629 billion [7] - However, companies will need to demonstrate higher profits to justify these ongoing investments, which may lead to a slowdown in spending [7] Market Challenges - Despite an optimistic outlook, the market faces two key challenges: high valuation levels and record market concentration [8] - The expected price-to-earnings ratio for the S&P 500 is currently at 22 times, which is on par with the peak in 2021 [8] - The top 10 companies in the S&P 500 account for 41% of the total market capitalization, indicating a high dependency on the performance of these few leading firms [8]

Market Overview - The Hang Seng Technology Index declined by 1.49% while the Hang Seng Index fell by 0.94% [1] - The Hong Kong Technology ETF (159751) decreased by 1.3%, and the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 1.2% [1] Sector Performance - The biotechnology, hotel, and resort REIT sectors showed positive performance with notable gains [1] Individual Stock Movements - Sunac China experienced a significant drop of 8.27% [1] - China Spring fell by 10.36% [1] - Naxin Microelectronics surged by 13.14% [1] - Rongchang Biopharmaceuticals increased by 12.93% [1]

Core Viewpoint - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 0.44% and the Hang Seng Tech Index increasing by 1.04% [1] Market Performance - The Hong Kong stock market closed with the Hang Seng Index up by 0.44% and the Hang Seng Tech Index up by 1.04% [1] - The Hong Kong Tech ETF (159751) decreased by 0.29%, while the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.29% [1] Sector Performance - The media sector experienced significant gains, while the water and life sciences tools sectors faced notable declines [1] Individual Stock Movements - Baidu Group-SW saw a rise of 6.88% - China Aluminum increased by 6.56% - Sanhua Intelligent Control rose by 6.21% - CNOOC (China National Offshore Oil Corporation) gained 4.17% - Goldwind Technology fell by 8.16% - Lion Group Holdings dropped by 8.42% - Maifusi surged by 10.53% - InnoCare Pharma increased by 9.22% [1]

Market Overview - The Hang Seng Index increased by 0.22% while the Hang Seng Tech Index rose by 0.02% [1] - The Hong Kong Stock Connect ETF (159318) gained 0.37% and the Hong Kong Tech ETF (159751) saw a rise of 0.1% [1] Sector Performance - The passenger airline sector and semiconductor products and equipment sectors showed strong gains [1] - Conversely, the forestry and paper products sector, along with the electrical equipment sector, experienced notable declines [1] Individual Stock Movements - China Southern Airlines saw a significant increase of 7.03%, while Ganfeng Lithium rose by 5.75% [1] - China Eastern Airlines and Air China also reported gains of 5.66% and 5.56% respectively [1] - On the downside, Lion Group Holdings fell by 6.51% and Ark Health dropped by 6.59% [1] - Notably, Yao Jian Kang-B surged by 18.57% and Changfei Optical Fiber Cable increased by 10.58% [1]

Group 1 - The Hong Kong Technology ETF (159751) experienced a decline of 1.57% on December 9, with a trading volume of 71.8625 million yuan [1] - The fund's shares increased by 6 million, bringing the total shares to 1.212 billion, with an increase of 85 million shares over the past 20 trading days [1] - The latest net asset value of the Hong Kong Technology ETF is calculated to be 1.292 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index return [1] - The fund is managed by Penghua Fund Management Co., Ltd., with Zhang Yuxiang as the fund manager [1] - Since its establishment on December 10, 2021, the fund has returned 6.67%, while the return over the past month is -4.81% [1]

Market Overview - The Hang Seng Index closed down by 1.23%, while the Hang Seng Tech Index remained flat [1] - The Hong Kong Tech ETF (159751) decreased by 0.18%, and the Hang Seng Hong Kong Stock Connect ETF (159318) fell by 1.2% [1] Sector Performance - Ground transportation, semiconductor products, and equipment sectors showed the highest gains [1] - Biotechnology and commercial banking sectors experienced the largest declines [1] Individual Stock Movements - Xinneng Low Carbon surged over 64% [1] - Ganfeng Lithium rose by 6.95%, Huatai Securities increased by 5.17%, and Huahong Semiconductor gained 4.47% [1] - Yino Pharmaceutical-B dropped by 14.32%, and Reshape Energy fell by 27.33% [1] - Tanwan increased by 11.63%, and Huiju Technology rose by 7.65% [1]

Market Performance - The Hang Seng Index increased by 0.58% and the Hang Seng Tech Index rose by 0.84% [1] - The Hong Kong Tech ETF (159751) gained 0.83%, while the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.86% [1] Sector Performance - The construction materials and insurance sectors showed the highest gains [1] - The water services and passenger airline sectors experienced the largest declines [1] Individual Stock Performance - Notable gainers included China Ping An, which rose by 6.71%, Jiangxi Copper Co., up by 6.11%, and China Life, which increased by 5.46% [1] - Other significant gainers were China Aluminum (up 5.41%), China Pacific Insurance (up 5.36%), Baidu Group-SW (up 5.01%), New China Life Insurance (up 4.95%), and Luoyang Molybdenum (up 4.91%) [1] - On the downside, Yimai Sunshine fell by 13.68% and Ocean Park Hong Kong dropped by 17.46% [1] - Other notable gainers included Qutoutiao, which rose by 7.96%, and Health Road, which increased by 7.52% [1]

Market Overview - The Hang Seng Index closed down by 0.38% and the Hang Seng Tech Index fell by 0.69% [1] - The Hong Kong Tech ETF (159751) decreased by 0.64%, while the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 0.14% [1] Sector Performance - Industrial group enterprises and home goods sectors showed the highest gains [1] - Water utilities and life sciences tools sectors experienced the largest declines [1] Individual Stock Movements - Shandong Gold increased by 7.01%, Zhaojin Mining rose by 6.37%, and Zijin Mining International gained 6.19% [1] - Xiansheng Pharmaceutical fell by 5.76%, and Zhongqing Shares dropped by 7.18% [1] - Reshaping Energy surged by 29.38%, and Universal Gold Group rose by 10.6% [1]

Core Viewpoint - The Hong Kong Technology ETF (159751) experienced a decline of 1.96% on November 18, with a trading volume of 134 million yuan, indicating a downward trend in the technology sector [1] Group 1: Fund Performance - The total shares of the Hong Kong Technology ETF increased by 11 million to reach 1.145 billion shares, with a total increase of 89 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.253 billion yuan [1] - Since its inception on December 10, 2021, the fund has achieved a return of 9.51%, while the return over the past month has been -2.50% [1] Group 2: Management and Benchmark - The fund is managed by Penghua Fund Management Co., Ltd., with Zhang Yuxiang as the fund manager [1] - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index return [1]