Core Viewpoint - The Hong Kong Stock Connect Hang Seng Technology ETF (520840) experienced a decline of 1.97% on October 22, with a trading volume of 107 million yuan, indicating a decrease in investor interest [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Stock Connect Hang Seng Technology ETF is 1.01 billion yuan [1] - Since its establishment on August 14, 2025, the fund has achieved a return of 3.76% [1] - Over the past month, the fund has reported a return of -6.01% [1] Group 2: Fund Management - The fund is managed by Huaan Fund Management Co., Ltd., with Wang Chao as the fund manager [1] - The performance benchmark for the fund is the Hang Seng Stock Connect Technology Theme Index return (adjusted for exchange rates) [1] Group 3: Fund Share Dynamics - On the reporting day, the fund's shares increased by 11.5 million, bringing the total shares to 974 million [1] - However, over the last 20 trading days, the fund's shares have decreased by 33.5 million [1]

Group 1 - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten ETFs by buy frequency as of September 29 include the Hong Kong Securities ETF, Hong Kong Bank LOF, and multiple battery ETFs [2] - The top ten ETFs by buy amount include the Hong Kong Securities ETF, battery ETFs, and a robotics ETF, indicating strong investor interest in these sectors [3] - The data for the top buy stocks/ETFs is based on the aggregated buy counts and amounts from all participating advisors, reflecting current market trends [4]

Group 1 - The Hong Kong Stock Connect Hang Seng Tech ETF (520840.SH) experienced a decline of 1.36% on September 18, 2025 [1] - The main capital outflow, defined as transactions over 1 million yuan, amounted to 5.29 million yuan, ranking first among comparable funds [1] - The latest trading volume for the fund was 230 million units, with a total transaction value of 253 million yuan, which represents a drop of 18 positions in the overall market ranking compared to the previous trading day [1]

Group 1 - The Hong Kong Stock Connect Hang Seng Technology ETF (520840) experienced a decline of 0.79% on September 3, with a trading volume of 76.55 million yuan [1] - The ETF's shares increased by 3 million, bringing the total shares to 1.134 billion [1] - The latest net asset value of the ETF is calculated to be 1.133 billion yuan [1] Group 2 - The performance benchmark for the ETF is the Hang Seng Stock Connect Technology Theme Index return (adjusted for exchange rates) [1] - The fund is managed by Huaan Fund Management Co., Ltd., with Wang Chao as the fund manager [1] - Since its establishment on August 14, 2025, the ETF has recorded a return of -0.09% [1]

Core Viewpoint - The Hong Kong stock market is experiencing a dual positive funding environment driven by the Federal Reserve's interest rate cut cycle and the influx of mainland capital, leading to a systematic revaluation opportunity for the technology sector [1] Group 1: Federal Reserve Impact - The expectation of "Federal Reserve rate cuts + weaker US dollar" is likely to improve liquidity in the Hong Kong stock market [2] - Historical data shows a significant negative correlation between the Hang Seng Index and the US dollar index, indicating that a declining dollar enhances the attractiveness of non-dollar assets [2][4] - The Federal Reserve is expected to restart rate cuts in September, with predictions of two additional cuts in 2025, which historically correlates with strong performance in the Hong Kong stock market [4][6] Group 2: Influx of Mainland Capital - Since the beginning of the year, net inflows from mainland investors into the Hong Kong stock market have exceeded 950 billion HKD, providing robust liquidity support [6] - The technology sector, including commerce, telecommunications, electronics, media, and computing, has seen the highest net inflows from mainland capital, driven by domestic policies supporting technological innovation and a global recovery in the AI sector [6][9] Group 3: Investment Opportunities - The Hong Kong Stock Connect Hang Seng Technology ETF is positioned to benefit from the dual positive funding environment, focusing on core industries in the technology sector with a high AI content [11] - The index tracking the ETF has a price-to-earnings ratio (PE) lower than 80% of the time over the past five years, indicating a favorable valuation for investors [11]

Core Viewpoint - The Hong Kong technology sector is experiencing a surge in interest and investment, driven by significant inflows of capital and supportive policies from the government [1][2]. Group 1: Market Activity - On August 15, southbound funds recorded a net purchase of 35.876 billion HKD, marking the highest single-day net inflow since the launch of the Stock Connect mechanism [1]. - The top five net bought stocks in the Hong Kong Stock Connect were all core components of the technology sector [1]. - The Hang Seng Hong Kong Stock Connect Technology Index rose by 3.59% on August 22, and has accumulated a 34.74% increase from January 2 to August 22, outperforming both the Hang Seng Technology Index (+26.40%) and the Hang Seng Index (+26.32%) [2][3]. Group 2: Policy and Industry Support - The technology sector is receiving comprehensive support from policies and industry initiatives, including customized insurance services for emerging fields like low-altitude economy and humanoid robots [1]. - The People's Bank of China and other departments are actively promoting financial technology development, further enhancing the sector's growth prospects [1]. Group 3: Investment Opportunities - Multiple institutions are optimistic about investment opportunities in the Hong Kong technology sector, highlighting a dual opportunity for "valuation recovery + performance realization" [2]. - The sector's valuation is currently at a historical low, while return on equity (ROE) is showing signs of stabilization and improvement [2]. - Southbound funds are expected to continue increasing their positions in internet technology stocks, indicating a positive outlook for the sector [2]. Group 4: ETF Launch - The Huaan Hang Seng Hong Kong Stock Connect Technology Theme ETF is set to launch on August 25, providing investors with a tool to capitalize on the technology sector's growth [4]. - The ETF aims to cover key areas of the technology industry, focusing on leading companies within the AI industry chain [3]. Group 5: Index Composition - The Hang Seng Hong Kong Stock Connect Technology Theme Index includes major companies such as Kuaishou-W, SMIC, Tencent, Alibaba-W, and Xiaomi Group-W, with the top ten constituents accounting for over 72% of the index [3].