Group 1 - The policy support for private technology enterprises in China has significantly increased, with a focus on encouraging leading private companies to grow stronger, which may benefit Hong Kong's technology leaders and form a main investment theme for 2025 [1] - Global geopolitical tensions are driving a new round of manufacturing expansion worldwide, with strong mid-term demand for upstream non-ferrous and resource products in China [1] - The development strategy in China emphasizes "security," leading to active performance in military-related sectors, including nuclear power, which benefits from both technology and military industries, making it a key area of focus [1] Group 2 - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index, which is compiled by China Securities Index Co., Ltd., selecting representative technology companies eligible for Hong Kong Stock Connect as constituent stocks [1] - This index aims to comprehensively reflect the overall performance of technology companies in the Hong Kong market, covering diverse technology fields such as software services and hardware manufacturing, with a focus on innovation-driven and technology-leading companies [1]

Group 1 - The core viewpoint indicates that anti-involution policies will primarily focus on industries such as new energy vehicles and photovoltaics, leading to accelerated mergers, restructuring, and integration rather than administrative capacity reduction [1] - The recent sentiment in the Hong Kong stock market has declined, with the Hang Seng Technology Index experiencing a pullback after reaching the upper range, influenced by strong U.S. economic data, delayed interest rate cuts, a depreciating RMB, and rising long-term interest rates, which have increased pressure on the liabilities of Hong Kong stocks [1] - Looking ahead, high long-term U.S. interest rates may continue to suppress the economy, but the AI capital expenditure wave is expected to support the performance of leading technology stocks in Hong Kong, with high demand in upstream AI computing power and servers likely to persist into the second half of the year, providing a favorable long-term value proposition for the Hang Seng Technology sector [1] Group 2 - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index, which is compiled by Guozheng Index Co., Ltd., aiming to reflect the performance of technology industry stocks that can be traded through the Stock Connect mechanism [1] - The index constituents mainly cover high-tech fields such as information technology and healthcare, selecting innovative companies with high growth potential as samples, thereby reflecting the overall trend of the technology sector in the Hong Kong stock market [1] - The industry allocation focuses on technological innovation areas, including cloud computing and biomedicine, providing investors with an efficient tool to invest in leading technology stocks in Hong Kong [1]