Group 1 - The Hong Kong technology sector is at a convergence point of "valuation trough" and "industry transformation," with policy, technology, and capital driving significant enhancement in allocation value [1] - Southbound funds and foreign capital are improving the liquidity of the sector, while dual benefits from industrial support and capital market reforms are boosting market confidence from both profitability and valuation perspectives [1] - Bloomberg consensus forecasts indicate that the EPS of the Hang Seng Technology Index is expected to maintain an upward trend from 2025 to 2027, suggesting a potential "valuation repair" and "profit growth" scenario, referred to as a Davis double-click [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 quality companies from the technology sector listed within the Stock Connect range [1] - The index aims to comprehensively reflect the overall performance of securities of technology companies that can be invested through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiator Link C (015740) and Link A (015739) [1]

Group 1 - The core viewpoint is that the Hong Kong technology sector is currently at a convergence of "valuation trough" and "industrial transformation," with increasing investment interest driven by policy, technology, and capital factors [1] - The Hong Kong technology ETF (513020) has seen a net inflow of over 300 million yuan over the past five days, indicating strong investor interest [1] - Bloomberg analysts expect the EPS of the Hang Seng Technology Index to rise year-on-year from 2025 to 2027, suggesting a potential "valuation recovery" and "profit growth" scenario [1] Group 2 - Southbound funds and foreign capital are providing liquidity support for the Hong Kong market, enhancing the investment environment for the technology sector [1] - The index tracked by the Hong Kong technology ETF consists of up to 50 high-quality companies selected from the technology sector listed under the Stock Connect program, reflecting the overall performance of investable technology companies [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF linked funds (015740 and 015739) for exposure to this sector [1]

Group 1 - The core viewpoint is that the premium center of China's technology industry is continuously rising in the long term, with significant excess returns observed in Hong Kong's technology sector since 2005 [1] - The technology sector in Hong Kong exhibits high elasticity and sustainability during various market conditions, with each increase in technology premium closely related to industrial transformation, forming a roughly five-year cycle of premium elevation [1] - Key industries such as artificial intelligence, humanoid robots, and low-altitude economy are entering a localization phase and receiving policy support, indicating a shift towards new productive forces [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Co., Ltd., selecting no more than 50 quality companies from the technology sector listed under the Stock Connect [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The core viewpoint is that Hong Kong stocks have significantly outperformed global indices in the first half of the year due to strong performance and reasonable valuations [1] - Four main drivers for this performance include: strong earnings from sectors such as technology, internet, pharmaceuticals, and new consumption; increased share buybacks by companies to enhance shareholder returns; a continuous influx of new IPOs injecting vitality into the Hong Kong market; and a weaker US dollar along with geopolitical conflicts prompting a reassessment of the long-term investment value of Hong Kong stocks [1] - The risk associated with Hong Kong stocks is primarily external rather than internal, with expectations for continued excess returns [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Co., Ltd. This index selects up to 50 high-quality companies from the technology sector listed within the Stock Connect range [1] - The index aims to comprehensively reflect the overall performance of securities from listed companies in the technology sector that can be invested through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The core viewpoint is that Hong Kong stocks are expected to outperform A-shares in terms of earnings growth due to a more technology-oriented industry structure and lower sensitivity to price fluctuations [1] - In 2024, Hong Kong's net profit attributable to shareholders is projected to grow by 10.2% year-on-year, significantly higher than A-shares' decline of 3%. Excluding financials, Hong Kong's growth rate is 11.7%, while A-shares (non-financial) are at -13% [1] - Hong Kong's valuation is more attractive, with the Hang Seng Index trading at a PE ratio of 10.6, compared to 19.3 for the Wind All A Index. The technology sector's PE of 20 is also notably lower than the ChiNext Index's 31 [1] Group 2 - Foreign capital is accelerating its allocation to Hong Kong stocks due to low valuations, improving earnings, and advantages from regulatory openness, with an average daily net inflow of southbound funds reaching 6.1 billion yuan, up from 3 billion yuan last year [1] - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 high-quality companies from the TMT sector listed within the Stock Connect range, aiming to reflect the overall performance of technology companies available for investment through the Stock Connect [1]