Group 1 - The Hong Kong stock market experienced a significant rise in July, with the Hang Seng Index and Hang Seng Tech Index both increasing by over 2.8%, and the Hang Seng Stock Connect rising by 4.7% [1] - There has been a resonance inflow of both domestic and foreign capital into the Hong Kong stock market this year, leading to a sustained liquidity environment [1] - According to Guosen Securities, Hong Kong stocks remain in a reasonable valuation range compared to A-shares, with a focus on five key investment directions: undervalued internet and AI leaders, innovative pharmaceuticals, resources and commodities benefiting from anti-involution, strong fundamentals in new consumption, and improving performance in non-bank financial institutions [1][2] Group 2 - The Hong Kong Innovative Pharmaceutical ETF (513120) has seen a year-to-date return exceeding 100% as of July 29, with its latest scale surpassing 16 billion yuan, making it the largest innovative pharmaceutical ETF in the market [2] - The Hang Seng Consumption ETF (159699) tracks the Hang Seng Consumption Index, including 50 leading Hong Kong consumer stocks, and offers a balanced distribution that aligns with the consumption trends of Generation Z [2] - The Hong Kong Non-Bank Financial ETF (513750) is the only ETF tracking the Hong Kong non-bank financial index, with significant holdings in major insurance companies and has seen continuous net inflows, reaching a scale of 12.5 billion yuan and a year-to-date return of over 40% [2] Group 3 - Fund professionals believe that the four ETFs covering technology, innovative pharmaceuticals, new consumption, and non-bank financial sectors provide investors with a convenient tool for a diversified exposure to Hong Kong stock opportunities [3] - Institutional analysis highlights the long-term allocation value of the Hong Kong technology and pharmaceutical sectors, especially with the deepening of anti-involution policies and rising global inflation expectations [3]

8月1日，港股通科技ETF（159262）跌0.28%，成交额2.17亿元。当日份额增加1700.00万份，最新份额 为24.77亿份，近20个交易日份额增加11.36亿份。最新资产净值计算值为26.40亿元。 港股通科技ETF（159262）业绩比较基准为同期恒生港股通科技主题指数收益率(使用估值汇率折算)， 管理人为广发基金管理有限公司，基金经理为夏浩洋，成立（2025-06-26）以来回报为6.57%，近一个 月回报为6.93%。 来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

- The Hang Seng Stock Connect China Technology Index (HSSCITI) reflects the overall performance of mainland Chinese technology leaders listed in Hong Kong. It uses free-float market capitalization weighting, with a 10% cap on individual constituent weights, and adjusts semi-annually in June and December[37][38][39] - The index strictly selects 13 technology-related fields from 105 subcategories, excluding "pseudo-tech" companies, such as semiconductor (703010) and gaming software (702040), which represent high-tech hardware and digital content sectors. This enhances the index's technological purity and representativeness[37][38] - A fast-track inclusion mechanism was introduced in 2024, allowing companies newly listed in Hong Kong and ranked in the top 10 by market capitalization to be quickly added to the index. For example, Kuaishou (1024.HK) benefited from this mechanism. Additionally, a "buffer zone" for ranks 24-36 ensures that quality growth stocks are not excluded due to short-term market fluctuations[38][39] - The index's liquidity requirement mandates a turnover rate of 0.1% or higher for investment-type indices, ensuring active trading of constituent stocks and maintaining index vitality[38] - The HSSCITI index is distinct from other international technology indices, such as the Nasdaq 100 Technology Index (NDXTMC) and the STAR 50 Index, in terms of selection criteria, weighting methods, and risk management strategies. For instance, HSSCITI uses a simple 10% cap on individual stock weights, while NDXTMC employs a two-stage mechanism to limit individual weights to 15% and the top five issuers to 60%[39][40][43]

Investment Rating - The report rates the Hong Kong Stock Connect Technology ETF (159262) as "Outperform" compared to the market [1]. Core Insights - The Hong Kong technology sector is positioned at the peak of the AI innovation wave, with the next 3-4 years expected to be a critical phase for the application and monetization of AI technologies [1]. - Historical trends from the US stock market indicate that during previous technology revolutions, the Nasdaq index significantly outperformed other periods, suggesting a similar pattern may emerge in the Hong Kong technology sector [1]. - The report highlights that the Hong Kong technology sector includes key players in AI, such as internet, consumer electronics, semiconductors, and software, all of which stand to benefit from AI advancements [1]. Summary by Sections 1. Technology Investment Trends - The AI technology cycle is entering a heated phase, with the current period being the third Kitchin cycle of the AI era, focusing on the development of large models [13][14]. - The internet sector is shifting from "traffic expansion" to "value cultivation," with significant growth potential in AI applications [20]. - Consumer electronics are set for a major upgrade driven by AI, with AI smartphones expected to increase from 18% of shipments in 2024 to 34% in 2025 [43]. - The semiconductor industry is experiencing rapid growth, with the global market projected to reach $635.1 billion in 2024, a 19.8% year-on-year increase [49][52]. - The software industry, particularly SaaS, is expected to grow significantly, with the market projected to reach approximately 703 billion RMB in 2024, reflecting a 26.6% year-on-year growth [57]. 2. Hang Seng Hong Kong Stock Connect Technology Index (HSSCITI) Analysis - The HSSCITI focuses on high liquidity technology stocks, covering major sectors such as internet, semiconductors, consumer electronics, and software [61][62]. - The index has shown superior performance with a cumulative price return of 9.6% from 2022 to present, outperforming other indices [70]. - The index's annualized alpha is approximately 3.6%, indicating strong excess return potential compared to the Hang Seng Index [78]. 3. Hong Kong Stock Connect Technology ETF (159262) Analysis - The ETF was launched on June 26, 2025, with a total size of 13.41 billion RMB, making it a significant player in the Hong Kong technology investment landscape [90]. - The fund manager, Xia Haoyang, has extensive experience in managing passive index funds, overseeing a total of 100 billion RMB in assets [91].