Core Viewpoint - US stock market saw a significant rise, with Chinese tech stocks surging, particularly the Nasdaq China Golden Dragon Index (HXC) which increased by 2.08% [1] Group 1: Market Performance - Tencent Holdings' ADR rose over 7%, reaching a new high not seen in more than four years, while Bilibili increased by over 6%, and companies like Li Auto and Alibaba saw gains exceeding 3% [1] - The Hong Kong stock market opened positively, with the Hong Kong Stock Connect Technology ETF (513860) rising by 1.02%, marking an increase of over 43% year-to-date [1] - Major stocks such as Kangfang Biotech, Tencent Holdings, and Oriental Selection rose by over 2%, while WuXi Biologics and Kuaishou-W increased by over 1% [1] Group 2: Fund Flows - The Hong Kong Stock Connect Technology ETF (513860) has seen net subscriptions for 18 consecutive trading days, with a total net inflow exceeding 300 million yuan in the last three days, bringing its latest scale to over 3.1 billion yuan [1] Group 3: Company Performance - Tencent Holdings reported a 15% year-on-year revenue growth in Q2, reaching 184.5 billion yuan, surpassing market expectations of 178.94 billion yuan; net profit was 55.63 billion yuan, up 17% year-on-year [1] Group 4: Market Outlook - Guotai Junan Securities predicts that the Hong Kong stock market will continue its bull run in the second half of the year, with technology being a key driver; the AI wave is expected to push Hong Kong tech leaders to outperform the market [1] - The top ten weighted stocks in the CSI Hong Kong Stock Connect Technology RMB Index account for 65.99% of the index, including Tencent Holdings, Alibaba-W, and Xiaomi Group-W [1]

Group 1 - The Hong Kong stock market opened higher collectively, with stablecoins and innovative pharmaceutical stocks rising significantly [1] - The Hong Kong Stock Connect Technology ETF (513860) increased by 2.09%, marking its third consecutive day of gains, and has risen over 30% year-to-date [1] - Notable individual stocks include Bilibili-W up over 7%, Kingsoft Cloud up over 6%, and several others including Meituan-W and Kuaishou-W rising over 3% [1] Group 2 - As of July 14, 2025, the Hong Kong Stock Connect Technology ETF has seen a net subscription of 666 million units over the past eight trading days, with a total scale of 2.203 billion yuan [1] - The latest customs data shows that China's goods trade imports and exports reached 21.79 trillion yuan in the first half of the year, a year-on-year increase of 2.9% [1] - The average daily trading volume and net inflow of southbound funds in the Hong Kong market have significantly increased, with public funds showing a growing preference for Hong Kong stocks [1] Group 3 - The top ten weighted stocks in the CSI Hong Kong Stock Connect Technology RMB Index account for approximately 68.03%, including major companies like Xiaomi, Tencent, and Alibaba [1] - The main sectors attracting attention in the Hong Kong market this year include technology, pharmaceuticals, consumption, and banking [1] - Investors can access the Hong Kong Stock Connect Technology ETF through off-market connections for quality technology assets [1]

Core Viewpoint - The Hong Kong stock market showed slight declines, but biotechnology stocks performed strongly, with the Hong Kong Stock Connect Technology ETF (513860) gaining over 28% year-to-date [1] Group 1: Market Performance - As of 13:06, the Hong Kong Stock Connect Technology ETF (513860) rose by 0.10%, with notable individual stock performances including Sunny Optical Technology up over 6%, BYD Electronics up over 5%, and Lion Group Holding up over 4% [1] - The Hong Kong Stock Connect Technology ETF (513860) has seen a net inflow of 270 million yuan over the last five trading days, with a total net inflow of 545 million yuan over the past three months and 686 million yuan year-to-date [1] Group 2: Share Buybacks - On July 9, 37 Hong Kong-listed companies, including Tencent Holdings, conducted share buybacks totaling 49.01 million shares and 1.129 billion HKD [1] - Tencent Holdings repurchased shares worth 500 million HKD on the same day, bringing its total buyback amount for the year to 39.543 billion HKD [1] - WuXi Biologics also repurchased shares worth 298 million HKD, with a year-to-date total of 1.708 billion HKD [1] Group 3: Market Outlook - China Galaxy Securities noted that global macro risks are rising, impacting market risk appetite, but the absolute valuation of Hong Kong stocks remains relatively low, indicating medium to long-term investment value [1] - Guoyuan Hong Kong expects potential policy measures to support Hong Kong stock valuations in the second half of the year amid weakening economic momentum due to tariff impacts [1] Group 4: ETF Composition - The Hong Kong Stock Connect Technology ETF (513860) closely tracks the CSI Hong Kong Stock Connect Technology RMB Index, with the top ten weighted stocks as of July 9, 2025, including Xiaomi Group-W, Tencent Holdings, BYD Company, Alibaba-W, Meituan-W, SMIC, Kuaishou-W, Li Auto-W, Innovent Biologics, and Xpeng Motors-W, collectively accounting for 68.47% of the index [1]

Core Viewpoint - The Hong Kong stock market opened lower on July 7, but stablecoin concept stocks rose, with the Hong Kong Stock Connect Technology ETF (513860) showing a year-to-date increase of over 27% [1] Group 1: Market Performance - As of 10:20 AM, the Hong Kong Stock Connect Technology ETF (513860) was flat after a pullback, with notable individual stock performances including Health Road up over 17% and Kuaishou-W up over 3% [1] - The Hong Kong Stock Connect Technology Index increased by 30.85% as of July 4, 2025, while the Hang Seng Index rose by 19.22% and the Hang Seng Technology Index by 16.74% [1] Group 2: Fund Flows - According to Wind data, the Hong Kong Stock Connect Technology ETF (513860) saw a net inflow of 240 million yuan over the past five days, 520 million yuan over the past three months, and 657 million yuan year-to-date [1] Group 3: IPO Activity - In the first half of 2025, there were 42 IPOs in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year, making Hong Kong the global leader in IPO fundraising [1] Group 4: Valuation Metrics - The Hang Seng Index had a TTM price-to-earnings (P/E) ratio of 10.68 as of July 1, 2025, with a historical percentile of 63.98% and a dividend yield of 3.93% [1] - The Hang Seng Technology Index had a TTM P/E ratio of 20.10, with a historical percentile of 8.95%, indicating a relatively low valuation level [1]

Group 1 - The core viewpoint of the article highlights the positive market atmosphere created by the trade agreement between the US and Vietnam, leading to a collective rise in the Hong Kong stock market [1] - The Hong Kong Stock Connect Technology ETF (513860) experienced a slight decline of 0.56% as of 10:35 AM, despite having gained over 4% last week and nearly 30% year-to-date [1] - Notable stock performances include a rise of over 7% for companies like Innovent Biologics and CanSino Biologics, while companies such as Kelun-Biotech and Zai Lab saw increases of over 6% [1] Group 2 - The Hong Kong Monetary Authority (HKMA) intervened in the market by selling US dollars and buying Hong Kong dollars, involving an amount of HKD 20.018 billion to stabilize the currency [1] - The total bank system surplus has decreased to HKD 144.1 billion, following a cumulative purchase of approximately HKD 30 billion by the HKMA from June 26 to July 2 [1] - The Hibor rate has dropped from 4.5% to 0.4%, indicating a significant change in the liquidity environment [1] Group 3 - Goldman Sachs indicated a strong interest from investors in the Hong Kong market and Hong Kong dollar assets, with a relatively abundant liquidity environment [1] - The Hong Kong IPO market remains active without causing liquidity issues, and there is an increasing demand for the Hong Kong dollar from overseas investors [1] - The top ten weighted stocks in the Hong Kong Stock Connect Technology ETF (513860) account for 69.41% of the index, including major companies like Xiaomi, Tencent, and BYD [1]

Core Viewpoint - The article highlights a significant increase in net inflows into Hong Kong stocks, indicating strong investor interest and potential growth in the market [1] Group 1: Market Trends - During the week of June 23-27, there was a net inflow of 26 billion RMB into Hong Kong stocks, with an average daily inflow of 5.2 billion RMB, up from 3 billion RMB the previous week [1] - Year-to-date, the cumulative net inflow has reached 679.4 billion RMB, nearing the total expected for the entire year of 744 billion RMB [1] - The Hang Seng Technology Index saw a slight increase at the market open, with popular ETF stocks like AVIC and SMIC rising over 4% [1] Group 2: Monetary Policy and Economic Outlook - The People's Bank of China held a monetary policy committee meeting, emphasizing the need for a moderately accommodative monetary policy and support for technological innovation and consumption [1] - China Galaxy predicts that Hong Kong stocks may experience a volatile upward trend in the second half of 2025, despite challenges such as insufficient effective demand and low inflation [1] - Dongfang Securities suggests that the current market presents a good opportunity for increased investment, anticipating that the market will soon recognize the lower probability and intensity of short-term risk events [1] Group 3: Investment Opportunities - The Hong Kong Stock Connect Technology ETF (513860) closely tracks the CSI Hong Kong Stock Connect Technology RMB Index, with the top ten weighted stocks accounting for 69.78% of the index [1] - The top ten stocks include major companies like Xiaomi, Tencent, Alibaba, and BYD, indicating a strong focus on technology and innovation [1] - Investors can access the Hong Kong Stock Connect Technology ETF through various channels, facilitating investment in quality technology assets [1]

Group 1 - The Hong Kong stock market experienced a rapid rise on April 2, with the Hang Seng Index and Hang Seng Tech Index turning positive, the latter increasing by over 1% [1] - The Hong Kong Stock Connect Tech ETF (513860) saw a significant increase, rising over 1.1% at one point and closing with a gain of 0.97%, with a turnover rate exceeding 7% and a trading volume over 100 million [1] - Notable individual stocks included Li Auto, which rose over 8%, and Sunny Optical Technology and Geely Automobile, both increasing by over 5% [1] Group 2 - According to Wind Financial Terminal data, the Hong Kong Stock Connect Tech ETF (513860) had net inflows for 3 out of the last 5 days [3] - Southbound funds have aggressively purchased 160 billion HKD worth of stocks, particularly in the technology and consumer sectors, with a total net buy of 438.65 billion HKD year-to-date, surpassing half of last year's total net purchases [3] - In March, southbound funds recorded a net buy of 160.28 billion HKD, marking the third consecutive month with net purchases exceeding 100 billion HKD, the second-highest historical peak after January 2021 [3] Group 3 - West Securities reported that the breakthrough of DeepSeek technology diminishes the valuation monopoly of AI in the U.S., raising concerns about the U.S. economy due to tariffs imposed by Trump, leading to a shift in expected returns between China and the U.S. [4] - The Hang Seng Tech Index is currently trading at a lower price-to-earnings ratio compared to global tech stocks and is at a historical low for itself [4] - The emergence of DeepSeek positions Chinese technology firms as core competitors rather than mere followers, enhancing expectations for profitability [4]