Core Viewpoint - The Hang Seng Technology Index QDII has successfully completed its fundraising, reflecting strong investor confidence in the Hong Kong technology sector, which has shown resilience and significant growth potential despite market fluctuations [1]. Market Performance - As of June 11, the Hang Seng Index and the Hang Seng Technology Index have increased by 21.47% and 22.00% respectively since the beginning of the year, significantly outperforming the A-share market, where the CSI 300 and ChiNext Index have decreased by 1.02% and 3.72% [1]. Policy Support - The Chinese government's "self-reliance in technology" policy continues to strengthen, with increasing support for domestic chip replacement and software independence. Recent initiatives from nine government departments aim to accelerate the transformation and industrialization of technological achievements, particularly in critical areas like semiconductors and intelligent equipment [1]. Industry Developments - Domestic AI technologies, exemplified by DeepSeek, are experiencing breakthrough developments, with the "AI+" trend expected to enhance the profitability of technology companies and serve as a new engine for high-quality economic growth in China. The Hong Kong technology sector stands to benefit directly from the upward cycle of the AI industry [2]. Capital Inflows - Continuous inflows of southbound capital have provided robust liquidity support for the Hong Kong technology sector. As of June 11, net inflows from southbound capital have reached 675.55 billion HKD, setting a historical record for the same period [2]. Investment Opportunities - The Hang Seng Technology Index, comprising 30 leading internet and technology manufacturing companies, offers a unique investment tool for differentiated exposure to Chinese technology assets, with 26 of these companies not listed on the A-share market [2]. Index Competitiveness - The Hang Seng Technology Index features quarterly adjustments and rapid inclusion rules, ensuring that its constituent stocks consistently represent the forefront of industry technology. The index covers both hard and soft technology sectors, aligning with domestic demand stimulation and self-sufficiency goals [3]. Future Outlook - The rise of Chinese technological capabilities is anticipated to be a long-term narrative, with the Hang Seng Technology Index expected to continue thriving in this development process [3].

Core Insights - The global AI revolution is at a critical juncture, with domestic large models like DeepSeek leading to a "multipolar" competitive landscape, driving a reevaluation of Chinese tech assets through technological breakthroughs, policy benefits, and capital flows [1] - The Hang Seng Tech Index, representing major Chinese tech companies, is attracting global attention due to its low valuation and high growth potential, especially after several constituent stocks reported better-than-expected Q1 2025 earnings [1] - The Great Wall Hang Seng Tech Index QDII fund aims to provide investors with an opportunity to invest in Chinese tech assets by tracking the Hang Seng Tech Index [1] Industry Overview - The Hang Seng Tech Index consists of 30 of the largest tech companies listed in Hong Kong, primarily focused on non-essential consumer goods (54.3%) and information technology (40.7%), representing a significant cluster of China's core tech assets [1] - Many companies within the Hang Seng Tech Index are not listed on the A-share market, creating a complementary relationship with A-share tech assets, and are deeply involved in the AI industry chain across various sectors [2] - The constituent stocks of the Hang Seng Tech Index show strong growth potential, with a median revenue growth rate of 11.29% and a median net profit growth rate of 32.94% for the year 2024 [2] Investment Value - Since the "924" market rally, the Hang Seng Tech Index has experienced significant valuation recovery, rising from 3000 points to 6000 points within two quarters, despite a recent pullback [2] - The Hang Seng Tech Index has shown a 40.09% increase over the past year, outperforming major indices in Hong Kong and A-shares, indicating higher elasticity in the current tech market [3] - As of June 5, the TTM price-to-earnings ratio of the Hang Seng Tech Index is 20.87, positioned at the 13.04% percentile over the past decade, suggesting a compelling opportunity for low-position investments [3]

Core Viewpoint - The value of Chinese technology assets is increasingly highlighted under the dual drive of the global technology wave and AI industry transformation, presenting new investment opportunities in the Hong Kong technology sector [1] Group 1: Market Performance - As of June 3, the Hang Seng Technology Index has risen by 16.15% this year, outperforming major global indices [1] - The Hang Seng Technology Index is composed of 30 large-cap stocks highly related to technology themes, reflecting the innovation trends in the Hong Kong tech sector [2] Group 2: Investment Potential - The Hong Kong technology sector is expected to have long-term investment potential due to the resonance of industry cycles and policy support, with the index serving as an important tool for investment in this area [1][2] - The index's constituent stocks are characterized by high innovation and growth, with significant short-term volatility but clear high elasticity advantages [2] Group 3: Policy and R&D Investment - Supportive policies are guiding technology companies to increase R&D investment and focus on market capitalization management, gradually improving the fundamentals of Hong Kong tech companies [2] - The ongoing release of policy dividends is injecting new momentum into the technology industry, particularly in fields like chips and software [1] Group 4: Future Outlook - The Hong Kong technology sector is transitioning from valuation repair to performance-driven growth, with significant upward potential remaining [3] - The current valuation of the Hang Seng Technology Index is at 20.43 times, which is notably low compared to historical levels and significantly below indices like the Nasdaq [2]

Group 1 - The core viewpoint of the articles highlights the significant impact of AI technology breakthroughs on the Hong Kong stock market, particularly in the technology sector, which saw strong performance in Q1 but experienced increased volatility in Q2 [1][2] - The Hang Seng Technology Index (HSTECH.HI) has been a leading indicator globally, with a notable increase in trading activity and a subsequent correction due to profit-taking and external tariff policy disruptions [1][3] - Long-term investment value in the Hong Kong technology sector remains strong, driven by the presence of major tech companies, supportive policies, and continuous inflow of capital from southbound investments [1][2] Group 2 - The launch of the Changcheng Hang Seng Technology Index (QDII) fund aims to help investors efficiently capture opportunities in the Hong Kong technology sector, tracking the performance of the HSTECH index, which consists of 30 major tech-related companies [2][3] - The HSTECH index has shown a cumulative increase of 72.75% since its base date, outperforming other major indices such as the Hang Seng Index and the Shanghai Composite Index [3] - As of May 27, the HSTECH index's price-to-earnings ratio (TTM) stands at 20.53, indicating attractive valuation levels compared to historical averages, suggesting high investment cost-effectiveness [3]