Likes ReceivedGF's Hong Kong Stock Connect Tech ETF (159262) rose more than 3% intraday, with an average daily turnover exceeding 600 million yuan over the past month.
On March 25th, the market staged a strong rebound, with the Hang Seng Tech Index rising over 2% at one point in the afternoon session, and the Southbound Stock Connect Tech Index surging over 3% at one point.
Since March, as geopolitical risks have intensified, overall market sentiment has weakened, and the Hong Kong stock market has entered a correction phase. Against this backdrop, southbound capital has maintained a net inflow. As of March 24th, cumulative net southbound inflows since March reached HK$40.384 billion, continuing the net inflow trend. The top net buy by southbound capital over the past month was Tencent Holdings, followed by Xiaomi Group.
On the news front, catalyzed by the State Administration for Market Regulation's midday repost of an Economic Daily article titled "The Food Delivery War Should End," previously impacted constituent stocks like Alibaba, Meituan, and JD.com rebounded. Market understanding indicates that this regulatory stance is clear, and the willingness of companies to continue burning cash has significantly decreased. Therefore, the profit erosion caused by food delivery subsidies will see significant improvement, and the Hong Kong tech sector will gradually return to the main theme of AI.
At the industry level, internet tech companies are accelerating AI deployment to unlock growth potential. Alibaba established the Token Hub business group and launched the world's first enterprise-grade AI-native work platform "Wukong"; WeChat launched the official "Lobster" plugin, supporting access to OpenClaw; After JD Cloud's "Lobster" series products went online, token calls in the past week surged 455% month-on-month; ByteDance's Doubao large model's daily average token calls have exceeded 100 trillion.
Overseas tech giants are also continuously increasing their bets on the AI industry. Microsoft is investing approximately $50 billion to expand AI infrastructure. Meanwhile, Microsoft, in collaboration with NVIDIA, launched the "AI for nuclear" plan, using AI to compress the nuclear power licensing approval cycle by 92%. Computers have been upgraded from unprofitable "storage warehouses" to revenue-generating factories producing "Token goods." Jensen Huang speculates this transformation will cause computing's share of global GDP to skyrocket 100-fold, making it highly likely that NVIDIA will approach a $10 trillion market cap.
Huatai Securities pointed out that the Hang Seng Tech Index's AI-related expectation adjustments are nearing completion. Capital expenditure guidance from major companies' earnings briefings in mid-to-late March and the implementation of industrial policies will become key catalysts for sector recovery.
China Galaxy Securities is optimistic about the hard tech sector under the logic of self-reliance and controllability. In 2026, the main theme of tech investment in the Hong Kong market will revolve around AI. The acceleration of domestic large model open-sourcing and commercialization, coupled with the global capital trend of "shifting from soft to hard" likely continuing in the first half of the year, means sectors like semiconductor equipment, electronics, and communications exhibit strong resilience amid heightened external uncertainties and deserve focused allocation.
As of 14:54, the Southbound Stock Connect Tech ETF GF (159262) rose 2.04%, with turnover exceeding 800 million yuan. Among the top ten holdings, Tencent Holdings fell 1.75%, Alibaba-W rose 3.9%, Xiaomi Group-W fell 2.14%, Meituan-W rose 11.52%, SMIC rose 1.36%, Kuaishou-W fell 0.09%, Horizon Robotics-W rose 1.54%, SenseTime-W fell 1.05%, Lenovo Group rose 1.08%, Bilibili-W fell 1.07%.
The Southbound Stock Connect Tech ETF GF (159262) focuses on AI+Semi and continues to attract capital inflows. As of the previous trading day, the fund's total net inflow over the past month was 723 million yuan, over the past three months was 2.43 billion yuan, and over the past six months was 7.627 billion yuan. Its average daily turnover over the past month was 664 million yuan, ranking first among its peers, indicating active on-exchange trading and strong liquidity. The fund's latest size reached 9.731 billion yuan, ranking first among ETFs tracking the same underlying index, with its size increasing by 4.56 billion yuan compared to six months ago.
The Southbound Stock Connect Tech ETF GF (159262) tracks the Hang Seng Stock Connect Tech Theme Index. This index is a market-cap weighted index composed of 30 tech companies selected from Stock Connect eligible stocks that are large in market cap, have good liquidity, and focus on the AI industry chain (covering hard tech fields like semiconductors and software services). It aims to reflect the market performance of pure tech theme companies under Stock Connect.
Southbound Stock Connect Tech ETF GF (159262) Off-exchange Link (Class A: 025197, Class C: 025198)
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