---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/38877136.md"
description: "$HSTECH ETF(03032.HK)Part One:I. Macro & Regulatory Paradigm ShiftOn Wall Street, the first thing to look at when pricing an asset is the risk premium. In recent years, the biggest concern for foreign investors regarding Chinese concept stocks and Hong Kong tech stocks has been "policy uncertainty." However, by 2026, this narrative has completely reversed.The Closed Loop from "Reactive Regulation" to "Proactive Governance":From 2024 to 2025, China's technology legislation completed the transition from "anti-monopoly crackdown" to "State-Guided Innovation." Beijing's policy focus has clearly shifted to "new quality productive forces" and "Industrial AI." For Wall Street, this means a significant reduction in policy "unpredictability." Clear rules are a friend to capital; when we know where the boundaries are, we can rebuild financial models.The "15th Five-Year Plan" Opening Dividend:2026 is the opening year of China's "15th Five-Year Plan." The core policy demands are "technological self-reliance and self-strengthening" and stimulating domestic demand. Recent credit data and strategic emerging industry investment (approximately 2.7 trillion RMB in 2025) show that state capital is providing a backstop for these tech giants and semiconductor and AI infrastructure companies.II. Fundamentals & Alpha: The AI Catalyst2025 was a turning point for the Hong Kong tech sector, with the Hang Seng Tech Index recording a gain of over 23%-24% for the year. The core driver behind this was not just a rebound from excessive declines, but a re-evaluation of performance driven by breakthroughs in underlying technology.The "DeepSeek Moment" Broke Wall Street's Technological Arrogance:The explosion of Chinese AI models (like DeepSeek) in 2025 was a watershed moment. This made Wall Street realize that the technological gap between China and the US in foundational AI models is far smaller than Western media portrays. The heavyweights in the Hang Seng Tech Index (such as Tencent, Alibaba, Meituan) are deeply integrating AI into e-commerce, cloud services, and local life scenarios, bringing substantial cost reduction and efficiency improvement (Margin Expansion).The "Winner-Takes-All" of Commercialization:Recently, we have also observed service disruptions in some new-generation domestic large models due to computing power contention, triggering a short-term pullback in the AI application sector. However, this is an inevitable stage of industrial development. For the giants, whoever can first solve infrastructure bottlenecks and establish a commercial closed loop within their self-built AI ecosystem will be able to deliver EPS (Earnings Per Share) that exceeds expectations in the 2026 earnings season.III. Valuation & Liquidity: Why is Wall Street's Smart Money Flowing Back?As seasoned investors, we never overpay for a "good story." **Margin of Safety** is the core principle.Absolute Valuation is Highly Attractive:After recent minor fluctuations, as of late February 2026, the Hang Seng Tech Index's price-to-earnings ratio (PE) has fallen back to around 22 times (22.18x). Compared to the often 30-40x valuations of the US "Magnificent 7" across the ocean, Hong Kong tech stocks are absolutely a "value pit" in the global asset allocation table."
datetime: "2026-02-25T10:03:22.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38877136.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38877136.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38877136.md)
author: "[空空2026](https://longbridge.com/zh-CN/profiles/18129388.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/38877136.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38877136.md)


# $HSTECH ETF(03032.HK)Part One:I. Macro & Regul…


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