On the morning of August 15, Hong Kong's three major stock indices opened lower collectively. The Hang Seng Index fell by 0.77% to 25,322.10 points, the Hang Seng Tech Index dropped by 1.20%, and the Hang Seng China Enterprises Index declined by 0.81%. In the market, tech and internet stocks generally fell, cryptocurrency-related stocks trended downward, Chinese brokerage stocks pulled back, while some biotech stocks rose. Yinuo Medicine surged over 285% on its first trading day. After the opening, the Hang Seng Tech Index ETF (513180), which leads in scale among A-share products tracking the same sector, followed the index with a slight decline. Among its holdings, JD Group, Sunny Optical Technology, Meituan, Horizon Robotics, and Li Auto were among the top losers, while JD Health rose over 13% after its earnings report.

On the news front, on the evening of August 14, JD Health released its interim 2025 earnings report, showing total revenue of RMB 35.3 billion for the first half of the year, a year-on-year increase of 24.5%. Under the non-IFRS measure, net profit reached RMB 3.57 billion, up 35% year-on-year. As of June 30, 2025, JD Health's annual active users over the past 12 months exceeded 200 million, and the daily average consultation volume on JD Internet Hospital surpassed 500,000.

Huatai Securities pointed out that looking ahead, thanks to synergies with its parent company JD Group, JD Health is expected to continue benefiting from the rapid traffic growth of JD's main platform (according to QuestMobile, JD APP's DAU grew by 44.8%, 33.4%, and 46.4% year-on-year in May-July 2025). While capitalizing on incremental advertising demand from upstream partners, JD Health can gradually retain new users through its continuously enhanced omnichannel healthcare service capabilities (B2C+O2O), laying the groundwork for long-term sustainable growth. Additionally, JD Health's active practices in medical AI will serve as a key driver for improving operational efficiency and optimizing user experience, acting as a medium-to-long-term valuation option.

The mid-year earnings season for major tech companies has officially begun, with Tencent leading the way and reporting better-than-expected results. During this earnings season, investors may focus on opportunities where Hang Seng Tech constituent stocks outperform expectations. Public information shows that the Hang Seng Tech Index ETF (513180) tracks an index comprising 30 leading Hong Kong-listed tech companies, covering both software and hardware technologies. Its constituents are deeply focused on the upstream, midstream, and downstream of the AI industry chain, with Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD among the potential "Magnificent Seven" of Chinese tech stocks. Investors without a Hong Kong Stock Connect account can gain exposure to China's core AI assets through the Hang Seng Tech Index ETF (513180) with a single click.