On the morning of August 18, Hong Kong's three major stock indices opened higher collectively. The Hang Seng Index opened up 0.09%, the Hang Seng China Enterprises Index rose 0.21%, and the Hang Seng Tech Index gained 0.4%. The A-share market's leading Hang Seng Tech Index ETF (513180) in the same sector followed the index upward, with holdings such as NIO, JD Group, NetEase, Baidu Group, XPeng Motors, and JD Health among the top gainers.

Guotou Securities pointed out that in the short term, based on the theory of active credit creation driving liquidity to "continuously eliminate undervalued assets" according to their cost-performance ratio, this may imply that the "Hong Kong tech sector," which remains relatively undervalued and has lagged behind in performance recently, will gradually catch up. The characteristic of a liquidity-driven bull market is a gradual spread from absolute undervaluation to relative undervaluation, historically following a pattern of banks rising first, non-bank financials following, and then tech and undervalued large-cap growth stocks rising.

The institution noted that, based on the 60-day rolling yield spread, there has historically been a clear alternating rotation between the ChiNext Index and the Hang Seng Tech Index. When the ChiNext Index's gains lead the Hang Seng Tech Index by 20 percentage points (pct), it often signals that the Hang Seng Tech Index is poised for a catch-up rally (the exception was in 2021 during extreme institutional clustering, where the yield spread expanded to over 30 pct due to significant fundamental differences in the new energy sector). Currently, the yield spread between the two has reached 18 pct, suggesting that the Hang Seng Tech Index—which shares the attributes of being "heavily held by institutions" and part of an "anti-barbell strategy"—may catch up as the ChiNext Index's significant lead approaches new highs.

Southbound capital recently recorded a single-day net inflow of over HKD 35.8 billion, hitting a historical high. The AI and new consumption sectors reflect the development trends of emerging industries and a degree of scarcity, which may further attract southbound capital inflows and sustain the positive momentum of Hong Kong stocks. 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 components are deeply focused on the upstream, midstream, and downstream of the AI industry chain, with companies like Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD potentially becoming China's "Tech Seven Giants." Investors without a Stock Connect account can use the Hang Seng Tech Index ETF (513180) to gain one-click exposure to China's core AI assets.