On the morning of August 29, Hong Kong's three major indices collectively opened higher. The Hang Seng Index opened 0.39% higher, and the Hang Seng Tech Index opened 0.8% higher. The largest A-share tracker in the same segment, the Hang Seng Tech Index ETF (513180), fluctuated near 0%. Among its holdings, Haier Smart Home, SenseTime, Trip.com Group, Li Auto, and JD Group led the gains, with Li Auto rising over 2% after its earnings release. Hua Hong, Tencent Music, ASMPT, and SMIC were among the top decliners.

On the news front, on August 28, Li Auto released its financial report, showing a Q2 revenue of RMB 30.2 billion, down 4.5% year-over-year (YoY) but up 16.7% quarter-over-quarter (QoQ). In terms of deliveries, Li Auto delivered 111,000 vehicles in Q2, up 2.3% YoY. Regarding profitability, Li Auto's net profit for Q2 was RMB 1.1 billion, down 0.4% YoY but up 69.6% QoQ. Its gross margin was 20.1%, up 0.6 percentage points YoY.

Guojin Securities commented that Li Auto's performance was within expectations. The institution believes that Li Auto's core strengths lie in its excellent product development capabilities, outstanding strategic planning, and refined management skills. The company is currently facing fundamental pressures, and it is advised to monitor its subsequent new vehicle releases and improvement actions. Haitong International Securities pointed out that Li Auto stated during its Q2 earnings call that it would reduce the number of SKUs and return to the single-focus strategy of the Li ONE and L9 era to avoid the complexity caused by excessive configuration differentiation. The institution expects that the Li i6, which is confirmed to launch and begin deliveries by the end of September, may continue this single hit product strategy, potentially bringing some surprises in terms of product strength and cost-effectiveness.

The Hang Seng Tech Index has previously underperformed compared to the A-share tech sector. With improvements in external liquidity narratives, its upward momentum may become stronger, potentially leading to a "catch-up rally." Investors without a Hong Kong Stock Connect account can gain one-click exposure to China's core AI assets through the Hang Seng Tech Index ETF (513180).