On the morning of September 22, Hong Kong's three major indices opened lower collectively. The Hang Seng Index fell 0.32% to 26,459.52 points, the Hang Seng Tech Index dropped 0.68%, and the Hang Seng China Enterprises Index declined 0.42%. Sector-wise, technology stocks broadly declined, while innovative drug concepts opened higher. Gold stocks generally rose, automotive stocks were active, and most Chinese brokerage stocks opened higher. After the opening, the Hang Seng Tech Index ETF (513180) fluctuated in line with the index. Among its holdings, Sunny Optical Technology, BYD Electronic, Alibaba, and Baidu Group led the gains, while Meituan, Kuaishou, BYD Co., Haier Smart Home, and JD Group were among the top decliners.

Huatai Securities pointed out that recent outperformance of Hong Kong tech stocks suggests the sector remains in an accumulation zone. Benefiting from renewed acceleration in domestic AI progress, Hong Kong tech stocks have rebounded rapidly recently. The Hang Seng Tech Index and the Hang Seng Stock Connect Tech Index have cumulatively risen nearly 20% from their July lows. The dynamic PE of the Hang Seng Tech Index has recovered to above 21 times, reaching the average level since 2020. The institution previously suggested that technology would lead the third revaluation of Hong Kong stocks, as negative factors such as the food delivery competition are largely priced in, while AI models, chip procurement, and capital expenditures are expected to accelerate. Looking ahead, with the Federal Reserve launching a new easing cycle, easing China-U.S. tensions, and new developments in internet and technology, Hong Kong stock sentiment may have further room for improvement, and the tech sector may still be in the accumulation zone.

Alibaba and Baidu are racing to develop self-developed chips, with AI igniting a bullish frenzy. The Hang Seng Tech Index is expected to break upward again. Looking forward, the Fed's interest rate cuts are restarting, and southbound funds are expected to continue flowing in. Driven by the resonance of domestic and foreign capital and the return of the AI narrative, a valuation reassessment of the Hang Seng Tech Index is anticipated. Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain one-click exposure to China's core AI assets.