Recent escalations in expectations for US Federal Reserve rate hikes have triggered volatile adjustments in Hong Kong-listed tech assets, which are particularly sensitive to interest rate fluctuations. However, viewed from a long-term perspective, the core logic driving AI industry evolution and commercial advancement appears to be continuing steadily. Against this backdrop, southbound capital has maintained its trend of contrarian accumulation, with a single-day net inflow of HK$7.8 billion into Hong Kong stocks yesterday and cumulative net purchases exceeding HK$382 billion so far this year.
Within this landscape, the software services sector—a typical representation of Hong Kong's tech and internet segment—has seen southbound capital additions of nearly HK$152.4 billion this year, accounting for approximately 41% of total inflows. This underscores the sustained upward trajectory in sector allocation enthusiasm. As incremental capital continues to concentrate on this space, on-exchange trading tools have witnessed a corresponding uptick in activity. The popular product, Hang Seng Tech ETF HuaTai柏瑞 (513130), has recorded an average daily turnover of RMB 4.346 billion this year, making it the only ETF tracking the Hang Seng Tech Index in the A-share market to surpass RMB 4.1 billion in average daily trading volume during the period. Its latest fund shares and scale stand at 56.694 billion units and RMB 32.35 billion respectively, highlighting notable liquidity advantages.
As the AI industry progressively enters a critical phase of implementation and value realization, the strategic approaches of leading domestic tech enterprises continue to evolve. Industry competition is no longer confined to foundational model development contests; it is increasingly shifting toward coordinated advancement across computing infrastructure, scenario-based deployment, and commercialization efficiency. This transition strengthens the industry's focus on practical application. Recently, several major institutions have advanced their AI initiatives—one prominent internet leader released Hy4Preview, while multiple platform companies are accelerating the deep integration of AI technology with their core business operations.
While domestic AI industry upgrades proceed apace, global developments in AI technological innovation and commercialization are simultaneously accelerating, potentially fostering a favorable resonance between domestic and international industry trends. On August 31 (US Eastern Time), Anthropic, together with NVIDIA-backed cloud service provider Lambda, finalized a cloud computing collaboration project valued at USD 35 billion, further intensifying investment in high-end computing infrastructure. Concurrently, the institution's next-generation large model, Fable5.1, was officially launched on Tuesday local time. It delivers comprehensive performance superior to its predecessor and competing industry products, while model invocation costs have simultaneously decreased by 25%, potentially broadening the scope for AI commercialization.
From a fundamental industry perspective, global AI computing infrastructure may still be operating within a high-growth cycle of rapid expansion, potentially providing robust long-term support for the technology sector's development. According to statistics from GF Securities, capital expenditures by leading global tech enterprises continue to be revised upward, with combined capex from the top five industry leaders potentially reaching USD 769 billion by 2026. Domestic computing power construction is keeping pace with global trends, with leading internet technology companies serving as the core incremental driver for local computing capacity expansion. Capital expenditure growth for the three major core manufacturers is projected to approach nearly 100% year-on-year by 2026.
Notably, the Hang Seng Tech ETF HuaTai柏瑞 (513130), which supports on-exchange T+0 trading, closely tracks the Hang Seng Tech Index—one of the representative indices for Hong Kong's technology sector. The index brings together core tech enterprises including Chinese internet platforms, cloud computing service providers, and AI technology firms. Its industrial chain coverage spans critical segments such as computing infrastructure, AI model capabilities, application scenarios, and commercial monetization, positioning it to potentially benefit significantly from the rapid development dividends of large models.
In terms of holder structure, data from the fund's 2026 interim report reveals that Hang Seng Tech ETF HuaTai柏瑞 (513130) has 446,600 holder accounts, ranking among the top for ETF products tracking the Hang Seng Tech Index in the A-share market. The number of holder accounts serves as a key indicator of market recognition, and this data amply demonstrates the product's visibility and strong acceptance among the broader investor base.
The manager of Hang Seng Tech ETF HuaTai柏瑞 (513130) and its feeder funds (Class A 015310 / Class C 015311), HuaTai柏瑞 Fund Management, is among the first batch of ETF managers in China, with over 19 years of deep expertise in index investing. The firm has developed transparent, convenient, and low-cost index tools for investors, including the CSI 300 ETF HuaTai柏瑞 (510300) and the A500 ETF HuaTai柏瑞 (563360). As of the end of June 2026, its ETFs have generated cumulative profits exceeding RMB 180.6 billion for holders over the past two years, making it one of only three public fund companies in the A-share market to achieve cumulative profits surpassing RMB 160 billion during the same period.
A MACD golden cross signal has formed, and these stocks are showing promising upward momentum!