On August 14th, the morning session saw a broad rally in the A-share and Hong Kong technology sectors. While A-share tech stocks pulled back in the afternoon, Hong Kong hard-tech stocks stood out with strong leadership. The largest and most liquid* Hong Kong Stock Connect Information Technology ETF (159131) saw its intraday price surge over 4% before paring gains, closing up 2.99% in a strong consecutive gain, with a trading volume of 2.332 billion yuan. Notably, LENOVO GROUP (00992), a heavyweight in the index, surged over 19% to hit an all-time high.
At midday, LENOVO GROUP officially released its fiscal first-quarter earnings report. The results showed the company delivered its strongest quarterly performance ever, with revenue surging 43% year-over-year to $26.9 billion, a single-quarter record. AI-related revenue jumped 60% year-over-year, accounting for 35% of total revenue. LENOVO GROUP stated that all three of its business segments achieved double-digit revenue growth year-over-year, as the company's product and service mix fully benefited from the accelerating release of AI-driven growth momentum.
On the profitability front, for the quarter, LENOVO GROUP's adjusted profit attributable to equity holders soared 176% year-over-year to $1.075 billion, surpassing the $1 billion milestone for the first time. By business segment, revenue from the Intelligent Devices Group reached a new first-quarter high of $17.1 billion, up 27% year-over-year. Zhongtai Securities pointed out that the rapid rise in memory costs since the second half of 2025 has put some pressure on global consumer electronics demand, including PCs. Trendforce predicts that the pace of memory price increases will significantly narrow in the third quarter of 2026. As the shortage pressure in consumer-grade memory eases, demand is expected to stabilize and gradually recover. In the medium to long term, innovation remains the core driver of demand. Over the past two years, AI PC hardware upgrades have taken precedence, and the initial form of agent applications has now emerged. AI PCs are expected to usher in a genuine replacement cycle, driven by both hardware upgrades and the expansion of application scenarios.
This is a rare "pure-blooded" hard-tech play in Hong Kong! It supports T+0 trading. The Hong Kong Stock Connect Information Technology ETF (159131), the first of its kind in the market, the largest in scale, and the most liquid in its peer group, with an OTC feeder fund code of 026755, tracks the Hong Kong Stock Connect Information Technology Index, which is composed of "85% hardware + 15% software." It heavily weights Hong Kong-listed "semiconductor + electronics + computer software" stocks, covering 60 hard-tech companies, including SMIC and Hua Hong Semiconductor, which together account for over 26% of the weight. The domestic AI PC leader LENOVO GROUP has a weight of over 10%, and PCB leaders Kingboard Holdings and Kingboard Laminates together account for over 11% of the weight. All three of these companies have the highest concentration among products linked to indices in the market. Additionally, on June 15th, the index added several new Hong Kong hard-tech stocks, including Zhipu, Shenghong, Tianshu Zhixin, and Biren Technology. The index constituents do not include large-cap internet companies like Alibaba, Tencent, and Meituan, offering higher sharpness and making it easier to capture the AI hard-tech market trend in Hong Kong.
Data source: CSI Index, as of June 30, 2026. Image generated by AI. Market volatility may be high in the near term, and short-term gains or losses do not predict future performance. Fund investments may incur losses. Investors must make rational investment decisions based on their own capital situation and risk tolerance, paying close attention to position and risk management. The individual stocks mentioned in this material are for display purposes only and do not constitute investment advice of any kind, nor do they represent the holdings or trading activity of any fund under the management company. Data sources: CSI Index Company, Shanghai and Shenzhen stock exchanges. Reference institution viewpoint source: Zhongtai Securities, August 9, 2026, "AI Reshaping the Growth Curve, Revaluation is Imminent - In-depth Analysis of Lenovo Group." Note: "The first of its kind in the market" means the Hong Kong Stock Connect Information Technology ETF (159131) is the first ETF in the market to track the CSI Hong Kong Stock Connect Information Technology Composite Index. As of August 11, 2026, the latest on-market scale of the Hong Kong Stock Connect Information Technology ETF (159131) was 2.414 billion yuan, the largest among the 8 ETFs tracking the same index. The ETF's average daily trading volume this year is 1.079 billion yuan, the highest among the 8 ETFs tracking the same index. The historical annual returns of the underlying CSI Hong Kong Stock Connect Information Technology Composite Index (HKD) from 2021 to 2025 are: -9.54%, -34.47%, -0.25%, 21.58%, 39.30%. The annualized volatility from 2021 to 2025 was: 4.13%, 4.63%, 4.00%, 5.49%, 5.45%. Past performance of the index does not guarantee future results. Regarding ETF-related fees: When investors subscribe for or redeem fund shares, the subscription redemption agent may charge a commission at a standard rate of up to 0.5%. On-exchange trading fees are subject to the actual charges by the securities company, and no sales service fee is charged. The subscription fee for the Huabao CSI HK Stock Connect Information Technology ETF Feeder Fund is 0.30% for amounts under 1 million yuan, 0.20% for amounts between 1 million yuan (inclusive) and 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan (inclusive) or more. The redemption fee for individual investors is 1.50% for holdings within 7 days, and 0.00% for holdings of 7 days (inclusive) or more. For institutional investors, the redemption fee is 1.50% for holdings within 7 days, 1.00% for holdings between 7 days (inclusive) and 30 days, 0.50% for holdings between 30 days (inclusive) and 180 days, and 0.00% for holdings of 180 days (inclusive) or more. No sales service fee is charged. Risk warning: The Hong Kong Stock Connect Information Technology ETF (159131) passively tracks the CSI Hong Kong Stock Connect Information Technology Composite Index. The index's base date is November 14, 2014, and it was published on June 23, 2017. The composition of the index constituents is adjusted periodically according to the index compilation rules. The backtested historical performance of the index does not predict its future performance. The index constituents mentioned in this article are for display purposes only, and the description of individual stocks does not constitute investment advice of any kind, nor does it represent the holdings or trading activity of any fund under the management company. According to the fund manager's assessment, the risk level of the Hong Kong Stock Connect Information Technology ETF (159131) is R4-medium to high risk, suitable for investors with a proactive (C4) risk tolerance or above. The suitability matching opinion shall be subject to the sales institution. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors must be responsible for their own investment decisions. Furthermore, any views, analyses, and forecasts in this article do not constitute investment advice of any kind to the reader, and the author is not responsible for any direct or indirect losses arising from the use of the content of this article. Fund investment carries risks. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment should be conducted with caution. MACD golden cross signal forms, these stocks are rising well!
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