As the Lunar New Year approaches, leading internet companies in Hong Kong stocks have ignited a "red envelope battle" for the 2026 Spring Festival. On February 1, 2026, the Yuanbao App launched its Spring Festival 1 billion yuan red envelope campaign, followed by the announcement of the public beta launch of Yuanbao Pai, quickly propelling Yuanbao to the top of the free App rankings on the Apple Store; on February 2, Qianwen App declared an investment of 3 billion yuan to initiate its "Spring Festival Treat Plan," inviting users to enjoy dining, drinking, and entertainment during the holiday through a "free of charge" model.
This "red envelope battle" represents a strategic positioning contest centered on AI as the core engine, vying for the next-generation traffic portal. Consequently, the Hang Seng Tech ETF (513130), which aggregates leading Hong Kong internet stocks, has seen a significant surge in attention. Its single-day turnover yesterday reached 7.197 billion yuan, marking a sequential increase of over 70% and setting a new single-day high since December 2025. Additionally, the Hang Seng Tech ETF (513130) received a net subscription of 1 billion shares against the market trend yesterday, boosting its total shares to 64 billion, a record high.
It is reported that the Hang Seng Tech ETF (513130), which supports intraday T+0 trading, closely tracks the Hang Seng Tech Index—a representative index of the Hong Kong technology market. It pools a group of tech-oriented companies with core competitiveness and growth potential. Its top five constituent stocks are SMIC, Alibaba-W, Meituan-W, Tencent Holdings, and BYD Company. These enterprises possess deep technological accumulation and extensive business layouts in cutting-edge fields such as the internet, mobile payments, cloud computing, and artificial intelligence. Leveraging their advantages in data, scenarios, and platforms, they are accelerating the commercialization and value reassessment of AI technologies and are poised to benefit collectively from the competition for AI application traffic.
Furthermore, amid recent sustained corrections, the valuation of the Hang Seng Tech Index has retreated to 23.22 times, residing at a relatively low historical percentile of 34.87% over the past five years, further highlighting its current allocation value. Meanwhile, addressing the ongoing volatility and pullbacks, Huatai Securities noted in a research report that the current market correction is more of a technical retreat driven by the nomination of a hawkish Fed Chair. The three drivers for Hong Kong stock market potential in the first quarter—improved liquidity, resonance in capital flows, and upward revisions to earnings expectations—likely remain valid. It is advisable to adopt a medium-term perspective, emphasizing the potential upside while downplaying the short-term volatility.
The fund manager of the Hang Seng Tech ETF (513130), Huatai-PineBridge Fund, is one of China's first batch of ETF managers. Beyond sector-specific ETFs, the firm has also built substantial expertise in broad-market and dividend-themed indices. Its "Dividend Family Bucket" series includes the Huatai-PineBridge Dividend ETF (510880), the Huatai-PineBridge Low Volatility Dividend ETF (512890), the Huatai-PineBridge Hong Kong Stock Connect Dividend ETF (513530), the Huatai-PineBridge Central SOE Dividend ETF (561580), and the Huatai-PineBridge Hong Kong Stock Connect Low Volatility Dividend ETF (520890), which could serve as solid defensive options within a "barbell strategy."
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