On August 5, AH hard-tech stocks continued their rebound. The Hong Kong Stock Connect Information C Index, representing Hong Kong-listed hard-tech plays, outperformed the Hang Seng Tech Index once again. The largest and most liquid ETF of its kind*, the Huabao Hong Kong Stock Connect Information Technology ETF (159131), saw its intraday price surge 3.64% to achieve a strong three-day winning streak, successfully reclaiming the 20-day moving average. Its full-day trading volume exceeded 22 billion yuan, with daily trading activity steadily increasing.
Almost all constituent stocks posted gains, with the PCB concept leading the rally. Haizhi Technology Group skyrocketed by 42%, while Shenghong Technology, Biren Technology, Yuejin Advanced, and Jiantao Laminated Board all surged over 10%. Jiantao Group and Guanghe Technology rose by over 6%, Lenovo Group climbed more than 5%, and SMIC and Hua Hong Hongli gained over 4%.
According to a research report from Huaxin Securities citing TrendForce, the total capital expenditure (CapEx) of the world's top nine cloud service providers (CSPs) is projected to surge by approximately 90% year-on-year to $886.7 billion in 2026, with further expansion to about $1.3 trillion (up 49% YoY) by 2027. The slowdown in growth from a high base does not indicate a deceleration in investment. In 2026, the annual growth rate for AI server shipments has been revised upward from 28% to nearly 31%. The five major North American CSPs (Google, Amazon, Meta, Microsoft, Oracle) collectively account for nearly 90% of the total, with most of them doubling their respective CapEx; Chinese CSPs (ByteDance, Tencent, Alibaba, Baidu) are collectively seeing a year-on-year increase of over 80%, with ByteDance making the most significant investment.
Meanwhile, according to Wccftech, Changxin Memory's LPDDR6 chips have essentially completed the R&D and verification phase and are nearing formal mass production. The product specifications include a design rate of 12,800 Mbps and a single-die capacity of 16Gb, with low power consumption and reliability significantly improved compared to the previous generation LPDDR5X. Huaxin Securities believes that the current strategic focus of Samsung and Micron on the higher-margin HBM and server DRAM markets creates a "window of opportunity" for Changxin in the mobile DRAM market. It is estimated that by the end of 2028, Changxin's share of global DRAM production capacity could rise to around 17%.
From a semiconductor sales perspective, global semiconductor sales experienced a slight decline at the end of 2024. Since April 2025, global semiconductor sales have shown a trend of month-on-month increases, with a notable improvement in the semiconductor industry's prosperity. Growth began to slow in June 2025, but picked up again from July to October. In May 2026, global semiconductor monthly sales reached $120.61 billion, a year-on-year increase of 104.10%. Of this, China's sales were $31.97 billion, up 10.70% month-on-month, accounting for 26.51% of the global total.
Hong Kong's scarce "pure-blood" hard-tech! Supports T+0 trading! The Huabao Hong Kong Stock Connect Information Technology ETF (159131) is the first of its kind in the entire market, the largest of its kind, and the most liquid*, with its OTC feeder fund code being 026755. The underlying index, Hong Kong Stock Connect Information C, is composed of "85% hardware + 15% software," heavily weighted towards Hong Kong-listed "semiconductors + electronics + computer software." It covers 60 Hong Kong-listed hard-tech companies, with the two major wafer foundry giants, SMIC and Hua Hong Hongli, together accounting for over 26% of the weight. The domestic AI PC leader, Lenovo Group, has a weight of over 10%, and the PCB leaders, Jiantao Group and Jiantao Laminated Board, together account for over 11% of the weight. These three are the highest-weight holdings among all indexes with related products in the entire market. Additionally, on June 15, the index included several new hard-tech stocks like Zhipu, Shenghong Technology, Tianshu Zhixin, and Biren Technology. The constituent stocks do not include large-cap internet companies like Alibaba, Tencent, or Meituan, providing higher sharpness and making it easier to capture the AI hard-tech market trends in Hong Kong.
Data source: CSI Index, as of June 30, 2026. Images generated by AI. Recent market fluctuations may be significant, and short-term gains or losses do not predict future performance. Fund investments may incur losses. Investors must make rational investments based on their own financial situation and risk tolerance, paying close attention to position and risk management. The materials only display individual stocks; stock descriptions do not constitute any form of investment advice, nor do they represent the holdings or trading strategies of any fund managed by the fund manager. Data source: CSI Index Company, Shanghai and Shenzhen Stock Exchanges. Reference for institutional views: Huaxin Securities, August 4, 2026, "Global CSP CapEx Revised Upward, Changxin Memory LPDDR6 Mass Production Imminent." Note: "First of its kind in the entire market" means the Huabao Hong Kong Stock Connect Information Technology ETF is the first ETF in the market to track the CSI Hong Kong Stock Connect Information Technology Index. As of July 21, 2026, the latest on-market scale of the Huabao Hong Kong Stock Connect Information Technology ETF was 2.062 billion yuan, making it the largest among the 8 ETFs tracking the same index; the average daily trading volume of this ETF for the year was 938 million yuan, the highest among the 8 ETFs tracking the same index. The annual historical returns of the underlying CSI Hong Kong Stock Connect Information Technology Index (HKD) for 2021-2025 were: -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%, respectively; the annualized volatility for 2021-2025 was: 4.13%, 4.63%, 4.00%, 5.49%, and 5.45%, respectively. Past performance of the index does not guarantee future results. Fee explanation for ETFs: When investors subscribe or redeem fund shares, the subscription/redemption agent may charge a commission at a standard rate not exceeding 0.5%. On-market trading fees are subject to the actual charges of the securities firm, with no sales service fee charged. The subscription fee for the Huabao CSI Hong Kong 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 ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, which has a base date of December 28, 2018, and was published on July 11, 2024. The Huabao Hong Kong Stock Connect Information Technology ETF passively tracks the CSI Hong Kong Stock Connect Information Technology Index, which has a base date of November 14, 2014, and was published on June 23, 2017. The composition of the index constituents is adjusted according to the index compilation rules from time to time. Back-tested historical performance does not indicate future index performance. The index constituent stocks shown in the text are for display purposes only. Stock descriptions do not constitute any form of investment advice, nor do they represent the holdings or trading strategies of any fund managed by the fund manager. According to the fund manager's assessment, the risk level of the ChiNext AI ETF Huabao and the Huabao Hong Kong Stock Connect Information Technology ETF is R4-Medium to High Risk, suitable for investors with an aggressive (C4) risk profile or above. Please refer to the sales organization for the suitability matching opinion. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) 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 any form of investment advice to the reader, nor are they responsible for any direct or indirect losses arising from the use of the content of this article. Fund investments carry 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 investments should be made with caution.
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