In early trading on July 31, the final session of the month, the A-share and Hong Kong tech sectors launched a historic counter-offensive after days of heavy losses, with hard-tech stocks overwhelmingly in the green across the board. 兆易创新, 智谱, 天数智芯, and 澜起科技 all skyrocketed over 20%, while 建滔积层板, ASMPT, and 华虹宏力 climbed more than 10%. The largest and most liquid* Hong Kong Stock Connect IT ETF of its kind, 华宝 (159131), opened strong and is currently up 4.48%, with investors quickly subscribing over 100 million units.
U.S. markets had already launched a preemptive rally overnight. Microsoft's cloud business growth exceeded expectations, sending its shares surging over 15% in its biggest single-day gain in 18 years. The Philadelphia Semiconductor Index jumped 8.2%, ending a five-day losing streak. Chip stocks including Micron Technology, SanDisk, and AMD rallied broadly. After the close, Amazon added further fuel: AWS revenue grew 37% year-over-year, significantly beating market forecasts, and Amazon shares jumped over 9% in after-hours trading. Both Microsoft and Amazon demonstrated that enterprise demand for AI computing power, model training, and inference services is translating into real cloud business revenue.
Where the action begins
Ping An Securities noted that to accelerate the development and upgrading of AI applications, global CSPs continue to ramp up investment in AI infrastructure. It forecasts that total global CSP capital expenditure will increase by 61% year-over-year to $710 billion by 2026. To improve their competitive positions in the AI race and meet growing downstream AI demand, some CSPs have begun revising their capital expenditure plans upward, further highlighting the high prosperity of the AI sector.
Why just 10 ASX 200 shares?
The Hong Kong market offers a rare "pure-blooded" hard-tech play with support for T+0 trading! The market's first fund of its kind, and the largest and most liquid Hong Kong Stock Connect IT ETF, 华宝 (159131), along with its over-the-counter feeder fund (code: 026755), tracks the Hong Kong Stock Connect Information Index, composed of "85% hardware + 15% software." It heavily weights Hong Kong-listed "semiconductors + electronics + computer software," covering 60 hard-tech companies. Within this, foundry giants SMIC and 华虹宏力 together account for over 26% of the weight, domestic AI PC leader Lenovo Group holds over 10%, and PCB leaders 建滔集团 and 建滔积层板 together account for over 11%. These concentrations are the highest among all products linked to this index. Additionally, on June 15, the index added several new Hong Kong hard-tech names like 智谱, 胜宏科技, 天数智芯, and 壁仞科技. Crucially, the index excludes large-cap internet companies such as Alibaba, Tencent, and Meituan, offering higher sharpness and making it easier to capture the Hong Kong AI hard-tech theme. Data source: CSI Index, as of June 30, 2026. Image generated by AI. Market volatility may be high in the near term. Short-term gains or losses do not predict future performance, and fund investments may incur losses. Investors must invest rationally based on their own capital situation and risk tolerance, paying close attention to position sizing and risk management. The stocks mentioned in this material are for demonstration purposes only and do not constitute investment advice of any kind, nor do they represent the holdings or trading activity of any fund under management. Data sources: CSI Index Company, Shanghai and Shenzhen Stock Exchanges. Reference institutional view source: Ping An Securities, July 29, 2026, "Electronic Industry AI Dynamics Tracking Series (XVII): Memory, AI Intensifies Industry Supply-Demand Imbalance, Supply Chain Profitability Continues to Improve." Note: "Market's first fund" refers to 华宝 Hong Kong Stock Connect IT ETF being the first ETF to track the CSI Hong Kong Stock Connect Information Technology Index. As of July 21, 2026, the latest on-market size of the 华宝 Hong Kong Stock Connect IT ETF was RMB 2.062 billion, making it the largest among the eight ETFs tracking the same index; year-to-date, its average daily trading volume has been RMB 938 million, the highest among those eight ETFs. The underlying CSI Hong Kong Stock Connect Information Technology Index (HKD) had annual returns of -9.54%, -34.47%, -0.25%, 21.58%, and 39.30% from 2021 to 2025; its annual volatility for those years was 4.13%, 4.63%, 4.00%, 5.49%, and 5.45%. Past index performance does not predict future results. Fee description for ETFs: When investors subscribe or redeem fund shares, the subscription/redemption agent may charge a commission of up to 0.5%. On-exchange trading fees are based on actual charges by the securities company, with no sales service fee. The subscription fee for the 华宝 CSI Hong Kong Stock Connect Information Technology ETF Feeder Fund is 0.30% for amounts under RMB 1 million, 0.20% for amounts between RMB 1 million (inclusive) and RMB 2 million, and RMB 1,000 per transaction for amounts of RMB 2 million (inclusive) or more; the redemption fee for individual investors is 1.50% for holding periods under 7 days and 0.00% for 7 days (inclusive) or more. For institutional investors, redemption fees are 1.50% for under 7 days, 1.00% for 7 days (inclusive) to 30 days, 0.50% for 30 days (inclusive) to 180 days, and 0.00% for 180 days (inclusive) or more; no sales service fee applies. Risk warning: The ChiNext AI ETF 华宝 passively tracks the ChiNext AI Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The Hong Kong Stock Connect IT ETF 华宝 passively tracks the CSI Hong Kong Stock Connect Information Technology Index, with a base date of November 14, 2014, and a release date of June 23, 2017. The index's constituent stocks are adjusted periodically according to the index compilation rules, and its back-tested historical performance does not predict future index performance. The index constituents shown are for demonstration purposes only and do not constitute investment advice of any kind, nor do they represent the holdings or trading activity of any fund under management. According to the fund manager's assessment, the risk level of the ChiNext AI ETF 华宝 and the Hong Kong Stock Connect IT ETF 华宝 is R4 - Medium-High Risk, suitable for aggressive (C4) and above investors. Suitability matching opinions are subject to the sales institution's determination. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors must be fully responsible for their own investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice to readers and shall not be held liable for any direct or indirect losses arising from the use of this content. Fund investment involves 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. Invest in funds with caution. MACD golden cross signal formed, these stocks are performing well!
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