Today (July 27), Hong Kong's hard technology stocks showed a recovery amid volatility, with Zhipu AI surging over 5% and Xiaomi Group gaining more than 4%. The largest and most liquid Hong Kong Stock Connect Information Technology ETF, Hwabao (159131), turned positive during the session, now up 0.75%. Notably, this ETF has recently seen continuous capital inflows, with a net cumulative inflow of 6.8 billion yuan over the past 10 days.
On the news front, domestic DRAM leader Cxmt Corporation officially debuted on the STAR Market today, opening with a gain of over 470%. Its total market value surpassed 3.31 trillion yuan, ranking first among all A-share stocks. As of publication, the stock is up 448%. Guojin Securities commented that each major storage cycle (such as 2008 and 2016) has been triggered by emerging technologies driving product upgrades and innovation, which in turn boosts the total volume, penetration rate, and value of new products, lifting the entire storage market to a new level. With AI-driven demand on the rise, we may now be at the beginning of a new major storage cycle. They are optimistic about the long-term and substantial pull for storage demand following the implementation of models and applications.
Hong Kong stocks offer scarce 'pure blood' hard technology with support for T+0 trading! The first of its kind in the market, and the largest and most liquid Hong Kong Stock Connect Information Technology ETF, Hwabao (159131), has an off-exchange feeder fund code of 026755. The underlying index, the Hong Kong Stock Connect Information Technology C Index, consists of '85% hardware + 15% software', heavily weighting Hong Kong-listed stocks in 'semiconductors, electronics, and computer software'. It covers 60 Hong Kong hard technology companies, with foundry giants Semiconductor Manufacturing International Corporation and Hua Hong Semiconductor together accounting for over 26% of the weight. Domestic AI PC leader Lenovo Group has a weight of over 10%, while PCB leaders Kingboard Holdings and Kingboard Laminates together account for over 11% of the weight. These three groups have the highest concentration among all index-linked products on the market. Additionally, the index added several new Hong Kong hard technology stocks on June 15, including Zhipu AI, Sheng Hong Technology, Days Inn, and Biren Technology. The components exclude large-cap internet companies like Alibaba, Tencent, and Meituan, offering higher sharpness and making it easier to capture the AI hard technology trend in Hong Kong stocks.
Data source: China Securities Index, as of June 30, 2026. Image generated by AI.
Market volatility may be significant in the near term, and short-term gains or losses do not predict future performance. Fund investments may incur losses. Investors must invest rationally based on their own capital status and risk tolerance, paying close attention to position and risk management. The stocks mentioned in the material are for illustration only and do not constitute any form of investment advice, nor do they represent the holdings or trading moves of any fund managed by the manager.
Data source: China Securities Index Company, Shanghai and Shenzhen Stock Exchanges.
Note: 'First of its kind in the market' refers to Hwabao Hong Kong Stock Connect Information Technology ETF being the first ETF in the market to track the CSI Hong Kong Stock Connect Information Technology Composite Index. As of July 22, 2026, the latest on-market scale of the Hwabao Hong Kong Stock Connect Information Technology ETF was 23.19 billion yuan, making it the largest among the eight ETFs tracking the same index. The average daily trading volume of this ETF this year is 9.57 billion yuan, the highest among the eight ETFs tracking the same index. The annual historical returns of the underlying CSI Hong Kong Stock Connect Information Technology Composite Index (HKD) for 2021-2025 are: -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%. The volatility rates for 2021-2025 are: 4.13%, 4.63%, 4.00%, 5.49%, and 5.45%. Past performance of the index does not predict future results.
Fund fee description: Redemption agency for the Hwabao Hong Kong Stock Connect Information Technology ETF may charge commissions at a rate not exceeding 0.5%. On-market trading fees are subject to the actual charges of the securities company. No sales service fee is charged.
Reference institutional opinion source: Minmetals Securities, July 24, 2026, 'Optimistic about the Long-Term Trend of Chinese Tech Stocks.'
Risk disclaimer: The Hwabao Hong Kong Stock Connect Information Technology ETF and its feeder fund passively track the CSI Hong Kong Stock Connect Information Technology Composite Index, which was established on November 14, 2014, and published on June 23, 2017. The index component stocks in the material are for illustration only, and the descriptions of individual stocks do not constitute any form of investment advice, nor do they represent the holdings or trading moves of any fund managed by the manager. This product is issued and managed by Hwabao Fund, and the distribution institution does not bear the investment or redemption responsibilities for the product. Investors should carefully read fund legal documents such as the 'Fund Contract', 'Prospectus', and 'Fund Product Information Summary' to understand the fund's risk-return characteristics and choose a product that matches their own risk tolerance. Past performance of the fund does not predict its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investment in funds requires caution! The fund manager has assessed the risk level of this fund as R4 - medium-high risk, suitable for investors who are aggressive (C4) or above. Sales institutions (including the fund manager's direct sales and other sales institutions) will conduct risk assessments on this fund in accordance with relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the sales institutions and base their decisions on the matching results. The suitability opinions of different sales institutions may not be consistent, and the risk level evaluation results issued by the fund sales institution must not be lower than the risk level evaluation results made by the fund manager. The risk-return characteristics and risk level in the fund contract may differ due to different considerations. Investors should understand the risk-return situation of the fund and carefully choose fund products based on their own investment purposes, time horizon, investment experience, and risk tolerance, and bear the risks themselves. The registration of this fund by the China Securities Regulatory Commission does not indicate that it makes a substantive judgment or guarantee regarding the investment value, market prospects, or returns of this fund. Funds carry risks; invest with caution.
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Editor: Chang Fuqiang
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