On July 30, the A-share and Hong Kong technology sectors suffered another sharp decline, with Hong Kong-listed tech stocks weakening. The Hong Kong Stock Connect Information Technology ETF (159131), the largest and most liquid ETF of its kind, closed down 3.88%, with a single-day trading volume of 24.17 billion yuan and a turnover rate of 108.3%, reflecting sustained high market activity. All constituent stocks faced pressure, with Zhipu, Tianshu Zhixin, and others falling over 10%, Huahong Hongli dropping over 8%, Semiconductor Manufacturing International Corporation, Kinte Group, and Hong Teng Precision down over 7%, Lenovo Group falling over 5%, and Xiaomi Group declining over 2%.
On the news front, Moonshot AI's Kimi announced the completion of its Series F financing, raising over $3.5 billion, with a post-investment valuation of $35 billion, making it one of the highest-valued non-listed AI unicorns in China. The commercialization of domestic large models continues to accelerate, potentially strengthening the demand logic for AI computing power and hardware. Currently, the peak earnings season is entering a critical verification phase. Microsoft's FY2026 Q4 results exceeded market expectations, with revenue of $90.01 billion, up 18% year-over-year, and Azure growth accelerating to 43% year-over-year, surpassing expectations by 3.4 percentage points. Full-year Azure revenue exceeded $100 billion for the first time, and paid Copilot seats surpassed 30 million. Google previously raised its full-year capital expenditure for 2026 to $195 billion to $205 billion. Apple and Amazon are set to report their quarterly results tonight.
Ping An Securities noted that global CSPs continue to increase investment in AI infrastructure to accelerate the development and upgrade of AI applications. It is estimated that total global CSP capital expenditure in 2026 will increase by 61% year-over-year to $710 billion. To enhance their competitive position in the AI race and meet growing downstream AI demand, some CSPs have begun to raise their capital expenditure guidance, further highlighting the high boom in the AI sector. The Hong Kong Stock Connect Information Technology ETF (159131), the first of its kind in the market, supports T+0 trading. Its underlying index, the CSI Hong Kong Stock Connect Information Technology Index, is composed of 85% hardware and 15% software, focusing on Hong Kong-listed semiconductor, electronics, and computer software companies. It includes 60 Hong Kong hard tech stocks, with Semiconductor Manufacturing International Corporation and Huahong Hongli, two major wafer foundry giants, together accounting for over 26% of the weight. Domestic AI PC leader Lenovo Group has a weight of over 10%, and PCB leaders Kinte Group and Kinte Laminate together account for over 11% of the weight. On June 15, the index added new hard tech stocks like Zhipu, Shenghong Technology, Tianshu Zhixin, and Biren Technology. The index does not include large-cap internet companies like Alibaba, Tencent, and Meituan, offering higher sharpness for capturing the AI hard tech trend in Hong Kong. The recent market volatility may be significant, and short-term fluctuations do not predict future performance. Fund investments may incur losses. Investors should make rational decisions based on their financial situation and risk tolerance, and pay close attention to position and risk management. The stocks mentioned are for illustrative purposes only and do not constitute investment advice. Source: China Securities Index, as of June 30, 2026. Image generated by AI. Reference institutional view: Ping An Securities, July 29, 2026, "AI Dynamic Tracking Series (17): Storage, AI Exacerbates Industry Supply-Demand Imbalance, Industry Chain Profitability Continues to Improve." Note: "First of its kind in the market" refers to the Hong Kong Stock Connect Information Technology ETF being the first ETF tracking the CSI Hong Kong Stock Connect Information Technology Composite Index. As of July 21, 2026, the fund's on-market scale was 2.062 billion yuan, the largest among 8 ETFs tracking the same index; its year-to-date average daily trading volume was 938 million yuan, the highest among the 8 ETFs. The underlying index's annual returns from 2021 to 2025 were -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%, with volatility of 4.13%, 4.63%, 4.00%, 5.49%, and 5.45%, respectively. Past performance is not indicative of future results. Fee details: Investors may be charged a commission of up to 0.5% when subscribing or redeeming fund shares. On-exchange trading fees are subject to the actual charges of securities companies, with no sales service fee. 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 and 2 million yuan, and a flat fee of 1,000 yuan for amounts over 2 million yuan. Redemption fees for individual investors: 1.50% for holding periods of less than 7 days, 0.00% for holding periods of 7 days or more. For institutional investors: 1.50% for holding periods of less than 7 days, 1.00% for holding periods of 7 to 30 days, 0.50% for holding periods of 30 to 180 days, and 0.00% for holding periods of 180 days or more. No sales service fee. Risk disclosure: The ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The Hong Kong Stock Connect Information Technology ETF passively tracks the CSI Hong Kong Stock Connect Information Technology Composite Index, with a base date of November 14, 2014, and a release date of June 23, 2017. The index constituents are adjusted according to the index compilation rules. Historical backtesting does not guarantee future performance. The index constituents listed are for illustration only and do not constitute investment advice, nor do they represent the holdings or trading activities of the manager's funds. According to the fund manager's evaluation, both the ChiNext AI ETF and the Hong Kong Stock Connect Information Technology ETF are rated as R4 (medium-high risk), suitable for investors with a risk appetite of C4 or above. Please refer to the sales institution for suitability matching opinions. Any information in this article, including but not limited to stocks, comments, forecasts, charts, indicators, or theories, is for reference only. Investors must be responsible for their own investment decisions. Any views, analysis, or forecasts in this article do not constitute investment advice. The fund manager is not liable for any losses arising from the use of this content. Fund investment carries risks. Past performance does not guarantee future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution. MACD golden cross signal formed, these stocks are on the rise!
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