On Tuesday, March 24, both A-shares and Hong Kong stocks saw a rebound, with Hong Kong's hard technology sector leading a strong counteroffensive. The market's sole Hong Kong Information Technology ETF (159131), which hit a new listing low on Monday, surged in afternoon trading, closing up 3.5%. Notably, during the recent deep correction, large amounts of capital flowed in to buy at lower levels, with net inflows exceeding 120 million yuan over the past five days.
On the news front, Elon Musk announced that SpaceX and Tesla will jointly build two advanced chip factories in Austin, Texas. This statement provided further details following Musk's earlier announcement of a project named "Terafab." Musk stated that Terafab's ultimate goal is to achieve an annual computing power production capacity of 1 terawatt, approximately 50 times the current global annual chip production capacity. Musk explicitly noted, "Looking ahead, if you ask what constrains Tesla's growth, I believe that in three to four years, the real bottleneck will be chip production."
Galaxy Securities pointed out that computing power demand and capital investment are rising in tandem, with the industry entering a high-growth expansion phase. Global large model usage has reached new highs, while Chinese models continue to lead in overall usage volume. Xiaomi's MiMo leads domestic models with 2.38 trillion calls, demonstrating strong market penetration. Meanwhile, computing power demand is rapidly transmitting across the industry chain, with significant revenue growth seen in chips, foundries, and server manufacturers. Cloud providers raising computing power prices reflect tightening supply and demand. On the capital side, mergers and acquisitions, financing, and IPO activities are accelerating. Leading companies are strengthening their competitive barriers through ecosystem integration and commercialization layouts, indicating the AI industry has entered a high-intensity expansion cycle characterized by "demand explosion—price transmission—capital influx."
Huatai Securities believes that, from a short-term perspective, the primary concerns are geopolitical risks driving sharp oil price increases and stagflation risks overseas, suggesting an increase in defensive positions. If semiconductor hardware like memory, which corresponds to supply-demand gaps in the AI chain, experiences a pullback due to macroeconomic factors, it may present buying opportunities.
Targeting the super cycle in Hong Kong chip stocks! The Hong Kong Information Technology ETF (159131), the market's first ETF focused on the "Hong Kong chip" industry chain and eligible for T+0 trading, has an off-exchange feeder fund code of 026755. Its underlying index consists of "70% hardware + 30% software," heavily weighting Hong Kong stocks in "semiconductors + electronics + computer software." It covers 45 Hong Kong-listed hard tech companies, with SMIC holding a weight of 14.07%, Xiaomi Group-W at 12.41%, and Hua Hong Semiconductor at 7.47%. The ETF excludes large-cap internet companies like Alibaba, Tencent, and Meituan, offering higher focus and better capture of Hong Kong's AI hard tech trends. (Data as of March 11, 2026)
Data source: China Securities Index Company, Shanghai and Shenzhen Stock Exchanges. Note: "Sole in the market" refers to being the only ETF tracking the CSI Hong Kong Stock Connect Information Technology Composite Index.
Fund fee explanation: Subscription and redemption agents for the Hong Kong Information Technology ETF may charge a commission of up to 0.5%. On-exchange trading fees are subject to the rates set by securities firms. No sales service fee is charged.
Institutional views source: Galaxy Securities report "GTC 2026 Highlights: AI Shifts from Chip Competition to System Competition – Digital Economy Weekly Report (Issue 7, 2026)"; Huatai Securities report "Hong Kong Stock Strategy: Maintain Low Position in Hong Kong Stocks."
Risk warning: The Hong Kong Information Technology ETF and its feeder fund passively track the CSI Hong Kong Stock Connect Information Technology Composite Index, which has a base date of November 14, 2014, and was launched on June 23, 2017. The index constituents mentioned are for illustrative purposes only; individual stock descriptions are not investment advice and do not represent the holdings or trading activities of any fund managed by the asset manager. This product is issued and managed by Huabao Fund. Distributors are not responsible for the investment, redemption, or risk management of the product. Investors should carefully read the "Fund Contract," "Prospectus," and "Fund Product Summary" to understand the fund's risk-return profile and choose products matching their risk tolerance. Past performance does not indicate future results. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Fund investments carry risks. The fund manager assesses this fund's risk level as R4 – Medium-High Risk, suitable for aggressive (C4) and above investors. Sales agencies (including the fund manager's direct sales channels and other distributors) evaluate the fund's risk according to relevant laws and regulations. Investors should promptly follow the appropriateness opinions provided by sales agencies and base decisions on matching results. Appropriateness opinions may vary among sales agencies, and a sales agency's risk rating cannot be lower than the fund manager's assessment. The fund contract's description of risk-return characteristics and the fund's risk level may differ due to varying assessment factors. Investors should understand the fund's risk-return situation, combine it with their investment objectives, horizon, experience, and risk tolerance, and make careful selections while bearing their own risks. CSRC registration does not guarantee the fund's investment value, market prospects, or returns. Funds carry risks; invest cautiously.
MACD golden cross signals have formed, with several stocks showing good gains.
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