On the afternoon of May 25th, Hong Kong's hard tech stocks surged for the second time. The largest and most liquid Hong Kong Stock Connect Information Technology ETF, Huabao (159131), surged over 9%, currently up 8.85%, ranking first in ETF gains across the entire market! The real-time trading volume reached 9.82 billion yuan, with the on-market price hitting a new all-time high since its listing. The real-time premium rate exceeded 9%.
Last Friday, the National Development and Reform Commission held a press conference, guiding domestic large models to intensify efforts in adapting to domestic computing power chips. Kaiyuan Securities commented that this statement elevates the collaborative adaptation of "domestic large models" and "domestic computing power chips" to a clear policy guidance level. Domestic CSPs such as Alibaba and Tencent have indicated plans to increase capital expenditures, reflecting strong downstream demand. Moreover, as the supply of domestic chips gradually expands, the computing power supply situation is expected to improve, presenting new opportunities for domestic computing power.
Everbright Securities believes that the AI siphon effect has led to a significant return of orders for specialized storage and consumer electronics to mainland China, coupled with the ongoing acceleration of domestic substitution. SMIC's Q1 2026 performance and Q2 2026 guidance both exceeded expectations. Additionally, Everbright Securities noted that spot prices for storage have stopped falling and begun to rise. NAND Flash contract prices for Q2 2026 are expected to increase by 70%-75% quarter-over-quarter, while traditional DRAM price increases have been revised upward from 8%-13% to 18%-23%, indicating that the storage industry has entered a clear upward phase.
Since rebounding from its low on March 31st, the underlying index of the Hong Kong Stock Connect Information Technology ETF Huabao (159131)—the CSI Hong Kong Stock Connect Information Technology Composite Index—has accumulated a gain of 32.59%. During the same period, the Hang Seng Tech Index and the Hong Kong Stock Connect Tech Index rose by 3.83% and 2.6%, respectively, demonstrating significantly sharper and more elastic performance.
Statistical period: March 31, 2026, to May 22, 2026. The annual historical returns of the Hong Kong Stock Connect Information Technology Composite Index from 2021 to 2025 were: -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%, respectively. Past performance of the index does not guarantee future results.
Supports T+0 trading! Targeting the super-cycle in Hong Kong stock chips—the first and largest, most liquid Hong Kong Stock Connect Information Technology ETF, Huabao (159131), with the off-market feeder fund code 026755. The underlying index is composed of "70% hardware + 30% software," heavily weighted in Hong Kong stocks in "semiconductors + electronics + computer software." It covers 52 hard tech companies listed in Hong Kong, with storage chip exposure exceeding 26%. SMIC has a weight of 14.21%, Xiaomi Group-W 10.31%, Lenovo Group 9.33%, and Hua Hong Semiconductor 8.82%. It excludes large-cap internet companies such as Alibaba, Tencent, and Meituan, offering higher sharpness and easier capture of Hong Kong's AI hard tech trends. (As of May 5, 2026)
Data source: CSI Index Company, Shanghai and Shenzhen Stock Exchanges.
Note: "First in the market" refers to the Hong Kong Stock Connect Information Technology ETF Huabao being the first ETF to track the CSI Hong Kong Stock Connect Information Technology Composite Index. As of May 19, 2026, the latest on-market size of the Hong Kong Stock Connect Information Technology ETF Huabao is 7.75 billion yuan, making it the largest among the seven ETFs currently tracking the CSI Hong Kong Stock Connect Information Technology Composite Index. The average daily trading volume of the Hong Kong Stock Connect Information Technology ETF Huabao this year is 1.66 billion yuan. The underlying index, the CSI Hong Kong Stock Connect Information Technology Composite Index (HKD), had annual historical returns from 2021 to 2025 of: -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%, respectively. Past performance of the index does not guarantee future results.
Fund fee explanation: The subscription and redemption agents of the Hong Kong Stock Connect Information Technology ETF Huabao may charge a commission of up to 0.5%. On-market transaction fees are subject to the actual charges by securities firms. No sales service fee is charged.
*Institutional views reference source: Kaiyuan Securities, "Weekly Views: NDRC Guides Domestic Large Models to Adapt to Domestic Chips, Continue to Prioritize Domestic Computing Power."
Risk warning: The Hong Kong Stock Connect Information Technology ETF Huabao and its feeder fund passively track the CSI Hong Kong Stock Connect Information Technology Composite Index. The base date of this index is November 14, 2014, and it was released on June 23, 2017. The index constituents in the material are for display purposes only. Descriptions of individual stocks do not constitute any form of investment advice, nor do they represent the holdings or trading trends of any fund managed by the fund manager. This product is issued and managed by Huabao Fund. Distributors do not assume responsibility for the investment, redemption, or risk management of the product. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other fund legal documents to understand the fund's risk-return characteristics and choose products that match their risk tolerance. Past performance of the fund does not predict future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment involves risks! The fund manager assesses the risk level of this fund as R4—medium to high risk, suitable for aggressive (C4) and above investors. Distributors (including the fund manager's direct sales institutions and other distributors) evaluate the fund's risk according to relevant laws and regulations. Investors should promptly pay attention to the appropriateness opinions issued by distributors and base their decisions on the matching results. Appropriateness opinions from different distributors may not necessarily be consistent, and the fund product risk level evaluation results issued by fund distributors must not be lower than the risk level evaluation results made by the fund manager. The fund's risk-return characteristics and risk level in the fund contract may differ due to varying considerations. Investors should understand the fund's risk-return profile and choose fund products cautiously based on their investment objectives, horizon, experience, and risk tolerance, bearing the risks themselves. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks; investment requires caution.
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