A：One of the primary reasons for the recent heightened volatility in Hong Kong’s tech sector is its status as an offshore market, which makes it particularly susceptible to overseas macroeconomic factors. In particular, geopolitical tensions—such as the U.S.–Iran conflict—have dampened global risk appetite and reshaped oil-price expectations, exerting downward pressure on the Hong Kong stock market. Furthermore, the Federal Reserve’s policy decisions and its outlook for the future economy and inflation will also influence global liquidity, thereby impacting the Hong Kong stock market.

A：The market generally expects the Federal Reserve to hold interest rates steady at this meeting, but the press conference by newly appointed Governor Kevin Warsh remains uncertain, with his remarks potentially leaning either hawkish or dovish, which could weigh on market sentiment. Due to uncertainty surrounding policy direction, the Hong Kong stock market has adopted a relatively cautious stance, with significant volatility.

A：Overseas funds are disturbed by macro factors, there is a certain degree of outflow, and southbound funds, although the overall support for Hong Kong stocks is strong, but due to public fund performance benchmark adjustment and other factors, the stage has affected the inflow of southbound funds, which also exacerbated the volatility of the Hong Kong stock market.

A：The fundamentals of Hong Kong stocks have stabilized and improved in the past one or two months, especially in high-prosperity sectors such as semiconductors and non-ferrous metals, as well as dividend sectors. However, the improvement in fundamentals is characterized by structural features, and the overall situation still requires further enhancement.

A：As a high-growth sector, the performance of the technology sector in the secondary market usually has a good upward trend, but it is also accompanied by greater volatility. When the overall market fluctuates, the volatility of the technology sector is greater than that of other traditional and stable industries, which is determined by the high growth and industry characteristics of the technology industry.

A：The problem facing Moore's Law is the physical limit and the economic limit. At present, the most advanced process has been developed to 2 nm, and the 1.4 nm process under development is also close to the physical limit, and from an economic point of view, the balance between cost and output has reached a limit.

A：The additional problem faced by domestic chip manufacturers is the lack of advanced production equipment, especially high-end semiconductor production equipment such as EUV, which is a more serious problem for domestic enterprises.

A：The "set of laws" is a development route proposed by Huawei that is different from Moore's Law. It uses technical means such as logic stacking (logic folding) to pay more attention to shortening the transmission time without relying on reducing the size of transistors, so as to realize the development and production of advanced process chips. The "set of laws" has been verified by Huawei in the production process and has made significant progress and breakthroughs. It is expected that by 2026, Huawei will be able to produce chips equivalent to 3 nanometers, and gradually realize more advanced processes, such as 2 nanometers or even 1.4 nanometers, in the next few years.

A：The proposal and application of the "set of laws" has a positive impact on the chip industry in Hong Kong stocks, especially those involved in wafer manufacturing and packaging and testing. Related constituent stocks such as SMIC Manufacturing and Huafeng Semiconductor will benefit from technological upgrading and market demand. Growth.

A：Advanced process chips have a boosting effect on the downstream applications of the AI industry chain, because of their low latency, high computing power and low power consumption, which can improve the performance of terminal equipment and functional development capabilities, thus promoting the development of the domestic AI industry chain as a whole.

A：In the commercial model, the business model of the computing power part is the clearest, which is the direct sale of hardware. The development of the midstream and downstream is relatively slow because the commercialization model has not yet been fully established. In the near future, a new commercial model may be found in the form of token.

A：AI downstream applications are divided into soft applications and hard applications. Soft applications, such as agent applications, have developed rapidly in the near future, mainly through tokens to achieve commercialization; hard applications, such as AI mobile phones, automobiles, robots, etc., due to technological innovation and long landing time, the commercialization process is relatively slow.

A：The recent performance of the AI industry chain in the secondary market is more affected by the commercialization process than the speed of technological innovation. The performance of the calculation side is better, and the AI application of the hardware side has made progress, of which AIPC (intelligent vision products) is the first to land and is expected to become the first year of development in 2026.

A：AIPC has a global stock of about 1 billion units, and the penetration rate is expected to reach 50% in the next 3-5 years, I .e. the renewal demand of at least 0.5 billion units, with huge potential incremental space. Lenovo Group, as the head of AIPC, will benefit from it and is expected to perform better in the long term.

A：Some consumer electronics companies, due to their AI attributes, have signed cooperation agreements with overseas Corning and other companies to develop related hardware products, while the consumer electronics components industry chain has also begun to be applied to AI areas, thus benefiting from AI demand growth and valuation boost.

A：The capital expenditure of the four major overseas cloud manufacturers increased to about US $730 billion from the original expected US $630 billion to US $660 billion. The capital expenditure of domestic cloud manufacturers such as Ali and Baidu also increased further due to the higher-than-expected AI business, mainly for hardware, especially computing power upgrade, which is a positive signal for the domestic chip industry.

A：The rapid development of overseas computing chains and the increase in domestic demand for computing power have provided a large number of new demand for domestic chip enterprises, and the export volume of semiconductors, including mature process chips, has increased significantly, which will have a significant boost to domestic chip enterprises and related industrial chains.

A：AI server is Lenovo's recent rapid development and a relatively high proportion of the business, not only overseas capital expenditure increased, domestic large factories also more capital expenditure, which reflects the increase in demand for AI servers. In the long run, the capital expenditure of large overseas factories reflects the high prosperity of the entire AI industry, especially for computing companies, which is an overall benefit. At the same time, artificial intelligence is regarded as the fourth industrial revolution. Its impact is far-reaching and its investment direction is different from traditional Internet investment. It has more solid fundamentals and continuous good revenue and net profit trends. It is a long-term industrial trend., And even affect global economic changes.

A：When investing in the Hong Kong stock market, due to the relatively small amount of information obtained and the high complexity of individual stocks, for institutional researchers, the amount of information exposed to A shares far exceeds that of Hong Kong stocks. For individual investors, due to the greater difficulty in obtaining information and the greater volatility of the Hong Kong stock market, especially the use of the T 0 trading mechanism and no limit on the rise or fall, it makes it more difficult to invest in individual stocks. Therefore, it is recommended that individual investors give priority to investing in Hong Kong stock ETFs, especially for technology directions, such as the AI industry, which is more suitable for long-term investment and attention due to its solid fundamentals and clear industry trends.

A：The Hong Kong Stock Connect Information Technology Index is a standard industry index focusing on the information technology industry and mainly includes electronics and computer hardware and software companies, with hardware accounting for about 70% and software accounting for about 30%. The index covers the upstream and downstream of the AI industry chain, including AI computing power (about 40%) and AI applications (about 60%). The Hang Seng Technology Index spans multiple industries, such as information technology, non-essential consumption, industry, and healthcare. It represents the overall situation of technology companies in the entire Hong Kong stock market. It is a pan-technology theme index. Compared to the extensive coverage of the Hang Seng Technology Index, the Hong Kong Stock Connect Information Technology Index is more focused on AI industry chain-related areas.

A：The sub-sectors in Hang Seng Technology include information technology (hard), non-essential consumption (e. g. Internet manufacturers, auto companies and online healthcare) and smart home appliances. Among them, the Internet direction has received more attention in investment due to its consumption attributes. In the recent takeaway promotion war, the three major Internet giants have invested a lot, which has affected the overall revenue performance. However, there have been positive changes, with head companies reducing their spending on takeaway promotions, but this adjustment will take time to be transmitted to the financial statements. The Hong Kong Stock Connect IT Index performed relatively well because it focused more on reflecting the development of the AI industry chain, especially computing power and AI end-side applications, and was more resilient in the event of a market rebound.

A：The underperformance of the Hang Seng Technology Index is mainly due to its structural bias towards pan-technology, which includes more and more fragmented sub-sectors, such as the Internet, smart home appliances and some traditional automotive companies (especially new energy vehicle companies). These industries have a low correlation with AI, so their recent performance is relatively backward. The Hong Kong Stock Connect Information Technology Index is more targeted, covering more fundamentally better sub-sectors, and benefiting from the inflow of southbound funds, especially the listed companies it selects are all Hong Kong Stock Connect, and the industry chain The upstream and downstream are more complete, and thus perform better in the near future.

A：For ETF investment, investors should choose the appropriate investment strategy according to their own situation. Mature investors or those who have in-depth understanding of the industry can carry out band operation or long-term investment according to trend changes and professional knowledge. However, for investors who do not know much about the market, if they are optimistic about the overall direction of science and technology, especially the information technology of Hong Kong Stock Connect, they can adopt the method of regular fixed investment, and use the strategy of low-level multi-investment and high-level appropriate profit stop. The specific investment method should be determined according to the investor's understanding of the market, past experience and their own needs. The most important thing is to find a suitable investment method.