“La guerra de entregas debe terminar”！El ETF de tecnología de Hang Seng Tianhong (520920) cerró con una subida cercana al 2%, acumulando 10 días consecutivos de entrada neta superior a 700 millones de yuanes.

The Paper Editor: Xiao Ruidong

On March 25, Hong Kong stock technology sector rose. Regarding relevant ETFs, the benchmark index of Hang Seng Tech ETF Tianhong (520920) closed up 1.91%, with trading volume reaching 267 million yuan; the turnover rate was 1.75%.

Worth noting is that, according to Wind, Hang Seng Tech ETF Tianhong (520920) has achieved continuous “capital inflow” of 702 million yuan over the past 10 trading days (from March 11, 2026 to March 24, 2026). In the most recent 30 trading days, it recorded a cumulative net capital inflow of 3.182 billion yuan. As of March 24, 2026, the fund’s latest size was 15.022 billion yuan; the year-to-date growth rate of fund size was approximately 34.15%, ranking first among funds in the same category.

Some analysts believe that, under this upward wave of the technology cycle led by AI, the fundamentals of scarce Hong Kong stock technology assets are basically better. Looking ahead, with the Federal Reserve restarting interest-rate cuts, Southbound capital is expected to continue flowing in. Under the joint catalysts of resonance between domestic and overseas capital and continuously strengthened AI narratives, a reconfiguration of the Hang Seng Tech valuation is promising. Investors without a Stock Connect account for Hong Kong might also be able to make a one-click allocation to China’s core AI assets via Hang Seng Tech ETF Tianhong (520920). This ETF is also equipped with 2 off-exchange connecting funds (Class A: 012348; Class C: 012349).

In the news, the Economic Daily published a commentator article titled “The Takeout Food Battle Should End,” and it was forwarded by the State Administration for Market Regulation. The article points out that the price war among takeout platforms has already shaken the price system of the catering industry and has dragged down the trend of consumer recovery. The article emphasizes that malicious competition not only affects corporate profits, but also relates to the livelihoods of ordinary people; it calls for market competition to shift from competing on capital to competing on services and efficiency. In addition, media outlets including First Financial also reported on this regulatory development.

Guoyuan International said that after the negative factors are fully digested in mid to late March, the market may face a turning point. The core supporting the valuation repair of Hong Kong stocks lies in the technology and new consumption sectors; the main line of AI industry development remains unchanged. The key variable in the future is the Federal Reserve’s policy path—once interest-rate cuts are initiated, it will greatly boost the valuation of risk assets.

Daily Economic News