Elon Musk threatens to create a "chip," and the only market-focused "Hong Kong stock chip" industry chain Hong Kong stock information technology ETF (159131) surges 3.5% from the lows.

On Tuesday (March 24), A-shares and Hong Kong stocks warmed up together, with Hong Kong’s hard technology staging a strong counterattack. The only *Hong Kong stock information technology ETF (159131) in the entire market surged 3.5% in the afternoon after hitting a new low since its listing on Monday. It is noteworthy that during the recent deep correction, large funds have been buying on dips, with a total net inflow of over 120 million yuan in the past five days.

On the news front, Musk announced that SpaceX and Tesla will jointly build two advanced chip factories in Austin, Texas. This statement comes as Musk disclosed more details following his earlier announcement of creating the "Terafab" factory. Musk stated that the ultimate goal of Terafab is to achieve an annual computing power capacity of 1 terawatt, which is about 50 times the current global annual chip production capacity. Musk frankly said, "Looking to the future, if you ask what the constraints on Tesla's growth are, I believe that in three to four years, the real bottleneck will be chip production."

Galaxy Securities pointed out that the demand for computing power and capital investment are resonating upwards, and the industry is entering a phase of high prosperity and expansion. The global usage of large models has reached a new high, with China's overall model usage consistently leading. Xiaomi's MiMo leads domestic models with a usage of 23.8 trillion calls, demonstrating strong market penetration. Meanwhile, the demand for computing power is rapidly transmitting to various links in the industrial chain, with significant growth in the performance of chip, foundry, and server manufacturers, and cloud vendors raising computing power prices reflecting tightening supply and demand. On the capital side, mergers and acquisitions, financing, and IPO rhythms are speeding up, with leading enterprises strengthening competitive barriers through ecological integration and commercialization layout. The AI industry is entering a high-intensity expansion cycle of "demand explosion—price transmission—capital increase."

Huatai Securities believes that from a short-term perspective, the risk of overseas geopolitical conflicts causing significant oil price increases and stagflation risks is the main contradiction, and it is recommended to increase hedging positions. Semiconductor hardware such as storage corresponding to the internal and external gaps in the AI chain may be bought on dips if macro β recedes.

Directly pointing to the super cycle of Hong Kong stocks in chips! The Hong Kong stock chip industry chain ETF that allows T+0 trading — the first Hong Kong stock information technology ETF (159131) focusing on the "Hong Kong stock chip" industry chain in the entire market, with an off-market linking fund code of 026755. The underlying index consists of "70% hardware + 30% software," heavily investing in Hong Kong stocks in "semiconductors + electronics + computer software," covering 45 Hong Kong hard technology companies, among which SMIC has a weight of 14.07%, Xiaomi Group-W has a weight of 12.41%, and Hua Hong Semiconductor has a weight of 7.47%; it does not include major market cap internet companies like Alibaba, Tencent, and Meituan, making it sharper and easier to capture the Hong Kong AI hard technology market. (As of 2026.3.11)

Data source: China Securities Index Company, Shanghai and Shenzhen Stock Exchanges.

Note: "The only one in the entire market" refers to the only ETF tracking the China Securities Hong Kong Stock Connect Information Technology Composite Index.

Fund fee explanation: The Hong Kong Stock Information Technology ETF subscription and redemption agency may charge a commission not exceeding 0.5%. On-market trading fees are subject to actual charges by the brokerage firm. No sales service fee is charged.

Institutional viewpoint source: Galaxy Securities "【CGS-NDI Tracking】GTC 2026 Highlights: AI transitions from chip competition to system competition — Digital Economy Weekly (2026 No. 7)"; Huatai Securities "Hong Kong Stock Strategy: Suggest maintaining low positions in Hong Kong stocks."

Risk warning: The Hong Kong Stock Information Technology ETF and its linking fund passively track the China Securities Hong Kong Stock Connect Information Technology Composite Index, with the base date of the index being 2014.11.14, and published on 2017.6.23. The index constituent stocks in the material are for display purposes only, and the description of individual stocks does not constitute any form of investment advice, nor does it represent any fund's holding information and trading direction under the management. This product is issued and managed by Hua Bao Fund, and the selling agency does not assume investment, payment, and risk management responsibilities for 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 indicate future performance, and the performance of other funds managed by the fund manager does not guarantee the fund's performance. Fund investment must be cautious! The risk level assessed by the fund manager for this fund is R4 - medium to high risk, suitable for aggressive (C4) investors and above. Sales agencies (including direct sales agencies of the fund manager and other sales agencies) conduct risk assessments of the fund in accordance with relevant laws and regulations, and investors should pay attention to the suitability opinions issued by sales agencies in a timely manner, and take their matching results as the standard. The opinions on suitability from various sales agencies may not necessarily be consistent, and the risk level evaluation results of fund products issued by fund sales agencies must not be lower than the risk level evaluation results made by the fund manager. There may be discrepancies in the fund's risk-return characteristics and risk level due to differing considerations in the fund contract. Investors should understand the risk-return situation of the fund and cautiously select fund products based on their investment objectives, duration, investment experience, and risk tolerance while assuming risks themselves. The registration of this fund by the China Securities Regulatory Commission does not imply any substantive judgment or guarantee regarding its investment value, market prospects, and returns. Funds carry risks, and investments must be cautious.

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Editor: Yang Hongbo