Hengke drops 3%, the Bahtian Hong Kong Stock Internet ETF Huabao (513770) approaches its low point of the pullback. Institutions: Focus on valuation advantage and support from southbound funds.

As Iran refuses the ceasefire agreement proposed by the United States, and the U.S. continues to strengthen its military deployment in the Persian Gulf region, market concerns that the conflict in the Middle East will keep escalating have intensified.

On March 30, Hong Kong stocks opened clearly lower. As of the time of this release, the Hang Seng Index is down more than 2%, the Hang Seng Tech Index is down more than 3%, and it has once again hit a new intraperiod low. Internet sector bellwether stocks saw a collective pullback: Alibaba-W and Tencent Holdings fell by about 3%, Xiaomi Group-W and Meituan-W fell by more than 2%. Hong Kong’s AI core tool—Huabao (513770) Hang Seng Internet ETF—trades in the market at a price down 2.78%, again nearing the low point of this round of pullback.

The ongoing geopolitical situation has continued to unsettle market sentiment. Based on the fundamentals of the sectors, Huayuan Securities believes that leaders such as Tencent and Alibaba have already successively released their financial reports. For Internet-sector companies, R&D and investment in AI underlying technologies, along with the rollout and execution of AI application products, remain the core of industrial development and market trading. It is suggested that investors continue to attach importance to the strategic value of proactive internal organizational structure adjustments by leading companies, as well as their narrative and execution progress over the medium and long term in directions such as AI.

In addition, recently, the State Administration for Market Regulation (SAMR) forwarded a commentary titled “The takeaway delivery war should end” from an official media outlet. The market generally interprets it as——the regulator has sent a clear stop signal to “involution-style” price wars, bringing expectations for performance recovery among Internet sector bellwethers.

Looking ahead, Galaxy Securities said that if the U.S. and Iran become stuck in a long-term “quagmire-style” conflict, the Hong Kong stock market will go through a three-stage evolution: “short-term sentiment shock → medium-term fundamentals transmission → long-term structural divergence.” But Hong Kong stocks’ valuation undervaluation edge and the support from southbound capital make it likely that they will exhibit relative resilience among non-U.S. assets.

Seize the 2026 AI commercialization year—focus on Hong Kong stock AI core tools. The Hong Kong Internet ETF (513770) and its connected fund (Class A 017125; Class C 017126) passively track the CSI Hong Kong Stock Connect Internet Index. The top ten weight holdings bring together tech giants such as Alibaba-W and Tencent Holdings, as well as AI application companies across various sectors. The advantage of leading companies is significant. They trade T+0 during the day, and liquidity is strong.

Like Hong Kong tech stocks, but also want to reduce volatility? You can also consider the market’s first such product—the Hang Seng Index 30 ETF (520560). It comes with a “technology + dividends” dumbbell strategy. The heavy holdings include both high-volatility tech stocks such as Alibaba, and also resilient, high-dividend names such as banks and insurance—making it an ideal core holding tool for long-term allocation in Hong Kong stocks.

Reminder: Recent market volatility may be relatively large, and short-term price gains or losses do not indicate future performance. Investors should be sure to invest rationally based on their own capital conditions and risk tolerance, and pay close attention to position sizing and risk management.

Data source: Shanghai and Shenzhen exchanges, etc.

ETF fee-related notes: When investors apply for subscriptions or redemptions of fund shares, the subscription and redemption agents may charge commission according to a standard not exceeding 0.5%, which includes relevant fees charged by the securities exchanges, registration institutions, and so on. Connected fund fee-related notes: For Huabao CSI Hong Kong Stock Connect Internet ETF-initiated connected fund (Class A), the subscription fee rate (front-loaded) is 1000 RMB per order when the subscription amount is 2 million RMB or more; 0.6% when it is between 1 million (inclusive) and 2 million; and 1% when it is below 1 million. The redemption fee rate is 1.5% when the holding period is less than 7 days, and 0% when the holding period is 7 days (inclusive) or more. No sales service fee is charged. For Huabao CSI Hong Kong Stock Connect Internet ETF-initiated connected fund (Class C), no subscription fee is charged; the redemption fee rate is 1.5% when the holding period is less than 7 days, and 0% when the holding period is 7 days (inclusive) or more; the sales service fee is 0.3%.

Risk disclosure: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index. The base date of this index is 2016.12.30, and it was published on 2021.1.11. The composition of index constituents is adjusted in a timely manner according to the rules for compiling that index. The index constituents mentioned in this article are for display purposes only; descriptions of individual stocks do not constitute any form of investment advice, nor do they represent any information about the holdings and trading moves of any fund managed by the manager. The risk level of this fund assessed by the fund manager is R4—medium-high risk; it is suitable for proactive investors (C4) and above. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of statements, etc.) is for reference only. Investors must take responsibility for any investment actions they decide on independently. In addition, any views, analyses, and forecasts in this article do not constitute any form of investment advice to readers, and the fund manager does not assume any responsibility for direct or indirect losses arising from the use of the contents of this article. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Past performance of the fund does not represent its future performance. Investing in funds involves risk, and investors should be cautious.

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