The more the funds fall, the more you buy! The Hang Seng Tech ETF Tianhong (520920) target index valuation has been below 98% of the past year for most of the time, with a growth rate of over 35% since the beginning of the year, ranking first among peers.

In the trading screen, the Hong Kong stock technology sector is falling. For related ETFs, the Hang Seng Technology ETF Tianhong (520920) tracking index fell by 1.40% intraday, with trading volume reaching 74.6254 million yuan; the turnover rate reached 0.5%.

Worth noting, according to Wind, the Hang Seng Technology ETF Tianhong (520920) has achieved continuous “fund inflows” over the past 16 trading days (March 11, 2026—April 1, 2026). Over the most recent 30 trading days, it recorded a cumulative net inflow of 25.41 billion yuan. As of April 1, 2026, the fund’s latest size was 15.148 billion yuan, with a year-to-date growth rate of about 35.27%, ranking first among funds in the same category.

Tianhong Hang Seng Technology ETF (520920) closely tracks the Hang Seng Technology Index, precisely focusing on leading Hong Kong technology enterprises. This index selects the top 30 Hong Kong stocks that are highly related to technology themes. Not only does it have high concentration, but it also comprehensively covers core areas such as information technology, consumer discretionary, and communication services. In addition, through the QDII mechanism, this ETF can also invest in high-quality technology listed companies such as NetEase, JD.com, and Ctrip that are not included in the Hong Kong Stock Connect. The ETF is also equipped with 2 off-exchange connection funds (Class A: 012348; Class C: 012349).

Data from the past year shows that the Hang Seng Technology Index’s price-to-book ratio is 2.57x. The current valuation is at the 1.63% percentile over the past year, lower than 98.37% of the time over the past year. From the perspective of valuation levels, the index already offers a relatively high value-for-money advantage.

On the news front, according to Oriental Fortune Business Information, a symposium of the national market regulatory system was held recently, clarifying the need to promote the healthy development of the platform economy. The State Administration for Market Regulation also called for ending the malicious price war in food delivery, and extending anti-involution regulation from the manufacturing end to the platform economy. According to a research report from Huaxi Securities, China’s daily token calling volume exceeds 140 trillion, up more than 1,000 times compared with the beginning of 2024. OpenClaw has ushered in a new era for AI intelligent agents, and leading internet companies are accelerating AI monetization and value realization. In addition, according to a research report from GF Securities, the Shanghai and Shenzhen stock exchanges have revised and issued relevant guidelines, relaxing restrictions on financing to supplement working capital for technology enterprises; the National Development and Reform Commission plans to launch 100 major application scenario projects, providing substantial policy support for the technology industry.

Yingda Securities believes that the Hang Seng Technology Index has shown signs of stabilizing and halting the decline, and that the medium-term “slow bull” pattern remains unchanged; an upward trend with volatility is the main tone. It suggests that investors should watch technology growth sectors with core competitiveness such as AI computing power and semiconductors when prices are low, and follow the logic of “earnings are king” in the annual report season and quarterly report season, adopting a high-sell low-buy strategy to respond to market fluctuations.

Daily Economic News