On Monday, March 23rd, Asia-Pacific stock markets experienced a "Black Monday," with both A-shares and Hong Kong stocks declining sharply, and Hong Kong hard technology stocks continuing their correction. The market's only* Hong Kong Information Technology ETF (159131) trended weaker throughout the day, closing down 5.63% on the secondary market. This represents its largest single-day decline since listing and also set a new low for its secondary market price. "Bottom-fishing" capital accelerated its inflow during the decline, with daily subscriptions reaching 93 million units and net subscriptions hitting 87 million units.
Soochow Securities provided an urgent analysis: Against the backdrop of Middle East geopolitical conflicts, hostilities have severely impacted refineries in Iran, Qatar, and Kuwait, keeping crude oil prices high. Coupled with the Federal Reserve's relatively hawkish stance, this is suppressing market liquidity. If oil prices remain elevated, it could further delay a Fed pivot, increasing global liquidity pressures and posing sustained pressure on emerging risk assets like Hong Kong stocks. Overall, while the valuation of the Hang Seng Tech Index has seen a significant correction, cautious approach is advised for left-side positioning, suggesting investors wait for clearer catalysts.
Huatai Securities believes that, from a short-term perspective, the primary conflict stems from overseas geopolitical risks driving a sharp rise in oil prices and stagflation risks. It recommends increasing避险 (hedging/defensive) allocations. If macro beta-driven corrections occur in semiconductor hardware like memory—which addresses supply gaps in the AI chain—it might present buying opportunities on dips.
From a valuation perspective, the investment attractiveness of the "Hong Kong chip" industry chain is relatively prominent. As of March 20th, the underlying index of the Hong Kong Information Technology ETF (159131) had a latest price-to-earnings ratio of 32.12 times, sitting at the 25.16th percentile over the past three years. The potential upside to its high point in February 2025 has widened to 58%.
Targeting the Hong Kong Chip Super Cycle! The Hong Kong Information Technology ETF (159131)—the market's first ETF focusing on the "Hong Kong chip" industry chain and eligible for T+0 trading—has an off-exchange feeder fund code 026755. Its underlying index is composed of "70% hardware + 30% software," heavily weighted towards Hong Kong-listed "Semiconductors + Electronics + Computer Software." It covers 45 Hong Kong hard tech companies, with SMIC holding a weight of 14.07%, Xiaomi Corporation-W at 12.41%, and Huahong Semiconductor at 7.47%. It excludes large-cap internet companies like Alibaba, Tencent, and Meituan, offering higher focus and greater potential to capture the Hong Kong AI hard tech trend. (Data as of March 11, 2026)
Data Source: China Securities Index Company, Shanghai and Shenzhen Stock Exchanges. Note: "The market's only" refers to being the only ETF tracking the CSI Hong Kong Stock Connect Information Technology Composite Index.
Fund Fee Explanation: Subscription and redemption agents for the Hong Kong Information Technology ETF may charge a commission of up to 0.5%. Secondary market trading fees are subject to the rates charged by the securities firm. No sales service fee is charged.
Institutional View Sources: Soochow Securities Report "Conflict Escalation, Hong Kong Stocks Under Pressure – Weekly Hong Kong Market View"; Huatai Securities Report "Hong Kong Stock Strategy: Recommend Maintaining Low Hong Kong Stock Allocation"
Risk Disclosure: The Hong Kong Information Technology ETF and its feeder fund passively track the CSI Hong Kong Stock Connect Information Technology Composite Index. The index base date is November 14, 2014, and it was launched on June 23, 2017. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks are not investment advice of any form and do not represent the holdings or trading动向 of any fund managed by the management company. This product is issued and managed by Huabao Fund. Distribution agencies do not assume responsibility for the product's investment, redemption, and risk management. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other legal fund documents to understand the fund's risk-return characteristics and choose products suitable for their own risk tolerance. Past performance of the fund is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment carries risks. The fund manager assesses this fund's risk level as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors. Distribution agencies (including the fund manager's direct sales channels and other distribution agencies) evaluate the fund's risk according to relevant laws and regulations. Investors should pay timely attention to the appropriateness opinions provided by distribution agencies and base their decisions on the matching results. Appropriateness opinions from different distribution agencies may not necessarily be consistent, and the risk rating results for the fund product provided by fund distribution agencies shall not be lower than the risk rating result determined by the fund manager. There may be differences between the fund's risk-return characteristics described in the fund contract and its risk level due to different consideration factors. Investors should understand the fund's risk-return profile and carefully select fund products based on their investment objectives, investment horizon, investment experience, and risk tolerance, bearing their own risks. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks, investment requires caution.
MACD golden cross signals have formed, these stocks are performing well!