On May 29, LENOVO GROUP experienced a significant surge in trading volume, with its share price soaring over 30% intraday and currently up 20%, reaching a new historical high since its listing. Driven by heavyweight stocks, the Hang Seng Stock Connect Information Technology C Index surged over 3% at one point, now up 2.36%, continuing to outperform the Hang Seng Tech Index (currently up 0.02%). The largest and most liquid* Hang Seng Stock Connect Information Technology ETF, Huabao (159131), opened 4.18% higher and is now up 2.23%, with its intraday price also hitting a new record high since listing.

On the news front, benefiting from a sustained surge in demand for AI infrastructure, U.S. server and personal computer manufacturer Dell Technologies Inc. reported quarterly results on Thursday that far exceeded expectations, with its stock price soaring nearly 40%. Dell's fiscal 2027 first-quarter revenue reached $43.8 billion, a year-on-year increase of 88%; adjusted earnings per share (EPS) surged 214% year-on-year to $4.86. Furthermore, the company raised its outlook for AI server sales to $60 billion. It is reported that LENOVO GROUP has signed an agreement with Tianjin to build next-generation AI infrastructure. According to the agreement, LENOVO GROUP will invest in establishing a next-generation AI computing product R&D and manufacturing center within the LENOVO (Tianjin) Smart Innovation Service Industrial Park, aiming to seize the commanding heights of industrial competition. The new production line is planned to begin mass production in the autumn of 2027. In September of this year, a general-purpose server production line (including CPU and GPU servers) invested in by LENOVO GROUP is also set to achieve mass production in Tianjin. It is worth noting that LENOVO GROUP recently released its quarterly results, which significantly surpassed expectations. Fourth-quarter revenue was $21.6 billion, a year-on-year increase of 27%, with AI-related revenue soaring 84% year-on-year, accounting for 38% of total revenue. Adjusted net profit attributable to shareholders was $560 million, a year-on-year increase of 101%. Among this, the ISG business achieved revenue of $5.6 billion, up 37% year-on-year, with an operating profit of $202 million, both setting new quarterly records. LENOVO GROUP Chairman and CEO Yang Yuanqing stated that the company aims to increase its overall revenue scale to $100 billion within a maximum of two years. Industry analysts believe the core reasons for LENOVO GROUP's surge are a triple resonance: last night's "explosive Dell AI results driving momentum + its own recently released stellar AI data in earnings + collective upward revisions of target prices by institutions." The market is revaluing it as the "Chinese version of Dell." Looking at the performance over the past six months, the underlying index of the Hang Seng Stock Connect Information Technology ETF Huabao (159131) – the CSI Hang Seng Stock Connect Information Technology Composite Index – has accumulated gains of over 22%. In comparison, the Hang Seng Tech Index and the Hang Seng Stock Connect Technology Index have risen by -12.67% and -11.91% respectively over the same period, demonstrating significantly sharper and more elastic performance.

Statistical period: December 28, 2025 to May 28, 2026. The Hang Seng Stock Connect Information Technology C Index had annual historical returns of -9.54%, -34.47%, -0.25%, 21.58%, and 39.30% from 2021 to 2025. Past index performance is not indicative of future results. Supports T+0 trading! Targeting the super cycle in Hong Kong-listed semiconductors – the first of its kind in the market, the largest and most liquid Hang Seng Stock Connect Information Technology ETF Huabao (159131), with its feeder fund code 026755. The underlying index is composed of "70% hardware + 30% software," heavily weighted in Hong Kong-listed "semiconductors + electronics + computer software," covering 52 Hong Kong-listed hard tech companies. Among them, LENOVO GROUP has a weight of 13.29%, currently the second-largest constituent stock in the index. The index constituents do not include large-cap internet companies like Alibaba, Tencent, or Meituan, resulting in higher sharpness and making it easier to capture the Hong Kong AI hard tech trend. (As of May 28, 2026)

Data source: China Securities Index Co., Ltd., Shanghai and Shenzhen Stock Exchanges. Note: "First in the market" refers to the Hang Seng Stock Connect Information Technology ETF Huabao being the first ETF in the market to track the CSI Hang Seng Stock Connect Information Technology Composite Index. As of May 27, 2026, the latest on-exchange scale of the Hang Seng Stock Connect Information Technology ETF Huabao is 1.321 billion yuan, making it the largest among the 7 ETFs currently tracking the CSI Hang Seng Stock Connect Information Technology Composite Index; the average daily turnover of the Hang Seng Stock Connect Information Technology ETF Huabao this year is 300 million yuan. The underlying index, the CSI Hang Seng Stock Connect Information Technology Composite Index (HKD), had annual historical returns of -9.54%, -34.47%, -0.25%, 21.58%, and 39.30% from 2021 to 2025. Past index performance is not indicative of future results. Fund fee explanation: Subscription and redemption agents for the Hang Seng Stock Connect Information Technology ETF Huabao may charge a commission of up to 0.5%. On-exchange trading fees are subject to the actual charges by securities firms. No sales service fee is charged. Risk Disclosure: The Hang Seng Stock Connect Information Technology ETF Huabao and its feeder fund passively track the CSI Hang Seng Stock Connect Information Technology Composite Index. The base date of this index is November 14, 2014, and it was published on June 23, 2017. The index constituents mentioned in the material are for illustrative purposes only; descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the manager. This product is issued and managed by Huabao Fund. Distributors do not bear responsibility for the investment, redemption, or risk management of the product. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Key Facts Statement," and other fund legal documents to understand the fund's risk-return characteristics and choose a product suitable for their own risk tolerance. Past performance of the fund does not predict its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment involves risks! The fund manager assesses this fund's risk等级 as R4 - Medium to High Risk, suitable for aggressive (C4) and above investors. Sales institutions (including the fund manager's直销机构 and other sales institutions) evaluate the risk of this fund according to relevant laws and regulations. Investors should promptly pay attention to the appropriateness opinions issued by sales institutions and base their decisions on the matching results. Appropriateness opinions from various sales institutions may not necessarily be consistent, and the fund product risk等级 evaluation results issued by fund sales institutions shall not be lower than the risk等级 evaluation results made by the fund manager. The description of the fund's risk-return characteristics in the fund contract and its risk等级 may differ due to different考虑因素. Investors should understand the risk-return profile of the fund and make their own choices based on their investment objectives, horizon, experience, and risk tolerance, bearing the associated 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, and investment requires caution.

A MACD golden cross signal has formed, and these stocks are performing well!