On the morning of August 28, Hong Kong's three major indices opened collectively lower. On the market front, tech stocks showed mixed performance, some innovative drug concepts rose, gold stocks were active, and some chip stocks opened higher. After market opening, the Hang Seng Tech Index ETF (513180), the largest A-share tracker in the same sector, followed the index downward, falling over 1% at one point. Among its holdings, MEITUAN-W, XPeng Motors, Alibaba, and Li Auto led the decline, while TRIP.COM-S, SMIC, ASMPT, and Hua Hong Semiconductor led the gains, with TRIP.COM-S surging 8% post-earnings.

On the news front, internet giants including MEITUAN-W and TRIP.COM-S have released their latest earnings data this week. After Hong Kong market close yesterday, MEITUAN-W released its second-quarter earnings: Q2 revenue reached 91.84 billion yuan, up 11.7% year-over-year; adjusted net profit was 1.49 billion yuan, down 89% year-over-year. Possibly due to earnings data significantly missing expectations, MEITUAN-W plunged over 9% post-earnings.

On the same day, TRIP.COM-S released its Q2 2025 results, achieving net revenue of 14.843 billion yuan, up 16.22% year-over-year; net profit attributable to Trip.com Group Limited reached 4.846 billion yuan, up 26.43% year-over-year. The company noted that all international business segments continued to show strong growth momentum in the second quarter, with total bookings on international OTA platforms growing over 60% year-over-year; inbound tourism bookings increased over 100% year-over-year; outbound hotel and flight bookings have fully exceeded 120% of pre-pandemic levels in the same period of 2019.

As of August 27, the Hang Seng Tech Index ETF (513180)'s underlying index had a latest valuation (PE TTM) of 22.3x, sitting at approximately the 25.42% percentile since the index's launch on July 27, 2020, meaning current valuations are lower than 74% of the time since the index's inception. The Hang Seng Tech Index remains in a historically relatively undervalued range. Under the narrative of rising Fed rate cut expectations and potentially improving external liquidity, its characteristics of high elasticity and high growth provide greater upward momentum. Investors without Stock Connect accounts may consider positioning in China's core AI assets through the Hang Seng Tech Index ETF (513180) with one click. (Off-exchange connection A/C: 013402/013403).