Recently, Meta's AI agent Muse surged past ChatGPT within a short period of launching, topping the U.S. App Store free chart. Muse can read content from Facebook Marketplace and Instagram, connect email, calendar, payments, e-commerce and various other applications, and execute complex tasks on behalf of users. Its rapid rise in popularity validated market demand and commercialization potential for consumer-grade Agents, prompting the market to pay closer attention to platforms with super social ecosystems and high-frequency lifestyle scenario entry points, viewing them as superior vehicles for consumer-grade AI Agent deployment and monetization.

Mapping this to China, leading internet companies with similar conditions are seen as potential comparables and may become China's version of "Muse," with one Hang Seng Tech Index constituent drawing attention. The company has already built deep布局 in the AI Agent space, possessing comprehensive advantages in traffic entry points, high-frequency scenarios and data accumulation. Its Agent within its core social application is expected to form an "entry point-fulfillment" closed loop, and its subsequent commercialization path is gradually becoming clearer.

Regarding medium-to-long-term potential, Morgan Stanley recently estimated that China's consumer-side AI monetizable revenue potential will expand from approximately 54 billion yuan in 2026 to 294 billion yuan by 2030, reaching about 1.6 trillion yuan by 2040 under a long-term base case scenario. The research report argues that China's AI application advantage lies not in absolute leadership in frontier models, but in super APP distribution, free entry points, mobile payments and merchant fulfillment closed loops, embedding AI into high-frequency scenarios such as shopping, food delivery, travel and content recommendation. Several Hong Kong-listed internet platform companies were rated as positive beneficiaries.

On September 23, Qwen AI, under another Hong Kong-listed internet leader, officially released the Qwen-Audio-3.1 series of speech large models. This upgrade not only comprehensively evolved the three core models of speech recognition, speech synthesis and real-time voice interaction, but also launched the new audio creation model Qwen-Audio-3.1-TTS-Next and audio understanding model Qwen-Audio-3.1-ASR-Next. Five new speech models were released simultaneously, forming a complete audio capability stack covering "understanding-generation-interaction-creation." To further reduce user costs, prices for the entire Qwen-Audio speech model line were lowered, with TTS dropping about 70%, Realtime about 85%, and ASR up to 95%.

On September 22, the 2026 Yunqi Conference was held in Hangzhou under the theme "Intelligence for Practical Use," with Agentic AI as the core anchor, connecting chips, cloud infrastructure, model capabilities and model services, and Agentic applications into a complete chain. The CEO of the Hong Kong-listed internet leader stated at the conference that customer AI demand is currently very strong, and the company will fully invest in AI infrastructure construction, targeting more than 20GW in global data center scale operated by Alibaba Cloud by 2032. Additionally, T-Head released its strongest domestic AI chip Zhenwu V900, with computing power increased to three times that of Zhenwu M890.

CICC believes the AI industry is still in an early development stage, with industry focus gradually extending from model capability improvement to real application deployment. Model scaling, inference calls and underlying computing power demand still have significant growth space. As model capabilities improve and inference costs decline, AI may gradually enter real production processes and form stable commercial value, and the long-term industry opportunities brought by increased application penetration are viewed favorably. With Alibaba Cloud targeting more than 20GW in global data center scale by 2032, static estimates suggest Alibaba Cloud's external revenue scale could reach around $175 billion in FY33, corresponding to a compound growth rate exceeding 40% from FY26 to FY33.

The Hang Seng Tech Index, which Huatai-PineBridge Hang Seng Tech ETF (513130) closely tracks, gathers core technology enterprises including Chinese internet platforms, cloud computing service providers and AI technology companies. Its industry chain covers key links such as computing infrastructure, AI model capabilities, application scenarios and commercial monetization, and is expected to deeply benefit from the dividends of rapid large model development. The top ten constituents of the index are, in order: Tencent Holdings, Alibaba-W, Lenovo Group, NetEase, Meituan-W, Xiaomi Group-W, SMIC, BYD Company, JD.com-SW and Baidu Group-W.

Wind and exchange data show that Huatai-PineBridge Hang Seng Tech ETF (513130) has recorded an average daily turnover of 4.116 billion yuan so far this year, giving it a certain liquidity advantage. The ETF has a management fee of 0.2% per year and supports on-exchange T+0 trading, providing investors with a convenient tool to participate in the Hong Kong tech sector. Off-exchange investors may consider the Huatai-PineBridge Hang Seng Tech ETF Feeder Fund (Class A 015310 / Class C 015311).

Huatai-PineBridge Fund is among China's first batch of ETF managers and has been deeply engaged in index investing for more than 19 years, creating index tools for investors such as the CSI 300 ETF Huatai-PineBridge (510300) and A500 ETF Huatai-PineBridge (563360), which feature transparent exposure, convenient trading and low fees. As of the end of June 2026, the company's ETFs had generated cumulative profits of more than 180.6 billion yuan for holders over the past two years.

Note: The risk level of Huatai-PineBridge Hang Seng Tech ETF and its feeder fund is R4, while the risk level of CSI 300 ETF Huatai-PineBridge and A500 ETF Huatai-PineBridge is R3. For distribution, the risk level assigned by the distributing institution shall prevail, and different sales institutions may have different evaluation results for fund risk levels under investor suitability regulations. When investors subscribe or redeem fund shares of Huatai-PineBridge Hang Seng Tech ETF, CSI 300 ETF Huatai-PineBridge or A500 ETF Huatai-PineBridge, subscription and redemption agent brokers may charge a commission of no more than 0.5%, which includes related fees charged by stock exchanges and registration institutions. The above is excerpted from product legal documents, all as of 26/9/23. Secondary market trading commissions are subject to the standards charged by the relevant broker, and stamp duty is exempted. The subscription fee for Class A (QDII) of the Huatai-PineBridge CSOP Hang Seng Tech Index ETF Feeder Fund is specifically: for subscription amounts below 1 million yuan, the subscription fee is 1.2%; for amounts from 1 million yuan (inclusive) to 2 million yuan (exclusive), 0.6%; for amounts from 2 million yuan (inclusive) to 5 million yuan (exclusive), 0.4%; and for amounts of 5 million yuan and above, a flat fee of 1,000 yuan per transaction. The subscription fee for Class C shares is 0. The redemption fee for Class A/C shares is specifically: for holding periods of less than 7 days, the redemption fee for both Class A and Class C shares is 1.5%; for holding periods from 7 days (inclusive) to 30 days (exclusive), the redemption fee for Class A shares is 0.5% and for Class C shares is 0; for holding periods of 30 days or more, the redemption fee for both Class A and Class C shares is 0. The sales service fee for Class A shares is 0, and for Class C shares is 0.25% per year. The above is excerpted from product legal documents, all as of 26/9/23.

Performance note: Huatai-PineBridge Hang Seng Tech ETF was established on 2021/5/24. From inception to the end of 2021, and for 2022-2025 and the first half of 2026, its returns were -30.24%, -21.43%, -8.89%, 21.13%, 18.98% and -21.73%, respectively. The performance benchmark is the Hang Seng Tech Index return (converted using the valuation exchange rate), with corresponding changes of -30.25%, -20.46%, -7.51%, 21.29%, 20.41% and -22.03% over the same periods. Past fund managers: He Qi (2021/5/24-2025/10/22) and Liu Jun (2021/5/24 to present). Huatai-PineBridge Hang Seng Tech ETF Feeder (QDII) A/C was established on 2022/8/23. Class A shares returned -8.92%, 21.76%, 16.82% and -20.97% for 2023-2025 and the first half of 2026, while Class C shares returned -9.14%, 19.69%, 16.89% and -21.09% over the same periods. The performance benchmark for Class A/C shares is the Hang Seng Tech Index return (converted using the valuation exchange rate) x 95% + bank demand deposit rate (after tax) x 5%, with corresponding changes of -6.91%, 20.45%, 19.67% and -20.98% over the same periods. Past fund manager: Liu Jun (2022/8/23 to present). The above data is excerpted from fund periodic reports.

Risk disclosure: Funds involve risk, and investment requires caution. If you wish to purchase related fund products, please pay attention to investor suitability management rules, complete risk assessments in advance, and purchase fund products with risk levels matching your own risk tolerance. Past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment requires attention to investment risks. Please carefully read legal documents such as the fund contract, fund prospectus and product summary to understand the specific circumstances of the fund. The product may invest in overseas securities markets. In addition to general investment risks such as market volatility risk similar to domestic securities investment funds, it will also face special investment risks such as exchange rate risk and overseas securities market risk. The Hang Seng Tech Index is compiled and published by Hang Seng Indexes Company Limited, and its ownership belongs to Hang Seng Indexes Company Limited. Hang Seng Indexes Company Limited will take all necessary measures to ensure the accuracy of the index, but does not make any guarantee for this, nor is it responsible to anyone for any errors in the index. Other indices are compiled and published by China Securities Index Company, and their ownership belongs to China Securities Index Company. MACD golden cross signals have formed, and these stocks are rising well!