The global artificial intelligence sector is undergoing a pivotal strategic shift, with leading players signaling a deliberate deceleration in frontier model development. Both Anthropic and OpenAI have publicly endorsed a more measured approach to iterative releases while advocating for stronger industry oversight, suggesting that the previous chaotic sprint toward ever-larger models may be giving way to a more disciplined phase. Concurrently, fluctuating expectations around Federal Reserve rate policy have injected caution into near-term assessments of AI hardware performance.

As the industry's center of gravity pivots from raw technical prowess toward real-world deployment and revenue generation, Zheshang Securities analysts highlight a favorable medium-to-long-term outlook for AI application developers and terminal device makers. Wind data reveals that the Hang Seng Tech Index, a barometer of Hong Kong-listed core tech assets, currently trades at a price-to-earnings ratio of 22.63 times — landing at the 30.09th percentile since its inception on July 27, 2020, a level that increasingly suggests compelling valuation appeal. (Data as of September 11, 2026; Source: Zheshang Securities report "Anthropic and OpenAI's Rare Call to Slow AI Development Benefits Mid- and Downstream Players," September 13, 2026)

With expectations of a valuation recovery gaining momentum, investor attention has gravitated toward liquid, accessible vehicles like the Huatai-PineBridge Hang Seng Tech ETF (513130). This product has recorded an average daily turnover of RMB 4.228 billion year-to-date, making it the sole exchange-traded fund tracking the Hang Seng Tech Index on the A-share market to surpass the RMB 4 billion daily trading threshold during this period. (Data source: Wind, as of September 11, 2026)

The strategic pivot toward commercialization is gaining tangible validation at the industry level. Recent updates to domestic large language models, including GLM-5.3-Flash and Qwen3.8-Flash, have been deployed across diverse industrial scenarios, while a wave of AI agent products has entered paid pilot phases. This confluence marks a definitive entry into the scale-deployment era for China's AI ecosystem. Demand-side dynamics are accelerating in tandem: the China Telecom Research Institute's "AI Infrastructure Development Report for the Agent Era (2026)" projects that domestic token consumption has entered a hyper-growth trajectory. Estimates suggest annual token usage in China will reach the quintillion scale by 2026, surging past 350 quintillion by 2030 — implying a compound annual growth rate approaching 12-fold. (Source: Company announcements, as of September 11, 2026. Institutional forecasts are for reference only and do not constitute actual performance guarantees or fund performance commitments; investors should remain cognizant of associated risks.)

The surge in deployment demand is simultaneously prompting leading AI players to double down on R&D and compute infrastructure. A prominent Hong Kong-listed AI firm, which raised HK$31.4 billion via a share placement in July, secured an additional US$5 billion on September 13 through a combination of equity placement and zero-coupon convertible bonds. This fresh capital injection is earmarked for next-generation model development, proprietary training system construction, and compute infrastructure expansion — spanning model training, inference optimization, and domestic chip adaptation — laying a robust foundation for large-scale commercialization ahead. (Source: Shanghai Securities News, "Global Large Model Leader Raises US$5 Billion," September 13, 2026)

Global capital appetite for AI remains robust. According to Reuters, Anthropic is advancing plans for a landmark initial public offering, with discussions to bring Nvidia on board as a cornerstone investor. The fundraising could reach up to US$100 billion, potentially valuing the company at more than US$2 trillion post-IPO. Should this strategic alliance materialize, it could meaningfully enhance the synergy between global AI compute resources and model ecosystem players. (Source: Securities Times China, "Late-Night Broad Decline! AI Chips Face Major Uncertainty! What's Next? Latest Analysis," September 13, 2026)

The Huatai-PineBridge Hang Seng Tech ETF (513130), which supports intraday T+0 trading, closely tracks the Hang Seng Tech Index — a representative benchmark for Hong Kong's technology sector. The index aggregates core technology enterprises spanning internet platforms, cloud service providers, and AI technology firms, with comprehensive coverage across compute infrastructure, model capabilities, application scenarios, and monetization pathways. This positioning offers investors a conduit to potentially benefit substantially from the rapid proliferation of large models. (Data sources: Wind, Hang Seng Indexes Company, as of September 11, 2026; T+0 refers to the exchange trading mechanism)

In terms of holder composition, the 2026 interim fund report shows that Huatai-PineBridge Hang Seng Tech ETF (513130) has attracted 446,600 holder accounts. Holder count serves as a critical barometer of market acceptance, and this figure underscores the product's strong recognition and credibility among the broader investing public. The fund's manager, Huatai-PineBridge Fund Management, was among the first batch of ETF managers in China, with over 19 years of dedicated expertise in index investing. The firm has cultivated a suite of transparent, cost-efficient, and highly tradable index tools, including the CSI 300 ETF Huatai-PineBridge (510300) and the A500 ETF Huatai-PineBridge (563360). As of the end of June 2026, the company's ETF lineup has generated cumulative profits exceeding RMB 180.6 billion for holders over the past two years, positioning it as one of only three public fund managers in the entire A-share market to surpass RMB 160 billion in cumulative profitability during this stretch. (Profit data source: "Current Period Profit" metric from fund periodic reports, covering July 1, 2024, to June 30, 2026, as calculated by Huatai-PineBridge)

Important notes: The risk rating for Hang Seng Tech ETF Huatai-PineBridge and its feeder fund is R4; the risk rating applicable at distribution channels prevails, and different sales institutions may assign varying risk assessments based on investor suitability regulations. When subscribing or redeeming shares of Hang Seng Tech ETF Huatai-PineBridge, authorized broker-dealers may charge commissions of up to 0.5%, inclusive of fees levied by stock exchanges and registration institutions. Secondary market trading commissions follow the standards set by the respective brokerage, with stamp duty exempted. For the Huatai-PineBridge Southern Dongying Hang Seng Tech Index QDII Feeder Fund Class A (015310), subscription fees are structured as follows: 1.2% for subscriptions below RMB 1 million; 0.6% for amounts between RMB 1 million (inclusive) and RMB 2 million (exclusive); 0.4% for amounts between RMB 2 million (inclusive) and RMB 5 million (exclusive); and RMB 1,000 per transaction for amounts of RMB 5 million and above. Class C shares carry a 0% subscription fee. Redemption fees for both Class A and C are: 1.5% for holding periods under 7 days; for Class A, 0.5% for holdings between 7 days (inclusive) and 30 days (exclusive), while Class C charges 0% in this window; and 0% for both classes on holdings of 30 days or more. The sales service fee is 0% for Class A and 0.25% annually for Class C. These details are drawn from product legal documents, all as of September 11, 2026.

Risk disclosure: Fund investments carry risks; please invest prudently. Before purchasing any fund product, investors should review applicable investor suitability regulations, complete risk assessments in advance, and select products matching their individual risk tolerance. Past fund performance does not predict future returns, and the performance of other funds managed by the same manager does not constitute a guarantee of this fund's performance. Investors should carefully review the fund contract, prospectus, and product summary before investing. This product may invest in overseas securities markets, exposing investors to general market fluctuations similar to domestic securities funds, as well as special risks including currency fluctuations and overseas market volatility. The Hang Seng Tech Index is compiled and published by Hang Seng Indexes Company, which retains all ownership rights. While Hang Seng Indexes Company takes all necessary measures to ensure index accuracy, it provides no warranty and accepts no liability for errors in the index. Other indices are compiled by China Securities Index Company, which retains ownership rights. A MACD golden cross signal has emerged — these stocks are showing upward momentum!