Concerns over the pace of AI development have recently weighed on global technology stocks, with leading AI executives publicly calling for a slowdown in research and development momentum due to safety considerations. Wind data shows the Hang Seng Tech Index closed at 4,318 points yesterday, marking its second-lowest level in nearly a year and breaking below the 250-day moving average. The index's valuation has correspondingly fallen to a price-to-earnings ratio of 22.59 times, positioning it at the 30% historical percentile since its launch in July 2020, a level that may warrant attention for potential sector recovery. The Hang Seng Tech ETF Huatai-PineBridge, which supports same-day trading, has seen renewed interest from market participants as technology valuations and index levels enter lower ranges, with net inflows recorded in eight of the past ten trading sessions this month and average daily turnover of 4.211 billion yuan, making it the only ETF tracking the index in the A-share market to exceed the 4 billion yuan daily turnover threshold.

Despite the recent market chatter around an AI slowdown, most institutions view this as an adjustment to the pace of industry development rather than the end of the growth cycle. Global X Management's investment strategist notes that the consensus among leading companies to manage iteration cadence will not reduce capital expenditure in areas such as chips, power, or computing infrastructure, but rather extends the technology development timeline, shifting the industry logic from construction spending to monetizing existing assets. HSBC Private Banking's Chief Investment Officer for Asia similarly points to projections that global AI capital expenditure could reach 1 trillion U.S. dollars by 2027, which would support earnings for companies across the supply chain. Information technology remains a key focus for HSBC across U.S., Asian, and select European markets, with strong earnings delivery expected in cloud computing, semiconductors, and AI applications.

Ongoing developments both domestically and internationally continue to confirm that the AI industry remains on a strong trajectory. DeepSeek released its V4.1Flash native multimodal MoE model on September 10, featuring a new architecture that significantly reduces computing activation costs and cache usage, thereby lowering deployment costs for AI agent scenarios while also cutting interface service pricing. In overseas markets, OpenAI announced on September 8 that it had solved the Millennium Prize Problem in 88 hours using coordinated computing power from tens of thousands of AI agents, with verification completed through GPT-6 Astra. These developments align with China's top-level policy direction for AI, as the Ministry of Industry and Information Technology and the National Development and Reform Commission recently issued the 15th Five-Year Plan for the development of the electronic information manufacturing industry, setting a target for core industry revenue to exceed 30 trillion yuan by 2030, which is expected to provide solid policy support for both upstream hardware and downstream applications in the AI supply chain.

The Hang Seng Tech Index, tracked by the Hang Seng Tech ETF Huatai-PineBridge, is one of the representative benchmarks for Hong Kong's technology sector, comprising core technology companies spanning internet platforms, cloud computing providers, and AI firms. The index covers key segments of the industry chain, including computing infrastructure, AI model capabilities, application scenarios, and commercialization opportunities, positioning it to benefit significantly from the rapid development of large language models. According to the fund's mid-year report, the ETF has attracted 446,600 holders, a key indicator of market recognition, demonstrating the product's strong acceptance among investors. The fund is managed by Huatai-PineBridge Fund Management, among the first ETF managers in China with over 19 years of experience in index investing, which has also developed products such as the CSI 300 ETF and the A500 ETF. As of the end of June 2026, the company's ETF products have generated cumulative profits exceeding 180.6 billion yuan for holders over the past two years. The Hang Seng Tech ETF Huatai-PineBridge and its feeder funds carry a risk rating of R4, and potential investors should carefully assess their risk tolerance and review relevant fund documents before investing. Funds investing in overseas markets are subject to additional risks, including currency fluctuations and overseas market volatility, in addition to standard market risks. Past performance is not indicative of future results, and investors should consult the fund contract and prospectus for detailed information.