This afternoon on March 18, Hong Kong's hard technology stocks experienced a notable surge. Kingsoft Cloud Holdings Ltd saw a rapid increase of 18%, while Hong Teng Precision rose over 12%. GigaDevice and Shanghai Fudan advanced more than 8%, and Kingdee International gained over 5%. The market's sole Hong Kong Information Technology ETF (159131), which tracks the CSI Hong Kong Stock Connect Information Technology Composite Index, opened higher in the morning session but weakened through midday before suddenly rallying in the afternoon, climbing as much as 1.89% intraday and currently holding a 1.77% gain.
On the news front, a Goldman Sachs research report indicated that the open-source AI agent OpenClaw is capable of performing practical tasks, and its rapid adoption demonstrates the significant potential of AI applications. It can scale quickly with killer features that genuinely meet user needs. The firm reiterated its positive outlook on the AI infrastructure supply chain and anticipates that once inference demand takes off, it will bring exponential growth to semiconductor and hardware demand. Goldman Sachs expects large language models and cloud service providers like Kingsoft Cloud to benefit.
CSC Financial believes that against the backdrop of an overall slowdown in industry capacity expansion, increased penetration rates driven by domestic substitution remain a key source of future growth for the equipment sector. They project a rapid acceleration in the domestic substitution rate for equipment, with leading integrated equipment companies potentially seeing order growth of 20-30% or more by 2025. The domestic substitution process for components, particularly those critical and previously constrained, is expected to accelerate, indicating a favorable fundamental outlook for the sector overall.
Directly targeting the super-cycle in Hong Kong's chip sector is the Hong Kong Information Technology ETF (159131), the market's first ETF focused on the "Hong Kong chip" industry chain and eligible for T+0 trading. Its underlying index is composed of "70% hardware + 30% software," heavily weighted in Hong Kong-listed "semiconductor + electronics + computer software" stocks. It covers 45 Hong Kong hard tech companies, with SMIC carrying a weight of 14.07%, Xiaomi Corporation-W at 12.41%, and Hua Hong Semiconductor at 7.47%. The ETF excludes large-cap internet firms like Alibaba, Tencent, and Meituan, offering sharper focus and greater potential to capture the AI hard tech trend in Hong Kong markets. (Data as of March 11, 2026)
Source: China Securities Index Company, SSE, SZSE. Note: "Sole in the market" refers to being the only ETF tracking the CSI Hong Kong Stock Connect Information Technology Composite Index.
Fund fee explanation: The subscription and redemption agents for the Hong Kong Information Technology ETF may charge a commission of up to 0.5%. On-exchange trading fees are subject to the rates set by securities firms. No sales service fee is charged.
Risk disclosure: The Hong Kong Stock Connect Information Technology ETF passively tracks the CSI Hong Kong Stock Connect Information Technology Composite Index, which has a base date of November 14, 2014, and was launched on June 23, 2017. The index constituents mentioned are for illustrative purposes only; individual stock descriptions are not investment advice and do not represent the holdings or trading activities of any fund managed by the fund manager. This product is issued and managed by Huabao Fund. Distributors are not responsible for the investment, redemption, or risk management of the product. Investors should carefully read the Fund Contract, Prospectus, and Key Fund Information Document to understand the fund's risk-return profile and select products matching their risk tolerance. Past performance does not indicate future results. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Invest with caution. The fund manager assesses this fund's risk rating as R4 (Medium-High Risk), suitable for Aggressive (C4) and above investors. Sales agencies (including the fund manager's direct sales channels and other distributors) evaluate the fund's risk according to relevant laws and regulations. Investors should pay attention to the appropriateness opinions provided by sales agencies and base their decisions on the matching results. Appropriateness opinions may vary between sales agencies, and the risk rating assigned by a sales agency cannot be lower than the rating assigned by the fund manager. Differences may exist between the fund's risk-return characteristics described in the contract and its risk rating due to different assessment factors. Investors should understand the fund's risks and returns, combine this with their investment objectives, time horizon, experience, and risk tolerance to select suitable products and assume risks independently. The CSRC's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks; invest cautiously.
A MACD golden cross signal has formed, indicating positive momentum for these stocks.