On the morning of September 19, Hong Kong stocks overall fluctuated and moved upward. On the market, semiconductor stocks continued to be hot, automotive stocks performed actively, and the robotics concept partially corrected. The largest A-share ETF in the same track, the Hang Seng Tech Index ETF (513180), once rose over 2% during the session. Among its holdings, NIO, XPeng Motors, JD Group, Huahong Semiconductor, Lenovo Group, SMIC, and ASMPT led the gains, with NIO once rising over 7%.

CSC Financial stated that since late June, the A-share market has overall performed better than the Hong Kong stock market, and funds once formed expectations of a comprehensive bull market for A-shares, especially with sectors like AI being highly sought after, while attention on Hong Kong stocks was relatively low. However, after entering September, A-shares entered a consolidation period, with volatility gradually amplifying, and both internal and external funds are paying increasing attention to Hong Kong stocks. The institution believes that in the coming period, the advantages of Hong Kong stocks over A-shares are becoming prominent and is bullish on the overall performance of Hong Kong stocks.

In terms of sectors, with Baidu and Alibaba recently making progress in the AI chip field, the AI narrative of Hang Seng Tech may be further strengthened. Additionally, Kuaishou's Kling AI recently launched a new digital human feature, which is expected to lead the development of vertical AI applications. Industrial Securities stated that since early September, with continuous efforts in the AI business end, the performance of some internet leaders has improved, and the negative factors that previously suppressed the sector are gradually exhausting, with short covering and a decline in the proportion of short-selling transactions. In the medium term, the "food delivery involution" narrative is expected to return to the AI empowerment narrative and the tech growth narrative, and the future performance recovery upward elasticity is worth anticipating.

Alibaba and Baidu are racing to develop self-developed chips, with AI igniting a bullish frenzy. Hang Seng Tech is expected to break upward again. Looking ahead, with the Fed restarting interest rate cuts, southbound funds are expected to continue flowing in. Under the combined catalysis of resonance between domestic and foreign capital and the return of the AI narrative, a valuation restructuring of Hang Seng Tech can be expected. Investors without a Hong Kong Stock Connect account may use the Hang Seng Tech Index ETF (513180) to one-click allocate China's core AI assets.