On the morning of September 24, the three major Hong Kong stock indices opened lower collectively. The Hang Seng Index fell 0.33% to 26,073.69 points, the Hang Seng Tech Index fell 0.54%, and the HSCEI fell 0.30%. In terms of market performance, most tech stocks declined, some stocks in the non-ferrous metals sector opened higher, and automotive stocks weakened. After the opening, the Hang Seng Tech Index turned positive. The largest A-share ETF tracking the same theme, the Hang Seng Tech Index ETF (513180), saw a slight increase. Among its holdings, SMIC, NIO, Meituan, Kingdee International, and Hua Hong led the gains, while Tencent Music and Baidu Group led the declines.

Regarding capital flows, southbound capital recorded a net sell of HK$4.069 billion in Hong Kong stocks on September 23. For individual stocks, southbound capital recorded a net buy of Alibaba worth HK$1.673 billion. As of September 23, southbound capital had been net buyers of Alibaba for 23 consecutive trading days, with a cumulative net buy of HK$62.116 billion during this period.

On the news front, the 2025 Yunqi Conference will be held in Hangzhou's Yunqi Town from September 24 to September 26, 2025. With the core theme of "Integrated Cloud Intelligence, Carbon-Silicon Symbiosis," the conference plans to feature three main forums and over 110 segmented and aggregated topic activities, offering a panoramic view of AI's technological evolution and industrial application, from infrastructure and large models to embodied intelligence. Changjiang Securities believes that the Yunqi Conference is not just a technology showcase but also a setting of industrial strategy, potentially signaling that China's AI industry is entering a new phase characterized by parallel advancements in infrastructure upgrades, large-scale industry adoption, and frontier exploration.

Alibaba and Baidu are racing to develop their own chips, with AI igniting a bullish frenzy. The Hang Seng Tech Index is expected to break upward again. Looking ahead, with the Fed restarting interest rate cuts, southbound capital inflows are expected to continue. Catalyzed by the resonance of domestic and foreign capital and the return of the AI narrative, a valuation reassessment for the Hang Seng Tech Index is anticipated. Public information shows that Alibaba is currently the largest constituent stock of the Hang Seng Tech Index, with a weightage as high as 8.79%. Investors without a Hong Kong Stock Connect account can potentially gain one-click exposure to China's core AI assets through the Hang Seng Tech Index ETF (513180).