OpenClaw leads Hong Kong stocks back to the AI main theme! Hua Bao Fund Hong Kong Stock Internet ETF (513770) Fund Manager: Bubble is extremely compressed, entering the deployment timing

On March 12, Hong Kong stocks opened lower and then slightly rebounded, followed by a volatile decline. Major internet giants collectively pulled back, with Alibaba-W and Meituan-W falling over 2%, Tencent Holdings down more than 1%, and Xiaomi Group-W also declining. The Hong Kong Stock AI core tool—the Hong Kong Internet ETF (513770)—traded at a intraday price down 1.75%, breaking below the 5-day and 10-day moving averages.

In the short term, Hong Kong stocks remain affected by geopolitical tensions. However, from the sector’s future opportunities, the rapid emergence of OpenClaw’s open-source ecosystem marks an AI industry shift from “dialogue interaction” to a new era of “autonomous execution” agents. The Hong Kong tech sector is expected to return to a high-growth cycle.

Currently, fund manager Cao Xuchen believes that the valuation bubble of Hong Kong-listed Chinese stocks has been compressed to an extreme stage. For example, Tencent Holdings’ 2026 PE ratio is less than 15X, with a profit growth rate of 15% by 2026.

Cao Xuchen warns that we are at a watershed in the game between inflation and valuation-performance chains. If global deflation expectations and significant liquidity tightening are not anticipated, then the relatively low valuation and performance chains of Hong Kong internet stocks may already be entering a phase of gradual deployment with higher odds.

Seize the first year of AI commercialization in 2026 and focus on core AI tools in Hong Kong stocks. The Hong Kong Internet ETF (513770) and its linked funds (Class A 017125; Class C 017126) passively track the CSI Hong Kong Stock Connect Internet Index. The top ten holdings include tech giants like Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, Bilibili-W, and other AI application companies across various fields, with prominent leadership advantages. The ETF offers T+0 intraday trading and good liquidity.

Looking favorably on Hong Kong tech stocks but want to reduce volatility? Consider the market’s first—Hong Kong Top 30 ETF (520560). It features a “tech + dividend” dumbbell strategy, with heavyweights like Alibaba and Tencent, as well as stable high-dividend stocks like China Construction Bank and Ping An Insurance, making it an ideal long-term core holding for Hong Kong stocks.

Reminder: Recent market volatility may be significant; short-term gains or losses do not predict future performance. Investors should invest rationally based on their financial situation and risk tolerance, paying close attention to position sizing and risk management.

Data sources: Shanghai and Shenzhen Stock Exchanges, etc. The CSI Hong Kong Stock Connect Internet Index’s annual returns over the past five full years are: 2021, -36.61%; 2022, -23.01%; 2023, -24.74%; 2024, 23.04%; 2025, 27.02%. The index’s constituent stocks are adjusted periodically according to the index rules. Past performance does not predict future results.

ETF fee disclosures: When subscribing or redeeming fund shares, the authorized agency may charge a commission up to 0.5%, including fees from stock exchanges, registrars, etc. Link fund fee details: China Asset Management’s CSI Hong Kong Stock Connect Internet ETF (A class) has a subscription fee of 1,000 yuan per transaction for amounts over 2 million yuan, 0.6% for 1–2 million yuan, and 1% below 1 million yuan; redemption fee is 1.5% if held less than 7 days, 0% if held 7 days or more, with no sales service fee. The C class does not charge a subscription fee; redemption fee is 1.5% if held less than 7 days, 0% if held 7 days or more; sales service fee is 0.3%.

Risk warning: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index, which was base date 2016.12.30 and published on 2021.1.11. The index’s composition is adjusted periodically according to the rules. The stocks listed are for display only; descriptions do not constitute investment advice and do not reflect holdings or trading activity of any fund managed by the issuer. The risk level of this fund is assessed as R4—moderate to high risk, suitable for active investors (C4) and above. All information in this document (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any statements) is for reference only. Investors are responsible for their own investment decisions. The opinions, analysis, and forecasts in this document do not constitute investment advice and the issuer is not responsible for any direct or indirect losses resulting from the use of this content. Past performance of other funds managed by the issuer does not guarantee future results. Investing involves risks; please invest cautiously.