Editor: Ye Feng
On March 13, the Hong Kong stock technology sector fell. In terms of related ETFs, the Hang Seng Tech ETF Tianhong (520920) closed with its underlying index down 0.99%, with a transaction volume of 180 million yuan; the turnover rate reached 1.2%.
It is noteworthy that Wind shows that the Hang Seng Tech ETF Tianhong (520920) has achieved continuous &#34;capital absorption&#34; in the last two trading days (March 11, 2026 - March 12, 2026), with a cumulative net inflow of 3.941 billion yuan over the last 30 trading days. As of March 12, 2026, the latest scale of the fund was 14.984 billion yuan. In addition, the medical equipment ETF (159873) has seen a cumulative net inflow of 48.5723 million yuan over the last 30 trading days. As of March 12, 2026, the latest scale of this fund was 272 million yuan, ranking first in the entire market for the same underlying.
The Hang Seng Tech ETF Tianhong (520920) closely tracks the Hang Seng Tech Index, precisely focusing on leading technology companies in the Hong Kong stock market. Through the QDII mechanism, this ETF can also invest in high-quality technology listed companies such as NetEase, JD.com, and Trip.com, which are not included in the Hong Kong Stock Connect. This ETF is also equipped with two off-market connection funds (Class A: 012348; Class C: 012349).
The medical equipment ETF (159873) has a high content of brain-computer interface, accounting for over 19%! It has strong technological attributes, with nearly 80% of its constituent stocks coming from the Sci-Tech Innovation Board and the Growth Enterprise Market. With domestic innovative substitution, accelerated exports, and new technology support, it is expected to usher in comprehensive valuation repair. It covers core concepts of brain-computer interfaces such as Sanbo Brain Science, Xiangyu Medical, and Weisi Medical.
On the morning of March 13, Shanghai Ladder Medical Technology Co., Ltd. (hereinafter referred to as &#34;Ladder Medical&#34;) announced the completion of 500 million yuan in strategic financing. This round of financing was led by Alibaba, with Guotou Chuanghe participating; existing shareholders Tencent, Yuanlai Capital, Aobo Capital, Yuanhe Origin Point, Qiming Venture Partners, Eli Lilly Asia Fund, Source Code Capital, and Shanghai Guotou Pioneer continued to participate. Ladder Medical founder Li Xue stated that the deep involvement of &#34;big factories&#34; in the internet and technology is of milestone significance: &#34;The strong alliance between both parties will work together to build a new generation of intelligent brain-computer interface systems and a rich frontier application ecosystem. This is not only support for medical innovation but also an advance layout for the underlying capabilities of the next generation of human-computer interaction.&#34;
Zhongtai Securities pointed out that the current valuation of the index has high cost-effectiveness, but in the short term, it is suppressed by external liquidity tightening and geopolitical risks. If the Federal Reserve starts a rate-cutting cycle in the second half of the year, foreign capital inflow is expected to boost the Hong Kong stock market; in terms of allocation, a &#34;dumbbell strategy&#34; combining high-dividend defense and oversold technology leaders can be adopted.
Daily Economic News

159873

BABA

TCTZF

00241

TCEHY

520920

STECH

KBAB

BABX

Alibaba and Tencent invest in the Chinese version of Neuralink, promoting the development of brain-computer interface technology. The Hang Seng TECH ETF Tianhong (520920) has attracted nearly 4 billion yuan in net inflows over the past 30 days, indicating market interest in technology stocks. Meanwhile, the medical equipment ETF (159873) has also performed well, with a net inflow of 48.5723 million yuan. Ladder Medical announced the completion of 500 million yuan in financing, led by Alibaba, marking deep cooperation among tech giants in the field of brain-computer interfaces

- On March 13, the Hong Kong technology sector experienced a decline, with the Hang Seng Technology ETF down by 0.99% and achieving a trading volume of 180 million CNY.  
- Despite this, the ETF has seen a net inflow of 3.941 billion CNY over the last 30 trading days, indicating strong investor interest, and recently announced strategic financing of 500 million CNY from Alibaba, highlighting significant industry collaboration.  
- Analysts suggest focusing on high-dividend defensive stocks and undervalued tech leaders amid potential external liquidity tightening, hinting at a favorable outlook if the Federal Reserve lowers interest rates later this year.

腾讯新闻 - 财经

Tianhong CSI All Share Health Care Equipment and Services ETF

Alibaba

Tencent Holdings Limited

ALI HEALTH

Tencent

Tianhong Hang Seng TECH ETF(QDII)

Hang Seng TECH Index

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba and Tencent bet on "China's version of Neuralink"! The Tianhong Hang Seng TECH ETF (520920) has seen a net inflow of nearly 4 billion yuan in the past 30 days, presenting a reallocation opportunity during the pullback