The South Hang Seng TECH Index ETF (520570) rose nearly 3% in early trading, NETDRAGON's first-quarter performance exceeded expectations, and AI is expected to drive the repair of the Heng Seng Index.

Hang Seng TECH Index ETF South (520570) rose nearly 3% in early trading, as of the deadline, it rose 1.59% to 0.83 yuan, with a turnover of 34.4649 million yuan. On the news side, NETDRAGON's first quarter financial season has started. Alibaba's AI revenue accounted for over 30%; Tencent's first quarter profit exceeded 58 billion yuan, a year-on-year increase of 21%; JD.com's first quarter performance exceeded expectations. Huachu Securities previously stated that if core businesses such as cloud computing, advertising, e-commerce, and local life show stable performance, and AI investment begins to show clearer commercial signals in cloud revenue, advertising efficiency, and user payment conversion, the sector rebound may evolve from valuation recovery to narrative reversal. Soochow believes that the Hang Seng TECH Index will continue its restorative upward trend in May, with valuations at historical low levels providing a safety margin. The acceleration of AI application landing and policy dividends constitute core support. Public information shows that the South Fund's Hang Seng TECH Index ETF South (520570; over-the-counter connecting fund Class A 020988; Class C 020989) closely tracks the Hang Seng TECH Index, covering 30 large and highly liquid technology companies listed on the Hong Kong stock market.