Meta Muse Ignites AI Agent Rally and Alibaba Unveils Its Most Powerful Domestic AI Chip; Ping An of China Trust - Ping An Technology Select ETF (03406.HK) Falls 4.71% Year to Date but Still Beats Its Tracking Index

NewTimeSpace News：Ping An Technology Select ETF (03406.HK)，on 21 September it closed at HKD 14.88, up 1.29%, with turnover of about HKD 166 million, a sharp increase from the roughly HKD 1 million single-day level in prior sessions. On performance, the product fell 4.71% year to date, rose 6.38% over the past six months and fell 12.20% over the past year, while its tracking index returned -4.84%, +6.17% and -12.25% over the same periods, meaning the ETF modestly beat its benchmark across all three periods; however, the Hang Seng Index returned -2.29%, -0.93% and -5.66% and peer funds returned +12.01%, +13.39% and +15.73%, leaving the product clearly behind both the broader market and its peers. On holdings, the top ten totalled about 55.8%: TENCENT 8.66%, ALIBABA-W 7.65%, Xiaomi 5.74%, NVIDIA 5.70%, Apple 5.46%, NETEASE (US-listed) 5.00%, Alphabet 4.56%, Meituan 4.51%, Microsoft 4.44% and SMIC 4.03%, plus LENOVO GROUP 3.65%, Amazon 3.31% and BYD 3.12% among others; on 22 September intraday, TENCENT rose 4.56% and ALIBABA-W rose 1.60%, while Xiaomi fell 0.44%, Meituan fell 1.28% and SMIC fell 2.59%.

On the news front, the positives: Muse, Meta's consumer AI Agent app, topped the US App Store and Google Play free charts shortly after launch, confirming that giants with "super social ecosystems plus high-frequency scenario entry points" are the best vehicles for consumer AI Agent deployment and monetization, and WeChat is seen as the best carrier for a "Chinese version of Muse" — on 22 September TENCENT surged on heavy volume, at one point up nearly 8% intraday with turnover swelling to about HKD 17.7 billion. At the Cloud Summit on 22 September, Alibaba's T-Head unveiled the Zhenwu V900, its most powerful domestic AI chip, with compute raised to 3 times that of the Zhenwu M890, and a single cluster built on it scalable to 500,000 cards; Alibaba's Hong Kong shares rose more than 5% intraday, with a market capitalization of about HKD 2.29 trillion. TENCENT prepaid more than RMB 50 billion in the second quarter to lock in current and next-generation memory chips, and HSBC maintained a Buy rating with a target price of HKD 655; the Philadelphia Semiconductor Index surged 4% overnight, and Samsung Electronics' HBM4 capacity may double next year. On the downside: Xiaomi, Meituan and SMIC weakened on 22 September, showing divergence within the sector; TENCENT's second-quarter capital spending rose to RMB 52.78 billion with a single-quarter free cash flow turning negative at RMB 13.8 billion, and the squeeze on short-term profits from AI investment persists; the tech sector has rallied substantially, and valuation-correction risks continue to weigh on risk appetite.

The ETF tracks the Wind Technology Select Index (HKD, Net Return), compiled by Wind on a net total return basis (dividends reinvested): its constituents span about 60 tech leaders across Hong Kong and US stocks, covering internet, semiconductor, smart hardware and software segments, with information technology accounting for about 52.5% of the industry mix, consumer discretionary about 24.4% and communication services about 18.0%. Traded in HKD on the HKEX, the product lets investors gain one-stop exposure to China-US tech leaders such as TENCENT, Alibaba, NVIDIA and Apple without opening a US brokerage account; with a total expense ratio of 0.99%, a full year of operation since its September 2025 listing and a transparent structure, it suits aggressive investors who are bullish on AI industrialization and China-US tech assets and can tolerate high volatility. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 22 September 2026)

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