Meta Muse Ignites the AI Agent Rally and Samsung's HBM4 Capacity May Double Next Year; Csop Ftse Hk-Korea Tech+ Index Etf (03431.HK) Surges 32.58% Year to Date, Sharply Outperforming the Hang Seng Index

NewTimeSpace News：Wind data show that Csop Ftse Hk-Korea Tech+ Index Etf (03431.HK) closed at HKD 10.41 as of 21 September, up 1.06%, with turnover of about HKD 13.57 million that day; as of 21 September, the fund's size stood at about HKD 1.262 billion, with a net asset value per unit of HKD 10.4698 and 120.5 million units in issue.

On performance, the product rose 32.58% year to date and 24.36% over the past six months, while the Hang Seng Index returned -2.29% and -0.93% and peer funds returned +11.95% and +13.32% over the same periods, leaving the ETF ahead of the Hang Seng Index by about 35 percentage points and ahead of peers by about 20.6 percentage points during the year. Constituent performance diverged on 22 September: among Hong Kong stocks, TENCENT rose 4.56%, ALIBABA-W gained 1.60%, while Xiaomi fell 0.44% and SMIC fell 2.59%; among Korean stocks, Samsung Electro-Mechanics rose 3.99% and Samsung Electronics gained 0.91%, while SK Hynix fell 1.50%, with the KOSPI edging up 0.15% to 7,017.91.

On the news front, the positives: on 22 September, Muse, Meta's consumer AI Agent app, topped the US App Store and Google Play free charts, with WeChat seen as the best carrier for a "Chinese version of Muse"; 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 the same day, 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 scalable to 500,000 cards; ALIBABA-W rose more than 5% intraday. The Philadelphia Semiconductor Index jumped 4% overnight, and Samsung Electronics plans to raise outsourced cleaning of glass carriers used in HBM processes to 50,000 wafers a month next year from 20,000 this year, an increase of 2.5 times, on which institutions judge that actual HBM4 output will at least double next year. In Korea, Samsung Electronics signed a memorandum of understanding with Broadcom for USD 200 billion of high-end memory and AI chip foundry cooperation, SK Group is advancing a USD 750 billion five-year long-term high-end memory supply agreement with NVIDIA, and the Korean government also plans USD 576 billion of semiconductor and AI investment. On the downside: SK Hynix, Xiaomi and SMIC weakened on 22 September, pointing to divergence at high levels; Korean equities have been highly volatile since peaking in June, triggering circuit breakers several times, with leveraged funds and retail investors still dominating; and the United States continues to press Korean companies to expand capacity in the US while threatening tariffs of up to 100%.

The ETF tracks the FTSE ETF Connect Hong Kong-Korea Technology+ Index (Net Total Return version), compiled by FTSE Russell: the Korean portion covers pan-technology leaders listed on the Korea Exchange, with a 20% cap on any single constituent, free-float market capitalization weighting, quarterly rebalancing and semi-annual constituent reviews. The product targets an allocation of about 35% Korean and 65% Hong Kong tech stocks, with actual Korean holdings at about 42%-46%; its top twenty constituents include SK Hynix, Samsung Electronics, SK Square, Alibaba, SMIC, Tencent, Hua Hong Semiconductor and Samsung Electro-Mechanics, with AI hardware accounting for about 66%. Managed by CSOP Asset Management Limited and listed in Hong Kong on 29 September 2025 with a total expense ratio of 1.2%, the product combines a physical representative sampling strategy (50%-100%) with financing total return swaps (no more than 50%). It was included in the Southbound ETF Connect from 6 May 2026, allowing mainland investors to buy directly through Stock Connect without QDII quota limits and without high premiums, making it suitable for investors bullish on Hong Kong and Korean tech assets who 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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