Hong Kong stock market trend differentiation, technology stocks under pressure, Korean market turmoil affecting Hong Kong-related ETF sentiment. As of the close, the Hang Seng Index fell by 0.22% to 26,347.91 points, with a total daily turnover of 262.647 billion Hong Kong dollars; the Hang Seng Tech Index fell by 0.7% to 5,070.61 points. In terms of Hong Kong stock ETFs, the Gain Fufund (02800) fell by 0.23% to 26.48 Hong Kong dollars; the South Hang Seng Tech (03033) fell by 0.6% to 4.968 Hong Kong dollars; the South Double Long Haierli (07709) fell by 5.18% to 91.98 Hong Kong dollars. Industry performance The proposal of "AI Dividend for All" in South Korea caused market panic, with the KOSPI index in South Korea experiencing a rollercoaster ride. Due to panic and fund outflows, ETFs tracking South Korea-related stocks and storage concepts collectively fell back. TR Korea (02848) fell by 2.56% to 1842.5 Hong Kong dollars; South Korea Hong Kong Tech (03431) fell by 2.34% to 10.42 Hong Kong dollars; South Double Long Haierli (07709) fell by 5.18% to 91.98 Hong Kong dollars; South Double Long Samsung Electronics (07747) fell by 4.69% to 140.2 Hong Kong dollars. In terms of news, Vice Chairman Huang Shanwu of the Korean Financial Supervisory Authority expressed concerns about overheating signs in the stock market and the expansion of margin financing balances, and stated that "preventive measures will be taken if necessary to ensure market stability". At the same time, the iShares MSCI South Korea ETF under BlackRock recorded a net outflow of 970 million US dollars last week, the largest weekly sell-off in history. The KOSPI index in South Korea had an intraday volatility of up to 3.3 percentage points, with a turnaround from gains to losses, falling by more than 5% at one point. Nomura analysis believes that foreign investors who increased their holdings in Korean stocks during the AI market period from September to October last year are now taking advantage of the recent market rally to sell off in order to lock in profits. Nomura also stated that macroscopically, as long as the situation involving the blockade of the Hormuz Strait continues (the US and Iran still have differences on ceasefire conditions), the AI-driven market rally may have stronger sustainability. The energy supply shocks caused by the Middle East situation have, in a way, strengthened the market's preference for the AI theme. Domestic substitution trends are strengthening, semiconductor equipment ETFs are bucking the trend. Although the Hang Seng Tech Index fell, the market's confidence in domestically controllable semiconductor equipment has significantly increased against the backdrop of strong first-quarter performance of domestic semiconductor companies and announcements of increased investments by wafer fabrication subcontractors. Related semiconductor ETFs rose against the trend, with the Sci-tech Semiconductor Equipment ETF Huatai Bairui (588710) rising by 3.76% to 2.293 yuan; the Sci-tech Semiconductor Equipment ETF Huaxia (588170) rising by 3.61% to 2.212 yuan; and the Semiconductor Equipment ETF Huaxia (562590) rising by 2.16% to 2.37 yuan. Guojin Securities believes that companies in the industry chain have achieved high growth in their performance. On the supply side of memory chip suppliers, memory companies have started to raise prices for their products. On the demand side, with the capital investment by internet companies starting up, the demand for enterprise-level storage is increasing, while the peak season for consumer electronic stocking and the strengthening demand for inventory replenishment are also boosting the demand for storage, indicating a noticeable upward trend in the memory sector. Datong Securities analysis points out that from the disclosed first-quarter reports, the gross profit margin of memory chip modules and niche memory in the memory sector has greatly improved, and semiconductor equipment is benefiting from the expansion of wafer fabs, with profits being released at an accelerated pace. The high growth in performance driven by AI is transitioning from expectations to actual realization, and domestic memory industry chain companies are actively positioning themselves to seize opportunities. Institutional viewpoints Analyst Cui Yue from Morningstar (China) Fund Research Center advises investors not to blindly enter the market based solely on market sentiment, but to pay attention to the high premium risk of cross-border QDII-ETFs (exchange-traded funds that raise renminbi funds domestically and invest in foreign capital markets), which may deviate significantly from the net value once the secondary market buying sentiment is high, leading to losses during the process of premium correction. Additionally, some ETFs have small scale, insufficient liquidity, and misaligned trading periods in cross-border transactions, which may also affect trading execution effectiveness. Furthermore, QDII-ETF fees are generally higher than domestic products, which may dilute actual returns when held long-term. ETF trends On May 12th, two funds were listed on the ETF market for the first time: The N Sci-Tech Entrepreneurship Artificial Intelligence ETF China (588480) was listed for the first day, closing up by 0.29% at 1.034 yuan, with a turnover of 119 million yuan; the fund focuses on sci-tech entrepreneurship and AI concepts, focusing on AI industry chain stocks in the Sci-Tech and entrepreneurship board. The Food ETF Huaxia (159030) was listed for the first day, closing down by 1.2% at 0.984 yuan, with a turnover of 24.593 million; the fund focuses on the entire food industry chain, covering concepts such as food security, seed industry, and agricultural planting.