The three major Hong Kong stock indexes traded narrowly all day, with related U.S. stock ETFs posting moderate gains, while satellite and aerospace ETFs retreated across the board. At the close, the Hang Seng Index closed flat at 26,389.04 points, with a total daily turnover of HK$306.7 billion; the Hang Seng Tech Index fell 0.35% to 5,076.2 points. The top three performing ETFs in the Hong Kong market were as follows: Ping An Fund (02800) rose by 0.15% to HK$26.56; Southern Hang Seng Tech (03033) fell by 0.56% to HK$4.96; Southern Double Bull Micron (07709) fell by 0.57% to HK$105. Industry Performance 1. The leading trend in U.S. technology stocks continued, with related U.S. stock ETFs posting moderate gains. At the close, among the ETF products tracking the U.S. stock market, the iShares S&P 50 ETF (513850) rose by 1.57% to RMB 1.747, while the Redemption Fund S&P 50 ETF (159577) rose by 1.16% to RMB 1.568. It is reported that both iShares S&P 50 ETF and Redemption Fund S&P 50 ETF track the same index: the MSCI USA 50 Index (the 50 largest U.S. stocks by market value), with consistent component stocks and industry distribution, including top ten holdings such as Nvidia (NVDA.US), Apple (AAPL.US), and Microsoft (MSFT.US). According to media reports, U.S. President Trump led a delegation to China, with accompanying CEOs of companies including Apple CEO Tim Cook, Nvidia CEO Jensen Huang, and Tesla CEO Elon Musk, among over 10 U.S. tech giants. Boosted by this news, the Nasdaq Index rose by 1.05% overnight, with individual stocks such as Nvidia and Google hitting record highs at the close. It is worth noting that, according to Xinhua News Agency, the U.S. Senate officially confirmed Kevin Warsh to succeed Powell as the next chairman of the Federal Reserve, with a term of 4 years, with a vote of 54 in favor and 45 against on May 13. 2. Satellite and aerospace ETFs retreated across the board, with several products leading in declines. Specifically, at the close, the GF Satellite ETF (512630) fell by 5.92% to RMB 1.541; the Rich Satellite ETF (563230) fell by 5.75% to RMB 1.542; the Merchants Satellite ETF (159218) fell by 5.71% to RMB 1.882; the Huatai Bohai Aerospace ETF (563380) fell by 4.78% to RMB 1.195; and the Huaxia Aerospace ETF (159227) fell by 4.65% to RMB 1.312. On May 14, the Zhuque II improved version of the Long March carrier rocket was launched into space at the Dongfeng commercial aerospace innovation test zone. The entire flight of the carrier rocket was normal, and the second-stage entered the designated orbit, achieving a successful flight test. CICC Securities stated that the commercial aerospace sector has recently seen a series of industry catalysts, with major launch missions approaching, prompting early positioning of funds. After previous catalysts, the sector experienced a strong market trend, and this time is expected to usher in a new cycle of trend markets with broad long-term growth prospects. Institutional Views China Securities believes that late May may be a temporary high point for market sentiment and risk appetite this year. China Securities stated that since April 9, domestic broad-based ETFs have consistently seen net redemptions, with a total of 18 consecutive trading days of net redemptions by May 7, amounting to approximately RMB 262.5 billion. Especially since the Shanghai Composite Index stabilized above 4100 points, the redemption scale of broad-based ETFs has continued to expand. Combining the macro environment approaching major events and the profit effect accumulated by the Shanghai Composite Index at the end of March, the recent high-redeeming characteristics of the ETF market may imply that significant institutional funds are reducing their positions. UBS Global Research Asia-Pacific Director Lian Peikun believes that although the Hong Kong stock market has recovered from recent geopolitical tensions and returned to its pre-conflict operating status, the inflation transmission effects of high oil prices on downstream industries have not fully materialized, warranting close attention in the coming months. ETF Trends On May 14, three funds were listed for the first time in the ETF market: 1. Fund Securities ETF GF (159016) listed for the first time, closed down by 1.69% at RMB 0.988, with a trading volume of RMB 1.17 billion; the fund tracks the SSE Securities Firms 30 Index, focusing on the top brokerage sector. 2. Hong Kong Stock Automobile ETF Tianhong (159028) listed for the first time, closed down by 1.71% at RMB 0.976, with a trading volume of RMB 32.24 million; the fund tracks the Hang Seng Hong Kong Stock Connect Automobile Theme Index, covering the Hong Kong stock entire vehicle, parts, and new energy vehicle industry chain. 3. N Power ETF E Fund (560930) listed for the first time, closed down by 1.88% at RMB 0.993, with a trading volume of RMB 1.22 billion; the fund tracks the CSI Electric Utility Index, focusing on the electricity generation, grid operation, and other utility sectors.