Domestic AI large model marketing and Openclaw promotion accelerate the integration of edge and cloud, boosting both sides. Capital is accelerating its AI deployment. The Hong Kong Stock Technology ETF Guotai (513020) has experienced net inflows of over 120 million yuan for two consecutive days.

Huafu Securities continues to be optimistic about the dual growth of edge and cloud. Since the beginning of the year, the promotion of domestic AI large models and Openclaw has accelerated the rotation of the edge-cloud flywheel. In terms of cloud computing power, the demand for computing power depends on user scale, calling frequency, and individual complexity. The promotions at the beginning of the year have significantly increased user scale and calling frequency, leading to an increase in data feedback driven by the growing number of users, which in turn promotes the expansion of model parameters and the scale of inference models, forming a flywheel of “model upgrade → increase in edge-side user numbers → data feedback → model re-upgrade.” The increase in edge-side AI users will continue to drive the demand for cloud computing power. In terms of edge-side AI, products such as AI glasses, AI toys, and embodied intelligent robots are emerging one after another. The market has high expectations for a sufficiently intelligent and capable AI Agent, and this demand has not yet been well met; the accelerated rotation of the edge-cloud flywheel and continuous iteration of large models will make AI Agents increasingly user-friendly, and edge-side AI as the hardware carrier for Agents will also usher in new market opportunities.

The Hong Kong Stock Technology ETF from Cathay (513020) tracks the Hong Kong Stock Connect Technology Index (931573), covering core Hong Kong stock assets such as [Internet + innovative drugs + new energy vehicles], reflecting the diversified characteristics of the technology industry and the overall performance of core technology companies in the Hong Kong stock market.

Compared to the Hang Seng Technology Index, the Hong Kong Stock Connect Technology Index is overweight in industries such as new energy vehicles and innovative drugs. In terms of performance, from the base date at the end of 2014 to the end of 2025, the cumulative return of the Hong Kong Stock Connect Technology Index is 224.25%, which exceeds the Hang Seng Technology Index (83.87%) by over 140%, consistently outperforming the Hang Seng Technology Index, the Shanghai-Hong Kong-Shenzhen Internet Index, the Hang Seng Internet Technology Index, and the Hang Seng Healthcare Index among similar indices.

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