The latest data from the Korea Securities Depository (KSD) shows that South Korean investors have been continuously buying Hong Kong stocks since April, with Chinese hard-tech assets such as semiconductors, AI computing hardware, and new energy receiving capital favor. Amid the influx of foreign capital, the Hang Seng AH Premium Index has fallen to its lowest level in nearly eight years, and the H-shares of some hard-tech leaders listed in both markets are even priced higher than their A-shares. Institutional sources believe that foreign capital is the core force driving changes in the AH premium rate. Looking ahead over the next two months, the Hang Seng TECH Index is expected to see an upward opportunity, and hard-tech sectors such as semiconductors and hardware equipment are likely to continue attracting capital favor.