分散投资是现代资产配置理论的基石，其核心逻辑在于通过资产组合的多元化构建，在降低非系统性风险的同时保留预期收益，实现风险调整后的 收益最优化。其中，不同经济体处于经济周期的异步阶段，叠加汇率波动与政策差异，全球配置可有效规避单一国家的政策风险与汇率贬值冲击。 恒生指数成分股构成呈现显著的"三元结构"特征：约35%为香港本地蓝筹股（如汇丰控股、友邦保险），50%为在港上市的内地企业（H股、红筹 股），剩余为国际大型企业。这种独特的地域分布使指数兼具三重属性——既受香港国际金融中心制度红利庇护，又深度绑定中国内地经济增长引 擎，同时保持与全球资本的流动性连接。 图：恒生科技指数行业分布 数据来源：Wind 截至：2026.02.26 注：行业为恒生一级行业 在全球资产配置框架下，恒生指数与沪深300、标普500的长期相关性并不高。因此，当A股受内地流动性周期影响、美股受美联储政策约束时，港股 常因独立的资金结构（南向资金+国际机构资金并行）呈现差异化走势。2025年的市场数据印证了这一点：当全球主要市场因贸易摩擦震荡之际，恒 生指数年内涨幅仍达28.89%，为组合提供了有效的贝塔对冲工具。 恒生指数以港币计价交易 ...

截至2026年2月24日10:16，恒生科技指数(HSTECH)下跌2.29%，蔚来-SW涨2.29%，联想集团涨1.17%， 金蝶国际领跌，商汤-W、腾讯音乐-SW跟跌。 截至2026年2月12日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，恒生科技ETF汇添富的场外联接产品汇添富恒生科技ETF联接发起式 (QDII)C(013128)单位净值为0.85元。 消息方面，2月23日，恒指、恒生科技指数全天强势震荡，恒生指数收涨2.53%，恒生科技指数收涨 3.34%。板块方面，科技龙头、半导体、有色、新能源汽车股表现亮眼，紫金矿业、美团、中芯国际涨 超5%；恒生科技成分股中，蔚来、美团、中芯国际涨超5%，比亚迪股份、华虹半导体涨超4%，京东、 腾讯、阿里、小米、百度等涨超3%。 科技经济正加速替代地产经济成为增长新引擎，东方证券指出，2025年新质生产力主要行业对总产出的 影响程度已超过传统地产建筑链条；新质生产力以新兴制造业和高附加值服务业为核心，单位产值拉动 效应更强，但对PP ...

截至2026年2月23日14:55，恒生科技指数(HSTECH)上涨3.58%，美团-W上涨5.63%，中芯国际上涨 5.10%，华虹半导体、蔚来-SW跟涨。 截至2026年2月13日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近2年夏普比率为1.14，在可比基 金中排名6/26，风险收益比较高。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近今年以来最大回撤9.85%，相对 基准回撤0.07%。 汇添富恒生科技ETF联接发起式(QDII)C是汇添富基金旗下的一只其他型基金，成立于2022年10月31 日。通过投资于恒生科技ETF汇添富(513260)，紧密跟踪标的指数表现，追求跟踪偏离度和跟踪误差的 最小化。现任基金经理乐无穹，具有11.7年证券从业经验，自2022年10月31日任职以来回报达66.33%。 汇添富港股科技配置观测工具箱： 【港股科技宽基·经典载体】汇添富恒生科 ...

Core Insights - The Hang Seng Tech Index exhibits a highly concentrated weight structure, with the top ten constituent stocks accounting for nearly 70% of the total weight, highlighting a significant disparity in market capitalization distribution [1][4]. Group 1: Weight Distribution and Market Capitalization - The top five constituent stocks of the Hang Seng Tech Index have a combined weight of 39.69%, while the top ten account for 69.09%, and the top fifty make up 99.99%, indicating a highly concentrated characteristic [4]. - The largest individual stock, Alibaba, has a market capitalization of HKD 48,764.54 billion, while the smallest stock has a market capitalization of HKD 388.48 billion, with an average market capitalization of HKD 5,183.27 billion and a median of HKD 1,827.69 billion, reflecting significant market capitalization disparity [4]. Group 2: Industry Analysis of Top Constituents - Alibaba is categorized under consumer discretionary and internet platform sectors, with core businesses including retail, cross-border commerce, cloud computing, and digital media, demonstrating strong platform attributes and resilience against cyclical risks [4]. - SMIC (Semiconductor Manufacturing International Corporation) belongs to the information technology and semiconductor sector, positioned at the core of the semiconductor supply chain, benefiting from domestic substitution and AI computing demand [4]. - BYD is classified under consumer discretionary and the electric vehicle sector, with a comprehensive layout across vehicles, batteries, semiconductors, and rail transit, making it one of the most integrated companies in the new energy industry [4]. Group 3: Overall Index Characteristics - The Hang Seng Tech Index is characterized by a concentration of leading firms, distinct technological attributes, and high growth potential, with the top ten constituent stocks focusing on internet platforms, semiconductors, new energy, and consumer electronics, covering the core asset matrix of China's digital economy [5]. - The ETF aims to balance the allocation of core assets in Hong Kong's technology sector while capturing the medium to long-term growth momentum of China's new economy [5].

Group 1 - The Hang Seng Tech Index (HSTECH) increased by 3.20%, with Meituan-W rising by 7.06% and Hua Hong Semiconductor by 4.99% as of February 23, 2026 [1] - The Hang Seng Tech ETF from Huatai-PineBridge has seen continuous net inflows over the past 11 days, with a maximum single-day net inflow of 41.84 million yuan, totaling 418 million yuan, averaging 37.96 million yuan per day as of February 13, 2026 [1] - The upcoming "Two Sessions" starting on March 4, 2026, will focus on promoting technological innovation and developing artificial intelligence, with expectations of more proactive fiscal policies and flexible monetary policies [1] Group 2 - Historical analysis shows that the technology growth sector tends to perform strongly in the 5 to 10 trading days after the Spring Festival, driven by policy and industry catalysts, as well as the performance of tech sectors in both Hong Kong and US markets [2] - The Huatai-PineBridge Hang Seng Tech ETF has achieved a maximum monthly return of 29.52% since its inception, with an average monthly return of 7.37% and a historical holding period profit probability of 78.13% over three years as of February 13, 2026 [2] - The fund has a Sharpe ratio of 1.14 over the past two years, ranking 6th out of 26 comparable funds, indicating a favorable risk-return profile [2] Group 3 - The Huatai-PineBridge Hang Seng Tech ETF is designed to closely track the performance of the Hang Seng Tech Index, aiming to minimize tracking deviation and error, with a return of 66.33% since its manager took over on October 31, 2022 [3] - The fund manager, Le Wuqiong, has 11.7 years of experience in the securities industry [3] Group 4 - The Huatai-PineBridge Hang Seng Tech ETF serves as a flagship broad-based fund for the Hong Kong tech sector, aiming to balance the allocation of core assets in the new economy [4] - The Huatai-PineBridge Hong Kong Stock Connect China Tech ETF focuses on core assets in the AI industry, covering the entire AI value chain [4] - The Huatai-PineBridge Hong Kong Stock Connect Tech Select Mixed Fund employs an active management strategy to identify high-potential assets within the Hong Kong Stock Connect framework [4]

汇添富恒生科技ETF联接发起式(QDII)C(013128)所跟踪的恒生科技指数呈现出高度集中的权重结构，前十大成分股权重合计近70%，其中阿里巴巴、中芯国 际、比亚迪分列前三大重仓股，分别代表互联网平台、半导体国产替代龙头及新能源汽车垂直一体化标杆，覆盖中国数字经济最核心的资产方阵。指数市值 分布显著分化，反映龙头主导的幂律分布特征。本文就该基金资产集中度相关数进行简要分析。 一、权重分布高度集中，市值分布显著分化 | 累计权重 © | | | --- | --- | | 前5大成分股 | 39.69% | | 前10大成分股 | 69.09% | | 前50大成分股 | 99.99% | | 成分股总市值(币种:HKD 单位:亿元) | | | 島大値 | 48.764.54 | 二、汇添富恒生科技ETF联接发起式(QDII)C(013128)前三名成分股行业属性简析1.阿里巴巴-W：归属于可选消费与互联网平台行业。核心业务包括中国零 售商业、跨境及全球零售、云计算、数字媒体及娱乐等，平台属性强，具备跨周期抗风险能力。 2.中芯国际：归属于信息技术—半导体行业。作为中国大陆晶圆代工龙头，处于半导体产业链核 ...

招商证券认为，海外上市、跟踪中国资产的ETF自2025年7月以来不断流入，累计净流入规模超140亿美 元，而过去两年外资流入的高峰分别为2024年9月政策转向与2025年3月DeepSeek时刻，但当时有明显 的快进快出特征。最新一轮缓慢、持续的净流入，验证了中国市场从"可交易"向"可投资"的转变。 也有机构表示，港股的互联网、生物科技、高端制造企业以及初创期科技企业相比A股市场均属于稀缺 资产，特别是下游的AI应用与国内庞大的工业基础相结合，能够产生显著的共振效应，展现出强大的 增长潜力。在长周期的科技发展趋势下，AI大模型不断迭代更新，可能触发以互联网企业为首的AI应 用行情。尤其在科技风口上，某些特定行业的港股标的含金量可能更高。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)自成立以来，最高单月回报为 29.52%，最长连涨月数为5个月，最长连涨涨幅23.31%，上涨月份平均收益率为7.37%，历史持有3年盈 利概率为78.13%。 截至2026年2月20日收盘，恒生科技指数(HSTECH)下跌2.91%。 截至2026年2月13日，恒生科技ETF汇添富近11天 ...

随着AI叙述的不断加强，科技类指数在市场中的地位也愈发重要。恒生科技指数作为港股市场科技板块的核心标杆，汇聚了中概互联网与硬科技领域的龙 头企业，具备多重独特优势，使其成为布局中国科技资产的重要工具。 估值处于低位，安全边际充足 当前恒生科技指数的估值水平已回落至历史极低分位。截至2025年2月13，指数动态市盈率（PE-TTM）约为22.10倍，处于过去三年25%以下分位水平，较 2021年初高点时的60倍以上估值已大幅回调。市净率（PB）方面，当前约2.91倍，同样处于历史底部区域。 若剔除受外卖价格战扰动的阿里巴巴、美团、京东三家平台型企业，恒生科技核心成分股增长质量更为突出——2025年收入同比增长13.6%，Non-GAAP净 利润增速进一步提升至21.7%，盈利修复动能强劲。 图：恒生科技指数市盈率 数据来源：Wind 截至：2026.2.13 横向对比来看，恒生科技指数估值显著低于纳斯达克100指数（约34倍PE）及国内创业板指（约40倍以上PE），在全球主要科技指数中具备明显的估值折 价。这种深度回调已较为充分地反映了前期监管收紧、地缘及宏观经济增长放缓等多重悲观预期，为后续估值修复预留了充足 ...

Group 1 - The core mechanism of the Hang Seng Tech Index is its quarterly rebalancing system, which allows for dynamic optimization of component structure, enabling the index to continuously track industry trends and provide a forward-looking technology allocation tool for investors [1] - The "fast inclusion" rule allows new stocks to be added to the index within 10 trading days if their market capitalization ranks in the top 10 among existing constituents, ensuring the index captures the benefits of large tech IPOs promptly [2] - The index has evolved from being dominated by internet services to a more balanced representation of both soft and hard technologies, with significant changes in component weightings reflecting shifts in the Chinese tech industry [3] Group 2 - The index has seen a gradual decrease in the weight of platform economy stocks while increasing the representation of hard tech companies like semiconductor firms, with hard tech now accounting for 20% of the index [3] - Recent adjustments have included electric vehicle companies, raising the automotive sector's weight to 15%, and AI-related stocks, further increasing the weight of semiconductors and AI hardware to 25% [3] - The index employs a "survival of the fittest" mechanism, removing underperforming stocks and maintaining high profitability and growth quality among its constituents, with removed stocks underperforming the index by an average of 15 percentage points in the following year [4] Group 3 - The index limits the weight of any single constituent to 8% and the top five constituents to a combined 40%, which helps mitigate risks associated with volatility in leading stocks [4] - The Hang Seng Tech Index is characterized by a balanced allocation between soft and hard technologies, with internet platform companies comprising over 50% of the index, while hard tech includes electric vehicle and semiconductor firms [5] - The index's structure captures the resilience of the consumer internet while also positioning itself for growth in the industrial internet space [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華控康泰集團有限公司 FF301 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01312 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.002 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.002 HKD | | 200,000,000 | 本月底法定/註冊股本總額 ...