未来资产：中国高端科技与制造业正迎来结构性崛起

Group 1 - The core viewpoint is that China's high-end technology development presents investment opportunities, particularly in Chinese companies that can profit in overseas markets [1] - The structural rise of China's high-end technology and manufacturing sectors is supported by talent reserves, a complete industrial chain, and scale advantages, with private enterprises playing an increasingly important role [1] - The profitability of leading Chinese technology companies has improved over the past two quarters, and the MSCI China Index shows a forward P/E ratio of 11 times, indicating valuation advantages compared to other global markets [1] Group 2 - As of July 8, the Hang Seng AH Premium Index stands at 130.01, having declined nearly 10% this year, with an increasing number of companies trading at a discount in A-shares relative to H-shares [2] - The development of China's innovative pharmaceutical sector is still in its early stages, with external licensing models opening up future profit margins for these companies [2] - The total amount of external licensing transactions for Chinese innovative pharmaceutical companies reached $45.5 billion from January to May 2025, surpassing the total for the first half of 2024 [2] Group 3 - Future Asset Global Investment (Hong Kong) announced the launch of the Global X China Core Technology ETF on July 9, which will invest in 30 leading Chinese technology companies focusing on digital transformation, future mobility, and advanced solutions [2] - The ETF aims to help investors capture investment opportunities in the Chinese technology sector while reducing portfolio volatility through diversified industry distribution [3]