港股迎资金共识：内外资齐加码科技板块，港股科技50ETF（159750）连续12日吸金
Ge Long Hui·2025-08-15 02:37

Group 1: Core Insights - Tencent's financial report exceeded expectations with total revenue of 184.5 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 2% [2][3] - The strong performance in gaming and advertising was the main driver for Tencent's results, with operating profit reaching 60.1 billion RMB, up 18% year-on-year [2][3] - Net profit attributable to shareholders, based on non-IFRS standards, was 63.1 billion RMB, reflecting a 10% increase, benefiting from operational leverage and cost optimization [2][3] Group 2: Competitor Performance - NetEase reported second-quarter revenue of 27.9 billion RMB, a year-on-year increase of 9.4%, but slightly below market expectations [3] - JD.com showed robust performance with revenue reaching 356.6 billion RMB, a year-on-year increase of 22.4%, surpassing expectations [4] - JD.com's retail business generated 310.1 billion RMB in revenue, up 20.6% year-on-year, while new business revenue surged by 200% to 13.8 billion RMB [4] Group 3: Market Trends and Fund Flows - Southbound capital saw significant inflows, with net purchases of 111 billion HKD in the top ten stocks, primarily in the Hong Kong Tech 50 ETF [1][5] - The Hong Kong Tech Index has shown a cumulative increase of 32.81% year-to-date, indicating strong market interest in technology stocks [12][14] - The Hong Kong local ETFs have recorded a net inflow of 32.4 billion HKD year-to-date, reflecting growing investor confidence [7][8] Group 4: Valuation and Future Outlook - The current valuation of the Hong Kong Tech Index stands at 23 times PE, which is at the 11th percentile historically, suggesting potential for growth [9][11] - Analysts remain optimistic about the long-term outlook for Hong Kong stocks due to supportive monetary policy, liquidity, and low valuations [11][12] - The Hong Kong Tech 50 ETF has attracted over 600 million HKD in net inflows this year, indicating strong investor interest and potential for further liquidity enhancement [14][16]