降息靴子落地！港股科技布局价值升温

Core Viewpoint - The recent interest rate cut in China has led to an increase in the value of asset allocation, particularly in the technology sector of the Hong Kong stock market, with a focus on the top technology stocks [1]. Group 1: Fund Overview - The fund, known as the China Securities Hong Kong Technology Exchange-Traded Fund (QDII), was established on January 26, 2022, and primarily invests in overseas securities markets [3]. - The fund faces various risks, including market volatility, exchange rate risks, and specific risks associated with overseas securities markets [3]. Group 2: Market Performance - The Hong Kong Technology Index has shown a cumulative increase of nearly 125% since its base date of December 31, 2014, outperforming the Hang Seng Technology Index over the same period [6]. - Year-to-date performance of the Hong Kong Technology Index is 42.98%, compared to 36.02% for the Hang Seng Technology Index [7]. Group 3: Concentration of Top Stocks - The top five constituent stocks of the Hong Kong Technology Index account for 43% of the total weight, which is higher than that of the Hang Seng Technology Index [5]. - The leading technology stocks include Tencent Holdings (10.94%), Alibaba-W (9.36%), and Xiaomi Group-W (9.27%) [4]. Group 4: Capital Inflow - As of September 15, 2025, southbound capital has net purchased over 1 trillion HKD in the current year, with approximately 1.4 trillion HKD in net purchases over the past year, focusing on sectors such as non-essential consumer goods, healthcare, and information technology [9].