资金借道ETF布局恒生科技多只基金份额增超百亿

Core Viewpoint - The Hang Seng Tech Index has reached a nearly four-year high, attracting significant capital through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2]. Group 1: Market Performance - The Hang Seng Tech Index has shown robust growth, with major stocks like Alibaba and SMIC contributing to its rise [2]. - Year-to-date, the Hong Kong Internet ETF has surged by 53.66%, with its shares increasing from over 30 billion to approximately 90 billion [2]. - The Hang Seng Tech Index's components reported a revenue growth of 14% and a profit growth of 16% year-on-year in Q2, outperforming other sectors in Hong Kong [2][3]. Group 2: Investment Trends - The influx of foreign capital into the Hong Kong market is increasing, driven by the Federal Reserve's interest rate cuts, which are expected to continue [1][5]. - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 100 billion for three consecutive months from July to September [5][6]. - The valuation of the Hang Seng Tech Index components remains attractive, with P/E ratios at historical low percentiles, indicating no bubble despite rising global stock valuations [3][4]. Group 3: AI and Growth Potential - The application of AI technology is enhancing profitability for internet giants in advertising, cloud computing, and enterprise services, indicating a positive outlook for these companies [4][5]. - The growth logic for internet companies is shifting due to advancements in AI, suggesting a re-evaluation of their valuation based on new growth opportunities [5][6]. Group 4: Future Outlook - The combination of improved liquidity and upward industry trends is expected to benefit the Hong Kong tech sector, with strategic allocation becoming increasingly valuable [6]. - The anticipated decline in the US dollar and the easing of domestic liquidity constraints may further attract foreign investment into the Hong Kong market [6].