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聚焦“硬科技+新经济”，港股通科技ETF招商（159125）10月13日发行
2 1 Shi Ji Jing Ji Bao Dao·2025-10-13 02:34

Core Viewpoint - The launch of the China Securities Hong Kong Stock Connect Technology ETF (code: 159125) aims to closely track the China Securities Hong Kong Stock Connect Technology Index, which includes leading technology companies in the Hong Kong market with core competitiveness [1] Group 1: Index Composition and Focus - The China Securities Hong Kong Stock Connect Technology Index selects 30 leading technology companies based on market capitalization, R&D investment, and revenue growth, focusing on "hard technology" and "new economy" sectors [2] - The index requires constituent stocks to have a compound revenue growth rate exceeding 10% over the past two years or an R&D expense ratio above 5%, ensuring a balance between scale and growth potential [2] - As of September 30, the index's sector weightings include 43% in consumer discretionary, 42% in information technology, and 12% in healthcare, with the top ten constituents accounting for 79% of the index [2] Group 2: Performance Metrics - The China Securities Hong Kong Stock Connect Technology Index has shown strong long-term performance, with a cumulative return of 209.77% and an annualized return of 14.03% since 2017, outperforming similar indices [3] - The index exhibits high elasticity, with an annualized volatility of 33.78%, indicating relatively high fluctuations [4] Group 3: Valuation and Market Trends - As of September 30, the index's price-to-earnings ratio stands at 26.45, positioned at the 39th percentile since inception, suggesting a favorable valuation compared to global tech indices like NASDAQ and ChiNext [6] - Hong Kong's technology companies have become significant players in stock buybacks, with a total buyback amount of 136.7 billion HKD in the first nine months of the year, indicating strong institutional confidence in long-term opportunities [8] - The influx of mainland capital into the Hong Kong market has reached a record high of 1.17 trillion HKD in net inflows this year, with technology stocks being a primary focus for investment [8]