全线反弹！全球领涨

Core Viewpoint - The article discusses the positive momentum in the Hong Kong stock market driven by easing trade war concerns between China and the U.S., as well as the potential end of the U.S. government shutdown, leading to significant gains in major indices [1][2]. Market Performance - The Hong Kong stock market has shown a strong rebound this year, leading global markets, with the Hang Seng Tech Index surpassing 27,000 points, marking a new high in over four years [3]. - Despite a subsequent adjustment over ten trading days, capital continues to flow into Hong Kong stocks, with a net inflow of 121.26 billion HKD this year, a historical high [4][5]. Capital Inflows - Since October, 45.06 billion HKD has flowed into Hong Kong stocks, with significant investments through ETFs focusing on AI core assets [6][5]. - The Hang Seng Tech Index ETF (513180) attracted over 3 billion HKD in the last ten days, with a total net inflow of 13.57 billion HKD this year [7]. Sector Performance - Technology stocks, particularly in the internet sector, have seen widespread gains, with major companies like BAT, Bilibili, Kuaishou, and NetEase all closing higher [8]. - High-end manufacturing stocks, such as those related to Apple, also experienced significant increases, with leading stocks like Lens Technology rising over 5% [8]. Company Highlights - CATL reported Q3 2025 revenue of approximately 104.19 billion CNY, a year-on-year increase of 12.9%, and a net profit of about 18.55 billion CNY, up 41.21% [8]. - Weimob Group's stock surged over 8% following its announcement of a partnership with Douyin's marketing platform, aiming to expand its advertising business [9]. Market Outlook - Analysts suggest that the recent market adjustments are typical after a rally, with historical data indicating average declines of 7% over 11 trading days following such events [11]. - The continuation of the Hong Kong stock market's upward trend will depend on macroeconomic fundamentals, central government policies, tariff issues, and global capital inflows [12][11]. Economic Drivers - The new economy, particularly AI technology, is expected to drive significant growth, with new economy companies projected to see net profit growth rates of 18.1% and 23.8% in 2025 and 2026, respectively [12]. - The stability of the RMB also creates favorable conditions for investing in Chinese assets, with expectations of more supportive fiscal and monetary policies [13]. Trade Relations - Recent communications between U.S. and Chinese trade leaders suggest a potential for improved trade relations, which could mitigate short-term disruptions [14]. Liquidity and Valuation - The U.S. inflation rate has stabilized, leading to expectations of two rate cuts by the Federal Reserve in Q4, which could enhance liquidity in the Hong Kong market [14]. - The valuation of Hong Kong tech stocks remains attractive, with the Hang Seng Tech Index ETF trading at a PE ratio of 22.85, significantly lower than the NASDAQ [15][16]. Investment Strategy - Investors are increasingly using ETFs to gain exposure to Hong Kong's AI core assets, with the Hang Seng Tech Index ETF and the Hong Kong Stock Connect Tech ETF being key vehicles [20]. - The top holdings in these ETFs include major tech players like Alibaba, Tencent, and Meituan, which are well-positioned in the AI landscape [21].