A股算力、恒生科技等延续强势，机构称科技成长有望引领Q4行情，看好港股跑赢

Core Insights - The Hong Kong stock market indices collectively rose on October 27, with the Hang Seng Tech Index ETF (513180) following suit, driven by gains in major holdings such as Baidu, ASMPT, Alibaba, and Tencent [1] - The A-share market saw a strong performance in the telecommunications sector, particularly in the optical module CPO concept, with the Cloud Computing 50 ETF (516630) rising over 1.5% [1] - Shenwan Hongyuan's recent report indicates that the adjustment in tech growth stocks is nearing completion, with expectations for tech growth to lead the market in Q4 2025 [1] Industry Analysis - The report highlights that the growth-to-value ratio has been restored, suggesting a favorable environment for tech growth stocks as the market approaches Q4 2025 [1] - Key themes for the five-year planning period include AI and robotics, which are expected to drive significant opportunities in the market [1] - The report identifies structural features of the A-share market, emphasizing the importance of policy alignment and industry trends, with specific attention to sectors benefiting from the end of "involution" and the strengthening of the marine economy [1] ETF Overview - The Hang Seng Tech Index ETF (513180) focuses on "hard tech + new consumption" and supports T+0 trading [2] - The Cloud Computing 50 ETF (516630) covers popular computing concepts including optical modules, data centers, and AI servers [2]