龙头超预期业绩验证科技赛道高景气！恒生科技ETF（513130）11月以来净申购近49亿份，吸引力不断增加

Core Insights - Nvidia reported record revenue of $57 billion for the third quarter ending October 26, 2025, a 62% year-over-year increase, exceeding analyst expectations of $55.4 billion [1] - The net profit reached $31.9 billion, up 65% year-over-year, with adjusted earnings per share at $1.30, surpassing the expected $1.25 [1] - The strong performance of Nvidia is expected to alleviate market concerns regarding overheating AI-related spending, contributing to a positive sentiment in the US stock market and influencing the Hong Kong market [1] Industry Analysis - Citic Securities highlighted that the Hong Kong stock market possesses a complete domestic AI industry chain, including infrastructure, software, hardware, and applications, and is likely to benefit from the influx of quality A-share companies listing in Hong Kong [1] - The Hang Seng Tech ETF (513130) has seen net inflows in 12 out of 13 trading days this month, accumulating 3.724 billion yuan, making it the only ETF tracking the Hang Seng Tech Index to exceed 3.5 billion yuan in net inflows during this period [1] - The Hang Seng Tech Index, closely tracked by the ETF, represents a significant portion of the Hong Kong tech sector, encompassing 30 leading companies across various segments, including internet, media, software, automotive, and chips, which enhances its appeal in global capital rebalancing [1] Valuation Insights - The current price-to-earnings (P/E) ratio of the Hang Seng Tech Index is 21.74, which is significantly lower than the P/E ratios of the STAR 50 Index and the Nasdaq Index, indicating a more attractive valuation [1] - With the US government restarting its economy and expectations of further interest rate cuts by the Federal Reserve, the Hong Kong tech sector, characterized by lower valuations and higher sensitivity to interest rates, may experience a new round of value reassessment [1] Investment Tools - The Hang Seng Tech ETF (513130) offers advantages such as large scale, superior liquidity, and a low management fee of 0.2% per year, making it a valuable tool for investors looking to gain exposure to core tech assets in Hong Kong [1]