越跌越买！港股科技ETF天弘(159128)连续6日“吸金”1.15亿元，跟踪指数估值处近5年低位！港股科技龙头三季报表现亮眼

Core Viewpoint - The Hong Kong Technology ETF Tianhong (159128) has shown significant trading activity and growth, with a recent increase in scale and continuous net inflow of funds, despite a slight decline in the underlying index [1][2]. Fund Performance - As of November 21, 2025, the Hong Kong Technology ETF Tianhong (159128) recorded a turnover of 25.61% and a transaction volume of 174 million yuan, indicating active market trading [1]. - The fund's scale increased by 32.41 million yuan over the past week, reaching a new high of 740 million shares since its inception [1]. - The ETF has seen a total net inflow of 115 million yuan over the past six days, reflecting strong investor interest [1]. Index and Valuation - The underlying index, the National Certificate Hong Kong Stock Connect Technology Index (987008), experienced a decline of 2.74% [1]. - The latest price-to-earnings ratio (PE-TTM) for the index is 23.60 times, which is at a historical low, being below 81.22% of the time over the past five years [2]. Earnings Reports - Major technology companies like Tencent and Xiaomi reported strong third-quarter results, with Tencent achieving double-digit growth in both revenue and net profit, driven by its AI strategy [2]. - Xiaomi's innovative business segments, particularly in electric vehicles and AI, saw a revenue increase of 29 billion yuan, a year-on-year surge of 199.2%, with the automotive sector achieving profitability in a single quarter [2]. Capital Flows - Since the launch of the Southbound Trading, cumulative net inflows have reached nearly 5.1 trillion HKD, with over 1.36 trillion HKD net inflows this year alone, surpassing last year's total [3]. - In the last 60 trading days, only 10 days recorded net outflows, indicating robust support for Hong Kong stocks from Southbound funds [3]. Industry Insights - Analysts from Shenwan Hongyuan Securities noted a shift in the AI sector from capital expenditure focus to investment return emphasis, with accelerated listings of domestic AI chips and rapid commercialization of AI applications [3]. - Cloud computing and internet companies with diverse application scenarios are gaining attention due to their quick revenue realization and favorable valuation [3].