金融产品深度报告20251103：恒生科技ETF，10月复盘及11月展望

Market Performance Review - The Hang Seng Tech Index experienced a "high-low rebound, oscillating consolidation" pattern in October, with a cumulative decline of 8.62% and a trading volume of approximately 1.6789 trillion yuan [9][10]. - The index's PE-TTM as of October 31, 2025, was 22.85 times, positioned at the 28.60% historical percentile since its inception, indicating a relatively low historical valuation [15]. - As of October 31, 2025, the risk level of the Hang Seng Tech Index was at 52.69, indicating a relatively stable market sentiment, while the trend dimension showed a temporary dominance of bearish forces [16]. Event-Driven Analysis Macro Level - The Hang Seng Tech Index's performance in October was influenced by a mix of domestic and international macroeconomic factors, with the PMI data showing marginal improvement at the beginning of the month but a subsequent unexpected decline by the end of October [20][22]. - The U.S. inflation data was lower than expected, leading to market expectations of looser liquidity, although the Fed's hawkish stance tempered this optimism [20][25]. Policy Level - The introduction of various industry support policies in China, particularly in the fields of new energy vehicles and computing infrastructure, provided a medium to long-term confidence anchor for the market [29][30]. - The easing of U.S.-China trade tensions towards the end of October temporarily alleviated external risks, contributing to a more favorable market environment [30][36]. Industry Dynamics - The technology sector showed increasing differentiation, with the ongoing evolution of artificial intelligence providing significant upward catalysts, while the performance of the new energy vehicle sector faced pressure [37][48]. Future Market Outlook - The Hang Seng Tech Index is expected to maintain a wide oscillation pattern in November, influenced by macroeconomic conditions and policy expectations [48][54]. - Key upcoming events include the release of PMI data and quarterly reports from major companies, which could significantly impact market sentiment and performance [56][57]. Related ETF Products - The Huaxia Hang Seng Tech ETF (513180) closely tracks the Hang Seng Tech Index, aiming to minimize tracking deviation and error. As of October 31, 2025, the fund's total market value was 45.443 billion yuan, with a trading volume of 4.761 billion yuan on that day [58][59].