中国银河证券认为，近日央行靴子落地，下周美联储可能会稍微偏宽松预期，外部风险呈收窄趋势，港 股有望震荡上行。其中，科技板块或仍是中长期投资主线，经历前期调整后估值回落，在多重利好因素 提振下，有望回升。 对于普通投资者而言，直接投资于多只港股科技股不仅门槛较高，操作也相对复杂。通过港股科技 30ETF（513160）则可以一次性买入一篮子优质港股科技公司，场外投资者还可通过联接基金（A类： 024037；C类：024038）一键布局。 港股周三早盘高开，恒生科技指数涨幅居前。越疆、中芯国际、华虹半导体等个股领涨。 受盘面影响，跟踪恒生港股通中国科技指数的港股科技30ETF（513160）高开高走，截至9:48涨约 0.76%。Wind数据显示，截至12月23日，该产品月内已累计"吸金"7.63亿元；最新基金份额为48.78亿 份，创历史新高。 ...

Group 1 - Recent focus on the unlocking of restricted shares in the Hong Kong stock market, with significant declines observed in stock prices, such as a drop of 8.75% for CATL's H-shares [1] - Upcoming unlocks for companies including Sanhua Intelligent Control and Hengrui Medicine, with Hai Tian Flavor Industry scheduled for December, potentially exerting pressure on stock prices [1] - The Hang Seng Technology Index has experienced a correction of over 18% since its peak after the National Day holiday, indicating a broader market trend [1] Group 2 - Continuous inflow of funds into the Hang Seng Technology/ Hong Kong Technology/ Hong Kong Stock Connect Internet sectors, with the Hong Kong Technology ETF (159751) seeing a net inflow of 50.63 million yuan over four days [1] - The average daily net inflow for the Hong Kong Technology ETF reached 12.66 million yuan, highlighting investor interest [1] - Institutional investors are expected to have reduced pressure for profit-taking in November and December, leading to a neutral upward expectation for the index despite economic meeting forecasts [1] Group 3 - The CSI Hong Kong Stock Connect Technology Index (931573) includes top-weighted stocks such as Alibaba, Tencent, and SMIC, with the top ten stocks accounting for 66.81% of the index [2]

Core Insights - The Hong Kong Stock Connect Technology ETF managed by Harvest has achieved a maximum monthly return of 13.00% since its inception, with the longest consecutive monthly gains being 2 months and a maximum cumulative increase of 15.78% [2] - The ETF closely tracks the Hang Seng Stock Connect Technology Index (HSSCITI), which reflects the performance of Hong Kong-listed companies related to technology that can be traded through the Stock Connect [2] - Recent economic discussions between Chinese and U.S. trade leaders have resulted in a basic consensus on addressing mutual concerns, indicating a constructive dialogue [2] - The Hong Kong stock market has seen a total inflow of over 500 billion HKD from southbound funds since the second half of the year, suggesting a balanced risk outlook [2] Industry Summary - The top ten weighted stocks in the HSSCITI as of October 24, 2025, include Alibaba-W, Tencent Holdings, and Kuaishou-W, with these stocks collectively accounting for 78.48% of the index [4] - The performance of the technology sector remains robust, alongside cyclical industries such as metals, materials, and energy [2] - Investors without stock accounts can access the Hong Kong technology sector through the Harvest Stock Connect Technology ETF linked fund (025719) [5]

Core Insights - The Chinese stock market has shown a significant recovery this year, with the Hang Seng Index rising over 33% as of October 8, 2023, making it one of the top performers among major global indices [1] - The Hong Kong technology sector has particularly excelled, with the Hong Kong Stock Connect Technology Index increasing by 66.5% year-to-date, attracting substantial capital inflows [1] - E Fund has launched the E Fund Hong Kong Stock Connect Technology fund to facilitate investment in high-quality Hong Kong technology stocks, aiming for a stock asset allocation of 60%-95% [1][3] Fund Manager Profile - The proposed fund manager, Jianfeng Li, has over 20 years of experience in overseas equity markets and emphasizes a balanced investment approach, combining top-down and bottom-up strategies [2] - Li's management of another Hong Kong Stock Connect product has yielded a one-year net value growth rate of 50.6%, outperforming the benchmark by 23.5% [2] Market Outlook - Li maintains an optimistic outlook for the Hong Kong stock market in the second half of the year, supported by favorable policies, improved external conditions, and enhanced internal growth dynamics [2] - The Hong Kong stock market serves as a vital link between mainland China and international markets, housing numerous high-quality Chinese enterprises, particularly in the technology sector [3]

Core Insights - The Chinese stock market has shown a significant recovery this year, with the Hang Seng Index rising over 33% as of October 8, making it one of the top performers among major global indices [1] - The Hong Kong technology sector has particularly excelled, with the Hong Kong Stock Connect Technology Index increasing by 66.5% year-to-date, attracting substantial capital inflows [1] - E Fund has launched the E Fund Hong Kong Stock Connect Technology Fund (A/C: 025648/025649) on October 9, aimed at facilitating investors' access to high-quality Hong Kong technology stocks [1] Fund Manager Profile - The proposed fund manager, Li Jianfeng, has over 20 years of experience in overseas equity markets and more than 17 years of global investment experience, making him a rare talent in the industry [2] - Li emphasizes a balanced investment approach, combining top-down and bottom-up strategies, focusing on acquiring quality assets at reasonable valuations for long-term holding [2] - His management of another Hong Kong Stock Connect product has yielded a one-year net value growth rate of 50.6%, significantly outperforming the benchmark's 27.1% return [2] Market Outlook - Li Jianfeng maintains an optimistic outlook for the Hong Kong stock market in the second half of the year, supported by favorable policies, easing external pressures, enhanced internal growth momentum, improved capital conditions, and attractive valuations [2] - Hong Kong's status as an international financial center continues to strengthen, serving as a bridge between the mainland and international markets, and attracting numerous high-quality Chinese enterprises, particularly in the technology sector [3] - The newly launched E Fund Hong Kong Stock Connect Technology Fund aims to leverage in-depth research and forward-looking strategies to select premium technology companies listed in Hong Kong, capitalizing on investment opportunities in the sector [3]

Group 1 - The core viewpoint of the article highlights the strong performance of the Hong Kong stock market, particularly the technology sector, with the Hang Seng Index rising over 33% year-to-date and the Hong Kong Stock Connect Technology Index increasing by 66.5% [1] - The launch of the E Fund Hong Kong Stock Connect Technology fund aims to facilitate investors in accessing high-quality technology stocks in Hong Kong, with a focus on investing at least 80% of its non-cash assets in Hong Kong Stock Connect stocks and maintaining a stock asset ratio of 60%-95% [1][3] - The fund's manager, Li Jianfeng, has extensive experience in overseas equity markets and emphasizes a balanced investment approach, which has led to significant performance, with another fund under his management achieving a net value growth rate of 50.6% over the past year [2] Group 2 - Hong Kong's status as an international financial center continues to strengthen, serving as a bridge between the mainland and international markets, attracting numerous high-quality Chinese enterprises, particularly in the technology sector [3] - The article suggests that the favorable market conditions, including policy support, improved external pressures, and enhanced internal growth dynamics, are expected to sustain the upward trend of the Hong Kong stock market [2]

Core Viewpoint - The Chinese stock market has shown a significant recovery this year, with the Hong Kong stock market experiencing a strong rise, particularly in the technology sector, attracting substantial capital inflows [1] Group 1: Market Performance - As of October 8, the Hang Seng Index has increased by over 33% year-to-date, ranking among the top global indices [1] - The Hong Kong Stock Connect Technology Index has surged by 66.5% year-to-date, leading among the industry indices in the Hong Kong stock market [1] - By September 30, southbound capital inflows have exceeded 1 trillion yuan this year [1] Group 2: Investment Opportunities - E Fund's Hong Kong Stock Connect Technology Fund (A/C: 025648/025649) is set to launch on October 9, 2023 [1] - The fund will allocate 60%-95% of its assets to stocks, with at least 80% of non-cash assets invested in Hong Kong Stock Connect stocks and at least 80% in technology-themed stocks [1] - The fund aims to leverage in-depth research and forward-looking strategies to select high-quality technology companies listed in Hong Kong, enabling investors to capitalize on opportunities in the Hong Kong technology sector [1]

Core Viewpoint - The Federal Reserve's recent interest rate cuts are expected to benefit three main sectors: gold, Hong Kong technology stocks, and A-share technology stocks [3][6][14]. Group 1: Gold - The Federal Reserve's interest rate cuts are likely to decrease the yield on dollar-denominated assets, making gold more attractive as a traditional safe-haven and inflation hedge [3]. - Historically, gold prices have performed well during the last three Fed rate-cutting cycles, with increases of +45.79%, +36.31%, and +49.42% [3][5]. Group 2: Hong Kong Technology Stocks - Continuous inflow of southbound funds and the anticipated new round of Fed rate cuts may lead to a positive market response in Hong Kong, particularly in the technology sector [7][8]. - The valuation of Hong Kong technology stocks is currently at a historical low, positioned at the 35.32% percentile [10][13]. Group 3: A-Share Technology Stocks - The Fed's rate cuts are expected to facilitate foreign capital inflow into emerging markets, which could enhance the valuation of A-share technology stocks [14]. - Domestic policy support for AI technology, combined with a liquidity-friendly environment from rate cuts, is likely to accelerate the growth of high-tech and high-growth companies [14]. - Global tech giants are maintaining high growth in capital expenditures, with Amazon, Microsoft, and Google reporting significant year-over-year increases in Q2 2025 [14].

Core Viewpoint - The Hong Kong Stock Connect Technology ETF managed by Harvest is showing significant upward movement, driven by favorable market conditions and a shift in monetary policy, indicating a growing investment value in the Hong Kong technology sector [3]. Group 1: ETF Performance - As of September 5, 2025, the Harvest Hong Kong Stock Connect Technology ETF has increased by 1.52%, with notable gains from component stocks such as InnoCare Pharma rising over 5% and SMIC nearly 4% [1]. - The ETF recorded a turnover of 5.08% during the trading session, with a total transaction value of 14.97 million yuan. Over the past year, the average daily trading volume has been 81.33 million yuan [3]. Group 2: Market Analysis - The Harvest Hong Kong Stock Connect Technology ETF closely tracks the Hang Seng Stock Connect Technology Index (HSSCITI), which reflects the performance of Hong Kong-listed companies related to technology that can be traded via the Stock Connect [3]. - Analysts suggest that the Hong Kong technology sector is experiencing a "triple resonance" of policy benefits, technological breakthroughs, and improving liquidity, enhancing its investment appeal [3]. - With the Federal Reserve's recent shift towards a more dovish stance, there is an expectation of improved foreign capital inflow into the Hong Kong market, particularly favoring technology and financial sectors [3]. Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the HSSCITI include SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, Xiaomi-W, Meituan-W, Lenovo Group, SenseTime-W, Sunny Optical Technology, and Bilibili-W, collectively accounting for 72.98% of the index [5].

Group 1 - The Hong Kong Stock Connect Technology ETF (159101) has officially launched, tracking the National Index of Hong Kong Stock Connect Technology, allowing T+0 trading [1] - The index includes 30 large-cap technology companies with high R&D investment and revenue growth, with over 60% weight in the top seven technology giants, the highest among peers [1] - The index has outperformed other indices, with a year-to-date increase of 45.95%, surpassing Hong Kong Stock Connect Technology (43.46%), Hong Kong Stock Connect Internet (42.22%), and Hang Seng Technology (28.2%) [1] Group 2 - As of yesterday, southbound funds have net bought HK stocks totaling 100.02 billion HKD this year, with Alibaba leading at 10.0178 billion HKD, followed by Meituan, Tencent, and others, all of which are top-weighted stocks in the new ETF [2] - Industry experts believe that the Hong Kong technology sector may enter a new favorable cycle due to factors such as the easing of the food delivery war, continued capital support for AI technology leaders, normalized regulation, and the onset of interest rate cuts by the Federal Reserve [2]