【支持T+0交易的ETF】 公开信息显示，截至9月26日，阿里巴巴为恒生科技指数的第一大权重股，权重高达9.14%。没有港股 通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 9月29日早盘，港股三大指数集体上行，恒生科技指数涨幅一度扩大至1.5%。盘面上，固态电池概念股 持续拉升，黄金股走强。A股同赛道规模最大的恒生科技指数ETF（513180）盘中震荡，持仓股中，快 手、携程集团、同程旅行、阿里巴巴等领涨，蔚来、小鹏汽车、百度集团等领跌。 长假将至，根据2025年香港交易所交易日历安排，港股市场将于10月1日和7日休市，港股通在9月29日 与30日正常交易，10月1日至8日期间将暂停运行。华泰证券表示，从历史规律看，港股市场呈现"节前 防御-节中上涨-节后切换"的日历效应。节前南向大幅流入消费及防御板块，节中市场普涨、成长和消 费板块领涨，节后当天大多回撤、风格再度切换至防御，一周内日历效应消散。 该机构观点认为，虽然港股通关闭导致港美股相关性小幅上升，但内部因素重要性或依然大于外部，投 资者关注重心在国内消费数据和四季度政策力度。十一假期内海外主要事件为美国非农数据及日 ...

Core Viewpoint - The Hong Kong stock market is experiencing a collective rise, with sectors such as lithium batteries, innovative pharmaceuticals, and new energy vehicles showing strength, while semiconductor stocks are mostly declining [1][2] Group 1: Company Performance - Li Auto reported impressive second-quarter results, achieving revenue of 30.2 billion yuan and an operating profit of 827 million yuan, marking a year-on-year increase of 76.7% and a quarter-on-quarter increase of 204.4% [1] - Li Auto is the only new energy vehicle company to have reported profits for 11 consecutive quarters [1] Group 2: Market Trends - The Hang Seng Technology Index ETF (513180) has seen a significant inflow of funds, with a net inflow of approximately 2.337 billion yuan over the past 10 trading days [2] - The current valuation of the Hang Seng Technology Index ETF (513180) is at 21.89 times earnings, which is below 76% of the time since the index was launched, indicating it is relatively undervalued [2] - There is an expectation for a rebound in the Hang Seng Technology Index, driven by improved liquidity conditions and a dovish signal from the Federal Reserve [2]

Core Viewpoint - The Hang Seng Technology Index is experiencing a narrowing of gains, with significant stocks like Haier Smart Home, Horizon Robotics, Trip.com, Li Auto, Baidu, and BYD leading the market [1] Group 1: Market Performance - The Hang Seng Technology Index ETF (513180) is following the index's fluctuations, indicating a volatile trading environment [1] - The current performance of the Hang Seng Technology Index has lagged behind, primarily due to the impact of the "food delivery war" on profit expectations and the ongoing weak Hong Kong dollar [1] Group 2: Liquidity and Future Outlook - According to Zheshang Securities, the liquidity tightening by the Hong Kong Monetary Authority (HKMA) may be nearing its end, as the interbank liquidity in Hong Kong has returned to normal levels since the end of June [1] - The Hong Kong dollar has significantly appreciated, suggesting limited space for further liquidity tightening, which may lead to a potential rebound in the Hong Kong stock market [1] - The Hang Seng Technology Index's previous underperformance compared to the A-share technology sector may result in stronger upward momentum, indicating a possible "catch-up" rally [1] Group 3: Investment Opportunities - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Technology Index ETF (513180) as a means to gain exposure to core Chinese AI assets [1]

Group 1 - The semiconductor sector in both A-shares and H-shares experienced a collective decline, with notable drops in stocks such as Cambricon (down over 5%) and SMIC (down over 4%) in A-shares, and Hua Hong Semiconductor (down over 3%) and SMIC (down over 2%) in H-shares [1] - SMIC reported a revenue of $4.456 billion for the first half of 2025, representing a year-on-year growth of 22%, with its wafer foundry business revenue reaching $4.229 billion, up 24.6% year-on-year [1] - Hua Hong Semiconductor achieved a revenue of 8.018 billion yuan for the first half of 2025, a year-on-year increase of 19.09%, primarily driven by an increase in wafer sales and contributions from the Hua Hong manufacturing project [1] - Despite revenue growth, Hua Hong Semiconductor's net profit attributable to shareholders was only 74 million yuan, a significant decline of 71.95% year-on-year, mainly due to initial production costs and ongoing R&D investments [1] - Hua Hong Semiconductor's R&D expenses reached 939 million yuan, a year-on-year increase of 21.71%, accounting for 11.99% of its operating revenue [1] Group 2 - The Hang Seng Technology Index has shown relatively weaker performance compared to the A-share technology sector, but with improvements in external liquidity narratives, it may experience stronger upward momentum and a potential "catch-up" rally [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Technology Index ETF (513180) for exposure to core Chinese AI assets [2]

Group 1 - The Hong Kong stock market opened lower on August 28, with mixed performance in tech stocks and active trading in gold stocks [1] - Meituan's Q2 revenue reached 91.84 billion yuan, a year-on-year increase of 11.7%, while adjusted net profit fell by 89% to 1.49 billion yuan [1] - Meituan's monthly active users surpassed 500 million, and the average annual transaction frequency per user hit a historical high [1] Group 2 - The latest valuation of the Hang Seng Tech Index ETF (513180) is 22.3 times P/E, indicating it is currently undervalued compared to 74% of the time since its inception [2] - The Hang Seng Tech Index remains in a historically undervalued range, with potential upward momentum due to improving external liquidity and expectations of interest rate cuts by the Federal Reserve [2] - Investors without a Hong Kong Stock Connect account can access core Chinese AI assets through the Hang Seng Tech Index ETF (513180) [2]

Group 1 - The Hong Kong stock market opened lower on August 28, with mixed performance among tech stocks and notable movements in the innovative drug and gold sectors [1] - Meituan reported Q2 revenue of 91.84 billion yuan, a year-on-year increase of 11.7%, but adjusted net profit fell by 89%, leading to a drop of over 9% in its stock price post-earnings [1] - Trip.com Group reported Q2 net revenue of 14.843 billion yuan, a year-on-year increase of 16.22%, with net profit rising by 26.43%. The company highlighted strong growth in international business segments, with total international OTA platform bookings up over 60% year-on-year [1] Group 2 - As of August 27, the latest valuation of the Hang Seng Tech Index ETF (513180) was 22.3 times, which is below 74% of the time since its inception on July 27, 2020, indicating a relative undervaluation [2] - The Hang Seng Tech Index is currently in a historically undervalued range, with potential upward momentum due to expectations of Federal Reserve interest rate cuts and improved external liquidity [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Tech Index ETF (513180) [2]

Group 1 - Hong Kong stock indices opened lower on August 15, with the Hang Seng Index down 0.77% at 25,322.10 points, the Hang Seng Tech Index down 1.20%, and the Hang Seng China Enterprises Index down 0.81% [1] - The technology sector saw widespread declines, while some biotechnology stocks rose, with Sinovac Biotech opening over 285% on its first trading day [1] - The latest US PPI for July was reported at 3.3%, significantly exceeding the market expectation of 2.5%, marking the highest level since February [1] Group 2 - Guohai Securities indicated that the elasticity of Hong Kong stocks may outperform that of US stocks, particularly in the TMT, energy, and telecommunications sectors [2] - The report suggests that the Hang Seng Tech Index remains in a historically undervalued range and is highly sensitive to changes in US-China interest rate differentials, making it likely to benefit from improved overseas liquidity [2] - The expectation of a potential interest rate cut by the Federal Reserve in September could provide significant benefits to the Hong Kong market, especially the technology sector [2]

近期美联储降息预期显著回温，海外流动性有望持续好转。截至发文，CME FedWatch Tool显示9月议 息会议降息25BP的概率超90%。在此背景下，港股市场尤其是科技板块有望迎来显著利好。当前，恒 生科技指数仍处于历史相对低估区间，其对中美利差转向的敏感度更高，因此更能深度受益于海外流动 性的宽松环境。同时，恒生科技指数以高弹性、高成长为核心特性，一旦市场环境改善，其向上动能将 更为强劲。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 （场外联接A/C：013402/013403）。 中信证券指出，当前国产算力瓶颈重点在于供给侧，中芯国际是自主可控的核心标的。晶圆制造行业的 马太效应明显，当前中芯国际的制程迭代领先国内同业2年以上，考虑到后续迭代的研发难度将持续加 大，从核心团队、经验积累、资本投入、客户资源支持等角度，公司均具备显著优势，预计公司将保持 国内领先地位。 8月8日早盘，港股三大指数集体低开，其中恒生指数低开0.45%，恒生科技指数低开0.83%。开盘后，A 股同赛道规模最大的恒生科技指数ETF（513180）跟随指数下行，持仓股跌多涨少，中芯国 ...

Group 1 - The Hong Kong stock market opened lower on May 30, with the Hang Seng Technology Index experiencing significant declines, while gold stocks rose collectively and pharmaceutical stocks saw broad gains [1] - The Hang Seng Technology Index ETF (513180) followed the index downward, dropping over 2%, with major declines in stocks like NetEase, Sunny Optical Technology, BYD Electronics, and Lenovo, while Li Auto saw a counter trend increase of over 7% [1] - Huatai Securities suggests that investors should strategically focus on the Hong Kong market, noting that while short-term factors like tariff issues and high US Treasury yields may disrupt market performance, the risk premium and tail risks in the Hong Kong economy are easing, indicating an upward adjustment in the market [1] Group 2 - The liquidity in the Hong Kong stock market has improved relative to the A-share market, as evidenced by the listing of CATL, with further improvement expected [2] - Concerns over liquidity that have led to a discount of Hong Kong stocks relative to A-shares are anticipated to narrow, particularly for large-cap, high-weight stocks, indicating potential for improvement in AH premiums [2] - The technology and consumer sectors now represent a significant portion of the Hong Kong market, suggesting a shift from the previous dominance of finance and real estate, with performance growth potentially reshaping valuation frameworks [2] Group 3 - The Hang Seng Technology Index ETF (513180) leads in both scale and liquidity among its peers in the A-share market, supporting T+0 trading [3] - The ETF combines hard technology and new consumption attributes, demonstrating resilience amid external disturbances, with a focus on AI core assets and major players like Alibaba, Tencent, Xiaomi, Meituan, and SMIC [3] - Over half of the ETF's weight is in sectors such as e-commerce, automotive, home appliances, and travel, including companies like NIO, Li Auto, Xiaomi, Lenovo, and leading home appliance brands like Haier and Midea [3]

Group 1 - The Hang Seng Index opened lower on May 19, with a decline of 0.81% to 23,156.27 points, while the Hang Seng Tech Index fell by 1.02% and the Hang Seng China Enterprises Index dropped by 0.82% [1] - Technology stocks generally experienced declines, while gold stocks saw gains, and the biopharmaceutical sector showed mixed performance [1] - ZTO Express and Midea Group both opened higher by 2.85% and 2.12% respectively, as they were included in the Hang Seng Index's quarterly review [1] Group 2 - The quarterly review results announced on May 16 included the addition of Midea Group and ZTO Express to the Hang Seng Index with weights of 0.33% and 0.44% respectively, increasing the number of constituent stocks to 85 [1] - The Hang Seng Tech Index added BYD Company Limited with a weight of 8% while removing WeMedia Group, keeping the total number of constituent stocks at 30 [1] - The adjustments to the indices will take effect on June 9 [1] Group 3 - The Hang Seng Tech Index ETF (513180) leads in both scale and liquidity among its peers listed in A-shares, supporting T+0 trading [2] - The underlying index of the ETF includes core AI assets and technology leaders that are relatively scarce compared to A-shares [2] - Positive external conditions and strong Q1 financial results from tech giants like Tencent, JD.com, and NetEase may provide upward momentum for the Hang Seng Tech Index, which is characterized by high elasticity and growth potential [2]