Core Viewpoint - The recent decline in Hong Kong's technology stocks is attributed to short-term factors, but the long-term investment logic remains intact, suggesting continued value in the sector [2][4][13]. Group 1: Reasons for Recent Decline - The decline in Hong Kong technology stocks is influenced by multiple short-term factors, including hawkish signals from Federal Reserve officials, which dampened expectations for short-term interest rate cuts [2]. - The market is experiencing a lack of significant policy news as the year-end approaches, leading to a cautious attitude among investors, particularly in sectors that have seen substantial gains earlier in the year [2][3]. Group 2: Investment Logic and Fundamentals - Despite the recent downturn, the fundamentals of Hong Kong technology companies remain strong, with major firms in the internet and semiconductor sectors reporting stable earnings growth, exceeding expectations [4]. - The ongoing advancements in domestic AI models are expected to stimulate a new wave of AI applications, benefiting the related industry chain [4][5]. Group 3: Valuation and Market Position - The valuation of Hong Kong technology stocks remains attractive, with the Guotai Junan Hong Kong Technology Index trading at a price-to-earnings ratio of 23.50, significantly lower than the over 40 times of the US Nasdaq index [5]. - The current valuation is at a historical low, positioned below the 62nd percentile of the past decade, indicating a favorable risk-reward scenario for investors [5]. Group 4: Market Sentiment and Future Outlook - Despite short-term volatility, "smart money" continues to flow into Hong Kong stocks, with net purchases from southbound funds exceeding 5 trillion HKD, marking a historical high [12]. - The overall investment logic supporting Hong Kong technology stocks has not fundamentally changed, suggesting that investors can maintain confidence and patience during market fluctuations [13].

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月18日，港股科技30ETF（513160）跌1.36%，成交额5.99亿元。当日份额减少200.00万份，最新份额 为42.00亿份，近20个交易日份额增加4.12亿份。最新资产净值计算值为52.09亿元。 港股科技30ETF（513160）业绩比较基准为恒生港股通中国科技指数收益率(经估值汇率调整)，管理人 为银华基金管理股份有限公司，基金经理为李宜璇，成立（2022-01-17）以来回报为24.03%，近一个月 回报为-2.27%。 来源：新浪基金∞工作室 ...

来源：视频滚动新闻 11月18日，港股科技ETF（159751）跌1.96%，成交额1.34亿元。当日份额增加1100.00万份，最新份额 为11.45亿份，近20个交易日份额增加8900.00万份。最新资产净值计算值为12.53亿元。港股科技ETF （159751）业绩比较基准为中证港股通科技指数收益率，管理人为鹏华基金管理有限公司，基金经理为 张羽翔，成立（2021-12-10）以来回报为9.51%，近一个月回报为-2.50%。风险提示：市场有风险，投 资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不限于个股、评论、预测、图 表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建议。 ...

近期国产AI主题再迎催化。2025年11月17日，某互联网龙头公司正式宣布大模型"千问"项目，全力进军 AI to C市场。当天，千问APP公测版上线，基于全球性能第一的开源模型Qwen3，凭借免费，以及与各 类生活场景生态的结合，与ChatGPT展开全面竞争，有望进一步强化国产AI大模型的全球竞争力。在此 催化下，资金积极关注相关产品布局，Wind数据显示，恒生科技ETF（513130）昨日逆势获4.81亿份净 申购，展现出市场对国产大模型未来发展的信心。 此外，扰动近期港股走势的海外因素有望逐步消减。消息面上美国政府已于当地时间2025年11月12日重 新开门，此前因停摆而推迟发布的关键经济数据将陆续披露，外部不确定性对市场的影响趋于收敛。与 此同时，多家港股科技公司近期发布的三季报业绩表现亮眼，反映出基本面改善的积极趋势。（截至 25/11/17） 作为布局港股科技板块ETF中的人气品种，恒生科技ETF（513130）在板块震荡期间持续获得资金关 注。从资金流向看，恒生科技ETF（513130）在11月以来的11个交易日中有10个交易日获资金净流入， 累计"吸金"25.89亿元，是同期A股市场所有跟踪恒 ...

Core Viewpoint - The investment value of the Hong Kong technology sector is increasingly highlighted in the fourth quarter due to the resonance of internal and external factors [1] External Factors - The Federal Reserve has initiated a preemptive interest rate cut cycle, historically indicating that Hong Kong stocks exhibit significant elasticity, with the technology sector being the first to benefit as a growth asset [1] Internal Factors - China's economy shows unexpected resilience, with a GDP growth rate of 5.3% in the first half of the year, providing solid fundamental support for the technology sector [1] - The dual benefits of global liquidity easing and domestic industrial upgrades further expand the growth potential of the Hong Kong technology sector, which is expected to experience a robust market in the fourth quarter [1] Related ETFs - Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - Hang Seng Internet ETF (513330) focuses on leading internet companies [1]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月14日，港股科技30ETF（513160）跌2.45%，成交额6.01亿元。当日份额增加400.00万份，最新份额 为42.02亿份，近20个交易日份额增加4.10亿份。最新资产净值计算值为53.15亿元。 来源：新浪基金∞工作室 港股科技30ETF（513160）业绩比较基准为恒生港股通中国科技指数收益率(经估值汇率调整)，管理人 为银华基金管理股份有限公司，基金经理为李宜璇，成立（2022-01-17）以来回报为26.49%，近一个月 回报为-3.41%。 ...

Core Viewpoint - The Hong Kong technology sector has entered an adjustment phase, with the Hang Seng Technology Index experiencing a decline of over 8% from October 2 to November 12 [1] Group 1: Reasons for Recent Adjustment - The US dollar index has strengthened, rising from 96 to 100 since September 17, creating liquidity pressure on the Hong Kong market, particularly affecting technology assets sensitive to capital flows [3] - The US government shutdown for 42 days has led to the interruption of key economic data releases, causing global funds to flow out of interest-rate-sensitive Hong Kong technology assets [5] - Investors are switching styles, with some choosing to take profits as the Shanghai Composite Index approaches the psychological level of 4000 points, reallocating funds to lower-volatility, dividend-stable assets, which has put short-term selling pressure on the Hong Kong technology sector [6] Group 2: Long-term Outlook for Hong Kong Technology - The long-term outlook for Hong Kong technology remains supported, as the Federal Reserve's interest rate cut cycle is not yet over, and a long-term weakening of the US dollar is likely [8] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Technology Index is 23.08, lower than other major global technology indices, indicating a higher investment value [9] Group 3: Investment Tools for Hong Kong Technology - The company offers two ETFs tracking the Hong Kong index: the Huaan Hang Seng Internet Technology ETF and the Huaan Hang Seng Technology ETF, which can be used to gain exposure to the Hong Kong technology sector [12] - The Hang Seng Internet Technology Index focuses on leading internet companies in Hong Kong, with a high industry concentration and a current fund size of 1.39 billion [13] - The Hang Seng Technology Index has a broader industry distribution, covering new energy vehicles and semiconductors, and serves as a core tool for overall exposure to the Hong Kong technology sector [13]

Group 1 - The Hong Kong stock market indices opened higher on November 12, with active performance from certain technology stocks, particularly the Hong Kong Technology 30 ETF (513160) which rose by 0.31% during the session with a trading volume exceeding 780 million HKD [1] - Notable gainers among the constituent stocks included Xiaomi Group-W, which increased by over 2%, along with other companies like AAC Technologies and Sunny Optical Technology, each rising by more than 1% [1] - The Hong Kong Technology 30 ETF has seen continuous net inflows over the past two trading days, accumulating over 18 million HKD from November 10 to 11, and over 1.3 billion HKD in the last five trading days [1] Group 2 - The Hong Kong Technology 30 ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business and listed in Hong Kong, with top holdings including SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group-W [1] - Significant inflows from southbound funds have been observed, with a net purchase amount reaching 6.653 billion HKD on November 10, marking the 14th consecutive trading day of net buying in Hong Kong stocks [1] - Year-to-date, southbound funds have net purchased over 1.3 trillion HKD in Hong Kong stocks, setting a new annual record since the launch of the Hong Kong Stock Connect in 2014, significantly surpassing last year's total net purchases [1] Group 3 - According to Huaxi Securities, the main focus for net inflows in cross-border ETFs in November has been on Hang Seng Technology and Hong Kong innovative pharmaceuticals, indicating a potential stabilization in these sectors [2] - Guotai Junan Securities highlighted the importance of monitoring the U.S. government reopening and economic data in the short term, while suggesting that the influx of new capital and the gathering of quality assets in the Hong Kong market could lead to new highs, with technology stocks being a key focus [2]

Core Viewpoint - The Hong Kong stock market experienced a collective decline on November 5, influenced by a drop in U.S. stocks, with the Hang Seng Tech Index falling over 2% at one point, although losses narrowed in the afternoon [1]. Group 1: Market Performance - The Hang Seng Tech Index saw significant volatility, reflecting broader market trends influenced by U.S. stock performance [1]. - Southbound funds showed strong buying interest, with a net purchase of HKD 10.373 billion on the day, particularly in Alibaba and Xiaomi, which attracted net inflows of HKD 0.891 billion and HKD 0.651 billion, respectively [2][3]. Group 2: Fund Flows - Year-to-date, southbound funds have accumulated a net inflow of nearly HKD 1.3 trillion, marking a historical high for annual net inflows and becoming a crucial support for the Hong Kong stock market [3]. - As of November 4, southbound funds held over HKD 650 billion in Tencent and over HKD 360 billion in Alibaba, indicating strong positions in leading tech stocks [3]. Group 3: Valuation Insights - According to China Merchants Securities, the valuation of the Hang Seng Tech Index remains at historically low levels, with significant room for valuation recovery compared to global indices [4]. - The China Securities Index for Hong Kong Internet stocks has a current P/E ratio of 24.44, which is below the historical average and significantly lower than the Nasdaq 100 and ChiNext indices [4][5]. Group 4: ETF and Investment Trends - The Hong Kong Internet ETF (513770) has seen substantial inflows, with a net inflow of HKD 507 million over the past five days, indicating strong investor interest [6]. - The top holdings in the China Securities Index for Hong Kong Internet stocks include Alibaba, Tencent, and Xiaomi, which together account for over 46% of the index [8].

Group 1: Electronic Components - The report highlights that DeepSeek will accelerate the penetration of domestic AI applications and boost the demand for domestic computing power [2][25]. - Investment recommendations include companies such as Cambrian-U, Haiguang Information, SMIC, Zhaoyi Innovation, and Shengke Communication-U, with related companies like Chipone [2][25]. - The AI narrative is evolving rapidly, with token usage increasing exponentially, indicating a strong growth trajectory for the sector [23]. Group 2: Overseas Technology - The semiconductor industry is experiencing accelerated upgrades driven by AI and data center construction, with a forecasted 5.4% growth in global silicon wafer shipments in 2025, reaching 128.24 billion square inches [3]. - The demand for AI is a major driver for this growth, particularly in data centers and edge computing, which will benefit silicon wafer manufacturers and equipment suppliers [3]. - The report notes that the current supply of silicon wafers is recovering from a downturn, and if AI demand materializes as expected, capacity utilization for related manufacturers will continue to rise [3]. Group 3: China National Airlines - The company demonstrated strong profitability in Q3 2025, achieving a net profit of 3.7 billion yuan despite a 11% year-on-year decline, showcasing resilience and potential for growth [7][8]. - The company plans to raise 20 billion yuan through a private placement to optimize its capital structure and reduce leverage, which is expected to enhance financial stability [9][10]. - The airline's network and customer quality are among the best in the industry, and the ongoing optimization is likely to drive an increase in profitability [10].