Core Viewpoint - The Hong Kong stock technology sector has experienced significant recent pullbacks, with sensitivity to positive catalysts declining amid reduced risk appetite, yet there remains a revaluation opportunity as liquidity conditions improve [1] Group 1: Market Conditions - The technology sector in Hong Kong is primarily focused on domestic computing power, models, and applications, with its prospects closely tied to China's technological development, differing from the ongoing cycles in the U.S. [1] - Under the support of the "14th Five-Year Plan," the theme of technological self-sufficiency is emphasized for the medium to long term [1] - Although short-term market sentiment has been largely released, Hong Kong stocks are entering a phase of positioning, with current valuations beginning to show cost-effectiveness [1] Group 2: Investment Products - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in information technology, electronic components, and interactive media from the Stock Connect range [1] - This index focuses on high-end manufacturing, hardware infrastructure, and the entire AI industry chain, aiming to reflect the overall performance of technology-related listed companies in the Hong Kong market [1]

Group 1 - The Hang Seng Index Company announced quarterly index adjustments effective after market close on December 5, 2025, with changes to major indices including the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index [1][2] - The Hang Seng Index will include Innovent Biologics with a weight of 0.91%, increasing the number of constituent stocks from 88 to 89 [1] - The Hang Seng China Enterprises Index will add China Hongqiao, Innovent Biologics, and Yum China with weights of 1.30%, 1.21%, and 0.91% respectively, while removing New Hope Energy and others, maintaining a total of 50 stocks [1][2] Group 2 - The Hang Seng Tech Index will include Leapmotor with a weight of 0.98%, while ASMPT will be removed, keeping the total at 30 stocks [1] - The Hang Seng Composite Index will add six companies, increasing the number of constituent stocks from 503 to 509 [1] - The adjustments are expected to lead to increased trading volumes on December 5, as passive funds may rebalance to minimize tracking errors [3] Group 3 - The adjustments will increase the representation of healthcare and industrial sectors in the Hang Seng Index, with healthcare rising from 2.9% to 4.0% and industrial from 8.8% to 9.1% [3] - Financial and consumer sectors will see a decline in representation, with financial dropping from 33.6% to 32.9% and consumer from 27.4% to 26.4% [3] - Multiple institutions express optimism about the future performance of Hong Kong stocks, particularly in technology and healthcare sectors [3][4] Group 4 - UBS highlights that support for private enterprises and capital markets, along with liquidity and potential inflows from domestic and international investors, will continue to bolster the market [5] - The outlook for 2026 predicts a rise in non-financial profit growth for overseas Chinese stocks from 10% to around 15% [4] - The market is seen as entering a favorable positioning phase, with recommendations to focus on underperforming sectors such as consumer services and construction [4]

Core Viewpoint - Alibaba's AI assistant Qianwen App has achieved over 10 million downloads within a week of its public testing, surpassing competitors like ChatGPT, Sora, and DeepSeek, marking it as the fastest-growing AI application in history [3] Group 1: Stock Performance - Alibaba-related stocks, including Shiji Information and Data Port, have seen significant price increases, with both stocks hitting the daily limit up [3] - The big data industry ETF (516700) focused on data security has also experienced a price increase, rising over 3.2% during trading [1][3] Group 2: Industry Insights - CITIC Securities highlights the expanding investment opportunities in AI, particularly in the computing power industry chain and AI applications, predicting a potential long-term bullish market similar to the US stock market's performance in 2023 [3] - The big data industry ETF tracks the CSI Big Data Industry Index, heavily investing in sectors like data centers, cloud computing, and big data processing, with key stocks including Inspur, iFLYTEK, and China Software [4] Group 3: Policy and Market Trends - The call for "technology to take the lead" suggests a potential breakthrough in new productive forces [6] - The top-level design for Digital China aims to activate digital productivity and accelerate the process of domestic substitution [6] - The rise of the Xinchuang (domestic innovation) trend indicates a promising future for technology self-reliance [6]

Core Viewpoint - Alibaba's AI assistant Qianwen App has achieved over 10 million downloads within a week of its public beta, surpassing competitors like ChatGPT, Sora, and DeepSeek, marking it as the fastest-growing AI application in history [3] Group 1: Stock Performance - Alibaba-related stocks, including Shiji Information and Data Port, have seen significant price increases, with both stocks hitting the daily limit up [3] - The Big Data Industry ETF (516700), which focuses on data security, has risen over 3.2% during intraday trading, currently up 2.59% [1] Group 2: AI Investment Opportunities - CITIC Securities highlights the expanding investment opportunities in AI, particularly in the computing power industry chain and AI applications, predicting a potential replication of the long bull market seen in the US stock market since 2023 [3] - The report anticipates a local explosion of opportunities in AI applications, driven by the rapid implementation of AI across various sectors [3] Group 3: Data Security and Technology Independence - The Big Data Industry ETF (516700) passively tracks the CSI Big Data Industry Index, focusing on sectors such as data centers, cloud computing, and big data processing, with key holdings in leading companies like Inspur Information and China Software [3] - Investors interested in technology independence should focus on three catalysts: 1. High-level calls for "technology to take the lead," which may break new ground in new productivity directions 2. The top-level design of Digital China, which aims to activate digital productivity and accelerate the process of domestic substitution 3. The momentum of the Xinchuang wave, with Xinchuang 2.0 expected to accelerate, presenting a broad outlook for technology independence [3]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance, particularly among major internet companies, with significant gains observed in stocks like NetEase, Alibaba, and Kuaishou, driven by positive sentiment in the technology sector [1] Group 1: Market Performance - As of 10:50 AM, stocks such as NetEase-S, Alibaba-W, and Kuaishou-W have risen over 5%, while Tencent Holdings and Meituan-W have increased by more than 2% [1] - The Hang Seng Technology Index has risen by 2.2%, and the CSI Hong Kong Stock Connect Internet Index has increased by 2.4% [1] - The Hang Seng Technology ETF (513010) saw a net inflow of over 1.5 billion yuan last week, indicating strong investor interest [1] Group 2: Industry Outlook - Huatai Securities highlights that Hong Kong-listed companies in the AI narrative are primarily focused on domestic computing power, models, and applications, with future prospects linked to China's technological development [1] - The "14th Five-Year Plan" supports the theme of technological self-sufficiency, which is expected to be a medium to long-term focus [1] - Despite recent pullbacks in the Hong Kong technology sector, there remains potential for revaluation once liquidity conditions improve [1] Group 3: Valuation Metrics - The rolling price-to-earnings ratios for both the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Internet Index are below 22 times, positioned at the 15% and 8% percentiles since the indices were launched [1] - Investors looking to capitalize on the Hong Kong technology sector can consider products like the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) for convenient exposure [1]

新华财经上海11月20日电 2025年以来，转债市场呈现出"股性主导、供需收紧、估值高位"的格局。展 望2026年，转债市场能否继续布局？随着投资环境的变化，该市场的收益与风险博弈会否进一步加剧？ 股性驱动特征显著 可以看到，近期转债市场表现延续了强势基调，同时呈现出了鲜明的结构性特征，而"股性主导、供需 失衡"更是成为了核心标签。 公开数据显示，中证转债指数上周五（11月14日）报收491.71点，周内一度突破8月高点，市场整体估 值处于历史极高水平，百元溢价率分位数达98.5%。 另外，自2024年9月以来，中证转债指数跟随权益市场走强，累计涨幅已超34%，2025年的年内涨幅也 达到了18%以上。 "当前，转债市场供给规模的持续萎缩值得关注。"一位券商交易员告诉记者，"2025年，转债市场的整 体规模较年初收缩约2100亿元，当前存量仅在5748亿元左右。未来一年，还有约78只转债到期，总规模 涉及约928亿元，叠加部分机构的强赎意愿抬升，而新发项目储备不足，届时市场规模可能向4000亿元 以下演绎，较2022年至2023年的水平萎缩一半。再就需求端来看，受益于'资产荒'影响，现阶段'固收 +'的资金配 ...

Core Viewpoint - The year 2026 marks the beginning of a systematic restructuring rather than a simple continuation of the next cycle, with a focus on macroeconomic changes, policy logic, and asset pricing shifts [1]. Group 1: Macroeconomic Narrative - The narrative is shifting from "stabilizing growth" to "high-quality development," with a new focus on fiscal leadership and precise monetary support, emphasizing targeted investments in technology, green initiatives, and public welfare [3]. - The new paradigm features enhanced debt constraints, with local government debt resolution entering a critical phase and market-oriented transformations of city investment platforms becoming an irreversible trend [3]. - Growth drivers are transitioning, with increased resilience in exports, manufacturing upgrades, and the emergence of new energy sectors, while real estate is no longer the economic anchor [3][4]. Group 2: Industry Main Lines - Three structural opportunities are identified for asset allocation in 2026: 1. High-end manufacturing going global, transitioning from cost advantages to a dual drive of technology and brand [5]. 2. Technological self-sufficiency, supported by policies that create a long-term dividend in sectors like semiconductors and AI infrastructure [7]. 3. Green transformation and ESG financialization, where carbon trading and green bonds reshape industry valuation, leading to premium reassessment of low-carbon assets [9][10]. Group 3: Asset Allocation - In a declining interest rate environment, the focus should be on relative value rather than absolute returns, with specific strategies for different asset classes: - For interest rate bonds, attention to duration structure and policy rhythm is crucial [12]. - In credit bonds, differentiation in city investment bonds is increasing, necessitating careful evaluation of regional fiscal capabilities and debt structures [13]. - For equity assets, emphasis on profit quality, cash flow stability, and sustainable ROE is recommended, moving away from PE speculation [13]. - Alternative assets like REITs and infrastructure public funds are emerging as new opportunities for institutional allocation [13]. Conclusion - The essence of investment lies in understanding change, with opportunities in 2026 favoring those who comprehend structural transformations rather than those seeking short-term policy stimuli [17][18].

央视网消息：第二十七届中国国际高新技术成果交易会11月16日在广东深圳闭幕。本届高交会有来自全 球120多个国家和地区的1000多个采购团采购团参观采购，促成现场签约项目1023项，意向成交金额突 破1700亿元。本届高交会上，各种国产高科技产品集中亮相，展示出我国科技在自主可控道路上的加速 奔跑。 ...

央视网消息：目前，第二十七届中国国际高新技术成果交易会正在举办，本次高交会上，具身智能机器人成为关注的热点。在现场，当灵巧手 遇上手语大模型，机器人手语交流员就"上岗"了。 高校科研成果加速创新 在中山大学展台，记者看到了这套"心脏性猝死综合防治人工智能可穿戴预警设备"，它不仅解决了传统设备穿戴不舒适、信号噪声大且弱等短 板，还可以通过深度学习算法，精准识别异常心电特征，预测猝死风险，为心血管疾病早期干预提供依据。 和记者互动的就是搭载了我国首个手语具身智能的手语交互系统的具身智能机器人，通过它搭载的具身智能模型，可以让普通的具备灵巧手功 能的机器人，拥有手语交互能力。 哈尔滨工业大学（深圳校区）计算机应用研究中心吕俊增介绍，手语库在国际上没有公开的数据集，他们通过手语合成系统，手工录入5000多 条手语到动作之间的交互。 作为科研项目，团队从2008年就开始设计这套手语库。随着具身智能的发展，他们将这套手语库同机器人灵巧手相结合，已经可以适配多款不 同自由度的机器人灵巧手。 此外，在本届高交会期间，超百所高校、科研院所也携前沿科研成果集中亮相。 这款彩色材料叫零功耗智能控温薄膜，是一种可以实现"冬暖夏凉"的 ...

Group 1 - The Hong Kong stock market is experiencing a downturn, with the Hang Seng Tech Index showing a decline of 0.77% in half a day, and major tech stocks like Tencent, Alibaba, Xiaomi, Meituan, and Kuaishou all dropping over 1% [1] - The Hong Kong Internet ETF (513770) is down 1.03%, approaching its six-month line, indicating strong buying interest despite the decline [1] - Tencent is expected to report a quarterly revenue growth of 14% year-on-year, reaching 190 billion yuan, with adjusted EBIT expected to rise by 21% to 74.1 billion yuan [2][3] Group 2 - Analysts believe that Tencent is the biggest beneficiary of AI applications, with resilient growth expected in online gaming, advertising, and cloud services [3] - The Hong Kong stock market's fundamentals are strong in November, with opportunities emerging amidst volatility, particularly in tech stocks supported by the "14th Five-Year Plan" [3] - The Hong Kong Internet ETF has seen significant inflows, with 9 out of the last 10 days showing increased investment, totaling 742 million yuan [3] Group 3 - The Hong Kong Internet ETF tracks the CSI Hong Kong Internet Index, heavily weighted towards leading internet companies like Alibaba, Tencent, and Xiaomi, which together account for over 73% of the top ten holdings [5] - The index has shown higher elasticity this year, outperforming the Hang Seng Tech Index, with a year-to-date increase of 40.81% compared to 32.23% for the Hang Seng Tech Index [7] - The valuation of the Hong Kong Internet Index is relatively low, with a PE ratio of 24.44, significantly lower than the NASDAQ 100 and ChiNext Index [7]