10月10日午后，恒生科技指数跌幅持续拉大，跌超2.5%。主流ETF方面，A股同赛道规模最大的恒生科 技指数ETF（513180）跟随指数下跌近2.5%，持仓股中，中芯国际、百度集团、华虹、快手、阿里巴 巴、蔚来、金山软件等领跌。 该机构预计四季度港股走势或先抑后扬，恒生指数波动区间介于24800-27800点，国企指数波动区间介 于8600-9900点，科技指数介于5800-6800点。建议四季度逢低吸纳，采取攻守平衡的哑铃型配置并逐步 加强进攻。 截至10月9日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）为24.63倍，处于指数2020 年7月27日发布以来约36.72%的估值分位点，仍处于历史相对低估区间，而高弹性、高成长等特性使其 具备更大的向上动能。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） （文章来源：每日经济新闻） 建银国际指出，随着三季度恒指突破并站稳25000点关键分水岭，港股一二级市场良性循环进一步强 化，牛市格局已基本确立，港股投资逻辑由估值修复向基于新质生产力和高质量 ...

截至10月9日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）为24.63倍，处于指数2020 年7月27日发布以来约36.72%的估值分位点，仍处于历史相对低估区间，而高弹性、高成长等特性使其 具备更大的向上动能。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）。 方正证券认为，当前时点港股上涨行情仍未结束，建议继续关注恒生科技为代表的低估值品种补涨机 会。在当前经济下行的尾声阶段，同时政策利好不断释放，A股、港股市场信心显著回升。此外，南下 资金仍在持续加速流入港股市场，叠加美联储降息周期开启，港股流动性环境有望进一步受益。历史经 验也显示，港股市场一般10月份日历效应显著，主要宽基指数表现往往较好，因此综合来看，港股红十 月行情可期。 10月10日，港股三大指数低开低走。盘面上，科网股普跌，煤炭股活跃，黄金股普跌，汽车股走弱。午 后，恒生科技指数跌幅持续拉大，跌超2.5%。主流ETF方面，恒生科技指数ETF（513180）跟随指数下 跌，持仓股中，中芯国际、百度集团、华虹、快手、阿里巴巴、蔚来、 ...

Core Viewpoint - The Hang Seng Tech Index experienced fluctuations, with a notable recovery in southbound capital inflows after a significant outflow on August 28, indicating potential for a "catch-up" rally in the tech sector [1] Group 1: Market Performance - The Hang Seng Tech Index opened high but saw a decline before strengthening again, with gold stocks performing well while the semiconductor sector faced collective adjustments [1] - The largest ETF tracking the Hang Seng Tech Index (513180) saw gains, with leading stocks including Haier Smart Home, SenseTime, Trip.com, and Li Auto, while Honghua, Tencent Music, and SMIC faced declines [1] Group 2: Capital Flows - On August 28, southbound capital experienced a significant net outflow of 20.441 billion HKD, but by the time of reporting, there was a recovery with over 5 billion HKD net inflow [1] - According to Cathay Pacific Securities, the total annual net supply of southbound capital is expected to exceed 1.2 trillion HKD, suggesting a marginal improvement in foreign investment [1] Group 3: Investment Opportunities - Domestic institutional investors, particularly public funds, have considerable room for increased allocation to Hong Kong stocks, with an estimated total scale of 300 to 450 billion HKD for public funds this year [1] - Insurance capital is projected to see actual incremental growth of around 250 to 400 billion HKD, benefiting from steady growth in premium income [1] - The Hang Seng Tech Index has underperformed compared to the A-share tech sector, but improved external liquidity narratives may enhance its upward momentum, presenting a potential "catch-up" opportunity [1]

Group 1 - The core viewpoint of the news is that Li Auto's Q2 financial performance met expectations, with a slight year-on-year revenue decline but a significant quarter-on-quarter increase, indicating resilience in the face of market challenges [1][2] - Li Auto reported Q2 revenue of 30.2 billion yuan, a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 16.7% [1] - The company delivered 111,000 vehicles in Q2, reflecting a year-on-year growth of 2.3% [1] Group 2 - Net profit for Q2 was 1.1 billion yuan, showing a year-on-year decline of 0.4% but a substantial quarter-on-quarter increase of 69.6% [1] - The gross margin for Q2 was 20.1%, which is an increase of 0.6 percentage points year-on-year [1] - Analysts from Guojin Securities highlighted Li Auto's strengths in product development, strategic planning, and management, while noting the current pressure on its fundamentals [2] Group 3 - Haitong International Securities mentioned that Li Auto plans to reduce the number of SKUs and focus on its core models to simplify its product offerings [2] - The upcoming launch of the Li i6 is anticipated to continue the successful single-product strategy, potentially enhancing product competitiveness and value [2] - The Hang Seng Technology Index is expected to experience upward momentum, benefiting from improved external liquidity narratives, which may lead to a "catch-up" rally [2]

Group 1 - The core viewpoint is that the recent U.S. non-farm payroll data has led to increased expectations for interest rate cuts by the Federal Reserve, which may positively impact the Hong Kong stock market, particularly the technology sector [1][2] - The Hang Seng Technology Index is currently in a historically undervalued range and is highly sensitive to changes in U.S.-China interest rate differentials, making it likely to benefit from a loosening of overseas liquidity [2] - As of August 1, the futures market implied that the market expects the Federal Reserve to cut rates 2.4 times within the year, an increase from the previous week [1] Group 2 - The probability of a 25 basis point rate cut at the September Federal Reserve meeting has exceeded 90%, indicating a significant shift in market sentiment towards easing monetary policy [2] - The Hang Seng Technology Index is characterized by high elasticity and growth potential, suggesting that it will have stronger upward momentum if market conditions improve [2] - Investors without a Hong Kong Stock Connect account can consider using the Hang Seng Technology Index ETF (513180) to gain exposure to core Chinese AI assets [2]

Group 1 - The Hong Kong stock market indices collectively declined, with technology and new energy vehicle stocks mostly falling, including significant drops in Li Auto and Xpeng Motors [1] - Li Auto's first pure electric SUV, the Li i8, was officially launched with a price range of 321,800 to 369,800 yuan, which is lower than the previously announced pre-sale price of 350,000 to 400,000 yuan [1] - Morgan Stanley's view indicates that the initial price of the Li i8 is slightly above expectations, with market focus on the competitiveness of hardware specifications, particularly for the Pro version [1] Group 2 - As of July 29, the latest valuation of the Hang Seng Technology Index ETF (513180) is 22.16 times, which is below 76% of the time since the index was launched on July 27, 2020, indicating a relative undervaluation [2] - The Hang Seng Technology Index is currently in a historically undervalued range, with characteristics of high elasticity and high growth, suggesting greater upward momentum [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

Group 1 - The Hong Kong stock market saw a collective rise in its three major indices, with the Hang Seng Tech Index increasing by over 2% on July 23. The largest ETF tracking this index, 513180, followed suit with a nearly 2.5% increase, driven by significant gains in stocks like NIO, Baidu, Kuaishou, Tencent, Kingdee International, and Meituan, with NIO rising nearly 11% [1] - Since 2025, policies have been guiding various industries to reduce "involution" to address the challenges of unhealthy competition and achieve high-quality development. On July 18, the State Administration for Market Regulation held discussions with platforms like Ele.me, Meituan, and JD.com, urging them to comply with laws such as the E-commerce Law and the Anti-Unfair Competition Law, and to regulate promotional activities [1] - Dongwu Securities suggests that the current "anti-involution" measures will have a more pronounced effect on correcting unhealthy competition and will marginally benefit emerging industries. The firm recommends focusing on the photovoltaic industry chain, particularly leading companies in silicon materials and glass, as well as energy storage sectors affected by photovoltaic valuation pressures, lithium battery supply chains, new energy vehicles, and mature process wafer foundries [1] Group 2 - As of July 22, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was only 21.14 times, which is approximately 17.14% of the index's valuation since its launch on July 27, 2020. This indicates that the current valuation is lower than 82% of the time since the index was published, placing it in a historically undervalued range. The high elasticity and growth characteristics of the index suggest greater upward momentum [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain exposure to core AI assets in China [2]