每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 11月19日早盘，港股三大指数集体高开，恒生指数涨0.09%，报25954.23点，恒生科指涨0.37%，国 企指数涨0.19%。盘面上，科网股涨多跌少，黄金股回暖，锂电池概念高开。开盘后，恒生科技指数转 跌，A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数震荡下行，持仓股中，百度集团、哔 哩哔哩、携程集团、美的集团、阿里巴巴等涨幅居前，小米集团、蔚来、理想汽车等领跌。 本周内，恒生科技指数已连跌2日，再度回到历史低估区间，资金也在积极布局恒生科技板块。具 体到工具层面，作为A股同赛道规模最大的恒生科技指数ETF（513180），正成为资金追捧的"香饽 饽"。数据显示，该ETF在11月18日单日便吸引了约7.25亿元的资金净流入；本周内的两个交易日，该 ETF累计净流入更是高达12.4亿元，展现出强大的"吸 ...

Core Viewpoint - The Hong Kong stock market is experiencing a collective decline, particularly in the Hang Seng Technology Index, which has dropped over 2%, with significant weakness observed in tech stocks [1] Group 1: Market Performance - The Hang Seng Technology Index ETF (513180) is following the index's downward trend, with major holdings like Horizon Robotics, Huahong Semiconductor, and SMIC leading the decline, while NIO and Haier Smart Home show gains, with NIO rising over 4.5% at one point [1] - As of October 16, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) is 22.88 times, which is at approximately the 28.79% valuation percentile since the index's inception, indicating that over 70% of the time, valuations have been higher than the current level [1] Group 2: Legal Issues and Company Response - The Singapore Government Investment Corporation (GIC) has filed a lawsuit against NIO, alleging that the company inflated revenue and profits, misleading investors and causing GIC to incur investment losses [1] - NIO's stock fell nearly 9% by the end of trading on the previous day, and the company responded by stating that the lawsuit is not a new issue but stems from a short-selling report released by Grizzly Research in 2022, asserting that an independent internal investigation found no factual basis for the allegations [1] Group 3: Investment Opportunities - The Hang Seng Technology Index remains in a historically undervalued range, with characteristics such as high elasticity and high growth potential, suggesting greater upward momentum [1] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Technology Index ETF (513180) to gain exposure to core Chinese AI assets [1]

Group 1 - The Hong Kong stock market showed mixed performance on October 17, with the Hang Seng Index down 0.14% at 25,851.94 points, while the Hang Seng Tech Index fell 0.07% and the National Enterprises Index saw a slight increase [1] - Southbound funds recorded a net purchase of HKD 15.822 billion in Hong Kong stocks on October 16, surpassing the HKD 100 billion mark again, bringing the total net inflow for the year to over HKD 1.2 trillion, setting a new annual record [1] - The Hang Seng Tech Index has risen over 34% year-to-date as of October 16, driven by significant inflows from southbound funds, which align with the "low valuation + high elasticity" characteristics of the Hong Kong tech sector [1] Group 2 - As of October 16, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) is 22.88 times, which is at the 28.79% valuation percentile since the index was launched, indicating that over 70% of the time, valuations have been higher than the current level [2] - The Hang Seng Tech Index remains in a historically undervalued range, with high elasticity and growth characteristics providing greater upward momentum [2] - Investors without a Hong Kong Stock Connect account can access core Chinese AI assets through the Hang Seng Tech Index ETF (513180) [2]

具体到工具层面，数据显示，A股同赛道规模最大的恒生科技指数ETF（513180）10月15日获资金净流 入约2.15亿元；截至10月15日，恒生科技指数ETF（513180）近10个交易日共计获资金净流入约20.51亿 元，最新规模达444.47亿元。 公开信息显示，截至10月15日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为23.14 倍，处于指数发布以来约30.69%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）。 中信建投在近期研报中指出，近一月恒生科技再度出现大幅资金净流入，其次是港股创新药、恒生互联 网科技业、中国互联网50、纳斯达克100等；资金净流出幅度较小，恒生指数、恒生中国企业指数、恒 生医疗保健等有小幅净流出。整体上看，延续上月资金流趋势，港股科技成长板块仍保持较高的投资热 度，且进一步集中，高股息热度有所下降。 10月16日，港股三大指数低开低走，恒生科技指数午后跌幅扩大至2%。盘面上，科 ...

招商证券也认为，对于港股市场而言，在四季度预计呈现先抑后扬的走势。在短期缺乏增量利好的情况 下，港股可能延续震荡态势。但随着美联储降息利好外资流入、相关会议增量政策提振市场风险偏好、 中国AI产业继续取得突破，港股的多重边际利好积聚，有望迎来上涨。 公开信息显示，截至10月13日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为23.36 倍，处于指数发布以来约31.75%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）。 10月14日早盘，港股三大指数集体上涨，恒生科技指数涨幅有所收窄。主流ETF方面，A股同赛道规模 最大的恒生科技指数ETF（513180）盘中一度涨超1.5%，持仓股中，小鹏汽车、京东集团、比亚迪股份 等涨幅居前；港股通汽车ETF（159323）涨超2%，小鹏汽车、京城机电股份、亿华通、潍柴动力、赣 锋锂业、比亚迪股份等持仓股领涨。 国元国际称，在美联储开启降息空间后，届时国内可能会跟随出台相关宽松 ...

Group 1 - The Hong Kong stock market opened lower on October 13, with the Hang Seng Index down 2.5% and the Hang Seng Tech Index down 2.43% [1] - The largest ETF tracking the Hang Seng Tech Index (513180) followed the index's decline, with most constituent stocks falling, while only a few like Kingsoft, Hua Hong Semiconductor, and SMIC saw gains [1] - In contrast, U.S. stock futures rebounded, with the Nasdaq futures rising over 1.6%, and notable tech stocks like TSMC and Nvidia experiencing significant gains [1] Group 2 - As of October 10, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 23.82 times, which is approximately in the 34.04% valuation percentile since the index's inception, indicating it remains in a historically undervalued range [2] - The ETF's characteristics of high elasticity and growth potential suggest it has greater upward momentum, making it an attractive option for investors without a Hong Kong Stock Connect account to access core Chinese AI assets [2]

Group 1 - The Hang Seng Technology Index fell over 2.5% on October 10, with major stocks like SMIC, Baidu, and Alibaba leading the decline [1] - Jianyin International noted that the Hang Seng Index has established a bullish trend, transitioning from valuation repair to a re-evaluation based on new productive forces and high-quality development [1] - The fourth quarter is seen as crucial for solidifying the new bull market in Hong Kong stocks, influenced by factors such as US-China negotiations, Federal Reserve interest rate decisions, and reassessments of China's economic resilience [1] Group 2 - As of October 9, the latest valuation of the Hang Seng Technology Index ETF (513180) is 24.63 times, indicating it remains in a historically undervalued range with significant upward potential due to its high elasticity and growth characteristics [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

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]