来源：同壁财经 美联储降息预期下，中国资产大涨，隔夜纳斯达克中国金龙指数涨0.87%，理想汽车、哔哩哔哩涨超6%，阿里巴巴涨1.92%。 海外主动资金再度回流，EPFR数据显示，截至9月10日，港股与ADR一周净流入6402万美元，时隔5周再度回流。 场内热门ETF方面，港股科技50ETF（159750）近20日获资金净流入1.17亿元。 华泰证券认为，虽然恒生指数今年以来大涨30%引发广泛关注，但事实上在美元贬值和油价下跌的金融条件宽松下，全球股市几乎都在上行。 往后看，全球金融流动性或继续趋于宽松，不仅仅因为美联储降息，还有全球财政货币的协同、美国金融去监管等，全球资产受益，人民币相 对美元还有补涨空间。港股作为中国离岸人民币资产同样受益于全球流动性充裕和外资回流。从PB-ROE框架下看，港股与全球其他资产比处 于性价比中游水平，同样并未显著高估。 数据来源: Wind,截至2025.9.12 6 指数介绍 中证香港科技指数 (CNY) (931574CNY00.CSI) 简称 港股科技指数(CNY) . 主要覆盖50家市值较大、研发 投入较高且营收增速较好的科技公司。行业分布较为广 泛,不仅集中于互联网 ...

Group 1 - Meituan's food delivery business maintained its leading position in Q3, but the average order value declined. The instant retail market is projected to exceed 2 trillion yuan by 2030, while the on-site travel and accommodation sector remains stable. New businesses are contracting domestically but expanding overseas [1] - Kuaishou's e-commerce reported a GMV growth of 17.6% year-on-year for Q2 2025, with private domain transaction efficiency being over four times that of public domain. AI tools have improved product card conversion rates by 20%, and the Double Eleven promotion is set to launch on October 7 [1] - There are rumors that Alibaba and other platforms may significantly increase capital expenditures, with Q4 infrastructure potentially catching up and AIDC tenders expected to be densely issued [1] Group 2 - For domestic investors, Hong Kong stocks are relatively inexpensive compared to A-shares. Since May, the AH premium has decreased from 134 to 119, indicating a reasonable valuation given the current exchange rate. There is potential for further narrowing of the AH premium amid the appreciation of the yuan and the weakening of the dollar [1] - For overseas investors, Hong Kong stocks still offer value. Despite the Hang Seng Index rising by 30%, global financial conditions remain loose due to the depreciation of the dollar and falling oil prices, benefiting Hong Kong stocks as offshore RMB assets. The PBROE framework indicates that Hong Kong stocks are at a mid-range level of value [2]

该机构观点认为，对海外投资者来说，港股依然具有性价比。虽然恒生指数今年以来大涨30%引发广泛 关注，但事实上在美元贬值和油价下跌的金融条件宽松下，全球股市几乎都在上行。往后看，全球金融 流动性或继续趋于宽松，不仅仅因为美联储降息，还有全球财政货币的协同、美国金融去监管等，全球 资产受益，人民币相对美元还有补涨空间。港股作为中国离岸人民币资产同样受益于全球流动性充裕和 外资回流。从PB ROE框架下看，港股与全球其他资产比处于性价比中游水平，同样并未显著高估。 恒生科技指数站上6000点大关，突破前高在即。在南向资金持续不断流入、美国新一轮降息周期有望启 动的背景下，港股9月或迎内外资共振，而外部流动性敏感、此前受压制较多的恒生科技则有望迎来"补 涨"行情。此外，反内卷政策不断推进，叠加阿里巴巴财报超预期、AI大模型快速迭代，恒生科技有望 从"外卖内卷"回归AI叙事，估值重构可期，突破前高或许只是时间问题。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。 （文章来源：每日经济新闻） 9月15日午后，港股三大指数持续上涨。盘面上，科网股涨多跌少，锂电池股延续热度，汽车股 ...