Core Insights - The Hong Kong stock market showed strong performance in early trading, driven by the "technology + dividend" strategy of the Hong Kong Large Cap 30 ETF (520560), which saw a price increase of over 1% during the session [1] - The ETF has experienced a net inflow of funds totaling 31.61 million yuan over the past four days, indicating positive sentiment towards the future performance of Hong Kong stocks [1] - Alibaba reported a 34% year-on-year growth in cloud revenue and has achieved triple-digit year-on-year growth in AI-related product revenue for nine consecutive quarters [3] Group 1: Market Performance - The Hong Kong Large Cap 30 ETF (520560) is actively traded, with a current price increase of 0.94%, marking three consecutive days of gains [1] - The ETF's significant premium in the market reflects strong buying interest, with a total net inflow of 31.61 million yuan over the last four days [1] - Major stocks contributing to the ETF's performance include Meituan, which rose over 6%, and others like ZTO Express and BYD, which saw increases of over 3% and 2%, respectively [1] Group 2: Economic Factors - The Federal Reserve's dovish stance is a key factor, with expectations of a 25 basis point rate cut in December at a probability of 84.9% [2] - The anticipated rate cut is expected to weaken the US dollar, which could lead to lower Hong Kong dollar interest rates and attract foreign capital back to the market, enhancing liquidity [2] - Current conditions differ from previous rate cut cycles, as corporate profits are still rising and the global economy remains stable, which is favorable for the Hong Kong stock market [2] Group 3: Company Insights - Alibaba's capital expenditure for the quarter was 31.5 billion yuan, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [3] - The ongoing investment in AI infrastructure by Alibaba signifies a steady progress towards self-sufficiency in domestic computing power, potentially marking an industry turning point [3] - The valuation of the Hong Kong Large Cap 30 ETF (520560) is currently at a PE ratio of 10.25, which is 64.77% of its historical range, indicating a favorable valuation with a higher margin of safety [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 截至昨日（11月25日），自带"科技+红利"哑铃策略的——香港大盘30ETF（520560）连续4日获资金净 流入，合计金额3161万元，反映资金看好港股后市表现，积极运用哑铃策略进行布局！ 消息面上，11月25日晚间，阿里巴巴发布2026财年第二季度财报，云收入同比增长34%，AI相关产品收 入连续9个季度实现三位数同比增长；本季度资本开支为315亿元，过去四个季度在AI+云基础设施的资 本开支约1200亿元。 中信证券指出，阿里持续坚定投入AI基础设施，标志着国产算力的自主可控进程正在稳步推进，国产 算力有望迎来行业拐点。建议关注国产算力投资机遇，聚焦卡位精准、长期竞争力凸显的龙头。 看好港股科技但又希望降低波动？也可以关注全市场首只——香港大盘30ETF（520560）及其联接基金 【联接A（LOF）501301；联接C 006355】，自带"科技+红利"哑铃策略，一基荟萃30只港股通中资大盘 风险提示：香港大盘30ETF被动跟踪恒生中国（香港上市）30指数，该指数基日为2000.1.3，发布于 2003.1.20，指数成份股构成 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年11月以来（25/11/1-11/24），在业绩步入空窗期与美联储12月降息预期反复等因素影响，A股整 体面临情绪回落压力，市场震荡轮动和资金年末止盈特征也在不断放大，"哑铃策略"配置思路或仍适合 当下行情，部分红利类主题ETF标杆品种凭借较为突出的防御属性，持续成为资金压舱选项。 （数据来源：Wind） Wind数据显示，目前A股市场两只百亿级红利主题ETF——红利ETF（510880）、红利低波ETF （512890）自2025年11月21日连续两个交易日获资金逆势布局，分别吸金4.40亿元、2.30亿元，在同期 全市场红利类主题ETF中资金净流入表现靠前，即使在阶段性调整窗口，资金对红利类资产的配置意愿 或依然积极。 （数据截至25/11/24） 其中，作为市场首只（成立于2018/12/19）跟踪红利低波指数的ETF，红利低波ETF（512890）自四季 度以来（25/10/1-11/24）便持续成为资金布局高股息资产的核心标的之一，区间累计吸引45.54亿元资金 布局，截至2025年11月24日，最新基金规模达258 ...

Core Viewpoint - The Hong Kong stock market continues to show strong performance, particularly in the technology sector, with the Hang Seng Technology Index rising over 2% and the Hong Kong Large Cap 30 ETF (520560) recovering its 5-day moving average, indicating a potential short-term rebound [1][2] Group 1: Market Performance - The Hong Kong Large Cap 30 ETF (520560) saw a price increase of over 1.2%, currently up 1.15%, with a total of 30.68 million yuan in inflows over the past five days, reflecting positive sentiment towards the sector [1] - Notable stock performances include Xiaomi Group rising over 4%, Kuaishou over 3%, and Alibaba and SMIC both up over 2% [1] - The dividend-paying stocks also performed well, with Agricultural Bank of China, China Life, and China Petroleum all increasing by over 1% [1] Group 2: Technology Sector Insights - Alibaba is set to announce its latest quarterly results, with its Qianwen APP achieving over 10 million downloads in just one week, surpassing competitors like ChatGPT and Sora, marking it as the fastest-growing AI application [1] - Dongfang Securities expresses optimism regarding Alibaba's comprehensive AI capabilities and the growth potential of the Qianwen APP within Alibaba's business ecosystem [1] Group 3: Dividend Trends - Major state-owned banks are initiating mid-term dividends, with plans to distribute dividends in early December, leading to an acceleration in the mid-term dividend market [2] - The six major banks are expected to distribute a total of 204.657 billion yuan in dividends, accounting for nearly 80% of the total mid-term dividends among listed banks [2] Group 4: Investment Strategy - The current market environment suggests that a "barbell strategy" is optimal for investors, balancing between growth stocks and high-dividend stocks, aligning with the "policy support + technological breakthroughs" narrative [2] - The Hong Kong Large Cap 30 ETF (520560) has a price-to-earnings (PE) ratio of 1.09, indicating a favorable valuation position at the 62.38 percentile since its inception, suggesting a higher safety margin [2] Group 5: ETF Characteristics - The Hong Kong Large Cap 30 ETF (520560) launched on November 12, featuring a diversified portfolio of 30 large-cap stocks listed in Hong Kong [5] - The top ten holdings account for 72.84% of the ETF, with Alibaba, Tencent, and China Construction Bank being the most significant contributors [5]

科技方面， 阿里巴巴今日（11月25日）将公布最新季度业绩，旗下千问APP公测一周下载量突破1000 万，超越ChatGPT、Sora、DeepSeek，成为史上增长最快的AI应用。东方证券认为，看好AI应用布局完 善后阿里的全栈AI优势强化，看好千问APP在阿里业务内的多方向增长潜力。 红利方面，近期国有大行陆续启动中期分红，计划12月上旬陆续派息，较2024年有所提前，推动了中期 分红行情加速到来。据统计，工农中建四大行的百亿元分红正在路上，六大行合计派现2046.57亿元， 约占全部上市银行中期分红总额的近80%。 今日（11月25日）港股表现继续强势，恒生科技涨超2%，自带"科技+红利"哑铃策略的——香港大盘 30ETF（520560）场内价格一度涨逾1.2%，现涨1.15%，盘中收复5日均线。 技术分析人士指出，5日均线低位拐头向上，是短期止跌反弹的"启动信号"！事实上，香港大盘30ETF （520560）此前5日累计吸金3068万元，反映资金看好板块后市表现，积极进场布局！ 细分方向来看，港股科技继续冲锋，小米集团涨超4%，快手涨逾3%，阿里巴巴、中芯国际涨超2%，港 股红利亦有亮眼表现， 农业银 ...

Core Insights - The Hong Kong stock market is experiencing a strong upward trend, with the Hang Seng Technology Index rising over 2% and the Hang Seng Index nearly 2% as of November 24 [1] - Major technology stocks such as Kuaishou and Alibaba have seen significant gains, with Kuaishou up over 6% and Alibaba rising more than 5% [1] - The Hong Kong Large Cap 30 ETF (520560) is attracting substantial investment, with a recent inflow of 29.82 million HKD over the past five days, indicating positive market sentiment towards Hong Kong stocks [1][3] Market Performance - The Hong Kong Large Cap 30 ETF (520560) has a current price increase of 1.49%, with a trading volume exceeding 36 million HKD, reflecting strong buying interest [1] - The ETF's underlying index has a price-to-earnings (PE) ratio of 9.94, which is relatively low compared to its historical levels, suggesting a favorable valuation for investors [3] Dividend Trends - Major state-owned banks in China are initiating mid-term dividends, with a total payout of approximately 204.66 billion HKD, accounting for nearly 80% of the total mid-term dividends among listed banks [2] Investment Strategy - The "barbell strategy" is recommended for investors, combining growth-oriented technology stocks with high-dividend yielding stocks to navigate current market uncertainties [3] - The Hong Kong Large Cap 30 ETF is positioned as a core asset for long-term investment, providing a diversified exposure to major Hong Kong stocks while minimizing individual stock selection risks [5][6]

Core Viewpoint - The Hong Kong stock market is experiencing a strong upward trend, particularly in the technology sector, with significant gains in major stocks and ETFs, indicating positive investor sentiment and potential for future growth [1][3]. Group 1: Market Performance - As of November 24, the Hang Seng Technology Index rose over 2%, and the Hang Seng Index increased nearly 2%, with notable gains from stocks like Kuaishou (up 6%) and Alibaba (up over 5%) [1]. - The Hong Kong Large Cap 30 ETF (520560) saw a price increase of 1.49% and a trading volume exceeding 36 million yuan, reflecting strong market activity and investor interest [1]. - Over the past five days, the Hong Kong Large Cap 30 ETF attracted 29.82 million yuan in net inflows, indicating a bullish outlook on the Hong Kong stock market [3]. Group 2: Technology Sector Insights - Alibaba's AI assistant, Qianwen App, has surpassed 10 million downloads within a week of its public beta, making it the fastest-growing AI application to date, outpacing competitors like ChatGPT [3]. - Analysts believe that advancements in AI models could lead to a commercial breakthrough, accelerating the development of the AI industry [3]. Group 3: Dividend Trends - Major state-owned banks in China are initiating mid-term dividends earlier than in 2024, with a total payout of 204.657 billion yuan from six major banks, accounting for nearly 80% of the total mid-term dividends among listed banks [3]. Group 4: Investment Strategy - The "barbell strategy" is recommended for investors, combining high-growth technology stocks with high-dividend yielding stocks, aligning with current market conditions of policy support and technological advancements [3]. - The Hong Kong Large Cap 30 ETF (520560) is highlighted for its low valuation, with a price-to-earnings ratio of 9.94, indicating a favorable investment opportunity [4][6]. Group 5: ETF Characteristics - The Hong Kong Large Cap 30 ETF offers a diversified exposure to core assets in the Hong Kong stock market, minimizing individual stock selection risks [5]. - It features a "technology + dividend" barbell strategy, providing a balance between growth and defensive positioning [6]. - The ETF is characterized by low valuation metrics, high liquidity, and a flexible trading mechanism, making it suitable for both short-term trading and long-term investment [6].

一，今日要点 全球资本市场一片哀嚎，那么究竟是什么导致市场的踱步不前呢？是地区摩擦还是其他？又会持续多久呢？ 二，散户聚焦 由于隔夜美联储方面的强硬表态，结果就连英伟达强劲的财报都没有能够兜住，全球资本市场一片哗然，甚至于连黄金都跌了，很多人对于黄金这样的避险 资产下跌会觉得奇怪，其实并非如此，由于越来越多的杠杆资金选择两头押注，结果就是美股和黄金变成了同涨同跌，其实映射到A股市场也是一样的，所 谓的「哑铃策略」一度这么热门，看似降低风险，最后还不是没达到应有的效果。 从上图不难看出，纳指和黄金的走势已经是高度趋同了，所以一旦出现问题，也只能一起承压。 所以，说句题外话，我也很奇怪日本为什么这么上头，最严厉的制裁不是军事上的，而是经济上的，之前我就说过，如果我们不断抛售日元，就会引发日本 更大的通胀，日本的政府负债率超过200%，不要说高于我们，就连美国佬都没有这么疯狂，要知道日本米价已是天价，如果吃不饱饭，会发什么什么，其 实不难猜！ 所以这是真正的牵一发而动全身，我们现在面临的困难一定是暂时的，这不今天日本方面已经开始试图缓和，而美联储也开始改口，那么就像之前说的，雷 劈下来的时候，你最好在场。 三，博尔 ...

Core Viewpoint - The "fixed income +" and mixed equity-debt fund categories are expected to experience explosive growth in 2025, becoming a core choice for investors seeking stable returns in volatile markets. Among the standout fund managers, Liang Bingzhe from Anxin Fund has gained attention for his distinctive investment style and impressive performance, establishing himself as a rising star in the field [1]. Group 1: Investment Strategy - Liang Bingzhe employs a "barbell" strategy that balances value and growth assets, aiming to smooth portfolio volatility and enhance adaptability in different market environments [2]. - The investment framework focuses on three optimizations based on the PB-ROE strategy: achieving relative balance in industry distribution, ensuring reasonable time-based return distribution, and controlling volatility [2]. - In convertible bond investments, Liang adheres to a "low price, high elasticity" strategy, prioritizing inexpensive options with potential for significant upside based on logical support from underlying stocks [2]. Group 2: Market Outlook - Liang maintains an optimistic view on equity markets, attributing asset pricing to both fundamentals and liquidity, with a favorable domestic liquidity environment supporting higher valuations for thriving sectors [4]. - The convertible bond market is expected to face three potential scenarios based on stock market performance: strong performance if stocks rise, likely adjustments if stocks fall, and potential valuation pressure if stocks remain stagnant [4]. - In the pure bond segment, Liang believes that the fundamental and liquidity environment remains favorable for the bond market, suggesting a focus on high-quality bonds to achieve better risk-adjusted returns [5]. Group 3: Sector Focus - Liang emphasizes the importance of sectors benefiting from the AI boom, such as electric power and certain non-ferrous metals, which are expected to see significant profit elasticity due to product price increases [6]. - To mitigate potential risks from declining AI capital expenditures, Liang considers including undervalued options with low implied volatility in the portfolio [6]. - The strategy aims to balance returns and risks by constructing hedging combinations that adapt to the current complex market environment [6].

Market Overview - The three major indices experienced a rebound after three consecutive declines, with the Shanghai Composite Index and ChiNext Index slightly rising, while the Shenzhen Component Index remained flat. The total trading volume in the two markets was 1.73 trillion yuan, a decrease from the previous period, with nearly 4,200 stocks declining [1]. ETF Performance - The leading non-ferrous metal ETF (159876) saw an intraday increase of 3.27%, closing with a gain of 2.48%. The chemical ETF (516020) also rose by over 1%. The non-ferrous metal sector led the market, attracting significant capital inflow, with the leading non-ferrous metal ETF accumulating 1.96 billion yuan over three days [3][4]. - The largest bank ETF (512800) rose nearly 1%, recovering above all moving averages, indicating a strong medium to long-term trend [8][10]. Sector Highlights - The non-ferrous metal sector attracted over 8.2 billion yuan in net inflow, making it the top sector in terms of capital absorption among 31 primary industries. Key stocks in this sector, such as Zhongjin Gold and Tianqi Lithium, saw significant price increases, with Zhongjin Gold rising over 8% [6][7]. - The banking sector showed strong performance, with China Bank surging 3.81%, marking its largest single-day gain in a year and reaching a historical high. Other banks like Everbright Bank and Ping An Bank also saw gains of nearly 2% [8][9]. Future Outlook - Analysts suggest that the current market environment favors a "barbell strategy," balancing value and growth styles to capture excess returns in advantageous sectors. The non-ferrous metal sector is expected to perform well due to rising demand and supply constraints, with projections indicating a potential bull market in 2026 [3][7][12]. - The banking sector is benefiting from low valuations and high dividend yields, which are becoming increasingly attractive amid year-end risk aversion. The upcoming mid-term dividend distributions from banks are expected to further enhance their appeal to investors [11][13].