来源：新浪基金∞工作室 1月6日，港股互联网ETF（513770）涨1.66%，成交额6.46亿元。当日份额增加2.37亿份，最新份额为 240.42亿份，近20个交易日份额增加31.96亿份。最新资产净值计算值为132.30亿元。 港股互联网ETF（513770）业绩比较基准为中证港股通互联网指数收益率，管理人为华宝基金管理有限 公司，基金经理为丰晨成、周晶、曹旭辰，成立（2022-02-09）以来回报为10.06%，近一个月回报 为-0.27%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Core Viewpoint - The collaboration between China Merchants Securities and ten major fund companies aims to enhance investor knowledge of ETFs and promote healthy market development, particularly focusing on the opportunities within the Hong Kong internet sector driven by AI advancements [1] Group 1: Market Dynamics - The Hong Kong internet sector has experienced significant fluctuations over the past three years, influenced by regulatory policies, U.S. Federal Reserve monetary policy, and economic recovery from the pandemic [2][3] - Positive signals in domestic economic expectations and the Fed's shift to a dovish stance have created a favorable liquidity environment for the Hong Kong internet sector [3][4] Group 2: AI Industry Trends - The AI market is characterized by a technological breakthrough-driven industrial trend, with strong demand for computing power in the upstream and significant advancements in model technology in the midstream [2][5] - The release of Gemini3 marks a transition from "conversational interaction" to "action-oriented intelligence," complementing cost reductions in models like DeepSeek, which significantly lowers operational costs [5][6] Group 3: Investment Opportunities - The China Securities Hong Kong Internet Index is designed to capture leading companies in the sector, characterized by high concentration, balanced coverage across various applications, and a strong focus on AI [8][14] - The index includes 30 companies, with the top ten accounting for over 72% of its weight, providing a concentrated investment in leading firms while diversifying risk across different sectors [14][18] Group 4: Seasonal Market Behavior - Historical trends indicate that the end of the year often sees a "window dressing" effect, where fund managers adjust portfolios to showcase better-performing assets, potentially leading to increased capital inflows into popular sectors [11][12] - The end of the year is also a critical period for policy meetings, which can set the tone for future economic policies and enhance market risk appetite [11] Group 5: Valuation and Growth Potential - The Hong Kong internet sector currently presents a valuation discount compared to U.S. tech giants, with a price-to-earnings ratio of 22, indicating potential for valuation recovery as AI continues to develop [19][20] - The sector's long-term growth is supported by continuous technological iterations, deep integration of AI across various applications, and favorable government policies promoting AI development [13][20]

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。华泰资产党委书记白秋晨参与"低利率挑战：市场价值重构与机构应对之策"圆桌讨 论。 关于宏观经济，白秋晨认为，2026年经济仍将保持平稳增长，增速可能持平于今年。对于经济关键领 域，白秋晨给出具体判断：消费需求虽仍较弱，但在政策加力下有望保持一定增速；投资方面，制造业 投资供需回归再平衡，基建与地产投资可能继续拖累经济；出口则凭借完整产业链韧性与贸易战缓和态 势，有望保持一定韧性，2025 年 1-11 月我国出口增速达 5.4%，大超市场预期；物价方面，2026 年可 能仍处于通缩环境之中。 关于明年的投资市场，白秋晨表示，一场主要由新经济支撑的结构性牛市有望延续。支持这个判断的理 由主要有五点： 一是宏观经济保持韧性，政策加力内需，为股市提供 "下行有底" 的支撑。上证指数已在 2500-4000 点 区间震荡十年，伴随经济转型方向明朗，股市向上动能可观。 二是短期政策聚焦内需与 "十五五" 规划中期目标结合，将助力经济高质量发展，为企业盈利提供坚 ...

Core Viewpoint - The article highlights the recent trends in the stock market, particularly focusing on the performance of various sectors and the impact of AI developments on investment opportunities in the Hong Kong internet sector [7][9][18]. Sector Performance - The top-performing sectors on December 19, 2025, included: - Commerce and Retail: +3.66% - Comprehensive: +2.22% - Light Industry Manufacturing: +2.17% - Social Services: +2.06% - Environmental Protection: +2.03% [3][15]. - The sectors with the largest declines were: - Coal: -0.44% - Electronics: -0.29% - Banking: -0.29% [3][15]. Capital Flow - The sectors with the highest net inflows of capital were: - Automotive: 2.349 billion - Machinery Equipment: 2.077 billion - Non-ferrous Metals: 0.895 billion [3][16]. - The sectors with the largest net outflows included: - Electronics: -2.979 billion - Pharmaceutical Biology: -2.545 billion - Transportation: -1.031 billion [3][16]. ETF Performance - Notable ETF performances included: - Chemical ETF: +1.75% with a 6-month increase of 37.97% - Hong Kong Stock Connect Innovative Drug ETF: +1.73% with a 6-month increase of 5.81% - Pension ETF: +1.73% with a 6-month increase of 6.79% [5][6][16]. - The Hong Kong Internet ETF (513770) saw a net inflow of 1.25 billion over the past 10 days, indicating strong investor interest [9][18]. AI Developments - Recent advancements in AI by Tencent and Meituan are expected to positively influence the Hong Kong internet sector, with significant capital inflow anticipated [7][18]. - The demand for AI-driven products is projected to drive growth in the optical module sector, with expectations of a doubling in demand by 2026 [19]. Market Outlook - The article suggests that the combination of recovering overseas liquidity and ongoing AI narratives may lead to a resurgence in the Hong Kong AI sector, with 2026 being positioned as a potential investment year for AI applications [9][19].

站在当下，分析认为港股互联网板块下行空间已相对有限，或正在进入布局区，三重助力值得关注： 港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指 数，重仓阿里巴巴-W、腾讯控股等互联网龙头，前10大持仓汇聚AI云计算、大模型+各领域AI应用公 司，合计占比超73%，龙头优势显著。港股互联网ETF（513770）最新规模超百亿，年内日均成交额超 6亿元，支持日内T+0交易，不受QDII额度限制，流动性佳！ | 十大权重 | | | | 更新日期:2025-15-10 | | | ● 前5大反載之和 ● 前10大叔里之和 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 旺男代码 | 臣辨名称 | 中征一级行业分类 | 中证二级行业分类 | 权重(%) | | | 100% | | | | 9988 HK | 同盟巴巴-W | 可透液膜 | 学估业 | 18.95 | | 90% | | 10% | | | 0700.HK | 周刊控股 | 通信服务 | 伟如 | 16. ...

Core Viewpoint - The Hong Kong stock market opened lower on December 3, with the Hang Seng Index dropping over 1%, and the Hong Kong Internet ETF (513770) declining by 0.9% [1] Group 1: Market Performance - The Hong Kong Internet ETF (513770) closed at 0.582, reflecting a decrease of 0.26% [2] - Major tech stocks like Meituan-W and Xiaomi Group-W showed resilience, with minor declines of 0.2% [1] - The market has shown signs of bottoming out since hitting a low on November 21, indicating a potential stabilization phase [3] Group 2: Company Updates - Xiaomi Auto announced that it has delivered over 500,000 units since April 3, 2024, exceeding its annual target of 350,000 units [2] - Meituan reported that its food delivery losses peaked in the third quarter, which may negatively impact the internet sector [2] Group 3: ETF and Index Insights - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, which is heavily weighted towards leading internet companies like Alibaba-W (18.89%), Tencent Holdings (17.01%), and Xiaomi Group-W (10.05%) [3][4] - The ETF has a market size exceeding 10 billion, with an average daily trading volume of over 600 million, indicating strong liquidity [3] Group 4: Investment Strategy - The current market is approaching a "bad news fully priced in" state, with limited downside potential due to previously released risks such as US-China trade tensions and the impact of the "food delivery war" on profitability [3] - Investors may consider focusing on the Hong Kong internet sector, which has adjusted significantly under previous liquidity pressures and has stable earnings expectations post-Q3 reports [3]

Group 1 - The core viewpoint is that the recent market correction is likely coming to an end, and attention should be paid to trading and allocation strategies [1] - Technology continues to have favorable conditions for medium to long-term performance [1] - Both technology and cyclical sectors are expected to drive market performance [1] Group 2 - Opportunities have emerged in certain oversold growth sectors, including military, media (gaming), AI applications, Hong Kong internet, and power equipment [1] - Future institutional core technology blue chips may also follow a recovery trend [1]

Core Viewpoint - The Hong Kong internet sector stocks have shown strong performance, with notable gains in companies such as Bilibili, Xiaomi, Meitu, Alibaba Health, and Kuaishou, indicating a positive market sentiment towards the sector [1] Group 1: Stock Performance - Bilibili-W increased by over 5%, while Xiaomi Group-W and Meitu Company rose by over 4%, and Alibaba Health and Kuaishou-W gained over 3% [1] - The Hong Kong internet-related ETFs also experienced a rise of over 2% [1] Group 2: Market Sentiment and Economic Factors - Institutions suggest that the marginal improvement in macro expectations and favorable policies are boosting risk appetite in the Hong Kong equity market, particularly in the internet sector [2] - The expectation of a Federal Reserve interest rate cut and other factors may lead to a further decline in the US dollar index, improving global financial conditions [2] - This environment is expected to enhance the attractiveness of the Hong Kong market to foreign capital, especially with the potential appreciation of Asian currencies, particularly the Renminbi [2]

Core Viewpoint - The Hong Kong Internet ETF (513770) experienced a decline of 2.89% on November 7, with a trading volume of 976 million yuan, indicating a bearish trend in the market [1] Group 1: Fund Performance - The fund's total shares increased by 65 million, bringing the latest total to 20.27 billion shares, with a significant increase of 2.166 billion shares over the past 20 trading days [1] - The latest net asset value of the Hong Kong Internet ETF is 11.528 billion yuan [1] - Since its inception on February 9, 2022, the fund has achieved a return of 13.74%, while the return over the past month has been -12.92% [1] Group 2: Management and Benchmark - The fund is managed by Hua Bao Fund Management Co., Ltd., with fund managers Feng Chen Cheng, Zhou Jing, and Cao Xu Chen [1] - The performance benchmark for the fund is the CSI Hong Kong Stock Connect Internet Index return rate [1]

Core Insights - The A-share listed companies are entering a concentrated disclosure period for Q3 reports, with institutional research focusing on companies with profit growth [1] - Nearly 260 companies have been investigated by institutions, particularly in the electronics, machinery, power equipment, and pharmaceutical sectors [1] - The technology sector and "anti-involution" policies are highlighted as key investment themes for the future [1] Group 1: Company Performance - New Q3 profit data shows that New Qianglian achieved a net profit of 664 million yuan, recovering from a loss of over 36 million yuan in the same period last year [2] - Over 189 institutions have conducted research on New Qianglian, making it the third most visited company during this period [2] - Multi-Fluorine reported a net profit of 78.05 million yuan for Q3, with a year-on-year increase of 407.74%, and its stock price reached a two-year high [2] Group 2: Market Trends - The demand for lithium hexafluorophosphate is expected to remain strong, with an overall upward price trend anticipated next year [3] - The lithium battery segment of Multi-Fluorine is projected to achieve a capacity of 22 GWh by the end of 2025, with profitability expected to increase as production capacity is released [3] Group 3: Industry Focus - The electronics industry has the highest number of companies receiving institutional research, followed by machinery and power equipment sectors [4] - The technology growth sectors and industries benefiting from "anti-involution" policies are identified as key areas of interest, with significant performance noted in electronics and media [4] - Investment recommendations for November include focusing on high-growth sectors such as information technology, mid-to-high-end manufacturing, and resource recovery industries [5]