证券研究报告 | 2026年02月28日 港股投资周报 资源股反弹，港股精选组合年内相对恒指超额 4.08% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益-0.11%，相对恒生指数超额收益-0.93%。 本年，港股精选组合绝对收益 7.98%，相对恒生指数超额收益 4.08%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，建滔积层板等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为制造、消费、科 技、大金融和医药板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益 1.12%；恒生科技 指数收益最低，累计收益-1.41%。 行业指数方面，本周原材料业行业收益最高，累计收益 4.81%；医疗保健业 行业收益最低，累计收益-4.95%。 概念板块方面，本周彩票指数概念板块收益最高，累计收益 35.29%；基础 大模型指数概念板块收益最低，累计收益-27.30%。 南向资金 ...

本周，中证港股通消费主题指数下跌0.9%，恒生科技指数下跌1.4%，恒生港股通新经济指数下跌 2.0%，中证港股通互联网指数下跌2.8%，中证港股通医药卫生综合指数下跌4.5%。资金逆势加仓相关 ETF，Wind数据显示，截至昨日，恒生科技ETF易方达（513010）和港股通互联网ETF易方达 （513040）近一月分别获42亿元和13亿元资金净流入。 华泰证券研报称，春节期间港股市场内部分化加大，AI新势力与互联网巨头走势背离，消费数据亮点 尽显但未明显提振板块表现，涨幅依然集中在科技和周期行业。展望来看，短期提示投资者防范指数和 港股通调整日前后相应抢跑个股的波动风险。中期配置上，科技和周期耗材仍是清晰主线。 HJUA / / IIX TE THAT メロHHHUJX小 TJ KEIF 费、医疗保健行业 级课堂中解视课堂共信中 元 由港股通范围内流动性较好、市值较大的50只消 费主题股票组成,可选消费占比超55% 注1:目前全市场跟踪恒生港股通新经济指数的ETF共1只,跟踪恒生科技指数的ETF共13只,跟踪中证港 股通医药卫生综合指数的ETF共4只,跟踪中证港股通互联网指数的ETF共8只,跟踪中证港股通消 ...

智通财经APP获悉，2026年2月19日，港股上市公司投资日志如下： 类别 公司 ...

中国银河证券研报认为，科技板块仍是中长期投资主线，经历近期的回调后，估值压力下降，相关板块 有望反弹回升，预计春节前后港股市场震荡上行。 港股通科技ETF海富通(513860)，紧密跟踪中证港股通科技指数，从港股通范围内选取50只市值较大、 研发投入较高且营收增速较好的科技龙头上市公司证券作为指数样本，截至最新，指数前五大中证一级 行业为：可选消费（37.02%）、信息技术（27.98%）、医药卫生（17.17%）、通信服务（16.31%）、 工业（1.52%）。场外联接(A类：021464；C类：021465) 风险提示：以上信息仅供参考，不构成投资建议。基金有风险，投资需谨慎。 截至2026年2月13日9:50，港股通科技ETF海富通(513860)小幅回调，成分股方面，九方智投控股涨超 5%，再鼎医药、联想集团、国药控股等涨超1%，信达生物、中芯国际、华虹半导体等跟涨。 资金净流入方面，Choice数据统计，截至2026年2月12日，港股通科技ETF海富通(513860)近3个月净流 入额增长 3.21亿元，近6个月净流入额增长18.26亿元，长期看增长显著。 从估值层面来看，港股通科技ETF海富通跟踪 ...

速2) 银行. 互联网平台等给天得售机构提供可近外投资的ETP联盟基金。 | 跟踪中证港股通消费主题指数 | | | | | --- | --- | --- | --- | | 该指数由港股通范围内流动性 | 今日 | 该指数 | 该指数自2020年 | | 较好、市值较大的50只消费主 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 题股票组成,可选消费占比超 65% | -0. 5% | 18.6倍 | 4. 6% | 21)。"国语教"报告上达签会严语具体面积的领图。数据第四8000、份家建建和崛起》2004年2月11日收盘。国际资讯率：站值分位最近2000年7月10日，面积所退军公进做了正因个中度又属着尘动现象的变形 %、媒体值得在淘山企业具体漏客启关。进行于品特创动动放工工业局用影响较小的行业。组组分立刻信任做正史上海决推進事委于以前面动改属军的利润石烂。体强分位数表示和力管家、植性分位签同力质量发布 BI/4安倍借款量配足球33282920042月10日，借生用登通新处济南散发布分为2018年/月2日,可更滑值值之限分立707年41月21日起，但生科比假面直表任为7000年7月7日: ...

Core Viewpoint - The Hong Kong stock market is experiencing increased activity, particularly in the technology sector, with significant inflows of capital and positive market sentiment leading to expectations of a rebound in stock prices [1] Group 1: Market Performance - The Hang Seng Technology Index opened 1.9% higher, while the CSI Hong Kong Stock Connect Internet Index rose by 2.0%, driven by large technology stocks [1] - Southbound capital saw a net inflow exceeding 56 billion yuan last week, marking the highest weekly inflow since late September of the previous year [1] - The Hang Seng Technology ETF (513010) recorded a net inflow of over 3 billion yuan on each trading day last week, totaling more than 1.8 billion yuan [1] Group 2: Investment Outlook - China Galaxy Securities reports that the technology sector remains a long-term investment focus, with reduced valuation pressure following recent corrections, suggesting potential for a rebound [1] - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes listed in Hong Kong, while the CSI Hong Kong Stock Connect Internet Index focuses on internet platform companies, including key AI enterprises [1] - Both indices have rolling price-to-earnings ratios below 25, positioned at the 24.3% and 20.8% percentiles since their inception [1] Group 3: Investment Products - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) track the aforementioned indices, providing investors with a convenient way to invest in leading technology stocks in Hong Kong [1]

Core Viewpoint - The report from Huatai Securities indicates that the Hong Kong stock market experienced increased volatility due to global risk asset fluctuations, a pullback in the global software industry, controversies surrounding subsidies for Hong Kong tech giants, a rebound in the US dollar, and ongoing impacts from the commodity market [1] Group 1: Market Dynamics - Despite the volatility, the liquidity in the market remains relatively abundant, with significant inflows from foreign and southbound investors driving strength in traditional sectors such as agriculture, food and beverage, and transportation [1] - The upcoming peak earnings season for US tech stocks and a potential decrease in precious metal volatility are anticipated, along with several catalysts in technology and consumer sectors around the Chinese New Year [1] Group 2: Investment Strategy - The recommendation is to maintain a balanced portfolio and hold stocks through the holiday period, with a focus on sectors that have seen concentrated negative pricing, such as semiconductors, and those with improving trends in consumer goods, real estate chains, and innovative pharmaceuticals [1] - The mid-term investment strategy remains unchanged, with a suggestion to accumulate resource stocks after stabilization and to overweight insurance and local Hong Kong stocks [1]

Group 1 - The core viewpoint of the report indicates that the Hong Kong stock market experienced increased volatility due to global risk asset fluctuations, a pullback in the global software industry, and controversies surrounding subsidies for tech giants [1] - Despite the volatility, the liquidity remains relatively abundant, with significant inflows from foreign and southbound investors driving strength in traditional sectors such as agriculture, food and beverage, and transportation [1] - Looking ahead, the peak earnings season for US tech stocks is nearing its end, and a decrease in precious metal volatility is anticipated, with potential catalysts in technology and consumer sectors around the Chinese New Year [1] Group 2 - The report suggests a balanced allocation strategy, recommending holding stocks through the holiday period while focusing on semiconductor stocks, specialty consumer sectors with improving trends, real estate chains, and innovative pharmaceuticals [1] - The mid-term allocation view remains unchanged, with a recommendation to accumulate resource stocks after stabilization and to overweight insurance and local Hong Kong stocks [1]

Core Insights - Southbound capital has been consistently flowing into the Hong Kong stock market since the beginning of 2026, with a net inflow of 56.6 billion yuan as of February 8, marking seven consecutive trading days of net buying [1] - The trend indicates a shift in investment focus from traditional high-dividend sectors to technology growth sectors, with Hong Kong tech leaders attracting significant attention due to their low valuations and high growth potential [2][4] Group 1: Southbound Capital Inflows - As of February 8, southbound capital has recorded a net buying amount of 56.6 billion yuan, with the last three trading days seeing net purchases exceeding 10 billion yuan each [1] - On February 5, the net buying amount reached a recent high of 22.206 billion yuan, indicating strong investor interest [1] - The trend of inflows is supported by the performance of various ETFs, particularly those focused on technology and consumer sectors [1][2] Group 2: ETF Performance - Several cross-border ETFs have seen significant growth, with the top performers including the Hang Seng Technology ETF and the Hong Kong Stock Connect Consumer ETF, reflecting investor enthusiasm for Hong Kong stocks [1][2] - The newly launched Hong Kong Stock Connect Technology ETF by Ping An Fund has also gained traction, increasing by 862 million yuan since its inception [1] Group 3: Market Valuation and Future Outlook - The Hang Seng Technology Index is currently trading at a price-to-earnings ratio of 22.38, which is lower than major global market indices, suggesting potential for valuation recovery [3] - Analysts believe that the valuation and earnings of Hong Kong stocks may see moderate expansion in 2026, driven by improved economic growth and corporate profitability [4] - There is a growing consensus among foreign investors regarding the investability of Chinese assets, with a notable shift of long-term capital from Europe and the U.S. towards the Chinese market [4]

Core Viewpoint - Southbound capital has been continuously increasing its investment in the Hong Kong stock market since the beginning of 2026, indicating strong investor interest and potential opportunities in the market [1][2]. Group 1: Southbound Capital Trends - As of February 8, 2026, southbound capital has recorded a net inflow for seven consecutive trading days, totaling 56.6 billion yuan [1]. - Notably, on February 5, 2026, the net buying amount reached a recent high of 22.206 billion yuan [1]. - In 2025, the net inflow of southbound capital reached a historical high of 1,408.7 billion HKD, significantly surpassing the 807.9 billion HKD recorded in 2024 [2]. Group 2: ETF Market Dynamics - There is a notable trend of funds shifting from traditional high-dividend sectors to technology growth sectors, with Hong Kong tech leaders attracting increased investment due to their low valuations and high growth potential [2]. - Six out of the top ten cross-border ETFs with the highest growth in scale this year are technology-related, indicating a strong preference for tech investments [2]. - The newly launched Ping An Fund's Hong Kong Stock Connect Technology ETF has seen a scale increase of 0.862 billion yuan since its listing on February 3, 2026, reflecting investor enthusiasm for Hong Kong stocks [1]. Group 3: Valuation Insights - The Hang Seng Technology Index's price-to-earnings ratio was reported at 22.38 times as of February 4, 2026, which is lower than major global market indices, suggesting that Hong Kong stocks are undervalued [3]. - The investment logic for Hong Kong stocks has shifted from traditional valuation recovery to a revaluation based on new productivity and high-quality development, with expectations for moderate expansion in valuation and earnings in 2026 [4]. - There is a growing consensus among foreign investors regarding the investability of Chinese assets, with emerging market funds showing a significant preference for the Chinese market [4].