截至午间收盘，中证港股通消费主题指数、中证港股通互联网指数均上涨1.7%，中证港股通医药卫生综合指数上涨1.6%，恒生港 股通新经济指数上涨1.5%，恒生科技指数上涨1.2%。Wind数据显示，截至昨日，恒生科技ETF易方达（513010）、港股通互联网 ETF（513040）近一月合计净流入分别达36亿元和25亿元。 （文章来源：每日经济新闻） | 港股消费ETF易方达(载) | | | 513070 | | --- | --- | --- | --- | | 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 | 截至午间收盘 | 该指数 | 该指数自2020年 | | 该指数涨跌 | | 滚动市盈率 | 发布以来估值分位 | | 较好、市值较大的50只消费主 | | | | | 题股票组成,可选消费占比近 60% | 1.7% | 21.1倍 | 17.8% | ...

Core Viewpoint - The Hong Kong stock market opened significantly higher, with the Hang Seng Index rising over 1%, driven by strong performance in consumer-related stocks, indicating a positive market sentiment and potential investment opportunities in the consumer sector [1] Group 1: Market Performance - The Hang Seng Index increased by more than 1%, with notable gains in Alibaba-W (approximately 7%), Tencent Holdings, XPeng Motors-W, Kuaishou-W, Li Auto-W, and Haier Smart Home, all rising over 2% [1] - The Hong Kong Consumer ETF (159735) rose over 1.5%, reaching a nearly five-month high in its secondary market price [1] - The Consumer ETF has seen continuous net inflows for six weeks, with the latest share count reaching 982 million, marking a historical high [1] Group 2: Economic Policies and Outlook - Current nationwide fertility stimulus policies are accelerating, with significant signals from central finance expected to encourage local governments to follow suit, which may help bolster consumer confidence [1] - The outlook for the Hong Kong stock market remains optimistic, with data indicating improved mid-year earnings and the highest earnings forecast rate in three years, suggesting that the profitability of "new economy" stocks in Hong Kong may improve ahead of A-shares [1] Group 3: ETF Details - The Hong Kong Consumer ETF (159735) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which selects 50 consumer-related securities with good liquidity and large market capitalization from the Hong Kong Stock Connect universe [1] - This index aims to reflect the overall performance of consumer-related listed companies within the Hong Kong Stock Connect [1] - Investors can utilize the Hong Kong Consumer ETF (159735) to gain exposure to upward opportunities in the Hong Kong consumer sector [1]

Group 1 - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.8% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index rose by 1.0% [1] - The China Securities Hong Kong Stock Connect Internet Index saw an increase of 0.8% [1] - The Hang Seng Technology Index grew by 0.7% [1] - The China Securities Hong Kong Stock Connect Consumer Theme Index increased by 0.4% [1] Group 2 - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) received net inflows of 150 million and 130 million respectively, reaching historical highs in size [1] - The Hang Seng New Economy Index consists of the 50 largest stocks in the "new economy" sector within the Hong Kong Stock Connect range, primarily including information technology, consumer discretionary, and healthcare [2] - The rolling price-to-earnings ratio for the Hang Seng New Economy Index is 23.7 times, with a valuation percentile of 47.9% since its inception in 2018 [2] - The Hang Seng Technology Index is composed of the 30 largest stocks related to technology, with over 90% of its composition from information technology and consumer discretionary sectors [2] - The rolling price-to-earnings ratio for the Hang Seng Technology Index is 21.5 times, with a valuation percentile of 20.4% since its launch in 2020 [2] - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index includes 50 liquid and high-value stocks in the healthcare sector, which accounts for over 90% of the index [2] - The rolling price-to-earnings ratio for the Pharmaceutical and Health Comprehensive Index is 32.2 times, with a valuation percentile of 49.7% since its inception in 2017 [2] - The China Securities Hong Kong Stock Connect Internet Index consists of 30 leading internet companies, primarily in information technology and consumer discretionary [2] - The rolling price-to-earnings ratio for the Internet Index is 23.8 times, with a valuation percentile of 19.9% since its launch in 2021 [2]

Core Insights - The Hong Kong stock market has remained active in 2023, driven by accelerated inflows from southbound funds and the emergence of new industries, with an average daily trading volume of 173.8 billion HKD from January 1 to July 24, marking a historical high for the same period [1] Group 1: Market Performance - The Hong Kong Stock Connect 50 Index has become a focal point for investors, leading to increased trading activity in the Hong Kong Stock Connect 50 ETF (513550), which recorded an average daily trading volume of 132 million HKD from July 21 to July 24 [1] - The Hong Kong Stock Connect 50 ETF has seen a net inflow of 241 million HKD over four consecutive trading days, ranking among the top ETFs tracking the Hong Kong Stock Connect 50 Index [1] Group 2: Fund Growth - The fund size of the Hong Kong Stock Connect 50 ETF reached 2.805 billion HKD as of July 24, with a monthly increase of over 20%, making it the only ETF tracking the Hong Kong Stock Connect 50 Index with a size exceeding 1 billion HKD [1] Group 3: Index Composition - The top five weighted stocks in the Hong Kong Stock Connect 50 Index include HSBC Holdings, Tencent Holdings, Alibaba-W, Xiaomi Group-W, and China Construction Bank, representing both traditional financial giants and new economy leaders [1] - The index has increased by 48.38% over the past year, indicating its potential as a channel for capturing growth opportunities in new economy leaders within the Hong Kong stock market [1] Group 4: Market Outlook - According to recent research from CICC, RMB assets are expected to benefit from the accelerated fragmentation and diversification of the global monetary system, potentially leading to a return of some funds to the Chinese capital market, with Hong Kong stocks likely to benefit as offshore RMB assets [1] Group 5: Company Background - Huatai-PB Fund, one of the first ETF managers in the market, has over 18 years of experience in ETF operations, managing a total ETF size exceeding 520 billion HKD as of July 24, placing it among the top tier in the industry [1]

Group 1 - The core viewpoint of the articles highlights the significant inflow of southbound funds into Hong Kong stocks, driven by improved economic prospects and a strong demand from mainland investors for new economy sectors [1][2] - As of July 23, 2025, the cumulative net inflow through the southbound trading of Hong Kong stocks reached 1.18 trillion yuan, marking a historical high for the same period [1] - The Hang Seng Industry Classification shows that non-essential consumer goods, financial services, healthcare, and information technology sectors are leading in net purchases, indicating a robust allocation demand from mainland investors [1] Group 2 - The Hong Kong Stock Connect 50 Index, which focuses on quality assets in the new economy sector, has seen increased attention, with the Hong Kong Stock Connect 50 ETF (513550) experiencing active trading [1] - On July 23, 2025, the trading volume of the Hong Kong Stock Connect 50 ETF reached 238 million yuan, the highest in nearly two months, with a net inflow of 132 million yuan on the same day, setting a new annual record [1] - The total size of the Hong Kong Stock Connect 50 ETF reached 2.774 billion yuan as of July 23, 2025, with a month-to-date increase of nearly 13% in shares and 19% in size [1] Group 3 - The top five weighted stocks in the Hong Kong Stock Connect 50 Index include HSBC Holdings, Tencent Holdings, Alibaba-W, Xiaomi Group-W, and China Construction Bank, representing both traditional financial giants and new economy leaders [2] - The index has seen a cumulative increase of 46.24% over the past year, positioning it as a standard choice for market funds seeking to capture growth opportunities in Hong Kong [2] - Since 2024, various policies aimed at enhancing the competitiveness of Hong Kong as an international financial center have been introduced, contributing to the expansion and increased activity in the capital market [2]