2025年以来，港股市场一路高歌猛进。截至5月底，已有29只新股登陆港股市场，募资额超760亿港元， 同比大增；与此同时，南下资金积极涌入港股市场，前五个月累计净流入约6509亿港元，远超去年同期 水平。随着港股市场持续升温，为助力投资者充分把握这一复苏良机，富国基金旗下的富国恒指港股通 ETF（场内简称：恒指ETF；基金代码：159365）即将结募，有望成为投资者布局港股通核心资产的重 要工具。 基于此，恒指港股通指数自基日2020年9月4日以来的表现和2021年以来单年度的表现均跑赢恒指，超额 收益分别达12.57%、2.93%、0.16%、4.35%和3.00%，可谓"始于恒指，优于恒指"。 据悉，富国恒指港股通ETF拟由百亿港股ETF基金经理田希蒙担纲，具备8年证券从业经验和4年投资管 理经验，多年来深耕港股及海外投资研究，目前管理着富国基金旗下多只港股ETF，其中港股通互联网 ETF最新份额已超535亿份。 此外，量化大厂富国基金也将倾力为新基金保驾护航。作为"老十家"公募基金公司之一，富国基金在指 数量化投资领域已深耕逾16年，目前旗下拥有66只ETF、46只ETF联接基金，致力于为投资者打造了多 ...

Key Points - The report from CITIC Securities highlights two critical time points in the year: the first is the external risk landing in early April, which is expected to create trading opportunities, and the second is the synchronization of the economic and policy cycles between China and the U.S. around mid-year, which will provide allocation opportunities for core assets [1][2][3] Group 1: Key Time Points - The first key time point is the external risk landing in early April, including the results of the U.S. trade policy memo and the clarity on "reciprocal tariffs." This is expected to lead to trading opportunities in the technology sector due to its weak macroeconomic correlation and strong industrial catalysts [2][3] - The second key time point is the synchronization of the economic and policy cycles between China and the U.S. in mid-year, which may lead to the fourth round of economic stimulus in China since 2013, as the U.S. faces economic weakening and increased tariff pressures [2][8] Group 2: Trading Opportunities - Following the external risk landing in early April, the technology sector is anticipated to experience new trading opportunities, particularly in the context of the U.S. trade policy developments and the expected adjustments in the macroeconomic environment [3][4] - The report emphasizes that edge AI is likely to be a significant catalyst for market movements, with upcoming product launches, particularly from companies like Xiaomi, expected to boost market sentiment [4][10] Group 3: Investment Focus - The report suggests focusing on core assets in both A-shares and Hong Kong stocks, particularly in sectors such as domestic computing power, edge AI, lithium batteries, military industry, and innovative pharmaceuticals in Hong Kong [10] - Additionally, it recommends paying attention to sectors that may experience potential earnings surprises in Q1, including wind power components, engineering machinery, automotive electronics, and service consumption [10]