近期港股限售股解禁受到投资者关注。宁德时代H股昨日解禁，盘中股价大跌8.75%。下周将有三花智 控H股、恒瑞医药H股解禁，12 月还有海天味业解禁，这可能会对股价造成压力。自国庆后高点来，港 股通科技指数回调16%，恒生科技指数回调超18%。 从资金流入表现来看，恒生科技/港股科技/港股通互联网类持续受到资金流入，其中港股科技 ETF(159751)近4天获得连续资金净流入，最高单日获得2079.57万元净流入，合计"吸金"5063.49万元， 日均净流入达1265.87万元。 展望后市，机构指出：与以往不同，今年11-12月主要机构投资者的兑现压力已经前置释放，12月中旬 之前出现系统性抛压的可能性很低，因此即使不考虑经济会议预期，在险资年底集中推仓位的环境下， 指数也是震荡偏上行的中性预期。 港股科技ETF(159751)，场外联接(A：021294；C：021295；I：022884)。 数据显示，截至2025年10月31日，中证港股通科技指数(931573)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、中芯国际(00981)、小米集团-W(01810)、比亚迪股份(01211 ...

消息面上，中美经贸中方牵头人何立峰与美方牵头人、美国财政部贝森特及贸易代表格里尔于马来西亚吉隆坡展开中美经贸磋商。双方围绕共同关注的重要 经贸议题，进行了坦诚、深入且富有建设性的交流与磋商，并就解决各自关切的安排达成基本共识。 华泰证券表示，上周港股市场总体震荡。下半年至今，南向资金累计流入超5000亿港币。从大势上看，当前上下风险较为均衡。从行业看，我们发现，当前 周期（如金属、材料、能源）和科技依然高景气。 截至2025年10月27日 10:50，港股通科技ETF嘉实(520670)上涨1.30%， 冲击3连涨，盘中换手6.57%，成交1393.75万元。成分股方面，鸿腾精密涨10.02%， 黑芝麻智能涨8.10%，英诺赛科涨5.76%，美图公司涨5.09%。 从收益能力看，截至2025年10月24日，港股通科技ETF嘉实自成立以来，最高单月回报为13.00%，最长连涨月数为2个月，最长连涨涨幅为15.78%，上涨月 份平均收益率为13.00%。 港股通科技ETF嘉实紧密跟踪恒生港股通科技主题指数，恒生港股通科技主题指数（「HSSCITI」）旨在反映能通过港股通买卖，业务与科技主题相关的香 港上市公司之表 ...

在产业趋势明确、板块前景向好的背景下，10月9日，易方达港股通科技（A/C：025648/025649） 启动发行，助力投资者便捷布局港股科技优质个股，分享中国科技企业发展红利。这是一只主投港股通 科技股的主动权益基金，根据基金合同，该产品股票资产占基金资产的比例为60%-95%，非现金基金资 产中投资于港股通股票的比例不低于80%，投资于科技主题相关股票的比例不低于80%。 公开信息显示，该产品拟任基金经理为李剑锋，其目前担任易方达基金国际权益投资部总经理。据 了解，李剑锋深耕海外权益市场20年，全球投资经验超17年，是业内少有的具备丰富海外投研经验的基 金经理。他在投资中坚持"自上而下"与"自下而上"并重，强调在估值合理时机买入优质投资标的并长期 持有，注重平衡组合配置，具有较强的风险把控能力。目前，李剑锋在管另一只港股通产品——易方达 港股通优质增长A，截至9月30日近1年净值增长率达50.6%，显著跑赢同期业绩比较基准27.1%的收益 率。 今年以来，中国股市整体回暖，港股强势上涨。Wind数据显示，截至10月8日，恒生指数年内涨幅 超33%，在全球主要股指中居前；其中，港股科技板块表现突出，港股通科 ...

近年来，香港作为国际金融中心的地位不断巩固提升，港股作为连接内地市场与国际市场的桥梁，汇聚 众多中国优质企业，其中不乏科技龙头，是全球资本配置中国优质资产的重要渠道。此次发行的易方达 港股通科技（A/C：025648/025649），将充分发挥深度研究、前瞻布局优势，精选港股上市优质科技企 业，并通过港股通渠道投资布局，助力投资者把握港股科技板块投资机遇。 公开信息显示，该产品拟任基金经理为李剑锋，其目前担任易方达基金国际权益投资部总经理。据了 解，李剑锋深耕海外权益市场20年，全球投资经验超17年，是业内少有的具备丰富海外投研经验的基金 经理。他在投资中坚持"自上而下"与"自下而上"并重，强调在估值合理时机买入优质投资标的并长期持 有，注重平衡组合配置，具有较强的风险把控能力。目前，李剑锋在管另一只港股通产品——易方达港 股通优质增长A，截至9月30日近1年净值增长率达50.6%，显著跑赢同期业绩比较基准27.1%的收益率。 在易方达港股通优质增长的中期报告中，李剑锋明确表示下半年对港股市场前景保持乐观。他从政策 面、基本面、资金面、估值面及外部环境等方面对港股市场进行了分析，表示在政策托底、外部压力缓 解 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the Hong Kong stock market, particularly the technology sector, with the Hang Seng Index rising over 33% year-to-date and the Hong Kong Stock Connect Technology Index increasing by 66.5% [1] - The launch of the E Fund Hong Kong Stock Connect Technology fund aims to facilitate investors in accessing high-quality technology stocks in Hong Kong, with a focus on investing at least 80% of its non-cash assets in Hong Kong Stock Connect stocks and maintaining a stock asset ratio of 60%-95% [1][3] - The fund's manager, Li Jianfeng, has extensive experience in overseas equity markets and emphasizes a balanced investment approach, which has led to significant performance, with another fund under his management achieving a net value growth rate of 50.6% over the past year [2] Group 2 - Hong Kong's status as an international financial center continues to strengthen, serving as a bridge between the mainland and international markets, attracting numerous high-quality Chinese enterprises, particularly in the technology sector [3] - The article suggests that the favorable market conditions, including policy support, improved external pressures, and enhanced internal growth dynamics, are expected to sustain the upward trend of the Hong Kong stock market [2]

在产业趋势明确、板块前景向好的背景下，易方达港股通科技（A/C：025648/025649）将于10月9日启 动发行。根据基金合同，该产品股票资产占基金资产的比例为60%-95%，非现金基金资产中投资于港股 通股票的比例不低于80%，投资于科技主题相关股票的比例不低于80%。作为一只主投港股通科技股的 主动权益基金，该产品将充分发挥深度研究、前瞻布局优势，精选港股上市优质科技企业，助力投资者 把握港股科技板块投资机遇，分享中国科技企业发展红利。 今年以来，中国股市整体回暖，港股强势上涨。Wind数据显示，截至10月8日，恒生指数年内涨幅超 33%，在全球主要股指中居前；其中，港股科技板块表现突出，港股通科技指数年内涨幅66.5%，在港 股通行业指数中居前。港股的亮眼表现吸引资金持续流入，据Wind统计，截至9月30日，南向资金年内 合计流入已超1万亿元。 ...

Core Viewpoint - The Federal Reserve's recent interest rate cuts are expected to benefit three main sectors: gold, Hong Kong technology stocks, and A-share technology stocks [3][6][14]. Group 1: Gold - The Federal Reserve's interest rate cuts are likely to decrease the yield on dollar-denominated assets, making gold more attractive as a traditional safe-haven and inflation hedge [3]. - Historically, gold prices have performed well during the last three Fed rate-cutting cycles, with increases of +45.79%, +36.31%, and +49.42% [3][5]. Group 2: Hong Kong Technology Stocks - Continuous inflow of southbound funds and the anticipated new round of Fed rate cuts may lead to a positive market response in Hong Kong, particularly in the technology sector [7][8]. - The valuation of Hong Kong technology stocks is currently at a historical low, positioned at the 35.32% percentile [10][13]. Group 3: A-Share Technology Stocks - The Fed's rate cuts are expected to facilitate foreign capital inflow into emerging markets, which could enhance the valuation of A-share technology stocks [14]. - Domestic policy support for AI technology, combined with a liquidity-friendly environment from rate cuts, is likely to accelerate the growth of high-tech and high-growth companies [14]. - Global tech giants are maintaining high growth in capital expenditures, with Amazon, Microsoft, and Google reporting significant year-over-year increases in Q2 2025 [14].

Core Viewpoint - The Hong Kong Stock Connect Technology ETF managed by Harvest is showing significant upward movement, driven by favorable market conditions and a shift in monetary policy, indicating a growing investment value in the Hong Kong technology sector [3]. Group 1: ETF Performance - As of September 5, 2025, the Harvest Hong Kong Stock Connect Technology ETF has increased by 1.52%, with notable gains from component stocks such as InnoCare Pharma rising over 5% and SMIC nearly 4% [1]. - The ETF recorded a turnover of 5.08% during the trading session, with a total transaction value of 14.97 million yuan. Over the past year, the average daily trading volume has been 81.33 million yuan [3]. Group 2: Market Analysis - The Harvest Hong Kong Stock Connect Technology ETF closely tracks the Hang Seng Stock Connect Technology Index (HSSCITI), which reflects the performance of Hong Kong-listed companies related to technology that can be traded via the Stock Connect [3]. - Analysts suggest that the Hong Kong technology sector is experiencing a "triple resonance" of policy benefits, technological breakthroughs, and improving liquidity, enhancing its investment appeal [3]. - With the Federal Reserve's recent shift towards a more dovish stance, there is an expectation of improved foreign capital inflow into the Hong Kong market, particularly favoring technology and financial sectors [3]. Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the HSSCITI include SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, Xiaomi-W, Meituan-W, Lenovo Group, SenseTime-W, Sunny Optical Technology, and Bilibili-W, collectively accounting for 72.98% of the index [5].

Group 1 - The Hong Kong Stock Connect Technology ETF (159101) has officially launched, tracking the National Index of Hong Kong Stock Connect Technology, allowing T+0 trading [1] - The index includes 30 large-cap technology companies with high R&D investment and revenue growth, with over 60% weight in the top seven technology giants, the highest among peers [1] - The index has outperformed other indices, with a year-to-date increase of 45.95%, surpassing Hong Kong Stock Connect Technology (43.46%), Hong Kong Stock Connect Internet (42.22%), and Hang Seng Technology (28.2%) [1] Group 2 - As of yesterday, southbound funds have net bought HK stocks totaling 100.02 billion HKD this year, with Alibaba leading at 10.0178 billion HKD, followed by Meituan, Tencent, and others, all of which are top-weighted stocks in the new ETF [2] - Industry experts believe that the Hong Kong technology sector may enter a new favorable cycle due to factors such as the easing of the food delivery war, continued capital support for AI technology leaders, normalized regulation, and the onset of interest rate cuts by the Federal Reserve [2]

Group 1 - The core viewpoint is that the Hong Kong stock technology sector still holds long-term investment value, with leading technology companies possessing significant competitive advantages and deep moats [1] - The valuation advantage and upside potential of Hong Kong technology stocks are evident, with a substantial decrease in market congestion compared to the beginning of the year, indicating strong investment value [1] - The overall profitability (ROE) of the technology sector is stabilizing and recovering, with current valuations around 20 times PE, which is relatively at historical lows, suggesting significant room for valuation recovery [1] Group 2 - The Hong Kong Stock Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects no more than 50 quality companies from the technology sector listed under the Stock Connect program [1] - The index aims to comprehensively reflect the overall performance of securities of technology companies that can be invested through the Hong Kong Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Initiated Link A (015739) [1]