今日开盘，港股科技板块高开后回落，截至9:55，恒生科技指数下跌0.2%，中证港股通互联网指数下跌 0.3%，资金近日持续加仓相关ETF，恒生科技ETF易方达（513010）、港股通互联网ETF（513040）近 一个月净流入额分别达到20.7亿元和17.8亿元。 消息面上，百度集团和小米集团于昨日披露三季报，其中百度集团Q3单季度实现营业收入311.7亿元， 高于彭博一致预期的308.7亿元；小米集团Q3单季度实现营业收入1131.2亿元，同比增长22.3%，实现净 利润122.7亿元，同比增长129.3%。 东吴证券称，港股科技板块短期或以震荡为主，政策面暂无更多利好消息，美股AI泡沫叙事再起，产 业缺乏新催化剂，板块上行斜率或放缓。从中长期配置来看，港股科技板块当前位置吸引力凸显。 从估值来看，恒生科技指数、中证港股通互联网指数的滚动市盈率均在25倍以下，分别处于近五年24% 和14%分位处。恒生科技ETF易方达（513010）、港股通互联网ETF（513040）分别跟踪以上指数，可 帮助投资者便捷布局港股科技板块投资机遇。 ...

11月4日，恒生指数低开0.04%，恒生科技指数跌0.19%，随后翻红企稳。有色金属板块走弱，内银、医 药行业走强，新能源题材活跃。 港股科技板块虽面临短期调整，但其内在的长期向上趋势并未改变，当前阶段或为投资者提供了重要的 战略布局机遇。AH股溢价指数已从年初的40%高位显著回落，无论是通过港股通南下的内资，还是开 始回流的国际资本，都在用实际行动填平曾经的估值洼地。 【港股科技相关ETF】 展望未来，港股科技板块正处在"天时地利"的有利环境中。"天时"体现在全球宏观东风渐起与内外资持 续流入的共振；"地利"则在于其占据AI产业高地并拥有显著的估值优势。尽管市场情绪难免反复，导致 短期出现震荡，但基于上述核心支撑，板块整体"下行有底，上行有空间"的震荡上行格局预计将延续。 因此，每一次因市场情绪或短期因素引发的回调，对于未能及时上车的投资者而言，都可能是一个以相 对合理价格买入中国科技核心资产的良机。投资者需要做的，是保持理性，忽略短期噪音，关注产业长 期发展趋势，以把握中国经济转型和科技革命所带来的确定性机遇。 覆盖科技全产业链——港股通科技ETF基金（159101）； 聚焦互联网龙头——恒生互联网ETF ...

Group 1 - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut of the year and a continuation of the easing cycle initiated in 2024 [1][3] - Recent data indicates a slowdown in U.S. economic activity, with a decrease in new job creation and increasing downside risks to employment [1][3] - The Federal Reserve forecasts an additional 50 basis points cut by the end of the year, followed by 25 basis points cuts in each of the next two years [1] Group 2 - Market expectations for the rate cut were already established, primarily driven by weak employment data indicating a deteriorating labor market [3] - Despite the employment challenges, inflation data shows resilience, requiring the Federal Reserve to balance monetary policy to support the job market [3] - Following the rate cut, U.S. stock markets surged, with the Dow Jones Industrial Average rising by 172.85 points to 46,315.27, a 0.37% increase [3] Group 3 - International spot gold prices surged, breaking above $3,700 per ounce, driven by expectations of further rate cuts, geopolitical uncertainties, and strong investment demand [5] - Deutsche Bank has raised its 2026 gold price forecast to $4,000 per ounce, citing strong central bank demand and potential dollar weakness [5] - The rate cut is expected to benefit three key areas: gold assets, Hong Kong tech stocks, and A-share tech stocks, with the latter two likely to see valuation recovery due to external liquidity and domestic policy support [5]

Core Viewpoint - The Hong Kong technology sector has shown signs of recovery after a period of volatility since late July 2023, with significant inflows into the Hang Seng Tech ETF (513130) leading to record high asset levels [1] Group 1: Market Performance - The Hang Seng Tech ETF (513130) attracted a net subscription of 899 million units on August 4, 2023, bringing its total scale to 30.636 billion, a historical high [1] - Over the past seven trading days (July 25 to August 4, 2023), the ETF has seen a total net inflow of 3.808 billion, making it the only ETF tracking the Hang Seng Tech Index with over 3 billion in net inflows during this period [1] - The average daily trading volume of the ETF reached 4.522 billion during this period, indicating strong liquidity [1] Group 2: Capital Inflows - Southbound capital net purchases exceeded 59 billion HKD in the week of July 28 to August 1, 2023, marking the highest weekly inflow since April 11, 2023 [1] - The technology sector in Hong Kong has seen significant capital accumulation, which is expected to provide solid momentum for future market performance [1] Group 3: Earnings Expectations - Mid-year earnings reports for Hong Kong stocks are expected to be released in mid to late August 2023, with upward revisions in profit expectations for sectors such as new energy vehicles, semiconductors, and consumer electronics [1] - The long-term investment value of the Hong Kong technology sector remains promising [1] Group 4: ETF Characteristics - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading companies in the internet and technology manufacturing sectors [1] - As of August 4, 2023, the top five weighted stocks in the index include Tencent Holdings, NetEase, Xiaomi, Alibaba, and Kuaishou, all of which are key players in the industry [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.55, close to its historical average, indicating a potential value investment opportunity [1] Group 5: Trading Mechanism - The Hang Seng Tech ETF (513130) supports T+0 trading, providing both scale and liquidity advantages, making it a valuable tool for investors looking to capitalize on growth opportunities in Chinese technology leaders [1]

Core Viewpoint - The Hong Kong stock technology sector has shown signs of recovery since late July 2025, with significant inflows into the Hang Seng Tech ETF (513130), indicating strong investor interest and potential for future growth [1] Group 1: Market Performance - The Hang Seng Tech ETF (513130) experienced a net subscription of 899 million shares on August 4, 2025, bringing its total scale to 30.636 billion yuan, a historical high [1] - Over the past seven trading days (July 25 to August 4, 2025), the ETF has seen a total net inflow of 3.808 billion yuan, making it the only ETF tracking the Hang Seng Tech Index with net inflows exceeding 3 billion yuan during this period [1] - The average daily trading volume of the ETF reached 4.522 billion yuan, highlighting its liquidity advantage [1] Group 2: Capital Inflows - Southbound funds recorded a net purchase of over 59 billion HKD in the week of July 28 to August 1, 2025, marking the highest weekly inflow since April 11, 2025 [1] - The inflow of capital into the Hong Kong stock market is expected to provide solid momentum for future performance, especially with upcoming mid-term earnings reports in August [1] Group 3: Investment Potential - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading internet and technology manufacturing companies in the Hong Kong market [1] - As of August 4, 2025, the top five weighted stocks in the Hang Seng Tech Index are Tencent Holdings, NetEase-S, Xiaomi Group-W, Alibaba-W, and Kuaishou-W, all of which are key players in the internet and technology sectors [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.55, which is within the historical range of 21.57% over the past five years, suggesting a potential value investment opportunity [1] Group 4: Trading Mechanism - The Hang Seng Tech ETF (513130) supports T+0 trading, providing both scale and liquidity advantages, making it an important tool for investors looking to capitalize on the growth of Chinese technology leaders [1]