港股科技股在科技资产中具备估值性价比 截至2025/08/21，一方面，纵向比较看，当前恒生指数、恒生 科技PE（TTM）分别为11.5倍，21.4倍，较两者2021年估值高点仍有较大提升空间；横向比较看，当前 恒生指数、恒生科技PE自2005年以来的历史分位数分别为58%、20%，仍低于标普500（93%）、德国 DAX指数（79%）、英国富时100（78%）等，可见与全球主流指数相比，港股估值并不算高。 【港股科技ETF】 互联网龙头、AI应用端——恒生互联网ETF（513330）。 由于过去几年外资持续流出港股，市场对外资的预期一直较低。今年5月至7月末港股外资实际已出现阶 段性改善的迹象，其中长线稳定型外资累计流入约677亿港元，短线灵活型外资流入约162亿港元。 科技全产业链——恒生科技指数ETF（513180） 伴随近期美国通胀、就业数据不及预期，降息预期再度升温，后续美联储如期降息，流动性环境转松， 中美贸易关系继续趋稳，外资延续企稳改善或有望超预期，同样助于推动港股行情向上。 每日经济新闻 ...

【 导读 】 腾讯控股成交额再破100亿港元 中国基金报记者 格林 8月18日，港股冲高回落，尾盘跳水。 恒生指数报 收于 25176.85点， 收 跌0.37%；恒生 中国企业 指数报 收于 9033.68点，下跌 0.06%；恒生科技指数报 收于 5579.18点， 上 涨0.65%。 全日大市成交额为3128亿港元，南向资金净买入额为13.86亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 25176.85c | -93.22 | -0.37% | 3128亿 | 25.51% | | 2 | HSTECH | 恒生科技 | 5579.18c | 36.01 | 0.65% | 714亿 | 24.87% | | 3 | HSHKBIO | 恒生生物科技 | 17464.66c | 221.03 | 1.28% | 266亿 | 102.57% | | 4 | HSCEI | 恒生中国企业指数 | 9033.68c ...

华润建材科技(01313)：上半年收入约102.1亿元，同比降1%；净利润约3.07亿元，同比增85%。 金沙中国有限公司(01928)：上半年收入34.9亿美元，同比减少1.7%；净利润4.13亿美元，同比减少 23.7%。 机构观点 兴业证券认为，8 月港股行情震荡分化，或者说，蓄势待发。短期行情更聚焦中报业绩和性价比，中美 贸易谈判、美股波动或带来港股震荡以及行情分化，主题炒作或进入风险偏好下降期，具备业绩确定性 的标的更受青睐。中短期，维持下半年港股行情震荡向上，持续创新高的判断。美联储降息可能只是时 间问题，聚焦联储降息和美元走软对港股流动性的进一步刺激动能。 国海证券在近期研报中指出，港股弹性或好于美股。该机构认为，美国通胀担忧缓解前，以滞胀交易为 主，阶段性切向宽松交易情形1（是一种"预期纠正"驱动的温和宽松）和衰退交易情形1（对应滞后的货 币政策转向）。结合复盘与当前市场环境，继续看好美股，尤其是受益于财政和关税谈判而投资增加的 TMT、能源、材料和工业方向；港股弹性或好于美股，首推TMT、能源、电讯行业；美债的避险属性 相较之前几次有所下降，预计10Y美债收益率将在4.2%-4.5%之间反复 ...

明晟东诚基金： 长期行情已开启 港股有望引领市场 ...

来源：格隆汇APP 格隆汇8月8日｜今日港股小幅下挫，港股通科技ETF南方(159269)盘中获资金逆势净申购1200万份，近 10个交易日有7日迎资金净流入。 资金持续流入的背后得益于多个因素： ①截至8月7日，今年以来南向资金累计净流入8945.28亿港元，大幅超过去年全年净买入额。 ②上周美国非农数据显示经济放缓迹象，强化市场对美联储将通过降息"稳增长"的押注，推动全球风险 偏好修复。 ③经济学家洪灏近期表示如果上半年看到历史性的北水南下，预示着下半年港股应该还有新高，叠加下 半年可能随着美联储同步降息，流动性将更加充沛。 ④港股通科技ETF南方(159269)第一大权重股腾讯将于下周三（8月13日）披露2025年中期业绩，机构普 遍看好其二季度业绩。 ⑤港股通科技ETF南方(159269)跟踪的指数港股通科技最新PE（TTM）为23.84倍，位于近十年40.31% 历史分位。 方正证券指出，驱动本轮港股走强的因素并未出现反转，我国经济基本面韧性强，当前处于盈利下行周 期尾声阶段，叠加一系列政策利好出台，南下资金仍在持续加速流入港股市场，流动性环境整体较为友 好，后续有望进一步流入推动港股行情向好前进。 ...

Group 1 - The Hong Kong stock market, particularly the Hang Seng Technology Index, experienced a decline, with the index dropping over 1% in the afternoon session on July 9 [1] - The largest ETF tracking the Hang Seng Technology Index (513180) also saw a slight decrease, with major holdings like Hua Hong, NetEase, Alibaba, Bilibili, Kuaishou, and Xpeng Motors showing significant declines [1] - According to a recent report by Founder Securities, the current upward trend in the Hong Kong stock market is expected to continue, driven by strong economic fundamentals and a series of favorable policies [1] Group 2 - The Hang Seng Technology Index ETF (513180) is currently at a relatively low valuation, with a latest P/E ratio of 20.10, which is below 91% of the time since the index was launched on July 27, 2020 [1] - Positive sentiment and ample liquidity are seen as crucial foundations for the next phase of growth in the Hong Kong technology sector, with expectations for thematic catalysts to drive performance [1] - The Hang Seng Technology Index ETF (513180) has seen significant capital inflows, with net inflows of 755.7 million yuan on July 3 and 682 million yuan on July 4, totaling over 2.4 billion yuan in the last 20 trading days, reaching a new high of 29.488 billion yuan [2]

Group 1 - FWD Group, a life insurance company founded by Li Zeqiang, experienced a weak debut in the dark market, with a drop of 6.6% and a share price of HKD 38, raising approximately HKD 29.534 billion in net proceeds from the global offering [1] - The market's mixed reception of FWD Group's valuation reflects short-term concerns despite its long-term growth potential backed by Li Zeqiang [1] Group 2 - Hong Kong Exchanges and Clearing announced the appointment of Fan Wenchao as Managing Director and Head of Fixed Income and Currency Products, and Ni Jiyue as Managing Director and Head of OTC Clearing Platform [2] - The new management aims to enhance the fixed income and currency product ecosystem and improve services to meet global investor needs, thereby promoting the long-term development of Hong Kong's fixed income market [2] Group 3 - Rongda Technology is facing a lawsuit from Xiamen Top Electronics for alleged trade secret infringement, with a claim for damages totaling 200 million yuan [3] - This legal challenge may pressure Rongda Technology's reputation and stock price, particularly as a newly listed company, impacting investor confidence [3] Group 4 - Yihai International announced that independent non-executive director Peng Long is under investigation for serious violations of discipline and law [4] - This situation poses a challenge to Yihai International's corporate image and may affect investor confidence, highlighting the importance of corporate governance and compliance [4] Group 5 - The Hang Seng Index closed at 23916.06, down 0.64%, while the Hang Seng Tech Index and the National Enterprises Index also saw declines of 0.33% and 0.45%, respectively [5]

Core Viewpoint - The Hong Kong stock market is currently in a consolidation phase, having largely completed the macroeconomic impact recovery process, with the Hang Seng Index approaching its March high due to themes in new consumption and pharmaceuticals [1][2] Market Conditions - The recent rise in the Hong Kong stock market is supported by a significant reduction in tariff uncertainties and a stabilization of the RMB exchange rate, alongside ample liquidity in the Hong Kong dollar market [2][3] - Despite the favorable liquidity environment, the Hang Seng Technology Index remains in a sideways trend, indicating that strong upward catalysts are still needed for the technology sector [2] Investment Opportunities - The current market conditions present a favorable window for investors, particularly as the technology sector has seen a release of valuation pressure, transitioning from a structural market to a broader rally [3] - The improvement in risk sentiment and liquidity provides a necessary foundation for the next phase of technology stock rallies, with the potential for significant upward movement as the narrative themes evolve [3]

Market Overview - The Hang Seng Index rose by 0.62%, gaining 148 points to close at 24,220 points, while the Hang Seng Tech Index fell by 0.27%. The early trading volume in Hong Kong was HKD 135.2 billion [1]. Copper Industry - Recent strong performance in copper prices has led institutions to believe that prices are likely to rise further. Copper mining stocks generally increased, with China Nonferrous Mining (01258) up by 2%, Zijin Mining (601899) (02899) up by 2.99%, and Jiangxi Copper (600362) (00358) up by 2.36% [1]. Cobalt Market - Luoyang Molybdenum (603993) (03993) saw a 4.14% increase, reaching a new high, as Bank of America noted that soaring cobalt prices offset the impact of extended cobalt export bans [2]. Gold Sector - Most gold stocks rose, with Shandong Gold (600547) (01787) increasing by 6.24% to reach a new peak, and Zijin Mining (02899) rising over 2.99% [3]. Banking Sector - Chinese banks' stocks experienced broad gains in early trading, with institutions indicating that H-shares are more attractive compared to A-shares. Notable increases included Minsheng Bank (600016) (01988) up by 4.72%, CITIC Bank (601998) (00998) up by 2.54%, and China Construction Bank (601939) (00939) up by 3.16% [3]. Photovoltaic Industry - The news of production cuts in photovoltaic glass has been confirmed, leading to expectations of accelerated elimination of outdated capacity in the industry. Stocks in this sector rose significantly, with Fuyao Glass (601865) (06865) up by 8.4% and Xinyi Solar (00968) up by 7.63% [3]. Beverage Sector - Nayuki's Tea (02150) surged over 35%, with a continuous two-month double-digit growth in order volume, indicating significant growth potential [4]. Food Industry - Guoquan (02517) rose over 18% after announcing plans to invest HKD 490 million in a food production base in Hainan, with institutions noting a recovery in same-store sales [5]. Jewelry Sector - Luk Fook Holdings (00590) increased by 3.99%, with institutions stating that the operational performance for the second half of the fiscal year 2025 exceeded expectations, and the company plans to resume store expansion [6]. Biotechnology Sector - JACOB-23E73 completed its first patient dosing in the U.S. for Phase I/IIa clinical trials, leading to a rise of over 7% in shares of JACOB (01167) [7]. Automotive Sector - Li Auto-W (02015) fell by 2.4%, with June delivery volumes down 24% year-on-year, following a previous downward revision of second-quarter guidance [8].

申万宏源证券上海分公司 . 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您 的财富保驾护航。 数据速看： 1.主力资金： 近两周主力资金合计净流出1176.07亿元，主力资金净流入的行业为煤炭，主力资金净流 出额前三的行业为计算机、电子和机械设备。 2.融资融券数据： 当前市场融资融券余额为18213.25亿元，较上期上升0.66%，其中融资余额18089.88 亿元，融券余额123.37亿元。本期两融日均交易额为1080.18亿元，较上期上升15.74%，其中融资日均 净买入1075.41亿元，较两周前上升15.77%，融券日均净卖出4.78亿元，较上期上升8.80%。近两周融资 净买入前三的行业分别为医药生物、汽车和食品饮料；融券净卖出前三的行业分别为银行、有色金属和 商贸零售。 3.涨跌情况： 近两周全市场下跌家数高于上涨家数，近两周涨幅前三的行业为有色金属、石油石化和通 信，跌幅前三的行业为食品饮料、家用电器和商贸建筑材料。 4.强弱分析： 近两周全部A股强弱分析得分为5.39，沪深300强弱分析得分5.4 ...