来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何漪）12月3日，第二十五届中国股权投资年度大会正式召开。会上，毅达 资本董事长应文禄表示，回顾2025年，在全球供应链、创新链与资本链加速重构的大背景下，一级市场 投资逐步活跃，二级市场迎来科技引领的结构性行情，科技资产价值得到重估；同时，支持科技创新的 资金愈发充沛，首批民营创投科创债成功落地，为产业创新注入了强劲的金融活水。 如何判断优秀企业？应文禄进一步谈到，必须坚持企业家画像，研究企业家是否完成了从"技术偏科 生"到"全面领航者"的蜕变，是否具备全球化格局、精细化管理能力及强大的供应链整合能力。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何漪）12月3日，第二十五届中国股权投资年度大会正式召开。会上，毅达 资本董事长应文禄表示，回顾2025年，在全球供应链、创新链与资本链加速重构的大背景下，一级市场 投资逐步活跃，二级市场迎来科技引领的结构性行情，科技资产价值得到重估；同时，支持科技创新的 资金愈发充沛，首批民营创投科创债成功落地，为产业创新注入了强劲的金融活水。 如何判断优秀企业？应文禄进一步谈到，必须坚持企业家画像，研究企业家 ...

除核心科技行业集中度达100%的优势外，东吴证券对指数结构深入分析发现，恒生港股通科技主题指 数的行业结构还呈现出TMT领域的绝对主导地位且产业链全覆盖的特征。具体来看，指数成分股囊括 了从上游半导体、电子元件，到中游云计算、数据库，再到下游互联网服务、人工智能应用等科技全产 业链环节。前十大成分股包括腾讯控股、中芯国际、阿里巴巴等科技龙头，这些企业均具备深厚技术壁 垒和持续研发投入，在全球科技竞争中占据重要地位。这种"软硬兼顾"的配置结构，既把握了互联网服 务的轻资产特性，又兼顾了硬件制造的重资产优势，形成良好的风险分散效果。 在波动性较高的科技板块投资中，风险收益比尤为重要。东吴证券最新研报显示，恒生港股通科技主题 指数在承担相似风险水平的情况下，能够实现更高的风险调整后收益。因此，对于追求科技板块长期增 长潜力且能够承受一定波动的投资者来说，以港股通科技ETF（159262，联接A/C类025197/025198）为 代表的恒生港股通科技主题指数及其相关ETF产品是一个更具吸引力的选择。 备注:数据源自wind,截至2025.10.14 科技&互联网 相关指数近1年主要指标对比 随着全球人工智能浪潮推动 ...

Group 1 - The A-share market has shown a continuous upward trend, with the Shanghai Composite Index reaching a nearly 10-year high on August 18, and the total market capitalization of A-shares surpassing 100 trillion yuan for the first time [1] - The AI sector has emerged as a super track in this market rally, with various sub-sectors such as liquid cooling, printed circuit boards (PCB), and AI glasses reaching historical highs, leading to a reassessment of asset values in related industries [1][2] - The rise of AI is driving a transition in the technology industry from being "followers" to "leaders," with domestic models like DeepSeek achieving key technological breakthroughs and expanding commercial opportunities for AI in enterprises [1][3] Group 2 - AI is prompting traditional technology companies to accelerate their transformation and upgrade processes, resulting in improved product quality and production efficiency, thereby enhancing competitive advantages and overall enterprise value [2] - The emergence of AI is giving rise to new industries and business models, such as "AI + healthcare," "AI + education," and "AI + finance," creating new investment opportunities and value growth points [2] - AI is leading the industry chain from an "efficiency optimization" model to an "ecological collaboration" model, breaking down information barriers and enabling real-time sharing and deep interaction across the supply chain [2][3] Group 3 - AI is fostering deep cooperation and innovative collaboration among upstream and downstream enterprises, shifting the focus from maximizing individual interests to creating value for the entire industry chain ecosystem [3] - The narrative logic in the capital market regarding technology is becoming increasingly clear, with AI-driven technological breakthroughs restructuring the industry chain and prompting a reassessment of China's technological strength in the AI field [3]

Group 1 - The A-share market has outperformed the Hong Kong stock market recently, with southbound funds maintaining a net inflow, reaching a historical high of 940.3 billion HKD since the launch of the mutual market access in November 2014 [1] - The technology sector in the Hong Kong stock market has been a key focus for fund inflows, ranking among the top two sectors for net inflows from southbound funds over the past month [1] - The Hang Seng Technology ETF (513130) has seen significant capital inflow, with a net inflow of 851 million HKD in the last two trading days, pushing its total size to 32.628 billion HKD, marking a historical high [1] Group 2 - Despite pressures from price wars in e-commerce and electric vehicles, the attractiveness of the Hong Kong technology sector is returning, supported by strong mid-year performance from leading companies and accelerated commercialization of AI [2] - The Hang Seng Technology Index, closely tracked by the Hang Seng Technology ETF, has a relatively low valuation at a P/E ratio of 21.97, compared to other tech indices like the STAR 50 and NASDAQ 100, indicating potential for further valuation expansion [2] - The Hang Seng Technology ETF is a significant tool for capturing opportunities in the Hong Kong technology sector, with its large scale and superior liquidity, and it supports T+0 trading [2]

Group 1 - The Chinese capital market is experiencing a new phase of "dual-directional engagement" with foreign institutions, as the CSRC aims to create a more open and inclusive market environment, enhancing the convenience for foreign capital participation [1][2] - Several foreign institutions, including Morgan Stanley, have raised their economic growth forecasts and stock index targets for China, indicating a positive outlook on structural opportunities within the market [1][3] - The CSRC has been continuously improving policies for foreign capital market access, promoting dual-directional openness in markets, products, and institutions, which has led to a more favorable ecosystem for foreign investment in A-shares [2][4] Group 2 - Foreign institutions are increasingly optimistic about Chinese assets, with Goldman Sachs maintaining a bullish stance on the Chinese stock market, citing a stronger RMB and improving corporate earnings outlook [3][4] - The focus of overseas investors has shifted towards technology and consumer sectors, with significant interest from foreign institutions in A-share companies involved in AI, healthcare, and consumption [4][5] - The CSRC plans to accelerate the implementation of key measures for capital market openness by 2025, including optimizing the QFII system and expanding the range of products available for foreign investment [4][6]

Investment Rating - The report rates the industry as "Positive" [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Summary by Sections 2025 Q1 Performance Review - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] Industry Development Trends - The report highlights the ongoing reforms aimed at enhancing the capital market's stability and investor confidence, with policies to attract long-term investments [70][72] - The trend towards passive investment products, particularly ETFs, is expected to continue, supported by favorable policies [73][84] Business Line Performance - **Brokerage Business**: The brokerage income for Q1 2025 was 32.736 billion yuan, a 43.16% increase year-on-year, driven by a significant rise in trading volumes [38][39] - **Asset Management**: The asset management business generated 10.131 billion yuan in fees, a slight decrease of 3.32% year-on-year, indicating a shift towards a competitive landscape [45] - **Proprietary Trading**: The proprietary trading income reached 48.566 billion yuan, up 51.02% year-on-year, reflecting a recovery in the equity market [56] - **Investment Banking**: The investment banking revenue was 6.672 billion yuan, a modest increase of 5.39%, with IPO financing down by 30.24% [61] - **Credit Business**: The credit business saw a net interest income of 7.878 billion yuan, a 27.25% increase year-on-year, as the market for margin trading and stock pledges improved [64] Investment Recommendations - The report suggests that the overall performance of the brokerage sector is expected to remain positive, supported by economic recovery and liquidity easing [91]