高弹硬科技： 华宝ETF策略周报（第4期） 【大势研判】 上周市场基本回到前期高点，且盘中破8月底的高点；恒生指数创年内新高、但恒生科技依然尚未突破 前高，指数内部科技和创新药分别引领行情。对比来看，最近一周中美市场均较为平静的等待接下来的 重大交易周。同时，10年期国债1.8%的位置确也被机构增持，本周再次以2bp的空间进行了新一轮测 试，说明机构流动性资金尚有压力。总体上，A股市场回补力度较强，但波动同步加大。 【要点解析】 【投资策略】 延续对"股市震荡上行"的总体判断，高度重视本周边际资金和定价方向。本周进入方向性博弈的关键阶 段，或可关注三大方向：（1）长期受益于宽松的小盘成长中的制造业（机器人、新能源、机械制造 等）；（2）地产、红利等周期板块；（3）医药等持续吸引活跃资金进入的超跌板块。投资者或可考虑 平配以上板块等待确定性。 【热点关注】 【T+0】港股通创新药ETF（520880）联接A：025220 联接C：025221 【20CM】创业板人工智能ETF华宝（159363）联接A：023407 联接C：023408 【20CM】双创龙头ETF（588330）联接A：013317 联接C：0 ...

Core Viewpoint - The Hong Kong stock market, particularly in the AI sector, is showing strength with the Hong Kong Internet ETF (513770) experiencing a 1% increase and a trading volume exceeding 200 million yuan, indicating robust investor interest [1][5]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has a current fund size of 95.87 billion yuan, ranking among the top in its category [1]. - The ETF has an average daily trading volume of 5.96 billion yuan this year, supporting T+0 trading and demonstrating good liquidity [5]. - The index that the ETF tracks has shown varied performance over the past five years, with significant fluctuations, including a 109.31% increase in 2020 and a 24.74% decrease in 2023 [5]. Group 2: Key Stocks and Holdings - Major stocks contributing to the ETF's performance include Kuaishou-W, Tencent Holdings, Meituan-W, Alibaba-W, and Xiaomi Group, all of which have seen gains of over 1% [2]. - The top four holdings in the ETF are Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, which together account for 54.74% of the fund [3]. - The ETF's top ten holdings represent over 72% of its total assets, highlighting the dominance of leading tech and internet companies in the portfolio [3]. Group 3: Market Outlook - Analysts from Industrial Securities suggest that the Hong Kong internet sector is poised for a rebound due to multiple factors, including the initiation of a U.S. interest rate cut cycle, which is favorable for liquidity-sensitive stocks [2]. - Everbright Securities notes that despite a strong overall performance in the Hong Kong market this year, there remains value in the valuations of certain internet technology companies, which could see upward revisions in earnings expectations as the domestic economy recovers [3].