11月3日，券商板块随市调整，顶流券商ETF（512000）震荡回落，现跌1.17%，实时成交额超5亿 元，交投活跃。上交所数据显示，券商ETF（512000）最新单日获资金净流入4.87亿元，近20日资金累 计净流入超34亿元，其最新基金规模超396亿元，距离400亿元整数关口仅一步之遥，年内日均成交额超 10亿元，为A股规模、流动性居前的顶流券商ETF。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 但从行情看，券商板块呈现明显的滞涨特征。截至10月30日，证券公司指数年内涨幅仅7.21%，跑 输上证指数、沪深300逾10个百分点，同期指数市净率仅1.62倍，位于近10年50.31%分位点。板块形 成"高增长、低估值"的错配格局，补涨逻辑凸显。华泰证券表示，目前券商板块相对滞涨，估值具备较 大修复空间，看好板块业绩持续性和高性价比机会。 券商ETF（512000 ...

Market Overview - The market has returned to previous highs, with the Hang Seng Index reaching a new high for the year, while the Hang Seng Tech Index has not yet surpassed its previous high [1] - Both Chinese and US markets are currently stable, awaiting significant trading events in the coming week [2] - The 10-year treasury yield at 1.8% has seen increased institutional buying, indicating ongoing liquidity pressure [1] Investment Strategy - The overall judgment of "stock market oscillation upward" continues, with a focus on marginal funds and pricing direction this week [1] - Three key investment directions are suggested: 1. Small-cap growth manufacturing sectors benefiting from easing policies (robotics, new energy, machinery) [1] 2. Cyclical sectors such as real estate and dividends [1] 3. Undervalued sectors like pharmaceuticals that continue to attract active funds [1] Hot Topics - Various ETFs are highlighted for different investment strategies, including: - High-tech ETFs focused on artificial intelligence and innovation [2] - Financial technology ETFs and brokerage ETFs as part of a bull market strategy [2] - ETFs related to food and internet sectors for recovery plays [2] - The market's structural expectations are anticipated to clarify during the upcoming trading week [2] Global Context - The upcoming Federal Reserve meeting and new rounds of negotiations between China and the US are key global focus points [2] - There is a notable contrast between global easing expectations and domestic liquidity conditions [2]

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].