2941.21亿元 截至9月25日，科创板ETF规模合计达到2941.21亿元，有4只ETF的规模超过百亿元 ◎记者 赵明超 科创板投资生态逐步完善。在2020年首批科创板ETF启航后，历经5年发展，科创板ETF数量突破100 只，构建起"宽基+行业+策略"的全维度指数工具箱。从最新动向看，公募创新布局步履不停，相关新 品还在密集上报。在业内人士看来，科创板相关产品阵营持续扩容，成为支撑硬科技企业发展的重要力 量。 产品体系渐趋多元 机构加大布局力度 科创板ETF已成为公募重点布局方向，多家头部公募搭建起较为全面的产品矩阵。具体来看，鹏华基金 旗下科创板ETF数量已达到10只，易方达基金、华夏基金等旗下科创板ETF数量均超7只。 除了科创板ETF以外，科创板场外指数基金发展也十分迅猛。截至9月26日，科创板场外指数基金数量 达到124只。仅本周以来，就有4只科创板场外指数基金成立。 科创板相关产品依然在密集发行和上报。截至9月26日，共有6只科创板产品正在或是即将发行，包括科 创综指增强基金、科创板50指数基金等。此外，9月15日以来，又有7只科创板相关产品上报，包括科创 板芯片设计ETF、科创板50ETF、 ...

中银国际指出，在当前国产替代加速与AI产业周期快速发展的基本面环境下，科技股有望受益于本轮 人民币资产重估机遇。由于宏观"弱复苏"的格局未变，科技大市值公司后续仍有上涨空间，绝对景气优 势依然明显。结合近期港股科技股走势与大市情绪的联动效应，多重催化下市场或迎来情绪与动能的双 重转强。 消息面上，2025年国家网络安全宣传周网络安全企业家座谈会在昆明滇池国际会展中心举行。国家网信 办副主任杨建文指出，头部企业需扛起"卡脖子"技术攻关责任，聚焦芯片等关键领域，联合高校院所打 造创新联合体，加速研发自主可控安全芯片以突破垄断，通过"传帮带"助力中小微企业提升安全能力。 此外，9月15日，招商局集团与百度在深圳签署战略合作框架协议。 科网股集体上涨，带动恒科指数盘中涨超2.5%，创21年11月至今新高。成份股方面，截至发稿，百度 集团-SW(09888)涨10.34%，报124.9港元；蔚来-SW(09866)涨764%，报54.95港元；京东集团-SW(09618) 涨4.77%，报136.2港元；阿里巴巴-W(09988)涨3.39%，报158.7港元。 ...

消息面上，2025年国家网络安全宣传周网络安全企业家座谈会在昆明滇池国际会展中心举行。国家网信 办副主任杨建文指出，头部企业需扛起"卡脖子"技术攻关责任，聚焦芯片等关键领域，联合高校院所打 造创新联合体，加速研发自主可控安全芯片以突破垄断，通过"传帮带"助力中小微企业提升安全能力。 此外，9月15日，招商局集团与百度在深圳签署战略合作框架协议。 中银国际指出，在当前国产替代加速与AI产业周期快速发展的基本面环境下，科技股有望受益于本轮 人民币资产重估机遇。由于宏观"弱复苏"的格局未变，科技大市值公司后续仍有上涨空间，绝对景气优 势依然明显。结合近期港股科技股走势与大市情绪的联动效应，多重催化下市场或迎来情绪与动能的双 重转强。 智通财经APP获悉，科网股集体上涨，带动恒科指数盘中涨超2.5%，创21年11月至今新高。成份股方 面，截至发稿，百度集团-SW(09888)涨10.34%，报124.9港元；蔚来-SW(09866)涨764%，报54.95港元； 京东集团-SW(09618)涨4.77%，报136.2港元；阿里巴巴-W(09988)涨3.39%，报158.7港元。 ...

华泰证券首席宏观经济学家易峘认为，后市港股流动性宽裕环境并未改变，基本面预期回升也起到了重 要支撑。市场盈利修复一方面来自科技、新消费和医药等板块能够实现超越经济周期的增长，另一方面 因国内政策较去年力度更大，经济和政策稳定性更强，推动了企业稳健盈利。 关于港股后市 恒生指数高开0.44%，恒生科技指数涨0.91%。科网股延续强势表现，蔚来涨超7%，百度集团涨超6%， 京东集团涨超3%，药捷安康-B跌近4%。阿里巴巴高开2.74%续创近4年新高，港股总市值重回3万亿港 元，今年来累计涨超96%。 中银国际指出，在当前国产替代加速与AI产业周期快速发展的基本面环境下，科技股有望受益于本轮 人民币资产重估机遇。由于宏观"弱复苏"的格局未变，科技大市值公司后续仍有上涨空间，绝对景气优 势依然明显。结合近期港股科技股走势与大市情绪的联动效应，多重催化下市场或迎来情绪与动能的双 重转强。 招商证券(香港)策略团队认为，随着供需格局改善，中国经济周期有望迎来景气拐点。科技产业的资本 开支和研发投入将逐步转化为企业盈利，成为新的增长引擎。在美联储降息预期升温的背景下，南向资 金和外资有望持续流入港股市场。港股作为全球估值洼 ...

Group 1 - The core viewpoint of the article highlights the positive impact of Nvidia's antitrust investigation on the A-share semiconductor sector, with significant gains in stocks like Loongson Technology and Haiguang Information [1] - The China Securities Bank expresses optimism towards technology stocks, anticipating a new round of interest rate cuts by the Federal Reserve starting in September [1] - Historical analysis indicates that during periods of simultaneous monetary easing in China and the U.S., the A-share market typically experiences valuation increases, particularly favoring small-cap and growth stocks over large-cap and value stocks [1] Group 2 - The ChiNext 50 ETF (588000) tracks the ChiNext 50 Index, which has a significant allocation in the electronics sector (68.77%) and the pharmaceutical and biological sector (9.85%), totaling 78.62% [2] - The index aligns well with the development of cutting-edge industries such as artificial intelligence and robotics, while also covering various sub-sectors like semiconductors, medical devices, software development, and photovoltaic equipment [1] - Given the historical performance of the ChiNext board, the future growth potential of the ChiNext 50 is considered promising, and investors are encouraged to keep an eye on the long-term development prospects of China's hard technology sector [1]

近期，A股持续震荡上行，上证指数9月12日盘中最高达3892.74点，创近十年新高；创业板指在9月 11日站上3000点后，9月15日盘中最高达3106.88点，进一步突破3100点关口，创3年半以来新高。 对年内剩余时间市场的表现，投资者应密切关注政策面、资金面等情况变化。从板块表现来看，人 工智能（AI）、国产算力、芯片、光伏储能、创新药等成为当前机构热议的焦点。 9月15日，A股三大股指集体高开后出现分化。截至当日收盘，上证指数报3860.50点，下跌 0.26%；深证成指报13005.77点，上涨0.63%；创业板指报3066.18点，上涨1.51%。 近期，A股持续震荡上行，上证指数9月12日盘中最高达3892.74点，创近十年新高；创业板指在9月 11日站上3000点后，9月15日盘中最高达3106.88点，进一步突破3100点关口，创3年半以来新高。 对年内剩余时间市场的表现，投资者应密切关注政策面、资金面等情况变化。从板块表现来看，人 工智能（AI）、国产算力、芯片、光伏储能、创新药等成为当前机构热议的焦点。 "上周（9月8日至12日）A股在短暂消化止盈的压力后转涨，创阶段性新高。交投活跃度是 ...

Group 1 - The technology sector has experienced a strong rally in 2023, with the communication index rising over 55%, leading the gains among major sectors [1] - Other sectors such as media, electronics, and computers have also seen significant increases, with gains exceeding 30% and 20% respectively [1] - The bullish sentiment in technology stocks is highlighted by the performance of leading companies, with some stocks like Weichuang New Materials increasing over 10 times in value this year [1] Group 2 - Tianfeng Securities predicts a new technology bull market starting on September 24, 2024, driven by policy and AI synergy, with potential for further gains in the market [2] - Historical data shows that the average peak gain for leading sectors during the last technology bull market (2013-2015) was 446%, while the current market may only reach about 110% [2] - A selection of 22 high-growth, high-R&D small and mid-cap technology stocks has been identified, all from the technology sector, with significant growth potential [2] Group 3 - Companies like Hongyuan Electronics and Meige Intelligent have been highlighted for their strong performance in the electronics and communication sectors, respectively [3] - The average gain for the selected 22 stocks has exceeded 48% this year, significantly outperforming the broader market [3] - Notable individual stock performances include Jiaocheng Ultrasound and Haoyuan Pharmaceutical, both of which have more than doubled in value [3] Group 4 - A detailed list of high-growth, high-R&D small and mid-cap technology stocks shows significant year-to-date performance, with some stocks like Jiaocheng Ultrasound and Haoyuan Pharmaceutical achieving gains of over 100% [4] - The list includes companies from various technology sub-sectors, indicating a broad-based recovery and growth potential within the industry [4] - The data highlights the importance of R&D investment, with many of the selected companies having substantial R&D expenditures relative to their revenue [4]

Group 1 - The report identifies three misconceptions regarding the dominance of small-cap stocks, emphasizing that macro liquidity and quantitative funds are not the primary reasons for small-cap outperformance [1][6][7] - The recent outperformance of small-cap stocks is attributed to a significant influx of retail investor capital, which contrasts with institutional investment trends [21][22][24] - Historical data suggests that the relative profitability trends of large and small-cap stocks serve as leading indicators for style shifts, indicating that a fundamental turnaround is necessary for large-cap dominance to return [24][27] Group 2 - The report highlights that the perception of macro liquidity being beneficial for small-cap stocks is misleading, as historical instances show both large and small-cap stocks can outperform under similar liquidity conditions [7][16][18] - It is noted that the scale of quantitative private equity funds entering the market has not been as significant as perceived, and their activity is more a response to existing market conditions rather than a driving force [16][21] - The report argues that trading intensity does not effectively predict small-cap stock performance, as historical data shows that high trading volumes can still coincide with continued small-cap strength [18][25] Group 3 - The report concludes that the future switch between large and small-cap styles will likely depend on the confirmation of an upward trend in industry cycles, particularly in the context of the AI sector [24][27][28] - It emphasizes that the current market environment, characterized by a recovery in risk appetite since September 2024, has not yet fully aligned with fundamental improvements, suggesting a cautious outlook for small-cap stocks [21][24] - The report anticipates that as the AI industry cycle gains momentum, it may lead to a resurgence of large-cap technology leaders in the market [27][28]

Group 1 - The Hang Seng Index (HSI) Hong Kong Stock Connect Index showed active performance with a rise of 0.84% as of 1:39 PM [1] - The newly listed N Hong Kong Stock Connect Hang Seng ETF (520940) had a trading volume of 133 million yuan on its first day, with a turnover rate of 22.24% [1] - Major stocks in the ETF, such as Kuaishou-W, Meituan-W, WuXi Biologics, and ZTO Express-W, experienced significant gains, with Kuaishou-W rising over 5% [1] Group 2 - Southbound capital has been actively buying Hong Kong stocks, with net inflows exceeding 660 billion HKD as of June 6, significantly higher than the same period last year [1] - The annual Worldwide Developers Conference (WWDC) by Apple is scheduled from June 10 to 14, showcasing innovations across various operating systems [1] Group 3 - Cathay Securities reported that the AI industry cycle may lead the Hong Kong stock market upward amid the transition of old and new driving forces [2] - The influx of southbound capital is strengthening pricing power, indicating potential for further growth in the Hong Kong market [2] - The Hang Seng Index's price-to-earnings (PE) ratio has increased from approximately 7.5 times to 10.5 times, aligning with the ten-year average, suggesting room for further appreciation compared to previous highs [2]

Core Viewpoint - The Hong Kong stock market is undergoing a transformation, with the AI industry cycle expected to lead the market upward, supported by strong capital inflows and a favorable policy environment [2][3]. Group 1: Market Trends - The Hang Seng Index opened down 0.05%, while the Hang Seng Tech Index fell by 0.34%, with Ctrip Group (09961) declining by 2% [1]. - Historical trends indicate that each market cycle has a leading industry, with the current AI industry cycle likely to drive the Hong Kong stock market upward [2]. Group 2: Capital Inflows and Valuation - Significant capital inflows from mainland China are enhancing the pricing power of Hong Kong stocks, with foreign capital gradually improving its allocation towards Chinese assets [2]. - The Hang Seng Index's price-to-earnings (PE) ratio has increased from approximately 7.5 times to 10.5 times, aligning with the ten-year average, indicating ongoing valuation recovery [3]. Group 3: IPO Market and Investment Opportunities - The year 2025 is anticipated to be a significant year for Hong Kong's IPO market, providing a crucial platform for domestic companies to raise foreign capital [3]. - The Hong Kong stock market is evolving into a global technology capital hub, attracting high-quality domestic tech companies and linking them with international capital [4]. Group 4: Policy Support and Market Structure - The Hong Kong government has implemented several policies to support the stock market, including lowering stamp duties and optimizing trading mechanisms to enhance liquidity and attractiveness [5]. - The influx of quality core assets into the Hong Kong market is expected to influence trading in the A-share market, potentially shifting pricing power southward [4].