恒生科技ETF天弘（520920）紧密跟踪恒生科技指数，汇集港股科技龙头。恒生科技指数由科技主题高 度相关的前30只港股构成，集中度高，涵盖信息技术、可选消费、通讯服务等领域；同时，可通过 QDII投资于网易、京东、携程、百度、蔚来、腾讯音乐等非港股通上市公司。 国泰海通证券最新研究报告表示，①当前港股市场性价比仍突出，尤其部分科技龙头权重股估值偏低， 在本轮科技周期引领下仍有较大上行空间。②定量测算，仅考虑低估科技龙头权重股估值修复，或能推 动恒生科技上涨15%，若指数整体估值进一步修复至历史均值或将涨超30%。③基本面预期回暖+资金 面持续改善，低估港股四季度或仍有新高，受益AI周期的科技是行情主线。当前港股估值并不高，恒 生科技性价比或更优。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 10月10日，恒生科技指数盘中下跌2%，该指数成分股中，联想集团上涨超1%，携程集团-S上涨 0.27%。 相关ETF方面，截至发稿，恒生科技ETF天弘（520920）下跌1.67%，成交额为3835.14万元，实时溢价 率为0.49%。资金流向方面，10月9日该E ...

9月29日，港股通科技ETF基金（159101）午盘持续震荡攀升，现小幅微涨，持仓股中，商汤、优必 选、金蝶国际、快手、阿里巴巴等涨幅居前。Wind数据显示，截至9月26日，港股通科技ETF基金 （159101）近10个交易日累计获得资金净流入达4.64亿元，备受资金青睐。 Wind数据显示，9月26日，南向资金净买入港股105.41亿港元，阿里巴巴获净买入24.12亿港元；截至9 月26日，上周南向资金累计净买入额达439.59亿港元，今年以来南向资金累计净买入额达11536.89亿港 元，大幅超过去年全年净买入额。 国泰海通证券认为，当前港股市场性价比仍突出，尤其部分科技龙头权重股估值偏低，在本轮科技周期 引领下仍有较大上行空间。低估港股四季度或仍有新高，受益AI周期的科技是行情主线。 港股通科技ETF基金（159101）紧密跟踪国证港股通科技指数，精选30只市值大、研发投入高的科技龙 头，前十大权重股占比超75%，既聚焦腾讯、阿里等互联网巨头，也覆盖理想汽车、百济神州等新兴势 力，全面覆盖"软硬件+新消费+创新药+造车新势力"热门赛道。 ...

Core Viewpoint - The Hong Kong stock market has seen significant gains, with the Hang Seng Index rising over 2% to reach a new high since 2021, driven by optimistic sentiment regarding potential interest rate cuts by the Federal Reserve [1] Group 1: Market Performance - The Hang Seng Technology Index increased by nearly 3%, while the E Fund Hang Seng Technology ETF (513010) rose by 3.6% today, marking a year-to-date increase of 29.6% [1] - As of August 25, the price-to-earnings ratio of the Hang Seng Technology Index stood at 21.77, which is at the 23.11% percentile since the index's inception [1] Group 2: Economic Context - Optimism in the market has been fueled by comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium, leading to increased expectations for a rate cut in September [1] - The current environment of ample liquidity and low interest rates has highlighted the valuation advantages of technology stocks [1] Group 3: Investment Insights - The E Fund Hang Seng Technology ETF tracks the Hang Seng Technology Index, providing exposure to key Chinese technology assets, including Tencent, NetEase, Alibaba, SMIC, and Xiaomi, with a low comprehensive fee rate of 0.25% [1] - According to Guotai Junan Securities, potential interest rate cuts by the Federal Reserve may improve the current pressure on the Hong Kong dollar exchange rate, making Hong Kong stocks, particularly in the technology sector, more attractive for capital inflows due to their unique asset advantages and greater elasticity benefiting from the AI cycle [1]

Core Insights - The A-share market has seen a significant increase in institutional research activity since May, with over 2,000 listed companies being investigated, particularly in high-end manufacturing, semiconductors, and healthcare sectors [1][2] - Public funds have accelerated their research pace, with top firms like Bosera Fund leading with 51 investigations, followed closely by Fortune Fund and Penghua Fund [1] - There is a clear preference for specific sectors, with over 60% of research focused on industrial machinery, semiconductor equipment, and innovative pharmaceutical companies [1][2] Industry Focus - High-end manufacturing, semiconductors, and healthcare are identified as core investment areas for institutional funds, with significant attention on technological breakthroughs and policy benefits [1][2] - The computer, communication, and other electronic equipment manufacturing sectors have also attracted interest, with over 34 companies being researched, focusing on semiconductor materials and consumer electronics [2] - The pharmaceutical manufacturing sector follows closely, with 23 companies under investigation, highlighting themes of innovative drug development and recovery in medical consumption [2] Company Highlights - Leading companies such as BeiGene, Anji Technology, and Hengda have received substantial attention, with 256, 241, and 234 institutions researching them, respectively [2] - Other notable companies include Xiangxin Technology, Xingye Silver Tin, and Deep South Circuit, each receiving research from over 100 institutions [2] - Companies like Deep South Circuit and Honghua Technology are focusing on overseas market strategies, with Deep South Circuit investing 1.274 billion yuan in a factory in Thailand to enhance its global supply chain [3]