从估值角度看，截至11月17日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为22.26 倍，低于全球其他主要科技指数。此外，指数估值处于指数发布以来约24.73%的分位点，即当前估值 低于历史上75%以上的时间。恒生科技已处于历史低估区间，性价比凸显，而高弹性、高成长等特性使 其具备更大的向上动能。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国 AI核心资产。（场外联接A/C：013402/013403） 消息面上，近期10月美国CPI和就业数据因政府停摆未能发布，且由于缺乏实际调查，"可能永远不会发 布"。与此同时，多位美联储官员进行了偏鹰表态，称是否应降息仍不确定。受此影响，市场降息预期 显著降温。截至发文，CME FedWatch Tool显示，12月议息会议降息的概率再度下滑，现已低至 42.9%，较10月中旬下降近50个百分点。 值得一提的是，非官方经济数据或仍暗示降息必要性。一方面，长期停摆可能冲击经济基本面。美国政 府虽然于11月12日恢复运行，但根据美国国会预算办公室测算，长达6周的停摆使得美国第四季度的年 化GDP增速被拉低1.5个百分点， ...

该机构认为，长期看公司两大重点逻辑仍然不变：1）手机高端化持续推进；2）汽车产能&业绩释放。 当下小米估值性价比已现，站在年末时点看2026年，明年汽车将大幅释放利润，目前股价对应26年整体 PE具有性价比；另一方面汽车产能释放+新品预热+舆论走出谷底有望形成支撑。 从估值角度看，截至11月14日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为22.47 倍，低于全球其他主要科技指数。此外，指数估值处于指数发布以来约25.98%的分位点，即当前估值 低于指数历史上74%以上的时间。恒生科技已处于历史低估区间，性价比凸显，而高弹性、高成长等特 性使其具备更大的向上动能。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局 中国AI核心资产。（场外联接A/C：013402/013403）。 11月17日午后，港股三大指数悉数下跌，恒生科技指数跌幅持续拉大，现跌近1.5%。主流ETF方面，A 股同赛道规模最大的恒生科技指数ETF（513180）跟随指数震荡下行，持仓股中，华虹等少数公司上 涨，携程集团、地平线机器人、联想集团、百度集团、小鹏汽车等领跌。 消息面上，小米集团将于 ...

10月16日早盘，港股三大指数走势分化，恒生科技指数震荡下行。A股同赛道规模最大的恒生科技指数 ETF（513180）跟随指数下跌，持仓股中，小米集团、小鹏汽车、蔚来、金蝶国际、京东健康等领跌， 比亚迪电子、华虹、哔哩哔哩等领涨。 板块方面，昨日表现活跃的新能源汽车股今日多数回调，蔚来一度跌超3%，小鹏汽车一度跌超2.5%。 此前多家新能源车企公布的9月交付数据显示，小鹏汽车、蔚来等月交付量均创历史新高，其中小鹏汽 车月交付量首次超4万台。 外部因素扰动下，近期市场波动加剧。多家机构此前表示，回调或为增配港股科技板块时机。长江证券 认为，从流动性角度来看，港股流动性有望持续受益于美联储降息周期。国元国际表示，政策预期目前 仍然是支撑港股估值的另一个支柱，预计港股中长期内保持韧性。短期的波动可能会带来更为良好的入 场时机，预期短线调整后港股或将很快修复。截至发文，今日南向资金净买入额已近90亿港元。 截至10月15日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为23.14倍，处于指数发布 以来约30.69%的估值分位点，仍处于历史相对低估区间，而高弹性、高成长等特性使其具备更大的向 上动能 ...

10月15日早盘，港股三大指数高开高走，恒生科技指数涨幅一度扩大至2%。主流ETF方面，港股通汽 车ETF（159323）一度涨近2%，持仓股中，广汽集团一度涨超12%，黑芝麻智能、吉利汽车等涨幅居 前；恒生科技指数ETF（513180）涨超1.5%，持仓股中，京东健康、哔哩哔哩、ASMPT、阿里巴巴、 比亚迪股份等涨幅居前。 截至10月14日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为22.64倍，处于指数发布 以来约27.36%的估值分位点，仍处于历史相对低估区间，而高弹性、高成长等特性使其具备更大的向 上动能。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 （场外联接A/C：013402/013403） 板块方面，早盘汽车股集体拉升。消息面上，10月14日，京东宣布联合广汽、宁德时代推出一款汽车产 品。此外，中汽协公布数据显示，9月，我国汽车产销历史同期首次超过300万辆，月度同比增速已连续 5个月保持10%以上。华创证券观点认为，4Q汽车基本面将延续旺销。 新能源车方面，乘联分会最新数据显示，9月新能源车渗透率升至57.8%。交银国际 ...

【支持T+0交易的ETF】 公开信息显示，截至9月26日，阿里巴巴为恒生科技指数的第一大权重股，权重高达9.14%。没有港股 通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 9月29日早盘，港股三大指数集体上行，恒生科技指数涨幅一度扩大至1.5%。盘面上，固态电池概念股 持续拉升，黄金股走强。A股同赛道规模最大的恒生科技指数ETF（513180）盘中震荡，持仓股中，快 手、携程集团、同程旅行、阿里巴巴等领涨，蔚来、小鹏汽车、百度集团等领跌。 长假将至，根据2025年香港交易所交易日历安排，港股市场将于10月1日和7日休市，港股通在9月29日 与30日正常交易，10月1日至8日期间将暂停运行。华泰证券表示，从历史规律看，港股市场呈现"节前 防御-节中上涨-节后切换"的日历效应。节前南向大幅流入消费及防御板块，节中市场普涨、成长和消 费板块领涨，节后当天大多回撤、风格再度切换至防御，一周内日历效应消散。 该机构观点认为，虽然港股通关闭导致港美股相关性小幅上升，但内部因素重要性或依然大于外部，投 资者关注重心在国内消费数据和四季度政策力度。十一假期内海外主要事件为美国非农数据及日 ...

Core Viewpoint - The Hong Kong stock market is experiencing a collective rise, with sectors such as lithium batteries, innovative pharmaceuticals, and new energy vehicles showing strength, while semiconductor stocks are mostly declining [1][2] Group 1: Company Performance - Li Auto reported impressive second-quarter results, achieving revenue of 30.2 billion yuan and an operating profit of 827 million yuan, marking a year-on-year increase of 76.7% and a quarter-on-quarter increase of 204.4% [1] - Li Auto is the only new energy vehicle company to have reported profits for 11 consecutive quarters [1] Group 2: Market Trends - The Hang Seng Technology Index ETF (513180) has seen a significant inflow of funds, with a net inflow of approximately 2.337 billion yuan over the past 10 trading days [2] - The current valuation of the Hang Seng Technology Index ETF (513180) is at 21.89 times earnings, which is below 76% of the time since the index was launched, indicating it is relatively undervalued [2] - There is an expectation for a rebound in the Hang Seng Technology Index, driven by improved liquidity conditions and a dovish signal from the Federal Reserve [2]

Core Viewpoint - The Hang Seng Technology Index is experiencing a narrowing of gains, with significant stocks like Haier Smart Home, Horizon Robotics, Trip.com, Li Auto, Baidu, and BYD leading the market [1] Group 1: Market Performance - The Hang Seng Technology Index ETF (513180) is following the index's fluctuations, indicating a volatile trading environment [1] - The current performance of the Hang Seng Technology Index has lagged behind, primarily due to the impact of the "food delivery war" on profit expectations and the ongoing weak Hong Kong dollar [1] Group 2: Liquidity and Future Outlook - According to Zheshang Securities, the liquidity tightening by the Hong Kong Monetary Authority (HKMA) may be nearing its end, as the interbank liquidity in Hong Kong has returned to normal levels since the end of June [1] - The Hong Kong dollar has significantly appreciated, suggesting limited space for further liquidity tightening, which may lead to a potential rebound in the Hong Kong stock market [1] - The Hang Seng Technology Index's previous underperformance compared to the A-share technology sector may result in stronger upward momentum, indicating a possible "catch-up" rally [1] Group 3: Investment Opportunities - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Technology Index ETF (513180) as a means to gain exposure to core Chinese AI assets [1]

Group 1 - The semiconductor sector in both A-shares and H-shares experienced a collective decline, with notable drops in stocks such as Cambricon (down over 5%) and SMIC (down over 4%) in A-shares, and Hua Hong Semiconductor (down over 3%) and SMIC (down over 2%) in H-shares [1] - SMIC reported a revenue of $4.456 billion for the first half of 2025, representing a year-on-year growth of 22%, with its wafer foundry business revenue reaching $4.229 billion, up 24.6% year-on-year [1] - Hua Hong Semiconductor achieved a revenue of 8.018 billion yuan for the first half of 2025, a year-on-year increase of 19.09%, primarily driven by an increase in wafer sales and contributions from the Hua Hong manufacturing project [1] - Despite revenue growth, Hua Hong Semiconductor's net profit attributable to shareholders was only 74 million yuan, a significant decline of 71.95% year-on-year, mainly due to initial production costs and ongoing R&D investments [1] - Hua Hong Semiconductor's R&D expenses reached 939 million yuan, a year-on-year increase of 21.71%, accounting for 11.99% of its operating revenue [1] Group 2 - The Hang Seng Technology Index has shown relatively weaker performance compared to the A-share technology sector, but with improvements in external liquidity narratives, it may experience stronger upward momentum and a potential "catch-up" rally [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Technology Index ETF (513180) for exposure to core Chinese AI assets [2]

Group 1 - The Hong Kong stock market opened lower on August 28, with mixed performance in tech stocks and active trading in gold stocks [1] - Meituan's Q2 revenue reached 91.84 billion yuan, a year-on-year increase of 11.7%, while adjusted net profit fell by 89% to 1.49 billion yuan [1] - Meituan's monthly active users surpassed 500 million, and the average annual transaction frequency per user hit a historical high [1] Group 2 - The latest valuation of the Hang Seng Tech Index ETF (513180) is 22.3 times P/E, indicating it is currently undervalued compared to 74% of the time since its inception [2] - The Hang Seng Tech Index remains in a historically undervalued range, with potential upward momentum due to improving external liquidity and expectations of interest rate cuts by the Federal Reserve [2] - Investors without a Hong Kong Stock Connect account can access core Chinese AI assets through the Hang Seng Tech Index ETF (513180) [2]

Group 1 - The Hong Kong stock market opened lower on August 28, with mixed performance among tech stocks and notable movements in the innovative drug and gold sectors [1] - Meituan reported Q2 revenue of 91.84 billion yuan, a year-on-year increase of 11.7%, but adjusted net profit fell by 89%, leading to a drop of over 9% in its stock price post-earnings [1] - Trip.com Group reported Q2 net revenue of 14.843 billion yuan, a year-on-year increase of 16.22%, with net profit rising by 26.43%. The company highlighted strong growth in international business segments, with total international OTA platform bookings up over 60% year-on-year [1] Group 2 - As of August 27, the latest valuation of the Hang Seng Tech Index ETF (513180) was 22.3 times, which is below 74% of the time since its inception on July 27, 2020, indicating a relative undervaluation [2] - The Hang Seng Tech Index is currently in a historically undervalued range, with potential upward momentum due to expectations of Federal Reserve interest rate cuts and improved external liquidity [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Tech Index ETF (513180) [2]