南下布局：详解 17 只互联互通港股 ETF ——基金配置策略报告 核心观点 8 月 15 日南向大幅净流入 359 亿，但资金流入最多的标的盈富基金是 ETF 而非个股， 互联互通 ETF 的力量已难被忽视。本文梳理已入通的 17 只港股 ETF，拆解配置优势 和策略亮点。AH 溢价新低背景下，港股行情可能二次启动，标的层面：宽基关注盈 富基金/安硕恒生科技/恒生中国企业，行业/风格关注华夏恒生生科/GX 恒生高股息率。 ❑ 经历 3 年发展，入通港股 ETF 的影响已不可忽视 ETF 港股通成为南向交易盘重要渠道。2022 年 5 月 27 日 ETF 入通正式公告，7 月 4 日启动交易，经过 3 年多发展，入通港股 ETF 已达到 17 只，内地投资者合 计持有规模近 340 亿，是交易盘参与港股的重要工具，2025 年月均买卖总额超 680 亿，如南下榜单中活跃的盈富基金、南方恒生科技等品种，交易便捷且流动性好。 今年 ETF 通产品的业绩相对优势显著。创新药行情下华夏恒生生科率先翻倍；GX 恒生高股息率跑赢港股红利 ETF 超 7%；标智香港 100 跑赢恒生 ETF 超 3%。仅 二级交易、不允 ...

Group 1 - The core viewpoint of the report is to select converging constituent stocks for ETF allocation based on data as of July 31, 2025, and to regularly track the effectiveness of the allocation strategy [1] - The best converging stock for the Software ETF (159852.SZ) as of the end of July 2025 is Kingsoft Office (688111), which is also a weighted stock in the ETF [2][7] - Kingsoft Office's stock price has mostly fluctuated below the expected fundamental value for 2027, which is based on a price-to-sales (PS) ratio of 17.2 times the expected earnings per share [2][7] Group 2 - The average closing position from July 31 to August 15, 2025, was 28.3%, with a closing position of 37.59% on August 15 [2][8] - The dynamic allocation strategy based on Kingsoft Office yielded a Sharpe ratio slightly better than a buy-and-hold strategy, achieving a final return of 1.72% with a maximum drawdown of 0.68% from August 1 to August 15, 2025 [2][8] - In comparison, the buy-and-hold strategy for the Software ETF achieved a final return of 3.29% with a maximum drawdown of 3.36% [8]

Group 1: Core Insights - The report focuses on the ETF allocation strategy for the photovoltaic sector, specifically highlighting Longi Green Energy (601012.SH) as the best-performing stock in terms of alignment with the CSI Photovoltaic Industry Index from August 2024 to July 2025 [1][7]. - Longi Green Energy's bottom valuation at the beginning of 2025 was 1.3 times PS, and its stock price has consistently remained below the expected fundamental value for 2027, which is calculated based on the consensus forecast of revenue per share multiplied by 1.3 times PS [2][7]. - The average position of Longi Green Energy from July 31 to August 12, 2025, was 35.6%, with a closing price on August 12, 2025, situated between the fundamental value ranges for 2026 and 2027 [2][8]. Group 2: Performance Metrics - The dynamic allocation strategy based on Longi Green Energy yielded a return of 1.68% from August 1 to August 12, 2025, with a maximum drawdown of 0.28%, slightly outperforming a buy-and-hold strategy which achieved a return of 4.33% but with a higher maximum drawdown of 0.82% [2][8]. - The report indicates that the Sharpe ratio of the allocation strategy was slightly better than that of the buy-and-hold strategy, suggesting a more favorable risk-adjusted return [2][8].

Group 1 - The core viewpoint of the report is to select converging constituent stocks for ETF allocation based on data as of July 31, 2025, and to regularly track the effectiveness of the allocation strategy [1] - The best converging stock for the Chip ETF (159995.SZ) at the end of July 2025 is Northern Huachuang (002371), which is also a weighted stock in the Chip ETF with a weight of 23.7% [2][7] - Northern Huachuang's bottom valuation at the beginning of 2025 was 5 times PS, and its stock price has remained below the expected fundamental value for 2027 since then [2][7] Group 2 - The earnings forecast for Northern Huachuang in 2025 is stable, with the closing price on August 14 being slightly above the expected fundamental value for 2026, indicating it is in the middle of the fundamental value range [8] - From July 31 to August 14, 2025, the average closing position was 57.16%, with a closing position of 50.09% on August 14 [8] - The allocation strategy based on Northern Huachuang's dynamic position achieved a Sharpe ratio slightly better than buy-and-hold, with a final return of 3.16% and a maximum drawdown of 0.97% during the period from August 1 to August 14, 2025 [2][8]