点击小程序查看报告原文 相比7月以来A股科创气势如虹的表现，港股显得有些"落寞"，恒指在25,000附近一直止步不前。面对这种局面，很多投资者一方面担心A股涨得太急太 快，想去港股找寻机会，但又怕去了港股以后大幅跑输A股。进入9月后，市场的波动明显加大，再加上美联储降息"箭在弦上"，更使得这一疑虑和选 择"迫在眉睫"。 回看今年以来的行情脉络，大体可以分为三个阶段： 1）1-3月，港股跑赢， AI驱动的恒生科技成为当之无愧的赢家； 2）4-6月，美股跑赢， 对等关税之 后虽然中国市场也在修复，但美股尤其是科技龙头在超预期的业绩推动下快速创出新高，反之恒生科技一直未能修复3月底的高点； 3）7月至今，A股跑 赢， 流动性驱动的科创行情使得A股快速"后来者居上"，港美股则都在高位震荡。不难看出， 一定意义上，是A股在追赶此前强势的港股和美股，港股更 多由基本面驱动，近期的落后恰说明基本面催化有限。 图表：2025年以来港股表现居中 港股近期的落后并不意外，如上文所说，其实是A股在追赶港股。 近期的跑输也与我们的预期一致，主要由基本面（盈利下修）、流动性（Hibor走高） 和估值（AH溢价过低）三方面因素所致 （《 ...

Group 1 - The core viewpoint of the article highlights the positive market atmosphere created by the trade agreement between the US and Vietnam, leading to a collective rise in the Hong Kong stock market [1] - The Hong Kong Stock Connect Technology ETF (513860) experienced a slight decline of 0.56% as of 10:35 AM, despite having gained over 4% last week and nearly 30% year-to-date [1] - Notable stock performances include a rise of over 7% for companies like Innovent Biologics and CanSino Biologics, while companies such as Kelun-Biotech and Zai Lab saw increases of over 6% [1] Group 2 - The Hong Kong Monetary Authority (HKMA) intervened in the market by selling US dollars and buying Hong Kong dollars, involving an amount of HKD 20.018 billion to stabilize the currency [1] - The total bank system surplus has decreased to HKD 144.1 billion, following a cumulative purchase of approximately HKD 30 billion by the HKMA from June 26 to July 2 [1] - The Hibor rate has dropped from 4.5% to 0.4%, indicating a significant change in the liquidity environment [1] Group 3 - Goldman Sachs indicated a strong interest from investors in the Hong Kong market and Hong Kong dollar assets, with a relatively abundant liquidity environment [1] - The Hong Kong IPO market remains active without causing liquidity issues, and there is an increasing demand for the Hong Kong dollar from overseas investors [1] - The top ten weighted stocks in the Hong Kong Stock Connect Technology ETF (513860) account for 69.41% of the index, including major companies like Xiaomi, Tencent, and BYD [1]