今日（1月13日）港股市场大爆发，港股三个主要指数均涨超1%，自带"科技+红利"哑铃策略的——香港大盘30ETF（520560）跳空大涨，场内价格盘中涨 超2.1%，现涨1.93%！ 成份股方面，比亚迪股份、阿里巴巴涨超4%，中国人寿、中国平安涨逾3%，中国海洋石油、理想汽车、吉利汽车涨超2%，中国石油股份、腾讯控股、快手 等个股跟涨。 港股科技方面，AI应用出现涨停潮，GEO成AI行业热点。究其原因，随着稀宇科技（MiniMax）、智谱华章等AI大模型公司登陆资本市场，叠加摩尔线 程、沐曦股份、壁仞科技、天数智芯等国产AI硬件公司借助资本市场力量快速推动业务发展，AI应用已经成为整个行业的焦点领域。 港股红利方面，开年以来，多家银行密集推出新一期"资产提升活动"，用户参与活动达标后可获得相应的积分、微信立减金等权益，涉及国有大行、城商行 等。 | 成份股 | | | | | | --- | --- | --- | --- | --- | | 股票號碼 | 國際證券號碼 | 公司名稱 | 行業分類 | 股份類別 | | 9988 | KYG017191142 | 阿里巴巴 - W | 非必需性消費 | 其他香 ...

证 券 研 究 报 告 [日Ta期ble_Industry] : shzqdatemark [Tabl主e_要Su观mm点ary] 2026年01月12日 | [T分ab析le师_Author] : | 陈健宓 | | --- | --- | | Tel: | 021-53686133 | | E-mail: | chenjianmi@shzq.com | | SAC 编号: | S0870514080001 | [最Ta近bl一e_年Qu沪o深teP3i0c]0 走势 定 制 月 报 [T相ab关le报_R告e：portInfo] 《2025 年 12 月港股策略报告》2025.12.5 2026 年 1 月港股策略报告 （一）指数表现 12 月份大部分主要指数相较于 11 月份数据呈现下跌态势。恒生科技 指数涨跌幅为-1.48%，恒生指数涨跌幅为-0.88%，恒生中国企业指数 涨跌幅为-2.37%，恒生综指涨跌幅为-1.26%。 12 月，行业指数涨幅居前的是恒生原材料业 11.52%，跌幅居前的是 恒生医疗保健业-9.68%。 （二）估值水平 12 月末，恒生指数 PE（TTM）为 11.55 倍，处于 ...

转自：中国证券报·中证网 权重集中度方面，恒生港股通科技主题指数锐度更加突出。该指数采用15%的个股权重上限，前五大成 分股（阿里巴巴、腾讯、小米、美团、快手）合计权重约60%，前十大权重近80%，显著高于恒生科技 指数（个股权重上限约8%）。这种结构契合科技行业"强者恒强"规律，在AI等科技主线行情中表现更 具锐度。 估值方面，指数市盈率（TTM）相较纳斯达克100指数存在显著折价。估值差处于历史较高水平，且指 数市盈率处于近三年约65%左右分位点，目前看来，尚无明显泡沫化风险。中美科技龙头间的估值差距 更为直观，港股科技巨头具备明显估值修复空间。 在平安恒生港股通科技主题ETF拟任基金经理翁欣看来，该指数汇聚AI全产业链龙头，已形成训练算 力-大模型-推理算力-应用软件/硬件的完整AI生态闭环。这也是其长期看好该指数的重要原因。 平安基金表示，恒生港股通科技主题指数作为聚焦港股科技核心资产的标杆，在当下市场环境下投资价 值凸显。投资者可通过认购该ETF，一键布局港股科技龙头企业，分享AI技术革命带来的时代红利。基 金将于1月12日起公开发行，为场内外投资者提供便捷配置渠道。（张韵） 中证网讯 1月12日， ...

Core Viewpoint - Under the backdrop of domestic and international monetary policy easing, foreign capital and southbound funds are expected to continue their net inflow trend, leading to a substantial improvement in the profitability of Hong Kong-listed companies, resulting in a market environment of rising profits and valuations [1] Group 1: Market Outlook - The fundamentals of the Hong Kong stock market largely depend on the domestic macroeconomic environment, with stable macro policies expected to maintain economic resilience and inflation likely to recover from low levels [2] - For 2026, the earnings growth forecast for major indices includes a 9.64% year-on-year increase in the Hang Seng Index, a 34.63% increase in the Hang Seng Tech Index, and a 9.9% increase in the Hang Seng China Enterprises Index [2] Group 2: Capital Flow - As of December 19, 2025, the market value of Hong Kong Stock Connect holdings accounted for approximately 13.1%, while international intermediaries held about 40.1%, indicating a net increase in domestic capital holdings compared to foreign capital [3] - From the beginning of the year to December 19, 2025, the cumulative net inflow into the Hong Kong stock market via Stock Connect reached HKD 1.4 trillion, a 74% year-on-year increase [3] - Cumulative net inflow from foreign capital into the Hong Kong market from early 2025 to December 17, 2025, was USD 17.689 billion, with expectations of a continued low interest rate environment encouraging further inflows [3] Group 3: Market Performance - As of December 19, 2025, the price-to-earnings ratio of the Hang Seng Tech Index was 23.1 times, an 11.91% increase from the end of 2024, indicating significant room for valuation recovery compared to historical highs [5] - The Hang Seng Tech Index's earnings per share increased by 9.58% compared to the end of the previous year, and its valuation is notably lower than other major global tech indices [5] Group 4: Investment Themes - The technology innovation theme is expected to be a major investment focus, with significant valuation recovery potential for the Hang Seng Tech Index and strong performance anticipated from leading companies [6] - In the context of supply-side reform, sectors such as steel, building materials, electrical equipment, and paper are expected to see improved supply-demand dynamics and rising profit margins [6] - Under the strategy of expanding domestic demand, sectors with growth potential and historically low valuations, particularly in service consumption and new consumption models, are expected to perform well [6]

Group 1 - The Hong Kong stock technology sector is currently experiencing a phase of recovery, supported by the central economic work conference's directives and the Hong Kong Monetary Authority's interest rate cuts following the Federal Reserve [1] - The technology sector is expected to maintain its leading role through 2026, with significant investment value in internet-weighted assets [1] - Active developments in AI and IP fields are noted, with OpenAI's release of GPT-5.2 enhancing the value chain from Q&A to delivery, and Disney's strategic partnership with OpenAI serving as a landmark example in the content industry of the AI era [1] Group 2 - The film industry is expected to maintain momentum with a rich lineup of key films for the New Year and Spring Festival, including major releases like "Avatar 3," which is likely to sustain industry interest [1] - Opportunities are emerging in the gaming sector during its adjustment period, with China's gaming export ecosystem gaining global recognition for quality [1] - Overall, the technology sector's growth logic remains clear in the medium to long term, driven by AI empowerment, content innovation, and improved policy environment [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-themed listed companies that are tradable through the Stock Connect [1] - The index includes 30 representative technology leading securities, selected through quantitative methods, covering core areas such as information technology and electronic components, while balancing hardware manufacturing and software services [1] - The index systematically reflects the overall performance of the entire technology industry chain in the Hong Kong stock market [1]

Group 1 - The technology sector is becoming the core driver of China's economic growth, with the Hong Kong stock market's technology sector offering more investment options [1] - The Huazhang Hang Seng Hong Kong Stock Connect Technology Theme ETF (subscription code: 520843) has been launched, focusing on the AI industry chain and providing a new tool for investors in the Hong Kong technology sector [1] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect Technology Theme Index, which includes key sectors such as information technology, electronic components, interactive media and services, online retailers, and payment services, covering the entire AI industry chain [1] Group 2 - The Hang Seng Hong Kong Stock Connect Technology Theme Index includes major tech companies like Xiaomi, Alibaba, Tencent, Kuaishou, SMIC, Meituan, and Lenovo, and is more focused on the AI industry chain compared to other indices [1] - The index consists of 30 constituent stocks, with a quarterly adjustment frequency, and has a stock weight cap of 10%, which is higher than the 8% cap of the Hang Seng Technology Index, indicating a more concentrated weight distribution [1] - The Hong Kong stock market is expected to see revenue growth of 3.4% and profit growth of 8.5% in 2024, with the technology sector benefiting from the overall development of the AI industry, projecting a profit growth rate of 51% for the Hang Seng Hong Kong Stock Connect Technology sector in 2024 [2]

智通财经APP获悉，12月17日，恒生指数公司发文指出，2025年有望成为恒生指数(简称：恒指)过去10 年表现最为出色的年份之一。随着港股通创纪录的资金流入、对人工智能未来发展的憧憬，以及减息等 因素提振市场气氛，恒指于2024年上升18%之后，上升动力再延续至2025年。截至2025年12月12日，恒 指年初至今录得29%的升幅，主要是由金融业、资讯科技业，以及非必需消费品带动。随着2025年临近 尾声，恒指有望录得2017年(+36%)以来的最佳年度表现。 成份股层面上，阿里巴巴-W(09988)为最大贡献者，推动恒指今年以来升势1,332点或整体升幅的23%。 接下来的主要推动力则来自汇丰控股(00005)和腾讯(00700)，分别贡献升幅的14%及13%。截至2025年12 月12日，恒指前十大贡献成份股的综合影响为4,569点，相当于年初至今升幅的77%。 恒指于1969年11月推出，时至今日已成为全球认可的香港股市基准，并具备完善的产品生态系统。截至 2025年11月底，共有16只交易所买卖产品(ETP)追踪恒指，合计资产管理总值(AUM)为235亿美元。除此 之外，恒指在过去几年亦进一步扩大其 ...

港股市场策略周报 2025.12.08-2025.12.14 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： l 港股市场宏观环境： 2 n 本周港股三大指数先跌后涨、集体收跌，价值股、大盘股表现占优，成长股走弱。本周呈现"先防守、后修复"的V型 走势。本周恒生综指/恒生指数/恒生科技分别-0.45%/-0.42%/-0.43%。本周市场一级行业板块多数收跌，仅金融业、 资讯科技业收涨，其分别上涨0.88%、0.34%。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为83.39%，估值水平接近5年均值向上一个标准差。 n 基本面：通胀数据不及市场预期；政治局会议定调"提质增效"；中央经济工作会议强调"苦练内功应对外部挑战"。 n 资金面：美联储12月降息靴子落地，宽松预期有所升温；日本央行加息扰动全球流动性；南向资金结束29周净流入。 l 港股市场展望： n 基本面：国内经济仍处于筑底期 ...

12月11日，港股IPO的第100次钟声敲响。伴随着京东工业（07618.HK）上市，港股年内新股上市数量破百。 站在这一关键节点回望，今年全年，港股市场的集结号持续吹响，百只新股合计募资额冲上2700亿港元，时隔四年再度突破2000亿港元大关。放在全球视角 看，港交所全年募资总额无悬念登顶全球。 纵观全年，港股市场成为全球大型新股的重要"集聚地"，在全球十大IPO项目中独占四席。其中，锂电池巨头宁德时代以410.06亿港元募资金额高调上市， 一举成为港股年内"募资王"，同时稳坐全球年内新股募资额的头把交椅。除此之外，港交所年内还有7只百亿级IPO项目接连亮相。 在持续升温的A股公司赴港上市热潮中，年内，18家"A+H"上市新股成为港交所年内筹资增长的重要增量。而在市场结构方面，在政策东风推动下，新消 费、硬科技正成为本轮热潮背后的有力引擎。 不过，在全球第一的募资规模背后，港股IPO市场也面临隐忧，11月之后新股破发回潮、上市质量下滑、投行人才短缺致服务能力不足以及超300家排队企 业未来可能面临的发行难题……开始摆上台面。在繁荣与隐忧的交织中，港股IPO正经历考验。 | 序号 | | | | | --- ...

港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数聚焦于通过港股通渠道可交易的 科技主题企业，成分股覆盖资讯科技业、电子零件、互动媒体及服务等核心科技领域。指数编制注重高 研发投入与成长性特征，在硬件制造、电子通信等实体科技产业基础上，同步纳入软件服务及互联网应 用板块，系统反映港股市场科技全产业链的整体表现。 （文章来源：每日经济新闻） 中泰证券指出，港股市场受到多重利好因素提振，美联储12月降息，叠加中美经贸关系持续向好、内地 高技术制造业PMI扩张及消费市场活跃等积极因素为科技板块提供良好支撑。展望后市，在全球流动性 宽松和内地经济改善的支撑下，港股科技股特别是具备创新能力和增长潜力的公司将继续受关注。 ...