Group 1 - The core viewpoint of the article highlights the stable performance of Qiu Dongrong's funds, with five funds achieving positive returns in the first quarter of the year, particularly the Zhonggeng Small Cap Value Fund, which has returned over 10% [1][2] - The total management scale of Qiu Dongrong's funds has reached 32 billion, with the Zhonggeng Small Cap Value Fund experiencing net subscriptions, while other funds faced varying degrees of net redemptions [2][4] - The investment strategy shows a high stock allocation of over 90%, with a significant focus on Hong Kong stocks, particularly in the newly established Zhonggeng Hong Kong Stock Connect Value Fund, which has an equity position of 98.68% [5][7] Group 2 - Qiu Dongrong's view on Hong Kong stocks indicates that the overall valuation is around the historical 20th percentile, with value stocks at the 10th percentile, suggesting long-term attractiveness and systematic opportunities [8][21] - The fund manager has made notable adjustments, including a significant increase in holdings of Meituan, which has become the largest position in several funds after being cleared out last year [9][15] - Other adjustments include reducing positions in China National Offshore Oil Corporation and China Hongqiao, while increasing holdings in Guanghui Energy, which is now a top ten holding across multiple funds [22][29] Group 3 - The first major sector in Qiu Dongrong's portfolio is non-ferrous metals, with reductions in holdings of China Hongqiao and Shenhuo Co., indicating a strategic shift in the sector [34][38] - The investment focus includes low-valuation but growth-oriented stocks, particularly in sectors like energy, technology, and manufacturing, with an emphasis on companies with unique competitive advantages [41][43] - The funds are also looking at opportunities in the healthcare sector, driven by domestic demand growth and supply constraints, particularly in the pharmaceutical manufacturing industry [44]

Group 1 - The core viewpoint emphasizes that the growth of the Hong Kong technology sector ETF (513020) is primarily driven by overseas expansion opportunities [1] - The Hang Seng Technology Index has historically shown weak performance in Q4, with a typical recovery in Q1/Q2 of the following year [1] - Key focus areas for 2026 include the overseas business progress of internet giants, with opportunities for domestic cloud and gaming companies due to AI development trends [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which includes technology-related companies listed in Hong Kong [1] - The index is concentrated in sectors such as electronics, media, internet, and semiconductor chips, reflecting high-tech innovation characteristics [1] - The index focuses on technology leaders with a high concentration of weight, which can represent the overall performance of the technology industry [1]

Core Viewpoint - The Hong Kong stock market is experiencing a mixed performance with the Hang Seng Index and related indices showing slight declines, while certain stocks are performing better than others. The outlook for 2026 suggests a stable macro-financial environment that could benefit bank operations and overall market performance [1]. Group 1: Market Performance - The Hang Seng Index opened down 0.21%, the National Enterprises Index down 0.23%, and the Hang Seng Technology Index down 0.22% [1]. - The Hang Seng ETF (159920) is down nearly 1% in early trading, with more stocks declining than rising [1]. - Notable decliners include Ctrip Group, NetEase, Pop Mart, Zhongsheng Holdings, and Techtronic Industries, while gainers include Zijin Mining, Sunny Optical Technology, China Hongqiao, and Baidu Group [1]. Group 2: Economic Outlook - CITIC Securities indicates that the recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets. The central bank is expected to adopt more flexible policy tools, focusing on domestic demand [1]. - The banking sector is anticipated to see a stabilization in operating conditions by 2026, with expectations of a bottoming out of bank interest margins and a reduction in risks for the real economy, leading to income and profit recovery [1]. - The absolute return logic for the banking sector is driven by a reassessment of systemic risks and valuation recovery, alongside stable equity returns attracting capital inflows, suggesting a continued upward trend in valuations by 2026 [1]. Group 3: Investment Opportunities - Key investment targets include the core broad-based Hong Kong stocks represented by the Hang Seng ETF (159920) [1]. - The AI and platform economy is highlighted through the Hang Seng Technology Index ETF (513180) [1]. - The focus on the development of Chinese enterprises in Hong Kong is represented by the Hang Seng National Enterprises ETF (159850) [1].

上述研报还指出，对于AI相关性较低的公司，业绩能见度和估值性价比将是股价的核心影响因素。业 绩角度，竞争格局及宏观敏感度为核心影响要素。一是竞争格局相对稳定的垂类龙头有望保持业绩韧 性。二是以供给创新驱动的情绪消费有望保持高景气。此外，随着2025年4季度起各大即时零售平台开 始注重优化效率，2026年行业竞争强度如若边际趋缓，核心玩家则存股价反转机遇。 编辑：林郑宏 转自：新华财经 新华财经上海12月31日电 中信证券研报分析认为，2025年互联网板块在外部扰动反复的环境下走出震 荡上行行情，上行动量主要为AI驱动的价值重估及流动性改善。展望2026年，预计中概互联网板块的 投资机遇将围绕AI产业化进程、业绩能见度和估值性价比两大主线展开：一是AI产业化加速兑现，模 型迭代、应用渗透以及业绩兑现将成为互联网板块AI叙事下的重要催化；二是综合考虑业绩能见度及 估值性价比。此外，建议关注外卖与即使零售竞争格局边际变化带来的潜在机遇。 ...

Core Viewpoint - The Hong Kong stock market has not reversed its downward trend as it approaches the end of 2025, with major indices opening lower and the Hong Kong Internet ETF (513770) declining by 0.95% [1][2]. Market Performance - The Hong Kong Internet ETF (513770) has seen a cumulative decline of 18.55% since October, with a current price-to-earnings (PE) ratio of 24.56, which is significantly lower than the 25.87% percentile over the past five years [2][3]. - The ETF's recent trading volume indicates a net inflow of 83.5 million yuan over the last two days, suggesting a shift towards left-side positioning by investors [3][4]. Investment Outlook - Looking ahead to 2026, there is an expectation for the Hong Kong stock market to experience a rebound, supported by a favorable monetary policy environment and potential net inflows from foreign and southbound capital [4][5]. - The focus on technological innovation is highlighted as a key investment theme, with significant potential for valuation recovery in the tech sector, particularly driven by advancements in AI [5]. ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index and has a strong focus on leading companies such as Alibaba, Tencent, and Xiaomi, with over 73% of its top holdings concentrated in AI and cloud computing [5]. - The ETF has an average daily trading volume exceeding 600 million yuan, providing good liquidity and allowing for T+0 trading without QDII quota restrictions [5].

Core Viewpoint - The Hong Kong stock market has not managed to reverse its downward trend as it approaches the end of 2025, with major indices opening lower and the Hong Kong Internet ETF (513770) experiencing a decline of 0.95% [1][10]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a cumulative decline of 18.55% since October, with the latest price-to-earnings ratio (PE TTM) at 24.56, significantly lower than the 25.87% percentile over the past five years [3][10]. - The valuation of the Hong Kong Internet sector is notably lower than that of the A-share and US tech indices, highlighting a price-performance advantage [3][10]. - Recent data indicates that the Hong Kong Internet ETF has attracted a net inflow of 83.5 million yuan over the past two days, suggesting a shift towards left-side positioning by investors [11]. Group 2: Future Outlook - Looking ahead to 2026, there is an expectation for the Hong Kong stock market to experience a gradual upward trend, supported by a loose monetary policy environment and continued net inflows from foreign and southbound capital [5][12]. - The focus on technological innovation and supply-side reforms is anticipated to enhance the profitability of listed companies in Hong Kong, leading to a scenario of rising earnings and valuations [5][13]. - AI remains a key catalyst for valuation increases in the Hong Kong Internet sector, with emphasis on model iteration, application implementation, and performance realization [6][13]. Group 3: Investment Strategies - The Hong Kong Internet ETF (513770) and its associated funds are designed to passively track the CSI Hong Kong Internet Index, with significant holdings in major players like Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the top ten holdings [6][13]. - For investors seeking to mitigate volatility while still capitalizing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [6][13].

12月31日，港股恒生指数低开0.21%，恒生科技指数跌0.22%。 | 名称 | 现价 | 涨跌幅 ◆ | | --- | --- | --- | | 携程集团-S | 559.500 | -2.01% | | 9961.HK | | | | 京东集团-SW | 112.100 | -1.32% | | 9618.HK | | | | 网易-S | 219.000 | -1.26% | | 9999.HK | | | | 快手-W | 63.800 | -1.09% | | 1024.HK | | | | 京东健康 | 55.900 | -1.06% | | 6618.HK | | | | 百度集团-SW | 128.700 | -0.77% | | 9888.HK | | | | 同程旅行 | 22.100 | -0.72% | | 0780.HK | | | | 美团-W | 103.700 | -0.58% | | 3690.HK | | | | 阿里巴巴-W | 143.700 | -0.55% | | 9988.HK | | | 编辑 ｜ 钉钉 | 名称 | 现价 | 涨跌幅 ◆ | | --- ...

凤凰网财经讯 12月31日，三大股指集体高开，沪指涨0.09%，深成指涨0.17%，创业板指涨0.15%。先进 封装、存储器、消费电子、光伏题材走强，稳定币、商业航天、能源金属概念股走弱。北交所新股N蘅 东光上市涨逾1000%。 | | | | | 沪深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 * * ● | 咸新 | 张幅% | | 涨跌 涨跌家数 | | 用 | 现手 金额 | | 上证指数 | 3968.73 | 0.09 | 3.62 | 1047/784 | 0.03 | 350万 | 350万 62.61 7. | | 深证成指 | 13627.26 | 0.17 | 23.19 | 1542/867 | -0.01 | 808万 | 808万 119.18亿 | | 北证50 | 1449.56 | -0.07 | -1.08 | 149/87 | -0.15 | 17.5万 | 7.70 Z 17.5万 | | 创业板指 | 3247.74 | 0.15 | 4.84 | 760/445 | 0.0 ...

Core Insights - The Hong Kong Technology ETF Tianhong (159128) has seen a turnover of 2.52% with a transaction volume of 40.82 million yuan, while the tracked National Index of Hong Kong Stock Connect Technology (987008) rose by 1.07%, led by stocks such as UBTECH (09880) and SMIC (00981) [1] - As of December 30, the Hong Kong Technology ETF Tianhong (159128) reached a new high with a total size of 1.652 billion yuan and 1.791 billion shares outstanding [1] - The Hang Seng Technology ETF Tianhong (520920) also reported a turnover of 2.54% and a transaction volume of 270 million yuan, with the Hang Seng Technology Index (HSTECH) increasing by 1.96% [1] Fund Flows - The Hang Seng Technology ETF Tianhong has recorded a net inflow of 1.74 million yuan recently, accumulating a total of 34.8 million yuan over the past five trading days [2] - The Hong Kong Technology ETF Tianhong (159128) has seen a cumulative net inflow of over 1.1 billion yuan since its listing [1][2] Product Highlights - The Hong Kong Technology ETF Tianhong (159128) tracks the top 30 core technology assets in Hong Kong, with the top ten constituents accounting for over 75% of the fund [2] - The ETF allows for T+0 trading and is not subject to QDII quotas, making it a more accessible investment tool for technology assets [2] Market Trends - The ongoing buyback trend in the Hong Kong market is led by technology giants, with Tencent leading the buyback with 78.13 billion HKD, accounting for 44.17% of total buybacks [2][3] - The buyback activity is characterized by a concentration among leading firms and a clear use of idle funds, indicating a strategic approach to capital management [3] Institutional Views - Analysts from Zhongtai Securities suggest that the overall easing monetary policy from the Federal Reserve is beneficial for the Hong Kong market, particularly for the technology sector [4] - The acceleration of autonomous driving policies is expected to boost the automotive sector, with a positive outlook for technology stocks driven by the AI wave [4]

Market Overview - The Hong Kong stock market opened slightly lower on December 31, with the Hang Seng Index down 0.21% at 25,801.49 points, the Hang Seng Tech Index down 0.22% at 5,566.24 points, and the National Enterprises Index down 0.23% at 8,970.49 points [1] - Major tech stocks mostly declined, with Alibaba down 0.55%, Tencent down 0.42%, and JD.com down 1.32%. Conversely, Xiaomi rose by 0.86% [1] Company News - Zijin Mining (02899.HK) expects to achieve a net profit of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% due to increased production and sales prices [2] - Starry Development (00640.HK) reported revenue of approximately HKD 835 million for the fiscal year ending September 30, 2025, a year-on-year increase of 13.4%, and a net profit of approximately HKD 122 million, up 21.7% [2] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive its preemptive rights to an additional 3.6% stake [3] - CNOOC Services (02883.HK) has recently purchased bank wealth management products totaling HKD 3 billion [4] Clinical Trials and Drug Approvals - Fosun Pharma (02196.HK) has initiated clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [5] - Hutchison China MediTech (00013.HK) announced that its new drug application for Savolitinib, intended for treating gastric cancer patients with MET amplification, has been accepted and prioritized for review [5] Strategic Partnerships - Linkong Biotechnology Group (00690.HK) has established a strategic partnership with Wenzhou Medical University National Engineering Research Center and the Ouhai District People's Government [6] Financing Activities - Youlian International Education Leasing (01563.HK) has entered into a financing lease agreement for energy-saving equipment [7] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.062 million shares for HKD 636 million at prices ranging from HKD 594.5 to HKD 600.5 [8] - COSCO Shipping Holdings (01919.HK) repurchased 4.3715 million shares for HKD 61.05 million at prices between HKD 13.86 and HKD 14.06 [9] - China Feihe (06186.HK) repurchased 8.837 million shares for HKD 36.34 million at prices between HKD 4.07 and HKD 4.12 [10] - Kuaishou-W (01024.HK) repurchased approximately 464,000 shares for HKD 29.88 million at prices between HKD 63.75 and HKD 64.75 [10] - Giant Bio (02367.HK) repurchased 400,000 shares for HKD 13.44 million at prices between HKD 33.48 and HKD 33.76 [11] Institutional Insights - Everbright Securities notes that the overall profitability of Hong Kong stocks remains strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals. Despite recent gains, valuations are still considered low, suggesting long-term investment potential [12] - Founder Securities highlights positive signals from government policies aimed at optimizing the "two new" policies, which may enhance the competitive environment in the automotive industry [12] - CITIC Securities anticipates a 7.9% increase in Hong Kong private residential transaction volumes in 2026, driven by a favorable interest rate environment and increased asset allocation demand [12]