显著的赚钱效应，彻底扭转观望情绪 企业原计划提供的认购额度，是占IPO新股发行量40%的股份，但想参与的基石投资资金规模，已经达 到计划额度的3倍以上。港股IPO的基石投资，正在从乏人问津，转向溢价争抢。 最新的例子是博泰车联网科技（上海）股份有限公司（以下简称"博泰车联"）。通过港交所聆讯后，该 公司9月22日开启港交所上市招股，并引入了三家基石投资人， 这只是港股基石投资热的一个缩影。Choice数据显示，2025年以来，港股IPO市场基石投资者参与度呈 现井喷式增长，平均每家上市公司获5.35名基石投资者"护航"，这一数值较去年同期的1.37名激增近 290%，部分项目基石额度获资金超额三倍认购。 外资机构、上市公司、头部投资机构等诸多机构，是基石投资热的主要推动力量。驱动这一结构性转变 的核心逻辑，在于投资回报率的根本性改善。数据显示，超77%的基石投资者账面浮盈，创新药企及新 消费龙头则成为收益引擎，部分项目为基石投资者带来了逾十倍的投资回报。显著的赚钱效应，彻底扭 转了此前因流动性担忧而致的观望情绪，基石投资从"风险包袱"转变为"核心资产配置"的关键一环。 从乏人问津到溢价抢筹 根据博泰车联披露， ...

Investment Rating - The report maintains a "Buy" rating for stocks, expecting a relative return of over 20% within the next six months [23] Core Insights - The Hong Kong stock market showed positive momentum with the Hang Seng Index rising by 0.59% and the Hang Seng Technology Index increasing by 5.09% during the week [1] - Tencent's release of the Mixed Yuan 3D 3.0 model is expected to enhance the valuation of Hong Kong technology stocks, with significant improvements in modeling precision and detail [2][6] - Continuous structural inflow of southbound funds is noted, particularly into internet and consumer sectors, with major investments in Alibaba, Meituan, and Pop Mart [2][18] Summary by Sections Market Overview - The Hang Seng Index increased by 0.59% with a trading volume of 1.73 trillion yuan, while the Hang Seng Technology Index rose by 5.09% [1] - Southbound funds recorded a net inflow of 33.726 billion yuan for the week, totaling 1,031.159 billion yuan year-to-date, which is 138.59% of the total net inflow for 2024 [1][16] Sector Performance - The top-performing sectors for the week were Electrical Equipment and Semiconductors, with weekly gains of 15.57% and 9.85% respectively [1] - Notable stocks included CATL in the Electrical Equipment sector, which saw a weekly increase of 19.11%, and SMIC and Hua Hong Semiconductor in the Semiconductor sector, which rose by 11.16% and 18.47% respectively [1] AI and Technology Developments - Tencent's Mixed Yuan 3D 3.0 model boasts a threefold increase in modeling precision and supports ultra-high-definition modeling with 3.6 billion voxels, aimed at various industries including gaming and e-commerce [2][6] - The report suggests focusing on platform-based internet companies with synergistic advantages in computing power and application scenarios, including Tencent, Kuaishou, Alibaba, and others [2] Investment Recommendations - For internet companies, Tencent is projected to have a PE of 25X for 2025, with strong overseas gaming growth expected to continue [2] - Meituan is anticipated to maintain stable growth, while Alibaba's cloud business is expected to sustain high growth rates [2] - In the new consumption sector, Pop Mart is highlighted for its accelerating global IP strategy and significant profit potential [3]

Market Performance - On September 23, the market experienced a rebound after a significant drop, with the ChiNext index rising by 0.21% while the Shanghai Composite Index fell by 0.18% and the Shenzhen Component Index dropped by 0.29% [2] - Over 4,200 stocks declined in the market, with a total trading volume of 2.49 trillion yuan, an increase of 372.9 billion yuan compared to the previous trading day [2] - The market saw a brief moment where the number of declining stocks exceeded 5,000, indicating high volatility [2] Technical Indicators - The Wind data indicated that the market indices, including the Wind All A Index and average stock price, approached the 30-day moving average, suggesting a weakening trend for most stocks [4] - The recent strong indices, such as the Shenzhen and ChiNext, experienced downward breaks of their 5-day or 10-day moving averages before slightly recovering [2][4] Market Sentiment and Expectations - There is a belief that a rebound is likely following the significant drop, supported by historical patterns of recovery after sharp declines [5] - The upcoming anniversary of the "9·24" market event is seen as a potential catalyst for market recovery, which could boost investor confidence [10] Fund Flows and External Influences - There were signs of capital inflow towards the end of the trading day, indicating a possible anticipation of market recovery [11] - External factors, such as the performance of US tech stocks, have influenced the A-share market, with some domestic tech stocks opening high but closing lower [11] Market Dynamics and Risks - Analysts suggest that the market's recent downturn may be attributed to profit-taking behavior ahead of the long holiday, particularly among leveraged funds [12] - The current financing balance stands at 2.4 trillion yuan, which, while not excessively high relative to market capitalization, indicates a significant amount of capital that could be affected by risk factors [12] Future Outlook - According to research from Huajin Securities, the market may see stronger performance in October and December due to potential policy shifts and expectations of liquidity easing from the Federal Reserve [15][16]

来源：市场资讯 （来源：招商ETF） 随着美联储开启降息，对利率敏感的港股科技资产获海内外资金流入。 外资方面，截至9月17日，EPFR口径下外资净流入境外中资股18.6亿美元，创去年11月以来单周新高， 其中主动型外资流出0.4亿美元，被动型外资由前一周净流出2.3亿美元转为净流入19亿美元。 南向依然低配科技，按恒生科技入通成分股在港股通流通市值占比对比，当前南向低配科技2.7%，相 比7月初的低配3.0%略有提升但依然低配。 场内ETF方面，$港股科技50ETF(159750)近7日获资金连续净流入超2亿元。 招商证券指出，根据历史经验，在预防式降息后的3个月A股和港股上涨概率分别达到100%和75%；降 息后的半年，港股上涨概率达到100%。中期维度上，整体继续看好美联储重启降息环境下，A股和港 股的投资机会。结构上，继续看好偏成长风格方向。 外资方面,截至9月17日,EPFR口径下外资净流入 填外中资股18.6亿美元,创去年11月以来单周新高。 其中主动型外资流出0.4亿美元,被动型外资由前一 周净流出2.3亿美元转为净流入19亿美元。 南向依然低配科技、按恒生科技入通成分股在港股通 流通市值占比对 ...

Core Viewpoint - The article highlights the increasing investment focus of private equity firms in Hong Kong's stock market, particularly in AI, digital currency, and new consumption sectors, with a significant portion of their portfolios allocated to these areas [1][2]. Group 1: Investment Strategy - The company has adjusted its positioning to become a "global value investment practitioner," planning to increase investments in global markets, especially in AI and digital currency sectors [1]. - Currently, over 70% of the company's portfolio is allocated to AI, digital currency, and new consumption sectors, with AI being identified as the largest investment opportunity encountered [1][2]. - The company is focusing on two specific segments within the AI sector: HBM investments and application AI companies, which are expected to have substantial growth potential due to increasing demand for bandwidth and efficiency improvements [2]. Group 2: Digital Currency Focus - The digital currency sector has become a new investment priority for the company, with a particular emphasis on DAT (Digital Asset Treasury) companies, which are seen as stable business models that can capitalize on the growth of digital currencies [3]. - As capital flows into the AI and digital currency sectors, valuations of many listed companies in these fields have surged, prompting the company to enhance its risk management capabilities to ensure dynamic portfolio balance [3]. Group 3: New Consumption Sector - The company is closely monitoring investment opportunities in the new consumption sector, particularly focusing on companies that can deliver sustained emotional value and high product value-to-price ratios to consumers [4]. - The investment strategy includes regular communication with investors to keep them informed about the latest investment trends and potential risks in the AI and digital currency sectors [4].

Core Viewpoint - Despite the strong performance of technology and pharmaceutical funds, public funds are gradually adopting a defensive mindset [1] Group 1: ETF Construction Strategies - The construction speed of popular industry ETFs has slowed down, with significant positions only around 10-17% before their respective listings [3][4] - As of September 19, 2023, the strongest technology funds have achieved returns of up to 196%, while pharmaceutical funds have exceeded 170% [3][4] - The rapid construction of ETFs is often linked to the performance of the underlying sectors, with slower construction occurring when sector gains are excessive [4] Group 2: Shift Towards Consumer Stocks - Leading funds are increasingly focusing on consumer stocks, with several pharmaceutical-themed funds beginning to include new consumer stocks in their portfolios [5][6] - The IPO of IFBH, a coconut water company, attracted significant interest from multiple public and private funds, indicating a shift in investment strategy [5] - The entry of public funds into consumer stocks is seen as a response to the strong performance of the innovative drug sector [6] Group 3: Outlook on Consumer Sector - The consumer sector is viewed as a core defensive asset for public funds, driven by the emergence of quality companies and new performance drivers [7][8] - Analysts suggest that the competitive landscape in the consumer industry may improve due to a weak economic environment, leading to better product innovation and operational efficiency [8] - The consumer sector is characterized by a vast domestic market and increasing international expansion, presenting new investment opportunities [8]

板块方面，长城证券（002939）表示，科技震荡中趋势仍然可期。该机构指出，本次美联储议息会议未 超预期，并且从美债收益率的变动来说，可能市场对于本次议息会议的解读还是相对偏鹰，因此在议息 会议之后以恒生科技为代表的港股震荡比较明显。但长城证券认为，从鲍威尔的发言和会议的声明内容 来看，表述实质上相对鸽派，从港元目前的流动性来看还是相对偏紧，港元汇率接近于强方兑换保证， 流动性尚未真正驱动港股上涨，因此后续的补涨空间仍然可期。 阿里、百度争相自研芯片，AI点燃看涨狂潮，恒生科技有望再度向上突破。展望后市，美联储降息重 启，南向资金有望持续流入，在内外资共振以及AI叙事回归的共同催化下，恒生科技估值重构可期。 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。 东吴证券观点指出，美联储降息靴子落地，港股上涨更取决于产业景气度和基本面边际变化。当前外资 对中国资产感兴趣的越来越多，但资金流入还处于早期阶段。美国降息后，全球资金会有一部分切入中 国资产，但大规模流入还需等到经济基本面改善信号。当前港股仍是结构性行情，该机构建议自下而上 寻相对低估的个股，持续关注景气赛道，比如 ...

Core Viewpoint - The report from CITIC Securities indicates that after the Federal Reserve's interest rate cut, the "15th Five-Year Plan" is expected to become a focal point for the market, emphasizing anti-involution, service consumption, boosting domestic demand, and industrial upgrades [1] Market Sentiment - Overall market sentiment remains high, with no significant signs of peak or decline, while indices are experiencing narrow fluctuations at high levels [1] - Individual stocks and sectors are showing considerable volatility [1] Investment Strategy - As risks increase in high-positioned sectors, the strategy suggests focusing less on indices and more on individual stocks [1] - It is recommended to position in low-positioned sectors and focus on stocks related to "refusing adjustments" [1] Industry Focus - Key industries to watch include humanoid robots, AI, pig farming, new energy, new consumption, innovative pharmaceuticals, non-ferrous metals, basic chemicals, and non-bank financials [1]

Core Viewpoint - The article highlights the investment strategy of Shen Kun, a fund manager who emphasizes balanced investment and risk control while pursuing quality growth and reasonable valuations [4][9]. Investment Strategy - Shen Kun adopts a GARP (Growth at a Reasonable Price) investment strategy, focusing on selecting growth companies that are reasonably valued or undervalued [4][9]. - The investment approach involves a balanced allocation across multiple industries, such as computing power, consumer electronics, new consumption, and lithium batteries, to mitigate risks associated with over-concentration in a single sector [6][9]. - The fund manager emphasizes the importance of holding quality growth stocks and avoiding chasing market trends, which can lead to poor performance [5][9]. Performance Metrics - Shen Kun's fund, the Fuanda Advantage Growth Mixed Fund, has achieved over 90% returns in the past year, attributed to a forward-looking approach in selecting individual stocks [7]. - The maximum drawdown for the funds managed by Shen Kun has remained below 20% over the past year, showcasing effective risk management [9]. Market Outlook - The article discusses the positive performance of Chinese assets in 2023, driven by advancements in technology and increased government support for the capital market [11]. - Shen Kun believes that the AI sector is poised to lead the fourth industrial revolution, presenting numerous investment opportunities in the coming years [11].

Core Viewpoint - The report from Industrial Securities emphasizes the importance of sector rotation in the A-share market, suggesting that a diverse market with multiple sectors performing well is essential for sustainable growth. The current market environment, driven by incremental capital and favorable economic conditions, requires a focus on sector expansion rather than simple high-to-low switching strategies [1][3][6]. Group 1: Market Dynamics - Recent fluctuations in growth sectors indicate increased volatility and high-level oscillation, prompting discussions on whether to switch from high to low positions [1][3]. - The market's structural differentiation and concentrated consensus need to be digested and consolidated, with a recommendation for a rotational approach to manage rhythm fluctuations [3][6]. - The current market is characterized by an "incremental market" where capital behavior has shifted from "moving house" in a stock market to "expanding" in an incremental market, making the "expansion logic" more applicable [3][6]. Group 2: Sector Focus - Key sectors to watch include Hong Kong internet, military industry, innovative pharmaceuticals, new energy, new consumption, and "anti-involution" & cyclical sectors (non-ferrous metals, chemicals) [11][20][36]. - The Hong Kong internet sector is highlighted for its potential rebound, driven by external liquidity and AI expansion, with significant room for growth compared to A-share TMT sectors [11][14]. - The military sector is expected to benefit from upcoming five-year planning meetings, historically showing strong performance leading up to such events [17][20]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector is experiencing a reduction in crowding, with a notable release of pressure and a shift towards commercialization, leading to improved performance from leading companies [24][25]. - The sector is witnessing a surge in product approvals and international licensing deals, indicating a strengthening global competitive position for domestic pharmaceutical companies [24][25]. Group 4: New Energy Sector - The new energy sector is positioned for growth due to technological breakthroughs and a focus on "anti-involution" policies, which are expected to attract funds seeking flexible returns [26][29]. - The sector's recovery is supported by improved supply-demand dynamics and a significant reduction in inventory levels, indicating a potential for performance stabilization [29][30]. Group 5: New Consumption Trends - New consumption sectors are anticipated to benefit from seasonal catalysts and improved economic outlooks, with a focus on structural changes driven by the rise of Generation Z [31][34]. - The current low crowding levels in new consumption sectors present opportunities for rotation and potential growth as consumer trends evolve [31][34]. Group 6: Anti-Involution and Cyclical Sectors - The "anti-involution" policy is seen as a long-term theme that will influence various sectors, particularly those with historical low profitability and capital expenditure [36][37]. - The report highlights the importance of evaluating sectors based on their willingness to participate in anti-involution efforts, with a focus on traditional industries like steel, glass, and new energy supply chains [36][37].