1月5日，港股三大指数呈现窄幅震荡行情。 截至收盘，恒生指数微幅上涨0.03%，国企指数跌0.22%，恒生科技指数微涨0.09%。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅√ | | --- | --- | --- | --- | --- | | 恒生科技指数 | | 5741.63 | +5.19 | +0.09% | | 800700 | more | | | | | 恒生指数 | May porta | 26347.24 | | +8.77 +0.03% | | 800000 | | | | | | 国企指数 | | 9148.47 | -20.52 | -0.22% | | 800100 | arring | | | | 盘面上，大型科技股走势分化，快手大涨11%表现尤其抢眼；生物医药股集体活跃，平安好医生领衔互联网医疗股上涨；内房股拉升，脑机接口概念大爆 发。汽车股全天低迷，三桶油集体下跌，内银股走低。 | 行业热力图 × | 领涨板块 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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]

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。 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 东方证券香港指出，港股科技板块将受益于全球AI回暖与中国政策红利的双轮驱动。中国科技产业正 处于高速成长期，受惠于全球AI革命和中国"新质生产力"战略，恒生科技指数2025年YTD涨幅超25%， 科技板块股价涨幅及业绩表现均远超全A市场。2025年11月下旬以来，全球市场对AI"泡沫"的担忧渐趋 缓和，主要源于美联储降息信号落地、企业盈利超预期以及AI应用场景的实质落地（如Gemini 3模型基 准测试领先）。科技板块覆盖半导体、数字经济及生物科技等领域，展现出全面增长潜力。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数从恒生综合指数中筛选符合互联 互通条件的资讯科技业、电子零件、互动媒体及服务、线上零售商和支付服务等领域的上市公司证券， 选取市值最高的30只作为成分股 ...

Group 1 - The core viewpoint of the articles indicates that the recent performance of the Hong Kong technology sector is primarily driven by sentiment and policy expectations from the mainland market, with significant improvements in valuation expectations for mainland technology and consumer companies listed in Hong Kong due to new policies [1] - The implementation of policies aimed at enhancing the adaptability of supply and demand for consumer goods is expected to further stimulate consumption, contributing positively to the technology growth sector, which is likely to remain a market focus [1] - The Hong Kong technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects 30 high-market-cap securities from various technology-related industries, reflecting the overall performance of quality technology companies in the Hong Kong market [1] Group 2 - The index employs a closed-loop ecosystem strategy focusing on "hardware manufacturing + software application," prioritizing high R&D investment and high-growth technology companies, with significant layouts in cutting-edge technology fields such as artificial intelligence and smart driving [1] - The ongoing support for technology and consumption sectors from mainland policies is expected to sustain a recovery trend in related sectors, while the development of Hong Kong's own biotechnology industry may present structural opportunities [1] - Investors are advised to remain attentive to the Federal Reserve's subsequent policy directions and their potential impact on global liquidity [1]

Group 1 - The core viewpoint is that the Hong Kong stock market's technology sector is experiencing marginal benefits, driven by AI and non-ferrous metal sectors, despite macroeconomic uncertainties [1] - The potential for a "preventive rate cut" by the Federal Reserve may provide liquidity support for growth-oriented technology sectors [1] - Structural opportunities are emerging in the industry, with the AI industry chain benefiting from global technological upgrades, and leading technology companies showing potential for valuation recovery [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-themed companies traded through the Hong Kong Stock Connect [1] - The index primarily covers core technology sectors such as information technology, electronic components, and interactive media and services [1] - Some sub-sectors within the Hong Kong technology sector are already showing signs of supply and demand improvement after a period of consolidation in the fourth quarter [1]

Group 1 - The core viewpoint of the article highlights the continuous inflow of funds into the Hong Kong Technology ETF (513020) over three consecutive days, indicating sustained investment interest in the technology sector and its long-term value [1] - According to Shenwan Hongyuan Securities, the AI sector within the Hong Kong Stock Connect is shifting from a focus on capital expenditure to a greater emphasis on return on investment, with domestic AI chip listings accelerating and AI animated dramas emerging as a rapidly commercialized application [1] - Cloud computing businesses and internet companies with rich application scenarios are gaining attention due to their quick revenue realization and high valuation cost-effectiveness [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in internet, electronic components, interactive media, and services from the Hong Kong Stock Connect range, focusing on leading enterprises with high R&D intensity and growth potential [1]

Core Insights - The technology sector in Hong Kong's stock market is shifting focus from capital expenditure to investment return rates, particularly in the AI field, with domestic AI listings accelerating and AI animation becoming a rapidly commercialized scenario [1] - Cloud computing businesses and internet companies with rich application scenarios are gaining attention due to quick revenue realization and high valuation cost-effectiveness [1] - The gaming sector is experiencing fundamental improvements, with an increase in license approvals not leading to intensified competition, as companies differentiate through user and category competition, and AI technology enhances game production and innovation [1] - Music platforms need to focus on the monetization capabilities of mid- and long-tail content and community cultivation, with free models relying on improved advertising ROI [1] - Some companies in the education publishing industry are showing signs of operational turning points [1] - Overall, the technology sector is concentrating on the practical application of AI, the recovery of gaming fundamentals, and the enhancement of content platform monetization efficiency [1] Index and ETF Information - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies focusing on technology themes from the Hong Kong Stock Connect range, covering sectors such as information technology, electronic components, and interactive media and services [1]

Core Viewpoint - The Hong Kong technology sector is currently undervalued, and if foreign capital flows in, it is expected to benefit from valuation recovery in the medium to long term [1] Group 1: Industry Insights - The Hong Kong technology sector has just entered the earnings release phase, and market expectations have not fully reflected the growth potential of the industry [1] - The AI industry is still in its early stages, with performance in the computing infrastructure segment starting to explode, but the prosperity in the downstream application layer has not yet fully spread [1] - The ceiling expectations for the industry have not yet peaked, indicating that future earnings may continue to exceed expectations [1] Group 2: Investment Opportunities - Overall, the Hong Kong technology sector possesses medium to long-term allocation value, but attention should be paid to foreign liquidity and the pace of industry prosperity diffusion [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which focuses on technology companies listed in Hong Kong that are traded through the Stock Connect channel [1] - The index selects the top 30 securities by market capitalization from sectors such as information technology, electronic components, and interactive media and services, reflecting the overall performance of growth-oriented technology enterprises in the Hong Kong market [1]

Core Viewpoint - The technology sector is expected to lead the market, driven by the overseas expansion of Sora2 and major companies accelerating their computing power investments. The AI industry remains highly prosperous, with rapid advancements in various application areas such as multimodal animation, browser integration, and programming [1] Group 1: AI Industry Insights - The AI industry is maintaining a high level of prosperity, with significant progress in application areas like multimodal animation, browser entry, and programming [1] - OpenAI has launched its first AI-native browser, Atlas, and Doubao Programming has undergone a major upgrade, indicating a successful business model in AI multimodal applications [1] - The long-term trend in the industry remains unchanged, with expectations for 2023 to be a year of explosive growth for China's open-source large models and a reshaping of application patterns [1] Group 2: Hong Kong Technology ETF - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related companies listed in Hong Kong that can be traded through the Stock Connect [1] - This index includes 30 selected constituent stocks, emphasizing high-purity technology assets, which exhibit a high concentration of leading companies and industry representation [1] - The index aims to reflect the overall performance of technology sector securities in the Hong Kong market [1]