具体到投资标的方面，浦银安盛同时看好 AI 基础层和应用层公司的观点。基础层的公司不仅能提供短 期的确定性，还能受益于中长期 AI 技术的提升。在基础层的投资标的中，过去两年大科技企业在 AI 领域中投入巨大，在技术储备和赛道布局上都占据了有利的位置，驱动自身盈利增速强劲增长。而在应 用层方面，今年以来我们已经看到越来越多的企业推动 AI 从被动工具向主动的代理模式（AI Agent） 转变。在这一趋势下，越来越多应用层的企业或将迎来爆发式增长的机会。预计，在 AI 的高速发展 下，更多细分赛道的优秀公司有望脱颖而出。 基于此，浦银安盛，梳理出 24 个短期有望受到资金青睐的 AI 技术和应用相关的港股公司，供投资者 参考： | 公司名称 | 股票代码 | 恒生三级行业 | 市值(亿港元) | 日均成交额(百万港元) | YTD 表现(%) | | --- | --- | --- | --- | --- | --- | | Al 行业龙头公司 | | | | | | | 腾讯控股 | 0700.HK | 数码解决方案服务 | 58,206 | 10,976 | 53% | | 阿里巴巴 | 9988.HK | ...

Core Viewpoint - The insurance capital's participation as cornerstone investors in Hong Kong IPOs has surged significantly this year, with subscription amounts exceeding HKD 3.44 billion, approximately three times that of the same period last year, indicating a shift in investment strategy amidst low interest rates and asset scarcity [1][2]. Group 1: Investment Trends - Insurance funds are increasingly focusing on "hard technology" and new consumption sectors, including automotive, digital solutions, home appliances, semiconductors, and energy storage devices [3][10]. - Major insurance companies like Taikang Insurance and China Pacific Insurance have actively participated in multiple IPOs, with Taikang alone investing over HKD 1.4 billion across five companies [2][3]. Group 2: Market Dynamics - The Hong Kong IPO market has seen a revival, with a total fundraising amount of HKD 182.9 billion in the first three quarters of 2025, making it the highest globally [10]. - The number of IPO applications being processed has reached a record high of 289, reflecting a robust market environment [10]. Group 3: Risks and Challenges - Despite the potential for increased returns, cornerstone investments carry risks such as market volatility, liquidity constraints due to lock-up periods, and uncertainties related to the Hong Kong dollar's exchange rate and interest rate environment [1][11]. - The rapid technological changes in the hard tech sector pose challenges for insurance companies' existing research and investment frameworks, making it difficult to adapt to fast-evolving market conditions [11].

The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, or backtesting results. The report primarily focuses on the analysis of southbound trading flows in the Hong Kong stock market, industry participation, and sectoral net inflows. There is no mention of quantitative models, factors, or their performance metrics.

Group 1: Foreign Capital Flow - In Q2 2025, northbound funds showed a net inflow of approximately 53.74 billion CNY, an increase compared to Q1 2025[2] - Foreign capital in A-shares saw significant net inflows in the financial, industrial, telecommunications, and healthcare sectors, each exceeding 10 billion CNY[6] - In contrast, foreign capital in the Hong Kong stock market experienced a net outflow of about 113.3 billion HKD in Q2 2025 compared to Q1 2025[6] Group 2: Sector Performance - The technology and financial sectors were among the top performers in the Hong Kong market, contributing to significant profit-taking activities in Q2 2025[8] - Specific A-share manufacturing leaders attracted substantial foreign investment during their Hong Kong IPOs, particularly in the energy storage sector[19] - The banking sector saw a divergence in foreign investment, with northbound funds increasing their holdings in A-share banks while foreign intermediaries reduced their holdings in Hong Kong banks[27] Group 3: Investment Trends - The top sectors for foreign capital inflow in the Hong Kong market included information technology, industrials, and essential consumer goods[6] - Notably, the energy storage devices and telecommunications equipment sectors attracted significant foreign investment in Hong Kong[20] - The report highlights a trend where foreign capital is favoring technology and new consumption sectors in Hong Kong, while A-shares are more focused on industrial and financial sectors[22]

Group 1 - The Shenzhen Stock Exchange and Hang Seng Index Company jointly launched the Guozhen Hang Seng Greater Bay Area Digital Economy Index and Guozhen Hang Seng Greater Bay Area Consumption Index to provide distinctive cross-border investment targets and better serve investors' cross-border asset allocation needs [1][2] - The indices focus on core leading companies in the digital economy and consumption sectors, reflecting significant investment value and providing a solid foundation for index compilation and product development [1][2] - The Guozhen Hang Seng Greater Bay Area Digital Economy Index includes 50 companies with large market capitalization and good liquidity from sectors such as electronic components, telecommunications equipment, digital solutions, internet services, infrastructure, and semiconductors, featuring representatives like Tencent Holdings and Luxshare Precision [1][2] Group 2 - The Guozhen Hang Seng Greater Bay Area Consumption Index comprises 50 companies from consumer sectors such as household appliances, consumer electronics, packaged food, furniture, and personal care, including industry leaders like Gree Electric and TCL Technology [1][2] - The collaboration between the two index institutions aims to enhance the representation and investment guidance of the index market, facilitating the continuous expansion of the mutual connectivity mechanism between Shenzhen and Hong Kong [2] - The companies plan to develop more diverse indices to provide comprehensive index solutions for domestic and international market participants, helping them seize economic development and market opportunities in the Shenzhen-Hong Kong region [2]