中国交通建设：每股0.12929港元，除净日：2025-12-01，派息日期：2026-01-09；恒生行业：重型基 建，是中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成 分股。 中联重科：每股人民币0.2元，除净日：2025-12-15，派息日期：2026-01-09；恒生行业：重型机械，非 中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 周大福：每股0.22港元，除净日：2025-12-15，派息日期：2025-12-24；恒生行业：其他零售商，非中 证港股通央企红利指数（931233.CSI）指数的成分股，是恒生中国内地企业高股息率指数的成分股。 NIRAKU：每股0.01港元，除净日：2025-12-08，派息日期：2026-01-12；恒生行业：赌场及博彩，非 中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分股。 弥明生活百货：每股0.003港元，除净日：2025-12-16，派息日期：2026-01-09；恒生行业：护肤与化妆 品，非中证港股通央企红 ...

Core Viewpoint - Short-term risk factors for Hong Kong stocks are decreasing, but a rebound confirmation requires catalysts. The current position is attractive for medium to long-term allocation [1]. Group 1: Economic Factors - The expectation of a Federal Reserve interest rate cut in December is fluctuating, leading to relatively weak performance in overseas markets represented by U.S. stocks. An increase in rate cut expectations could benefit Hong Kong stocks [1]. - The market is likely to refocus on policy ahead of the Central Economic Work Conference in December, which has not yet been priced in [1]. Group 2: Market Dynamics - The narrative surrounding the AI technology bubble in U.S. stocks has weakened, resulting in significant corrections in Hong Kong technology stocks, which currently present an attractive allocation opportunity [1]. - Short-term, macroeconomic and geopolitical risks remain unresolved, suggesting a balanced allocation strategy, with relative strength in dividends still present [1]. Group 3: Investment Products - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in information technology, electronic components, and interactive media, focusing on high-end manufacturing, hardware infrastructure, and the entire AI industry chain [1].

Group 1 - The core viewpoint is that a slow bull market is anticipated, with short-term fluctuations expected as the market awaits renewed expectations for interest rate cuts by the Federal Reserve and the resolution of uncertainties surrounding AI's long-term narrative [1] - In the medium to long term, economic growth is shifting from traditional demand-side stimulation to supply-side innovation, driven by the "14th Five-Year Plan" promoting the transformation of old and new growth drivers [1] - Investment focus should shift from chasing demand fluctuations to paying attention to supply-side variables such as technological breakthroughs, resource scarcity, and industry clearing, in order to seize structural industrial upgrade opportunities [1] Group 2 - The Hong Kong Stock Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in information technology, electronic components, and interactive media from the Hong Kong Stock Connect range [1] - This index focuses on high-end manufacturing, hardware infrastructure, and the entire AI industry chain, reflecting the overall performance of technology-related listed companies in the Hong Kong market [1]

Core Viewpoint - The Hong Kong stock technology sector has experienced significant recent pullbacks, with sensitivity to positive catalysts declining amid reduced risk appetite, yet there remains a revaluation opportunity as liquidity conditions improve [1] Group 1: Market Conditions - The technology sector in Hong Kong is primarily focused on domestic computing power, models, and applications, with its prospects closely tied to China's technological development, differing from the ongoing cycles in the U.S. [1] - Under the support of the "14th Five-Year Plan," the theme of technological self-sufficiency is emphasized for the medium to long term [1] - Although short-term market sentiment has been largely released, Hong Kong stocks are entering a phase of positioning, with current valuations beginning to show cost-effectiveness [1] Group 2: Investment Products - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in information technology, electronic components, and interactive media from the Stock Connect range [1] - This index focuses on high-end manufacturing, hardware infrastructure, and the entire AI industry chain, aiming to reflect the overall performance of technology-related listed companies in the Hong Kong market [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]

Core Insights - The fourth quarter is expected to see Hong Kong tech leaders regain their advantages, with the Hong Kong tech ETF (513020) experiencing a net inflow of over 1.1 billion yuan in the past 20 days [1] - Optimism in the AI sector is driving the internet sector back to the AI narrative, contributing to a positive overall performance in the Hong Kong market [1] - The potential for foreign capital to return is heightened by the Federal Reserve's resumption of interest rate cuts, which may lead to sustained inflows from southbound funds [1] Industry Summary - The Hong Kong tech ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related companies listed in Hong Kong that are traded through the Stock Connect [1] - The index includes the top 30 companies by market capitalization, reflecting the core performance of the Hong Kong tech sector with significant industry purity and leadership characteristics [1] - The upward trend in the AI industry cycle is confirmed, indicating that Hong Kong tech leaders are likely to regain their advantages in the fourth quarter [1] Market Dynamics - The overall bullish market pattern for Hong Kong stocks remains unchanged in the fourth quarter, with AI-driven tech stocks being the main theme of the market [1] - The Hong Kong market is benefiting from policies that strengthen dividends and low interest rates, making new consumption and innovative pharmaceutical assets relatively scarce compared to A-shares, which are worth monitoring in the second half of the year [1]

Group 1 - Recent market sentiment has cooled, but the new economy, represented by technology, remains strong, providing structural opportunities for the Hong Kong stock market [1] - Continuous inflow of foreign and southbound funds supports the valuation advantage of Hong Kong stocks [1] - The gradual easing of U.S. inflation and a shift in Federal Reserve policy towards employment are expected to bolster market expectations for interest rate cuts, which historically lead to an increase in Hong Kong stocks [1] Group 2 - The Hong Kong stock market has entered a consolidation phase after previous gains, with positive factors expected to accumulate in Q4, including rapid development in the technology sector and easing U.S.-China trade tensions [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related listed companies traded through the Stock Connect, covering sectors like information technology and electronic components [1] - The index selects the top 30 companies by market capitalization, reflecting the overall performance of core enterprises in the Hong Kong technology sector, characterized by significant industry purity and leading features [1]