Group 1 - The Hong Kong stock technology sector is currently experiencing a phase of recovery, supported by the central economic work conference's directives and the Hong Kong Monetary Authority's interest rate cuts following the Federal Reserve [1] - The technology sector is expected to maintain its leading role through 2026, with significant investment value in internet-weighted assets [1] - Active developments in AI and IP fields are noted, with OpenAI's release of GPT-5.2 enhancing the value chain from Q&A to delivery, and Disney's strategic partnership with OpenAI serving as a landmark example in the content industry of the AI era [1] Group 2 - The film industry is expected to maintain momentum with a rich lineup of key films for the New Year and Spring Festival, including major releases like "Avatar 3," which is likely to sustain industry interest [1] - Opportunities are emerging in the gaming sector during its adjustment period, with China's gaming export ecosystem gaining global recognition for quality [1] - Overall, the technology sector's growth logic remains clear in the medium to long term, driven by AI empowerment, content innovation, and improved policy environment [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-themed listed companies that are tradable through the Stock Connect [1] - The index includes 30 representative technology leading securities, selected through quantitative methods, covering core areas such as information technology and electronic components, while balancing hardware manufacturing and software services [1] - The index systematically reflects the overall performance of the entire technology industry chain in the Hong Kong stock market [1]

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: Dividend Announcements - Wanbo Group announced a dividend of HKD 0.0025 per share, with an ex-dividend date of December 8, 2025, and a payment date of December 23, 2025 [1] - Hong Kong Credit declared a dividend of HKD 0.016 per share, with an ex-dividend date of December 30, 2025, and a payment date of January 14, 2026 [1] - HYPEBEAST announced an interim dividend of HKD 0.0018 per share and a special dividend of HKD 0.0029 per share, with an ex-dividend date of December 9, 2025, and a payment date of December 23, 2025 [1] - Aji Bang Leasing declared a dividend of HKD 0.0023 per share, with an ex-dividend date of December 9, 2025, and a payment date of December 24, 2025 [1] Group 2: Additional Dividend Announcements - Haode Holdings announced a dividend of HKD 0.0008 per share, with an ex-dividend date of December 18, 2025, and a payment date of January 22, 2026 [2] - Kwan Chung Bus Group declared an interim dividend of HKD 0.04 per share and a special dividend of HKD 0.06 per share, with an ex-dividend date of December 8, 2025, and a payment date of December 19, 2025 [2] - Xinjia International announced a dividend of HKD 0.04 per share, with an ex-dividend date of December 10, 2025, and a payment date of December 23, 2025 [2] - Fujikou Industrial declared a dividend of HKD 0.01 per share, with an ex-dividend date of December 9, 2025, and a payment date of December 31, 2025 [2] Group 3: Further Dividend Announcements - Jiali International announced a dividend of HKD 0.015 per share, with an ex-dividend date of December 11, 2025, and a payment date of December 31, 2025 [3] - China Dongxiang declared an interim dividend of HKD 0.0114 per share and a special dividend of HKD 0.0114 per share, with an ex-dividend date of December 8, 2025, and a payment date of December 23, 2025 [3] - Note: The ex-dividend date indicates when a stock begins to be traded without the right to receive the upcoming dividend [3]

Core Viewpoint - The recent pullback in Hong Kong's tech sector is sensitive to changes in risk appetite, but there are still revaluation opportunities as liquidity conditions improve [1] Group 1: Market Conditions - The Hong Kong tech sector has experienced significant recent pullbacks, with a decreased sensitivity to positive catalysts due to a decline in risk appetite [1] - The peak of liquidity suppression factors may have passed, indicating a potential for recovery in the tech sector [1] Group 2: AI Narrative and Industry Focus - Companies in the Hong Kong tech sector are primarily focused on domestic computing power, models, and applications, with their prospects closely tied to China's technological development [1] - The current progress in the sector differs from the continuous development cycle in the U.S. since 2023 [1] Group 3: Long-term Outlook - The "14th Five-Year Plan" supports the theme of technological self-sufficiency, which is crucial for the sector's long-term growth [1] - Despite short-term market sentiment being fully released, the Hong Kong tech sector is entering a phase for potential investment [1] Group 4: ETF and Index Information - The Hong Kong tech ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which focuses on technology companies traded through the Stock Connect [1] - The index consists of 30 constituent stocks and is weighted by market capitalization, reflecting the core performance of China's tech industry, particularly in hardware manufacturing and high-end technology [1]

Core Insights - The report from China Merchants Hong Kong indicates that marginal benefits for Hong Kong stocks are accumulating, with the technology sector and non-ferrous metals sector showing active trends [1] - Despite market consolidation, Hong Kong stocks have reached an upward turning point, with a focus on the development prospects of AI and other technology fields [1] - Overall, the technology sector in Hong Kong stocks is viewed as one of the important growth areas in the fourth quarter strategy [1] Sector Analysis - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which focuses on technology-themed companies that are tradable through the Hong Kong Stock Connect [1] - This index includes 30 constituent stocks, emphasizing high R&D investment and growth potential, with a focus on hardware manufacturing and electronic communication industries, while also covering software services and internet applications [1] - The index aims to comprehensively reflect the overall performance of the entire technology industry chain in the Hong Kong stock market [1]

Group 1: Dividend Announcements - China Communications Construction Company announced a dividend of HKD 0.12929 per share, ex-dividend date on December 1, 2025, and payment date on January 9, 2026 [1] - Zoomlion Heavy Industry Science and Technology Co., Ltd. declared a dividend of RMB 0.2 per share, ex-dividend date on December 15, 2025, and payment date on January 9, 2026 [1] - Chow Tai Fook Jewellery Group Limited will pay a dividend of HKD 0.22 per share, ex-dividend date on December 15, 2025, and payment date on December 24, 2025 [1] - NIRAKU announced a dividend of HKD 0.01 per share, ex-dividend date on December 8, 2025, and payment date on January 12, 2026 [1] Group 2: Industry Classification - China Communications Construction Company is classified under the heavy construction sector and is a constituent of the CSI Central State-Owned Enterprises Dividend Index [1] - Zoomlion Heavy Industry is categorized under heavy machinery and is not part of the CSI Central State-Owned Enterprises Dividend Index [1] - Chow Tai Fook is classified as an other retailer and is part of the Hang Seng High Dividend Yield Index [1] - NIRAKU operates in the casino and gaming sector and is not included in the CSI Central State-Owned Enterprises Dividend Index [1] Group 3: Additional Dividend Announcements - MiiMii Life Department Store announced a dividend of HKD 0.003 per share, ex-dividend date on December 16, 2025, and payment date on January 9, 2026 [2] - Bens International declared a dividend of HKD 0.025 per share, ex-dividend date on December 11, 2025, and payment date on December 23, 2025 [2] - Kwansei Fragrance announced a dividend of HKD 0.05 per share, ex-dividend date on December 8, 2025, and payment date on December 23, 2025 [2] - Sanhua Intelligent Controls declared a dividend of RMB 0.1200 per share, with no specified ex-dividend or payment dates [2] Group 4: Industry Insights - The CSI Central State-Owned Enterprises Dividend Index includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.66% as of November 25, higher than the 10-year government bond yield of 3.84% [4] - The Hang Seng High Dividend Yield Index includes high dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 5.31% as of November 25, also higher than the 10-year government bond yield of 3.49% [4]