Core Viewpoint - The company is renewing its lease for office space at Manhattan Place, located in the core area of Kowloon Bay, which is expected to enhance business efficiency and save costs related to renovations and relocation [1] Group 1: Lease Renewal Details - The company’s wholly-owned subsidiary, 财丰有限公司, has entered into a lease renewal offer with 万泰拓展 for the entire 28th floor of Manhattan Place, Kowloon Bay [1] - The current lease is set to expire on December 14, 2025, prompting the need for renewal discussions [1] Group 2: Strategic Considerations - The board believes that the location in Kowloon Bay, a well-developed commercial area, attracts various industries including finance, insurance, IT, professional services, and real estate, which can significantly enhance business operations [1] - Maintaining the current office location will help the company avoid renovation costs and expenses associated with moving [1]

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交易的科 技相关香港上市公司，涵盖资讯科技、电子零件、互动媒体及服务等前沿领域。指数精选市值排名前30 的标的构成样本，集中反映港股科技板块核心企业的整体表现，具有显著的行业纯度与龙头特征。 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。 四季度港股科技龙头有望重拾优势，港股科技ETF（513020）近20日净流入超11亿元。 国泰海通指出，四季度港股牛市格局不变，AI领域乐观情绪发酵推动互联网板块重回AI叙事，港股整 体表现可圈可点。结构上，AI驱动下港股科技仍是行情主线，互联网巨头受益AI叙事发酵，资产结构 优势凸显。伴随美联储重启降息，外资回流存在超预期可能，南向资金持续流入有望推动行情向上。此 外，港股红利受益于政策强化分红+低利率，新消费、创新 ...

相关机构表示，从盘面上看，近期市场情绪有所降温，但以科技为代表的新经济势头保持强劲，在基本 面上为港股的结构性机会提供有力的支撑。流动性上，外资和南向资金持续流入，港股估值仍具有优 势。另一方面，美国通胀逐渐缓和，美联储政策重点转向就业；政府关门危机料将拖累经济增长，进一 步了加强市场对降息的预期。而降息周期的打开有利于外资继续流入港股市场，历次美联储开启或重启 预防式降息后，港股多表现为上涨。 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。 每日经济新闻 目前，港股在经历了前期的上行之后进入震荡阶段，预计四季度利多因素或逐渐积累：科技行业的快速 发展、中美贸易争端的缓和、"十五五"规划的产业政策预期、外部流动性改善有望为港股打开新一轮的 上行区间。 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交 ...

Core Viewpoint - The Hong Kong technology sector is experiencing a rebound in macro liquidity and is at the early stage of the AI technology cycle, presenting high mid-term allocation value [1] Group 1: Market Dynamics - The underlying logic benefits from the explosion in application and content driven by new technological changes, currently positioned at the starting point of the AI technology cycle [1] - The competition for existing market user numbers and user engagement is intensifying against the backdrop of diminishing traffic dividends, alongside the optimization of business models [1] Group 2: Sector Performance - The e-commerce and local lifestyle sectors are performing steadily due to policy stimulation and operational efficiency improvements, with positive trends in GMV and advertising revenue growth [1] - The acceleration of smart driving and mobility scenarios is expected to become a new growth driver for the industry [1] Group 3: Technology and Innovation - In the AI hardware sector, there is a continuous resonance between cloud computing power and edge AI, with accelerated launches of new edge products and preemptive supply chain demand [1] - Software applications are in the early stages of AI empowerment, with optimism regarding opportunities arising from overseas software performance releases [1] Group 4: ETF Overview - 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] - 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]

Core Viewpoint - Morgan Stanley's report indicates that the covered markets are nearing their "bull case" target for June 2026, primarily due to valuation multiple expansion, but questions the sustainability of this trend without significant acceleration in global growth [1] Market Analysis - The analysis suggests that Asian and emerging market stock valuations are unlikely to sustain without a renewed acceleration in earnings growth, with optimism for a rebound in India's growth [1] - The report anticipates a potential further weakening of the US dollar, with the Bank of Japan having room for interest rate hikes, while the Federal Reserve is expected to implement significant rate cuts [1] Investment Strategy - Following increased holdings in China and South Korea this year, current portfolio risk is lower than in previous years, with "overweight" positions in Japan, Singapore, India, UAE, and Brazil, while "underweight" positions are taken in Indonesia and Saudi Arabia [1] - The industry strategy favors sectors including finance, domestic e-commerce/consumption, and industrials, while maintaining an "underweight" stance on energy and materials (excluding gold), and adopting a selective strategy in the information technology sector [1] Index Projections - Morgan Stanley maintains a "base case" target for the Hang Seng Index at 24,500 points by June 2026, corresponding to a forecasted P/E ratio of 10.6x; the "bull case" target is set at 28,000 points with a P/E ratio of 11.5x, while the "bear case" target is 18,300 points with a P/E ratio of 8.2x [1]

公告称，收益增加主要来自资讯科技分部，该分部于相应年度透过收购City Gear及其附属公司，以及由 公司一家全资附属公司为计算分析及处理中心购置设备而引入集团。 国家联合资源(00254)发布截至2025年6月30日止年度的经审核全年业绩，该集团取得收益1.04亿港元， 同比增加22.47%;公司拥有人应占亏损6006万港元，同比增加596.03%;每股基本亏损13.69港仙。 ...

Core Viewpoint - The report from China Merchants Securities International indicates that while the Hong Kong stock market is experiencing short-term volatility, the long-term upward trend remains intact, suggesting a focus on structural themes rather than index levels [1] Market Performance - During the week of September 22-26, the Hong Kong stock market saw a general decline, with the Hang Seng Index dropping by 1.57% and the Hang Seng Tech Index falling by 1.58% [1] - The AH premium significantly widened to 120, indicating a disparity between Hong Kong and mainland Chinese stocks [1] Sector Analysis - Most major sectors in the Hong Kong market experienced declines, with only the materials sector showing an increase, while sectors such as consumer staples, real estate, and construction led the losses [1] Capital Flow - The micro-funding environment showed a net outflow of Hong Kong capital, while both southbound and foreign capital recorded net inflows [1] - Southbound capital saw a total net inflow of 44 billion HKD, primarily directed towards non-essential consumer and information technology sectors [1] - Foreign capital through ETFs recorded a net purchase of 555 million USD, and local Hong Kong ETFs also saw a net inflow of 7.7 billion HKD, totaling a year-to-date net inflow of 59.6 billion HKD [1] Investment Focus - The report highlights AI technology and non-ferrous metals as two core investment themes, with Alibaba-W (09988) being the preferred choice in the AI sector due to its full-stack AI capabilities [1] - There is an emphasis on increasing allocation to sectors experiencing a reversal of difficulties, such as essential consumption, high dividend strategies, and undervalued innovative pharmaceutical stocks, while avoiding excessive concentration risk in holdings [1]

Group 1 - The core viewpoint of the report indicates that while the Hong Kong stock market is experiencing short-term volatility, the long-term upward trend remains intact, suggesting a focus on structural themes rather than index points [1] - The report identifies AI technology and non-ferrous metals as the two main investment themes, with Alibaba (09988) being the preferred choice in the AI sector due to its full-stack AI capabilities, and attention on copper price upward opportunities in the non-ferrous metals sector [1] - The report recommends increasing allocation to sectors experiencing a reversal of difficulties, such as essential consumption, high dividend strategies, and undervalued innovative pharmaceutical stocks, while avoiding excessive concentration risk in holdings [1] Group 2 - Last week (September 22-26), the Hong Kong stock market saw a general decline, with the Hang Seng Index dropping by 1.57% and the Hang Seng Tech Index falling by 1.58%, while the AH premium significantly widened to 120 [1] - From an industry perspective, most major sectors in the Hong Kong stock market experienced declines, with only the materials sector showing an increase, while sectors such as conglomerates, real estate, and essential consumption led the declines [1] - In terms of micro-funding, there was a net outflow of Hong Kong capital, while both southbound and foreign capital saw net inflows: 1) Southbound capital had a total net inflow of HKD 44 billion, primarily flowing into non-essential consumption and information technology; 2) Foreign capital net bought USD 555 million through ETFs; 3) Local Hong Kong ETFs also saw a net inflow of HKD 7.7 billion, totaling a net inflow of HKD 59.6 billion year-to-date [1]

认购事项完成后，公司拟推行全面计划，将发行人的人工智能能力融入业务营运，尤其是(a)资讯科技 应用及解决方案开发服务；及(b)资讯科技基础设施解决方案服务。董事相信，一旦认购事项获执行， 发行人成熟的人工智能技术及创新的业务模式将为集团的业务营运带来协同效益。凭藉发行人的技术， 可为客户开发崭新的人工智能服务平台，提供高效率的服务。 据悉，发行人是一间于开曼群岛注册成立的有限公司，由Wang Liwei透过其公司非全资拥有。Wang Liwei是多模态视觉及语言领域的专家。Wang Liwei在美国伊利诺伊大学香槟分校(UIUC)获得博士学 位，长期担任多个人工智能顶级会议的区域主席。Wang Liwei也担任人工智能计算机视觉领域顶级期刊 IJCV编委。 格隆汇9月26日丨扬科集团(01460.HK)宣布，公司全资附属扬科有限公司(作为认购人)与发行人Weitu AI Inc及创办方(Wang Liwei及知和科技的统称)订立认购协议，据此，认购人同意认购而发行人同意配发及 发行代价为300万美元的优先股。 从财务管理的角度来看，由于集团的财务状况稳健，以现金支付代价，不会大幅消耗集团的流动资金及 营运资金 ...

Core Viewpoint - The Hong Kong stock market is experiencing significant net inflows, with the Hong Kong Stock Connect seeing over HKD 1 trillion in net inflows year-to-date, surpassing the total for the entire year of 2024, indicating a potential record high for the year [1][4]. Group 1: Market Performance - The average daily trading volume of the Hong Kong Stock Connect has reached HKD 60.8 billion, accounting for 24.5% of the overall market [4]. - In August 2025, the Hong Kong stock market recorded a net inflow of HKD 112.2 billion, marking the ninth highest monthly inflow on record [6]. - The Southbound trading of ETFs has seen an average daily trading volume of HKD 3.8 billion in the first half of 2025, setting a new semi-annual record [6]. Group 2: Sector Analysis - The financial sector remains the largest holding in the Hang Seng Stock Connect, accounting for 32%, followed by information technology at 20% and consumer discretionary at 16% [6]. - The healthcare sector has seen the largest increase in weight from 3% to 7% year-to-date, while consumer discretionary and information technology sectors have increased by 3 and 2 percentage points, respectively [6]. Group 3: Earnings and Growth Outlook - The Hong Kong stock market has stabilized, with positive earnings growth in the first half of 2025, showing revenue and profit growth rates of 1.9% and 4.6%, respectively [8]. - The sectors of technology, healthcare, and materials are expected to maintain high growth, while some sectors like energy and utilities are still under pressure [8]. - The second half of 2025 is anticipated to see a turning point in earnings growth, with expectations for a rebound in previously underperforming sectors [8]. Group 4: Investment Trends - AI remains a key theme in the Hong Kong stock market, with internet stocks expected to benefit significantly [9]. - The demand for AI cloud services is driving revenue growth, with private cloud service providers outpacing state-owned telecom companies for the first time in four years [10].