另外，美联储于今年9月17日下调联邦基金利率25个基点，到4%至4.25%，为年内首次减息。恒指公司 引述上一轮宽松周期（即2023年8月至2025年1月）的数据指，科指当时录得39.6%升幅，而恒生综指则 上升37.5%。形容在货币宽松期间，科技股普遍录得更佳的相对表现。 智通财经APP获悉，恒生指数公司表示，年初至今，科指录得41.8%的升幅，而恒生综指则上升38.6%。 过去12个月，科指上升79.1%，对比恒生综指，同期升幅为58.8%。波动性方面，科指过去12个月的年 化波动率达40.5%，同期恒生综指则为28.1%。上述表现可说是科技指数的典型特征，即升幅更大的同 时，波动性亦有所增加。 恒指公司提到，截至今年9月17日，恒生综指有三个行业指数今年录得超过60%的升幅，包括原材料 业、医疗保健业及资讯科技业。当中，资讯科技业表现排行第三，升幅达60%，反映市场对数码和科技 相关主题的兴趣。对前述主题的需求，同样反映在追踪科指的交易所买卖产品(ETP)之上，其庞大的资 产管理规模(AUM)显示出投资者对此板块的信心延续。 恒指公司表示，于2020年7月推出科指，旨在代表30间最大且与科技主题高度相关 ...

新华财经香港9月25日电（记者林迎楠）恒生指数公司25日在网志表示，截至9月17日，恒生综指有3个 行业指数今年取得超过60%的升幅。资讯科技业表现排行第三，升幅达60%，反映市场对数码和科技相 关主题的兴趣。 恒指公司指出，截至8月31日，追踪科指的交易所买卖产品（ETP)的资产管理规模（AUM)达到343亿美 元，为其三大旗舰指数之中最高。2021至2025年期间，追踪科指ETP的AUM累升362%；目前共有29只 以科指为参考基准的ETP在美国、欧洲及亚洲13个不同的交易所上市；追踪恒生指数系列的港股通合资 格ETF有13只，其中5只追踪科指；资金的持续流入，反映国际上对港股科技行业的认可。 转自：新华财经 数据显示，年初至今，科指取得41.8%的升幅，而恒生综合指数则上升38.6%。过去12个月，科指上升 79.1%，对比恒生综指，同期升幅为58.8%。波动性方面，科指过去12个月的年化波动率达40.5%，同期 恒生综指则为28.1%。相关表现被看作是科技指数的典型特征，升幅更大的同时，波动性也有所增加。 编辑：王媛媛 恒指公司表示，美联储9月17日下调联邦基金利率25个基点，为年内首次减息。历史数据 ...

【导读】阿里巴巴宣布牵手英伟达，放量大涨！中芯国际再创历史新高 9月24日，香港三大股指全线上涨。恒生指数涨1.37%，恒生科技指数涨2.53%，恒生中国企业指数涨1.64%。大市成交2887.72亿港元，南向资金净买入 137.05亿港元。 | 恒生指数成份股中有49只上涨，36只下跌。阿里巴巴上涨9.16%，中芯国际上涨5.72%，信义光能上涨4.91%，领涨蓝筹。 | | --- | 香港恒生行业指数表现方面，非必需性消费行业指数上涨4.22%，资讯科技业指数上涨2.21%，工业指数上涨1.09%；跌幅方面，医疗保健业指数下跌 0.46%，原材料业指数下跌0.40%。 从盘面来看，概念板块多数上涨，蚂蚁金服指数涨6.65%，智能电视指数涨6.29%，集成电路产业基金指数涨5.43%。跌幅方面，医美指数领跌7.6%，富士 康指数跌3.51%，未盈利生物科技指数跌2.18%。 阿里巴巴宣布牵手英伟达 阿里巴巴宣布与英伟达开展Physical AI合作，并将重磅升级全栈AI体系，在3800亿元基础上追加资本支出。受此利好消息带动，阿里巴巴放量大涨，股价 全天收于174.00港元/股，涨9.16%；成交额达44 ...

降息靴子落地❗️ 中国资产布局价值升温 #港股科技50ETF|159750 全面覆盖中国十大科技股 数据来源：Wind. 截至2025.9.16。恒生科技指数（HSTECH.HI）、港 股科技（931574.CSI）、以上仅为对指数成份券及占比的列示，仅供参 考，不构成对上述股票的推荐。基金有风险，投资须谨慎。 港股科技聚焦科技龙头股,其中前五大成份股权重 占比43%、对比恒生科技指数更高。 15975 联接A 021633 联接C 021634 基金全称:招商中证香港科技交易型开放式指数证券投资基金(QDII), 于2022年1月26日成立。 QDII基金主要投资于境外证券市场,除了需要承担与境内证券投资基金 类似的市场波动风险等一般投资风险外,还将面临汇率风险、境外证券 市场风险等特殊投资风险。基金有风险，投资须谨慎。 集中度高! 头部科技股含量更高 随着５G、人工智能、大数据等新技术的快速发 展,各科技细分领域迎来了新的发展机遇。尤其在 DeepSeek的助攻下,港股市场中科技细分领域头 部企业有望迎来价值重塑,投资性价比提升! | 前五大成份股占比 | 前五大成份股占比 | | --- | --- | ...

Group 1 - The Federal Reserve's decision to lower the benchmark interest rate by 25 basis points aligns with expectations, indicating potential for two more rate cuts this year, which has positively impacted the Nasdaq China Golden Dragon Index, rising by 2.85% [1] - The Hang Seng Technology Index has successfully broken through previous resistance levels, reaching 6300 points, marking a four-year high, with the Hang Seng Technology 50 ETF recording a 4.12% increase, achieving its highest closing price since inception [1][2] - The influx of foreign capital into Chinese assets is increasing, with foreign investment in the Hong Kong market currently at 66%, showing potential for further growth compared to 79% in 2022 [3] Group 2 - AI advancements are becoming a significant driving force for the market, with companies like Baidu securing substantial AI server orders, and major Chinese tech firms expected to increase capital expenditures in AI to $32 billion by 2025 [4] - The second quarter performance of Hong Kong tech stocks shows notable revenue growth, with the Hang Seng Technology Index's revenue increasing by 14.43% year-on-year, while net profit growth for the index reached 16.18% [5] - The valuation of the Hang Seng Technology Index is currently at 24.11 times PE-TTM, which is significantly lower than global peers like the Nasdaq and ChiNext indices, indicating a strong value proposition for investors [7]

9月17日，港股高开高走，科技股集体大涨，截至发稿，恒生科技指数涨超2%，突破3月高点创近4年新高，百度集团涨超10%，蔚来-SW 涨超8%，中芯国际、华虹半导体、京东集团-SW、阿里巴巴-W纷纷拉涨。 隔夜美股三大指数悉数下跌，纳斯达克中国金龙指数逆势收涨1.76%，创2022年2月以来新高。蔚来涨8.17%，百度集团涨7.81%，京东集 团涨3.24%，阿里巴巴涨2.64%。 市场静待最新美联储决议。市场预计美联储降息25个基点已成定局。根据CME的FedWatch工具，联邦基金合约反映出至少降息25个基点 的可能性为100%。 华泰证券指出，全球金融流动性或继续趋于宽松，不仅仅因为美联储降息，还有全球财政货币的协同、美国金融去监管等，全球资产受 益，人民币相对美元还有补涨空间。港股作为中国离岸人民币资产同样受益于全球流动性充裕和外资回流。从PB-ROE框架下看，港股 与全球其他资产比处于性价比中游水平，同样并未显著高估。 港股科技50ETF（159750）涨超2%，早盘成交超6000万元，放量。行情数据显示，盘中再获资金净流入，近5个交易日获资金净流入合 计超4000万元。 | 1.191 +0.025 ...

Core Viewpoint - The Hong Kong stock market, particularly technology stocks, has experienced a significant surge, driven by positive sentiment surrounding AI narratives and macroeconomic factors, including U.S.-China relations and anticipated monetary policy changes [1][14][26]. Group 1: Market Performance - The Hang Seng Index reached a nearly four-year high, surpassing 6200 points, with the Hang Seng Technology Index rising over 4%, marking its highest level since November 2021 [2][3]. - Major tech stocks such as Baidu, Alibaba, and Tencent saw substantial gains, with Baidu soaring nearly 20% at one point, and Tencent's market capitalization returning to 6 trillion HKD [5][6][7]. - Year-to-date, both SMIC and Alibaba have seen over 100% increases in their stock prices, while Baidu and Tencent have risen by 60% [9]. Group 2: Capital Inflows - Southbound capital has consistently flowed into Hong Kong stocks, with net purchases exceeding 57 billion HKD recently, and total net inflows surpassing 1 trillion HKD this year, setting a historical record [11][12]. - The sustained inflow of capital has been observed for 17 consecutive weeks, indicating strong investor interest in the Hong Kong market [11]. Group 3: Macroeconomic Factors - The recent surge in the Hong Kong market is attributed to several macroeconomic factors, including the positive developments in U.S.-China relations, particularly regarding TikTok, and expectations of a meeting between the two nations' leaders [15][16]. - The Hong Kong government is also taking steps to support technology companies, including facilitating financing for mainland tech firms and promoting second listings for Chinese companies in Hong Kong [19]. Group 4: Industry Trends - The return of the "AI narrative" in the Hong Kong market is evident, with technology sector growth outpacing other industries. The revenue growth for the Hang Seng Technology Index is projected to be significantly higher than that of the overall index [20][21]. - Major Chinese tech companies are expected to increase their capital expenditures in AI, with total spending projected to reach 32 billion USD by 2025, more than doubling from 13 billion USD in 2023 [26]. - The demand for AI-driven cloud services is driving revenue growth among domestic cloud providers, marking a shift in the market dynamics [26]. Group 5: Future Outlook - The market is anticipating the Federal Reserve's decision on interest rates, with a strong likelihood of a rate cut, which could further boost the Hong Kong stock market [28][29]. - Analysts suggest that Hong Kong stocks are particularly sensitive to external liquidity conditions, and a potential rate cut could lead to a rally in various sectors, especially technology and consumer goods [30].

Group 1: Overall Market Performance - In Q2 2025, the Hang Seng Technology Index showed the highest revenue and net profit growth rates among major Hong Kong indices, with revenue growth at 14.43% and net profit growth at 16.18% [1][2] - Excluding Alibaba, JD Group, and Meituan, the net profit growth rates for the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Technology Index were -1.04%, 3.88%, and 25.34% respectively [2] Group 2: Industry Insights - The materials, healthcare, and information technology sectors led in net profit growth rates, with the information technology sector showing a Q2 net profit growth of 29.67% [3][4] - The ROE (TTM) for the information technology sector increased by 2.44 percentage points to 13.18% compared to the same period last year [3] Group 3: Consumer Sector Performance - Non-essential consumer sector net profit growth significantly declined to 3.10% in Q2 2025 from 44.64% in Q1, with AI-driven companies performing well [4][5] - The media and entertainment sector saw a net profit growth of 32.27%, driven by AI business, with advertising and publishing sectors showing substantial increases [5] Group 4: Financial Sector Performance - The financial sector's net profit growth was 5.02% in Q2 2025, recovering from a -2.56% decline in Q1, with securities and brokerage net profit growth at 73.80% [7] - The banking sector's net profit growth was -0.11%, indicating continued pressure on traditional banking profitability [7] Group 5: Healthcare Sector Performance - The healthcare sector's net profit growth reached 42.50% in Q2 2025, up from 26.47% in Q1, with significant improvements in ROE [6] Group 6: Energy and Materials Sector Performance - The energy sector experienced a net profit decline of 19.36% in Q2 2025, worsening from -12.63% in Q1 [8] - The materials sector showed strong performance with a net profit growth of 50.78%, supported by high ROE levels [8]

Market Performance Review - The Hong Kong stock market showed strong performance this week, driven by southbound capital, rising interest rate cut expectations, and technology sector strength, with the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Tech Index rising by +4.07%, +3.82%, and +5.31% respectively [3][13] - Most primary industry sectors recorded gains, with the materials sector continuing to perform strongly, achieving a weekly increase of over 6%. The information technology sector, led by major tech companies like Alibaba and Tencent, also saw a weekly increase exceeding 6% [3][13] - As of the end of the week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index stood at 82.57%, indicating a valuation level above the 5-year average [3] Macroeconomic Environment - The macroeconomic environment for the Hong Kong market remains closely tied to the performance of the Chinese economy, with over 80% of profits in the Hong Kong market coming from Chinese companies [39][41] - In August, China's exports in USD terms grew by 4.4% year-on-year, while imports increased by 1.3%, both figures falling short of expectations [39][46] - The People's Bank of China is expected to conduct a 600 billion yuan reverse repurchase operation on September 15, indicating ongoing monetary support [41] Sector Allocation Outlook - The report favors sectors that are relatively prosperous and benefit from policy support, including automotive, new consumption, innovative pharmaceuticals, and technology [3][46] - Low-valuation state-owned enterprises that are stable in performance and stock price, as well as local Hong Kong banks, telecommunications, and utility dividend stocks, are also highlighted as favorable [3][46] - Attention is drawn to potential impacts from the US-China trade disputes, with recommendations to avoid sectors and companies with significant exposure to the US market [3][46] Buyback Statistics - The total buyback amount for the week was 3.81 billion HKD, a decrease from the previous week's 5.58 billion HKD, with 49 companies participating in buybacks [27][30] - Tencent Holdings led the buyback activity with 2.75 billion HKD, followed by HSBC Holdings with 490 million HKD [27][30] - The information technology and financial sectors saw the highest number of companies engaging in buybacks, with 12 and 9 companies respectively [30]

Stock Market Performance - In August 2025, global stock markets experienced a broad rally, with the CSI 300 index rising over 10%[4] - The Hang Seng Tech index, Nikkei 225, and Dow Jones increased by 4.1%, 4.0%, and 3.2% respectively, while the KOSPI and DAX fell by 1.8% and 0.7%[4] Hong Kong Stock Sector Performance - The Hang Seng industry indices showed a majority of sectors rising, with the materials sector surging by 24.3%, followed by information technology and industrial sectors with increases of 7.5% and 4.5% respectively[8] - Conversely, the composite and utilities sectors declined by 2.5% and 1.8% respectively[8] IPO and Financing Overview - In August 2025, the Hong Kong IPO market saw 5 new listings, raising approximately HKD 52.9 million, primarily in the TMT and pharmaceutical sectors[13] - The first-day performance of new stocks was strong, with three stocks doubling in value[13] - A total of 56 companies announced share placements, expected to raise around HKD 204.9 billion, mainly in the pharmaceutical, TMT, and energy sectors[13] Macro Economic Insights - The U.S. job market showed significant pressure in August, with initial jobless claims rising to 235,000, the highest since June, indicating increasing unemployment challenges[14] - The Federal Reserve's Jackson Hole meeting indicated a shift towards a more dovish stance, with market expectations for at least two rate cuts by the end of the year[14] Domestic Economic Policies - China is focusing on strengthening domestic circulation, with significant infrastructure projects and financial support to stabilize the economy[16] - The relaxation of merger loan financing aims to support active mergers and acquisitions, enhancing industrial upgrades[16] Market Outlook - The outlook for the Hong Kong market remains positive, with three key investment themes: technology growth sectors (AI, internet, semiconductors), improving industry sectors (new energy, building materials), and stable dividend assets[18]