重要新闻提示 2025年，以旧换新相关商品销售额超2.6万亿元，惠及超3.6亿人次 2025年，我国电影总票房达518.32亿元，观影总人次为12.38亿 "港股GPU第一股"壁仞科技今日上市，这也是2026年港股市场首只上市新股 壁仞科技最终发售价及配发结果公告显示，该股发行价为19.6港元，发行2.85亿股，募资总额为55.83亿 港元；扣除发行应付上市开支2.09亿港元，募资净额为53.75亿港元。认购倍数为2347.53倍。根据壁仞 科技的募资计划，募集资金主要将用于日后研发智能计算解决方案，包括智能计算硬件的发展，以及软 件平台的开发及升级以及智能计算解决方案的商业化、营运资金及其他一般用途。 2. 百度：2026年1月1日在港交所发布建议分拆昆仑芯业务并于港交所独立上市的公告。公告显示，1月1 日，昆仑芯已通过其联席保荐人以保密形式向香港联交所提交上市申请表格（A1表格），以申请批准 昆仑芯股份于香港联交所主板上市及买卖。建议分拆完成后，预计昆仑芯仍将为公司附属公司。 3. 造车新势力最新"成绩单"出炉 2026年1月1日，理想汽车、蔚来、零跑等11家造车新势力车企披露2025年12月及全年交付数 ...

Group 1 - The core viewpoint is that the Hong Kong stock market in the fourth quarter presents both opportunities and challenges, with the technology sector becoming a key focus for aggressive investment due to the dual concepts of AI and "new productive forces" [1] - On the demand side, the user base for generative AI in China has experienced explosive growth, with local tech companies capturing the majority of market benefits [1] - On the supply side, leading technology firms in Hong Kong are evolving from mere application providers to builders of the industrial chain, covering various sectors including software and hardware, new energy vehicles, and innovative pharmaceuticals [1] Group 2 - In terms of capital flow, southbound funds have continued to flow in, with a net purchase amount exceeding 1.3 trillion HKD this year, leading to an increasing pricing power of domestic capital [2] - Valuation-wise, the technology sector is significantly undervalued compared to A-shares, and combined with the Federal Reserve's interest rate cut cycle and the resilience of the domestic economy, the Hong Kong technology sector is expected to achieve excess returns in the fourth quarter [2] - For ordinary investors, direct investment in individual stocks poses high barriers and risks, thus it is suggested to consider participating through related ETFs. The Hong Kong Stock Connect Technology ETF (159101) closely tracks the National Index of Hong Kong Stock Connect Technology, selecting 30 large-cap, high R&D investment tech leaders, with the top ten weighted stocks accounting for 7%, covering both internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene, thus comprehensively covering popular sectors of "software + hardware + new consumption + new energy vehicles" [2]

Core Viewpoint - The Hong Kong technology sector is entering a critical phase of value reassessment, driven by a surge in domestic generative AI user adoption, with over 90% of users preferring local models, benefiting local tech companies significantly [1] Group 1: Market Dynamics - The leading technology companies in Hong Kong are not only users of AI technology but also core builders of the industry chain, covering high-growth areas such as software and hardware, new energy vehicles, and innovative pharmaceuticals [1] - The Guozheng Hong Kong Stock Connect Technology Index has a significantly lower price-to-earnings ratio compared to the A-share ChiNext Index, with a horizontal discount exceeding 40%, and the vertical AH share premium index continues to converge [1] Group 2: Investment Opportunities - The influx of southbound capital resonates with global capital, driving the valuation recovery of the sector. In the fourth quarter, the Hong Kong technology sector presents both growth potential and valuation advantages, making it an ideal choice for investing in "new quality productivity" [1] - For ordinary investors, direct individual stock investments may have high thresholds and risks; therefore, investing through related ETFs is recommended. The Hong Kong Stock Connect Technology ETF (159101) closely tracks the Guozheng Hong Kong Stock Connect Technology Index, selecting 30 large-cap stocks with high R&D investment, with the top ten weighted stocks accounting for 7%, covering both internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene, thus comprehensively covering popular sectors of "software and hardware + new consumption + innovative pharmaceuticals + new energy vehicles" [1]

Core Viewpoint - The Hong Kong stock market presents both opportunities and challenges in the fourth quarter, with the technology sector emerging as a key area for aggressive allocation due to the dual concepts of AI and "new productivity" [1] Market Performance - The Hang Seng Index rose by 0.58% to 26,057.13 points, while the Hang Seng Technology Index slightly declined by 0.24%. The Hang Seng China Enterprises Index increased by 0.68%. The market's half-day trading volume reached HKD 132.1 billion [1] Technology Sector Insights - In the technology sector, XPeng Motors-W saw an increase of 3.84%, and NIO-SW rose by 2.93%. Conversely, Hua Hong Semiconductor fell by 4.39%, and SMIC dropped by 4.13% [1] - The demand side is characterized by explosive growth in the user base for generative AI in China, with local tech companies capturing the majority of market benefits. On the supply side, leading Hong Kong tech firms are evolving from mere users to builders of the industrial chain, covering various sectors including software and hardware, new energy vehicles, and innovative pharmaceuticals [1] Capital Flow and Valuation - There has been a continuous inflow of southbound capital, with a net purchase amount exceeding HKD 1.2 trillion this year, leading to an increasing pricing power of domestic capital. In terms of valuation, the technology sector is significantly undervalued compared to A-shares. Coupled with the Federal Reserve's interest rate cut cycle and the resilience of the domestic economy, the Hong Kong technology sector is expected to achieve excess returns in the fourth quarter [1]

Group 1 - The core viewpoint highlights that the Hong Kong technology sector is undergoing a critical phase of value reassessment, driven by a surge in domestic generative AI user adoption, with over 90% of users preferring local models [1] - Major Hong Kong tech companies are not only users of AI technology but also key builders of the industry chain, covering high-growth areas such as software and hardware, new energy vehicles, and innovative pharmaceuticals [1] - The CSI Hong Kong Stock Connect Technology Index shows a significantly lower price-to-earnings ratio compared to the A-share ChiNext Index, with a horizontal discount exceeding 40%, while the vertical AH share premium index continues to converge [1] Group 2 - In terms of financial performance, Midea Group reported a net profit attributable to shareholders of approximately 37.883 billion yuan for the first three quarters, reflecting a year-on-year growth of 19.51% [1] - The influx of southbound funds and global capital is creating a resonance that drives the valuation recovery of the technology sector [1] - The technology sector in Hong Kong is seen as an ideal choice for investing in "new quality productivity" due to its growth potential and valuation advantages in the fourth quarter [1]

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 192.05 billion year-to-date, a year-on-year growth of 233.57% [1] - Total placement amounts have surged to HKD 241.77 billion, marking a year-on-year increase of 566.69% [1] - Major new consumption players like Mixue Ice City and Pop Mart, along with new economy leaders such as BYD, Xiaomi, and WuXi AppTec, are driving a refinancing wave [1] Group 1: Market Dynamics - Public funds are actively purchasing leading stocks, while insurance capital frequently increases stakes, and retail investors are showing renewed enthusiasm for IPOs [1] - Southbound capital has seen a net inflow exceeding HKD 1.21 trillion this year, significantly surpassing last year's total [1] - The scale of Hong Kong Stock Connect ETFs has achieved a historic breakthrough, reflecting strong market enthusiasm [1] Group 2: Investment Trends - The influx of funds into Hong Kong stocks is driven by three main factors: the attractiveness of valuations, a global shift from dollar assets to non-dollar assets, and the appeal of new economy sectors like AI and innovative pharmaceuticals [2] - For ordinary investors, participating through related ETFs is recommended due to lower investment thresholds and risks [2] - The Hong Kong Stock Connect Technology ETF (159101) tracks the CSI Hong Kong Stock Connect Technology Index, focusing on 30 high-market-cap, high-R&D investment technology leaders [2]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is showing significant investment value due to a combination of policy benefits, technological breakthroughs, and improved liquidity, with the Hang Seng Index rising by 2.41% to 25,854.98 points and the Hang Seng Technology Index increasing by 3.21% [1] Market Performance - The half-day trading volume in the Hong Kong market reached HKD 1,454.20 million [1] - Notable stock performances include: - Li Auto rising over 7% - Alibaba-W increasing by 4.99% - Hua Hong Semiconductor up by 4.62% - SMIC rising by 4.27% [1] Investment Opportunities - The Hong Kong technology sector is characterized by leading companies in artificial intelligence, biomedicine, semiconductor chips, and new energy vehicles, indicating a strong competitive edge [1] - The potential for performance improvement and value reassessment in the technology sector is supported by the onset of a Federal Reserve rate cut cycle and continuous inflow of southbound capital [1] ETF Investment Strategy - For ordinary investors, investing directly in individual stocks may be challenging and risky; thus, participating through related ETFs is recommended [1] - The Hong Kong Stock Connect Technology ETF (159101) closely tracks the CSI Hong Kong Stock Connect Technology Index, selecting 30 high market capitalization and high R&D investment technology leaders, with the top ten weighted stocks accounting for 77% [1] - The ETF covers major players like Tencent and Alibaba, as well as emerging forces like Li Auto and BeiGene, spanning popular sectors such as "software and hardware + new consumption + innovative drugs + new energy vehicles" [1]

Market Overview - The Hang Seng Index fell by 3.49% to 25,373.43 points, while the Hang Seng Tech Index dropped by 4.54% and the Hang Seng China Enterprises Index decreased by 3.48% during the midday session on October 13 [1] - The market's half-day trading volume was HKD 281.82 billion [1] Stock Performance - The Hong Kong Stock Connect Tech ETF (159101) experienced a decline of approximately 4% [1] - Notable declines among component stocks included Sunny Optical Technology down 8.16%, Xiaomi Group-W down 7.82%, Bilibili-W down 7.19%, BYD Electronics down 7.15%, and Kuaishou-W down 6.91% [1] - In contrast, Kingsoft rose by 10.09% and Hua Hong Semiconductor increased by 3.61% [1] Market Sentiment and Future Outlook - Despite the short-term adjustment in the Hong Kong stock market, it remains in a trend of oscillating upward with a solid bottom [1] - Following the Federal Reserve's interest rate cuts, global capital is expected to flow into stock markets, potentially leading to new highs [1] - The upward momentum in the Hong Kong market is primarily driven by positive news from the industry, with a focus on sectors experiencing growth [1] - Investors are awaiting more fundamental signals, with the upcoming Fourth Plenary Session and the 15th Five-Year Plan expected to influence market sentiment [1] - Dongwu Securities maintains a positive outlook on AI technology, noting that while U.S. tech giants may impact the trading rhythm of Hong Kong's AI sector, the acceleration of China's AI progress offers recovery potential for local tech leaders [1] Investment Strategy - For ordinary investors, direct individual stock investment poses high barriers and risks; thus, participating through related ETFs is recommended [2] - The Hong Kong Stock Connect Tech ETF (159101) closely tracks the National Index of Hong Kong Stock Connect Technology, selecting 30 large-cap, high R&D investment tech leaders, with the top ten weighted stocks accounting for 77% [2] - The ETF encompasses major players like Tencent and Alibaba, as well as emerging forces such as Li Auto and BeiGene, covering popular sectors including "software and hardware + new consumption + innovative pharmaceuticals + new energy vehicles" [2]

Core Viewpoint - The article is currently only accessible to subscribed users, indicating exclusive content aimed at a specific audience [1] Group 1 - The content is labeled as "premium VIP research content," suggesting a focus on high-value investment insights [1] - The article emphasizes that the views expressed are solely those of the author, maintaining a neutral stance from the hosting platform [1] - Readers are advised to use the information at their own discretion, highlighting the importance of personal responsibility in investment decisions [1]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a rebound driven by advancements in AI and positive market sentiment, with significant capital inflows into technology-focused ETFs [1] Group 1: Market Performance - On September 30, the Hang Seng Index opened up by 0.19% and the Hang Seng Tech Index rose by 0.34% [1] - The Hong Kong Stock Connect Technology ETF (159101) saw a slight increase in early trading, with notable gains in stocks such as Hua Hong Semiconductor, UBTECH, Kangfang Bio, Sunny Optical Technology, and Bilibili [1] - As of September 29, the Hong Kong Stock Connect Technology ETF (159101) recorded a net capital inflow of 436 million yuan over the past 10 trading days, indicating strong investor interest [1] Group 2: Sector Analysis - Huatai Securities reports that the rapid rebound of Hong Kong tech stocks is attributed to accelerated domestic AI developments [1] - The technology sector is expected to lead a third revaluation of the Hong Kong market, as negative factors like the food delivery competition are largely priced in, while AI models, chip procurement, and capital expenditures are anticipated to accelerate [1] - With the onset of a new round of monetary easing by the Federal Reserve and advancements in the internet and technology sectors, market sentiment in Hong Kong may continue to improve, suggesting that the technology sector remains a favorable area for investment [1] Group 3: ETF Composition - The Hong Kong Stock Connect Technology ETF (159101) closely tracks the Guotai Hong Kong Stock Connect Technology Index, selecting 30 large-cap stocks with high R&D investment [1] - The top ten weighted stocks account for over 75% of the ETF, including major internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene, covering popular sectors such as "software and hardware + new consumption + innovative pharmaceuticals + new energy vehicles" [1]