Market Overview - The Hang Seng Index closed down 1.19% while the Hang Seng Tech Index fell by 1.08% [1] - The Hong Kong Stock Connect ETF (159318) decreased by 0.79%, whereas the Hong Kong Tech ETF (159751) increased by 0.18% [1] Sector Performance - Aerospace and Defense, as well as Passenger Airlines sectors, showed strong gains [1] - The Computer and Peripheral Equipment, along with the Entertainment sectors, experienced significant declines [1] Individual Stock Movements - JD Health-R surged by 13.96%, and JD Health rose by 13.22% [1] - CITIC Construction Investment increased by 6.44%, while China Merchants Securities and CICC rose by 5.6% and 5.57% respectively [1] - China Aluminum gained 5.5%, and CITIC Securities increased by 4.51% [1] - JD Logistics saw a decline of 6.73%, and Shengye dropped by 8.86% [1] - Hongteng Precision Technology surged by 18.97%, and Lijin Technology rose by 16.13% [1]

Market Overview - The Hang Seng Index closed down 0.06% while the Hang Seng Tech Index fell by 0.45% [1] - The Hong Kong Tech ETF (159751) increased by 0.09% and the Hang Seng Hong Kong Stock Connect ETF (159318) rose by 0.14% [1] Sector Performance - Multi-category retail and computer & peripheral equipment sectors showed strong gains [1] - The home goods sector experienced significant declines [1] Individual Stock Movements - China Pacific Insurance saw a rise of 5.12% and New China Life Insurance increased by 4.82% [1] - Tianli International Holdings dropped by 5.46% and Nexperia fell by 6.94% [1] - LKK Technology surged by 16.91% and Rongchang Bio rose by 15.55% [1]

Market Performance - The Hang Seng Index increased by 2.58% and the Hang Seng Tech Index rose by 3.52% [1] - The Hong Kong Tech ETF (159751) gained 3.11%, while the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 2.2% [1] Sector Performance - The life sciences tools and pharmaceuticals sectors showed the highest gains [1] - The computer and peripheral devices, as well as forestry and paper products sectors, experienced the largest declines [1] Individual Stock Performance - Tencent Music (SW) surged by 15.63%, followed by Innovent Biologics with an increase of 8.82% [1] - Other notable gainers include CSPC Pharmaceutical (6.77%), WH Group (6.23%), WuXi AppTec (6.19%), Alibaba (6.09%), and Alibaba WR (5.51%) [1] - On the downside, Qutoutiao fell by 7.07% and 361 Degrees dropped by 9.29% [1] - Noteworthy increases also included China Literature with a rise of 19.61% and Hon Teng Precision Technology up by 11.78% [1]

Market Overview - The Hang Seng Index closed up by 0.19%, while the Hang Seng Tech Index decreased by 0.01% [1] - The Hong Kong Tech ETF (159751) rose by 0.27%, and the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.15% [1] Sector Performance - The Computer and Peripheral Equipment sector and the Marine Transportation sector showed the highest gains [1] - The Diversified REITs and Dealers sectors experienced the largest declines [1] Individual Stock Movements - Songjing Technology surged over 121%, while Baida International Holdings increased by over 55% [1] - XPeng Motors-W rose by 5.36%, and Techtronic Industries gained 4.35% [1] - Kingworld Medicines fell by 10.06%, and Guofu Hydrogen Energy dropped by 11.34% [1] - Ganfeng Lithium increased by 20.91%, and Longpan Technology rose by 18.8% [1]

中美科技企业估值差有望收敛。当前中国顶尖科技公司与美国同类企业相比，估值折价显著（10~20倍 vs30~40倍），DeepSeek引发海外投资者重新审视中国科技企业的投资价值，估值有望向美股科技龙头 靠近。 南向定价权提升，无风险利率锚或将转变。过去港股由外资主导，因此无风险利率基本采用美债利率， 或是美债为主、中债为辅的加权利率。2024年来南向资金加速流入，在港股的持股占比和交易占比不断 提升。未来港股估值锚或将逐步与国内接轨，国内无风险利率下行的大趋势下，这一转变有望为港股打 开价值重估的广阔空间。 【港股科技ETF】 8月11日，香港恒生指数午盘微涨0.19%，报24906.74点；恒生科技指数微涨0.11%，恒生中国企业指数 报8895.58点，市场半日成交额为1212.94亿港元。 互联网龙头、AI应用端——恒生互联网ETF（513330） 科技全产业链——恒生科技指数ETF（513180） 互联网平台企业从广义上的"消费股"向真正的科技股转变，估值中枢有望上移。随着AI商业化落地加 速，互联网平台企业未来收入中AI相关业务占比有望逐渐提升，市场对企业属性的定位逐渐向科技成 长股转变。 ...

Core Viewpoint - The Hong Kong stock market is experiencing overall liquidity easing, with increased passive foreign capital inflow, supporting the technology sector's fundamentals and long-term narratives related to AI [1] Group 1: Market Overview - The Hong Kong stock market is characterized by overall loose liquidity, which is expected to support the technology sector [1] - There is a notable increase in passive foreign capital inflow into the market [1] Group 2: Sector Insights - The internet sector, particularly those with strong fundamentals and long-term AI narratives, is viewed positively for investment [1] - The gaming industry presents opportunities for investment after recent pullbacks, with limited actual impact from tax deductions on advertising expenses for listed companies [1] - The media sector is highlighted for its AI applications and cultural confidence stemming from content output, with optimism surrounding the explosion of China's open-source large models and the reshaping of public cloud value [1] - The film industry is expected to see an upward trend driven by key single releases, with rapid advancements in AI short dramas [1] Group 3: ETF and Index Information - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in software, hardware, and IT services to reflect the performance of high-growth and innovative tech firms in the Hong Kong market [1] - The index has strict selection criteria focusing on quality technology sector targets, aiming to capture long-term development trends in this field [1]

Market Performance - The Hang Seng Index closed down by 1.09% [1] - The Hang Seng Tech Index fell by 1.13% [1] - The Hong Kong Tech ETF (159751) decreased by 0.97% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 0.93% [1] Semiconductor Sector - The semiconductor sector saw a rebound in the afternoon [1] - Hua Hong Semiconductor surged over 9% [1] - SMIC (Semiconductor Manufacturing International Corporation) rose nearly 5% [1]

Group 1 - The Hang Seng Index closed up 1.62%, reaching a nearly four-year high, while the Hang Seng Tech Index rose by 2.48% [1] - The Hong Kong Tech ETF (159751) increased by 1.91%, and the Hang Seng Hong Kong Stock Connect ETF (159318) rose by 1.32% [1] - Technology stocks led the gains, with Kuaishou-W rising over 7%, Baidu Group-SW increasing more than 6%, and Tencent Holdings up over 4% [1] Group 2 - Investors can buy Hong Kong stocks through A-share accounts without the need for Hong Kong Stock Connect, allowing for T+0 trading [1]

Group 1 - The Hang Seng Index closed up by 0.54%, while the Hang Seng Tech Index increased by 0.38% [1] - The Hong Kong Tech ETF (159751) rose by 0.18%, and the Hang Seng Hong Kong Stock Connect ETF (159318) gained 0.29% [1] - Solid-state batteries and coal stocks led the gains, with Zhongxin Innovation rising over 10% and Zhongmei Energy (601898) increasing by over 7% [1]

Market Overview - A-shares opened higher and continued to rise, with the Shanghai Composite Index closing at 3559.79 points, up 0.72%, and the Shenzhen Component Index closing at 11007.49 points, up 0.86% [1] - The market saw significant trading volume, with the Shanghai index and ChiNext reaching new highs for the year [1] - Infrastructure stocks surged, particularly in cement and building materials, while agricultural banks and cross-border payment sectors faced adjustments [1] Policy and Economic Drivers - Positive news such as the commencement of "super projects" and intensified "anti-involution" policies bolstered market confidence [1] - The Ministry of Industry and Information Technology announced that a new round of growth stabilization plans for ten key industries, including steel and non-ferrous metals, is forthcoming [1][6] - The "anti-involution" policies are expected to support structural adjustments and the elimination of outdated production capacity [6] Investment Strategy - The market is witnessing a shift in investor sentiment, with a marginal turn in capital allocation as doubts about "deflation trades" arise [1] - The traditional barbell strategy of large-cap value and small-cap growth is facing challenges, with large-cap growth represented by the ChiNext index showing significant valuation advantages [2] - Investors are encouraged to consider opportunities in the ChiNext 50 ETF (159375) and the Sci-Tech Innovation ETF (588360) [2] Sector Performance - The construction materials ETF (159745) saw a strong performance, closing at a limit-up after a significant net subscription of nearly 700 million shares [4] - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to boost demand for steel, cement, and other construction materials [4] - The cyclical sectors, including construction materials, infrastructure, and steel, are anticipated to benefit directly from the implementation of "super projects" [9] Market Sentiment and Future Outlook - The current market conditions resemble those of 2015, where proactive policies may break the negative feedback loop between PPI and CPI, positively impacting economic expectations [7] - The valuation logic for cyclical sectors is shifting from "weak expectations - weak reality" to "strong expectations - weak reality," indicating a clearer bottoming out [9] - The technology sector in the Hong Kong market is also showing strength, with the Hang Seng Technology Index up 25.01%, outperforming many broad-based indices [3]