Market Performance Review - The Hang Seng Tech Index experienced a "volatile downward trend, with a mid-month rebound followed by another bottoming out," declining by 10.15% from January 31 to February 28, 2026, with a trading volume of approximately 1,203.1 billion [11][12] - As of February 28, 2026, the price-to-earnings ratio (PE-TTM) of the Hang Seng Tech Index was 21.20, positioned at the 16.00% historical percentile since its inception, indicating a relatively low historical valuation [16][19] - The risk degree TR of the Hang Seng Tech Index was 7.04 as of February 27, 2026, remaining in a historically low range, suggesting that the market's prior adjustment time and space were sufficient, making the current risk-reward ratio attractive [20][22] Event-Driven Analysis Macro Level - In February, external hawkish pressures dominated, with U.S. employment and monetary policy becoming core pricing factors, reinforcing expectations of prolonged high interest rates, which suppressed the valuation of the tech sector [28][29] - Domestic macro factors provided some support, with increasing foreign reserves stabilizing the exchange rate and a recovering CPI improving profit expectations, contributing to a weak support for the index [28][29] Policy Level - In February, coordinated policy efforts from both mainland China and Hong Kong aimed to improve liquidity and stabilize expectations, with the central bank's MLF net injection and adjustments to the foreign exchange risk reserve ratio providing direct liquidity support [39][40] - The Hong Kong government's budget plan included reforms to enhance the attractiveness of the stock market for tech companies, which is expected to provide a solid foundation for long-term valuation support [41][42] Industry Dynamics - The AI sector's high prosperity, improved funding conditions, and advancements in financial technology provided significant support for the Hang Seng Tech Index, with Nvidia's earnings report confirming strong demand for AI computing power [44][47] - However, the overall weak performance of U.S. stocks negatively impacted the transmission of these positive factors to the Hong Kong tech sector, leading to increased short-term volatility [44][48] Future Outlook - The Hang Seng Tech Index is expected to continue a "low-level oscillation and repeated bottoming" pattern in March 2026, with a lack of strong fundamental and funding support for a trend reversal [5][6] - Key upcoming events include macroeconomic data releases, policy pricing, and performance validations, which will collectively influence the index's trajectory [5][6]

● 本报记者 万宇 2月20日，春节假期后港股市场率先开盘。截至2月25日，恒生指数累计上涨0.22%，恒生科技指数累计 下跌近2%。同时，港股市场板块表现分化，电讯业、能源业、工业、原材料业等板块上涨，必需性消 费、综合企业、医疗保健业等板块出现调整。个股方面，大昌微线集团、玖源集团、普天通信集团、亚 博科技控股等大幅上涨，腾讯控股、阿里巴巴、泡泡玛特等下跌。 民生加银基金的基金经理刘欣也对港股市场保持相对乐观，但他同时提示，港股性价比相对低于A股市 场。 港股市场春节假期之后持续波动，部分板块表现分化。公募基金在市场调整之际布局港股，把握后市机 会。多家基金机构仍然对港股投资持相对积极的看法，看好科技与周期品种等。 资金持续布局 诺安基金认为，港股近期表现波动是市场担忧流动性收紧和港股特色结构吸引力下降的共同结果。在整 体信用周期震荡甚至阶段性走弱的情形下，市场指数层面上行空间有限，机会主要来自景气结构方面。 虽然近期港股表现不尽如人意，但资金近来持续积极布局港股。统计显示，截至2月24日，今年以来份 额增加前十的ETF中，有一半是投资港股市场的跨境ETF，华泰柏瑞恒生科技ETF份额增加134.36亿 份 ...

Market Overview - The Hong Kong stock market has shown volatility after the Spring Festival, with mixed performance across sectors. Public funds are actively positioning themselves in the market to seize future opportunities, particularly in technology and cyclical sectors [1][2]. Fund Flows - As of February 24, half of the top ten ETFs with increased shares this year are cross-border ETFs investing in the Hong Kong market. Notably, the Huatai-PB Hang Seng Technology ETF saw an increase of 13.436 billion shares, while several other ETFs also reported significant increases [2]. - Active funds are also adjusting their portfolios to include Hong Kong stocks, with notable holdings in major internet companies like Tencent, Alibaba, Meituan, and Xiaomi [2]. Long-term Investment Outlook - According to Huaxia Fund, the Hong Kong market may present a noteworthy investment window in 2026, driven by attractive valuations and expectations of improved liquidity. The current valuations are at historically low levels, providing a safety margin for investors [2]. - The market is experiencing a resurgence of foreign capital inflows, which is expected to support the Hong Kong stock market [2]. Sector Focus - The technology and cyclical sectors are identified as the main investment themes in the Hong Kong market, with a focus on the AI industry, which is anticipated to see explosive capital expenditure growth [3][4]. - The ongoing economic transformation and industrial upgrades in China are providing significant support for the valuation of the technology sector in Hong Kong [4]. Investment Sentiment - Fund managers express optimism about the Hong Kong market, citing the potential for valuation recovery linked to corporate performance and favorable macroeconomic conditions, including a potential decline in U.S. interest rates [3][4]. - The perception of AI is shifting towards a more rational assessment of return on investment, which is expected to reduce bubble risks and enhance long-term opportunities in the technology sector [4].

事实上，近期资金持续涌入港股科技主题ETF。近三个月来，截至2月24日，华夏恒生科技ETF净流入96.84亿元，华泰柏瑞恒生科技ETF净流 入95.94亿元，天弘恒生科技ETF净流入95.7亿元，富国港股通互联网ETF净流入92.93亿元。此外，易方达恒生科技ETF、易方达中概互联网 ETF净流入均超80亿元。 随着资金持续涌入，多只港股科技主题ETF份额创历史新高。具体来看，截至2月24日，华泰柏瑞恒生科技ETF份额为724.99亿份，富国港股通 互联网ETF份额为1021.27亿份，华夏恒生科技ETF份额为764.83亿份，易方达恒生科技ETF份额为432.28亿份，均创历史新高。 除了港股科技主题ETF以外，今年以来，广发港股通非银ETF净流入109.08亿元，汇添富港股通创新药ETF净流入34.99亿元。 在港股近期的震荡调整行情中，大量资金借道主题ETF"抄底"。 据测算，2月24日，港股主题ETF净流入近百亿元，其中港股科技主题ETF成为资金重点加仓方向。拉长期限来看，近三个月，港股主题ETF净 流入超千亿元。 多只港股科技主题ETF份额创新高 据Choice测算，2月24日，港股主题ETF净流入 ...

市场概况 | 代码 | 基金名称 | | --- | --- | | 511360.SH | 海富通中证短融ETF | | 513130.SH | 恒生科技 | | 511380.SH | 博时可转债ETF | | 518880.SH | 华安黄金ETF | | 513090.SH | 易方达中证香港证券投资主题(消 | | 513180.SH | 华夏恒生科技ETF(QDI | | 159915.SZ | 易方达创业板ETF | | 513050.SH | 易方达中证海外中国互联网50(( | | 513330.SH | 华夏恒生互联网科技业ETF | | 512880.SH | 国泰中证全指证券公司E | 2月13日两市ETF两融余额为1158.64亿元，较前一交易日减少94.83亿元。其中融资余额为1083.67亿元，较前一交易日减少94.54亿元；融券余额为74.97亿 元，较前一交易日减少2962.5万元。 分市场来看，沪市ETF两融余额为809.22亿元，较前一交易日减少86.62亿元。其中融资余额为743.54亿元，较前一交易日减少86.57亿元；融券余额为65.68 亿元，较前一交易日减少41 ...

【环球网财经综合报道】2月20日，港股马年首个交易日，恒生科技指数下跌2.91%，Wind数据显示，自2025年10月以来，恒生科技指数累计 下跌近20%。不过，超千亿元资金借道ETF布局港股市场。 招商证券认为，海外上市、跟踪中国资产的ETF自2025年7月以来不断流入，累计净流入规模超140亿美元。与过去两年外资快进快出的特征不 同，最新一轮净流入呈现缓慢、持续的特点，验证了中国市场从"可交易"向"可投资"的转变。（闻辉） 尽管恒生科技指数持续调整，但仍有大量资金逆势布局。Wind数据显示，自2025年10月以来，跟踪恒生科技指数、中证海外中国互联网50指 数、恒生港股通科技主题指数等类似指数的ETF合计获得1446亿元资金净流入。其中，华夏恒生科技ETF、华泰柏瑞恒生科技ETF、天弘恒生 科技ETF三只产品获得超150亿元资金净流入。 招商证券认为，公募基金对港股的配置远超基准，导致年末港股逆风时卖出压力较大。截至2025年三季报，主动偏股公募基金实际持有港股 5940亿元，远高于基准规模3560亿元。部分基金受基准新规限制，卖出港股、重新买入A股，南向资金在12月出现罕见的周度净流出，成为港 股科技方 ...

Core Viewpoint - As of February 12, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 125.347 billion yuan, an increase of 4.531 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance stood at 117.82 billion yuan, increasing by 4.535 billion yuan compared to the previous trading day [1] - The ETF margin short balance was 7.527 billion yuan, showing a slight decrease of 0.04 billion yuan from the previous trading day [1] Group 2: Net Inflows in ETFs - On February 12, 261 ETFs experienced net financing inflows, with the Hai Fu Tong CSI Short Bond ETF leading with a net inflow of 4.49 billion yuan [1] - Other ETFs with significant net inflows included the Huatai-PB Hang Seng Technology ETF, Huaxia Hang Seng Technology ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, Southern CSI 1000 ETF, and Da Cheng Hang Seng Technology ETF [1]

Core Insights - The cross-border ETF market has reached a scale of 1 trillion yuan as of February 11, with Hong Kong-themed ETFs accounting for 822.51 billion yuan [1][2] - There has been a net inflow of 54.43 billion yuan into Hong Kong-themed ETFs this year, indicating strong investor interest despite market adjustments [1][4] - The number of cross-border ETFs has significantly increased, with 214 listed as of February 12, compared to 138 at the end of 2024 [2] Group 1: Market Growth - The cross-border ETF market first surpassed 1 trillion yuan on January 12, but has seen fluctuations since then [2] - The number of cross-border ETFs exceeding 10 billion yuan has grown from 11 at the beginning of 2025 to 26 as of February 11 [2] Group 2: Fund Inflows - Significant capital has flowed into Hong Kong-themed ETFs, with over 500 billion yuan entering the market this year [1][4] - Specific ETFs such as the Fortune Hong Kong Internet ETF and Huatai-PB Southern East England Hang Seng Technology ETF have seen substantial net inflows of 69.96 billion yuan and 68.63 billion yuan, respectively [4] Group 3: Institutional Insights - Public funds have been increasing their allocations to Hong Kong-themed ETFs, with nearly 30 new index funds reported this year [5] - Analysts suggest that the recent adjustments in the Hang Seng Technology Index may stabilize, as valuations are at historically low levels, and there are signs of recovery in the technology sector [6]

Group 1 - The consumer and photovoltaic sectors saw significant gains last week, with several related ETFs rising over 3% [1][2] - The A-share market's broad-based products experienced active trading, with ETFs tracking the CSI A500 index exceeding a total transaction volume of 250 billion yuan [1][2] - The market outlook for February suggests a continuation of the upward trend, driven by concentrated earnings forecasts and the recovery of leading companies' performance [1][4] Group 2 - The Hong Kong consumer sector performed strongly, with ETFs such as the Hang Seng Consumer ETF leading the gains [2] - Gold-related ETFs faced a downturn, with an average decline of over 5% across 14 commodity gold ETFs, and some gold stock ETFs dropping more than 13% [2] - The technology sector attracted significant capital inflow, with the Huatai-PineBridge Hang Seng Technology ETF seeing a net inflow of over 3.8 billion yuan last week [3] Group 3 - Several asset management institutions have released macro outlooks for China's equity market in 2026, highlighting diverse growth paths driven by the 14th Five-Year Plan [4][5] - Key investment areas identified include technology, manufacturing, renewable energy, healthcare, and emerging consumer sectors [4][5] - The market is expected to maintain a structural trend in February, with a focus on core growth assets that are currently at historical median valuation levels [5]

Group 1 - The consumer and photovoltaic sectors saw significant gains, with several related ETFs rising over 3% last week, while gold and artificial intelligence sectors experienced declines, with some ETFs dropping over 9% [1][2] - A-shares market showed active trading in broad-based products, with ETFs tracking the CSI 500 index exceeding a total trading volume of 250 billion yuan, and those tracking the Sci-Tech 50 index surpassing 30 billion yuan [1][2] - The market outlook for February suggests a continuation of the upward trend, driven by concentrated earnings forecasts and the recovery of leading companies' performance, benefiting core assets [1][4] Group 2 - The Hong Kong consumer sector performed strongly, with ETFs such as the Hang Seng Consumer ETF leading the gains, while the photovoltaic sector also showed positive performance [1] - The gold sector underperformed, with commodity gold ETFs declining over 5%, and gold stock ETFs experiencing even greater declines, with some dropping over 13% [2] - The technology sector attracted significant capital inflow, with the Hang Seng Technology ETFs seeing substantial net inflows, particularly the Huatai-PineBridge Hang Seng Technology ETF, which had a net inflow of over 3.8 billion yuan last week [2] Group 3 - The satellite communication sector also experienced notable capital inflow, with the Yongying National Commercial Satellite Communication Industry ETF seeing a net inflow of over 1.8 billion yuan [3] - Several ETFs, including the Huazhong Gold ETF and the Southern CSI Nonferrous Metals ETF, reported net inflows exceeding 10 billion yuan this year [3] - Investment firms are focusing on five key areas for the Chinese equity market by 2026: technology, manufacturing, renewable energy, healthcare, and emerging experiential consumption [3] Group 4 - The market is expected to stabilize in February, with a shift in focus from January's credit and liquidity performance to macro and industry clues [4] - The "14th Five-Year Plan" is anticipated to provide a clearer framework for high-quality development and new growth drivers, stabilizing market perceptions of future growth [4] - Core assets are recommended for continued attention, as their valuations are at historical median levels, with stable profit expectations and increasing foreign capital inflow [4]