没有股票账户的投资者可关注国泰中证港股通科技ETF发起联接C（015740），国泰中证港股通科技 ETF发起联接A（015739）。 中泰证券指出，港股科技板块近期表现相对占优，展望未来，以人工智能为代表的科技行业将持续受益 于技术进步和政策支持，AI科技板块具备较大成长空间。随着国内科技产业政策的持续出台，港股科 技类企业或将获得更多资金关注。南向资金对港股的边际定价能力增强，在低利率环境下将吸引更多资 金配置港股。中长期来看，港股的估值优势和产业转型升级趋势仍值得期待。 港股科技ETF（代码：513020）跟踪的是港股通科技指数（代码：931573），该指数由中证指数有限公 司编制，从港股通范围内上市的科技行业公司中精选不超过50家优质企业作为成分股。重点覆盖【互联 网+生物医药+新能源车】等多个细分领域，旨在综合反映港股市场核心科技企业的整体表现。这些企 业不仅在本土市场占据优势，还在海外市场有较强的拓展能力。 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 ...

Group 1 - The Hong Kong stock market is expected to benefit from the accelerated commercialization of AI and the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - The AI technology and new consumption sectors have significant growth potential, and southbound funds are enhancing their marginal pricing power in the Hong Kong stock market, particularly in a low-interest-rate environment [1] - The overall market sentiment is positive, with the IT sector showing substantial gains, driven by rising expectations of interest rate cuts from the Federal Reserve [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on leading companies in the technology sector available through the Stock Connect [1] - The index emphasizes market capitalization, R&D intensity, and revenue growth quality in its constituent stock selection, covering TMT (Media, Computer, Internet, Electronics) and automotive industries [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The core viewpoint is that the Hong Kong stock market is expected to benefit from the accelerated commercialization of AI and the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - The AI technology and new consumption sectors have significant growth potential, and the marginal pricing power of southbound funds in the Hong Kong stock market is increasing, especially in a low-interest-rate environment [1] - The medium to long-term outlook for the Hong Kong stock market remains positive due to its valuation advantages and the trend of industrial transformation and upgrading, with the technology and consumption sectors likely to continue rising under dual support from policies and funds [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on TMT (including media, computers, internet, electronics) and the automotive industry, selecting large-cap technology leaders listed on the Hong Kong stock market [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) [1]

Group 1 - The core viewpoint is that the Hong Kong stock technology sector still holds long-term investment value, with leading technology companies possessing significant competitive advantages and deep moats [1] - The valuation advantage and upside potential of Hong Kong technology stocks are evident, with a substantial decrease in market congestion compared to the beginning of the year, indicating strong investment value [1] - The overall profitability (ROE) of the technology sector is stabilizing and recovering, with current valuations around 20 times PE, which is relatively at historical lows, suggesting significant room for valuation recovery [1] Group 2 - The Hong Kong Stock Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects no more than 50 quality companies from the technology sector listed under the Stock Connect program [1] - The index aims to comprehensively reflect the overall performance of securities of technology companies that can be invested through the Hong Kong Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Initiated Link A (015739) [1]

Group 1 - The core viewpoint of the articles highlights the positive impact of rising expectations for interest rate cuts by the Federal Reserve on the Hong Kong stock market, particularly the technology sector, which has seen significant gains year-to-date [1][3] - The Hong Kong Technology ETF (513020) has experienced a cumulative increase of over 40% since the beginning of the year, driven by strong market sentiment and inflows from southbound capital [1][3] - Recent data from the U.S. Labor Department indicated a lower-than-expected CPI increase, which has further fueled market expectations for a rate cut in September, with a 94.9% probability of a 25 basis point cut [1][2] Group 2 - The current valuation of the Hong Kong internet and social services sector is at a low level, suggesting potential for upward movement, especially with rising AI capital expenditures and supportive technology innovation policies [2] - Internet platform companies are seeing a recovery in advertising revenue, increased e-commerce penetration, and a rebound in user activity, which are contributing to revenue and profit recovery [2] - Hardware manufacturing, optical, and AI computing-related companies are benefiting from a new cycle of AI infrastructure development, with a noticeable improvement in overseas orders [2] Group 3 - The Hong Kong Technology ETF (513020) is significantly driven by inflows from southbound capital, leading to increased trading activity and price volatility [3] - The ETF tracks the Hong Kong Stock Connect Technology Index, which includes technology securities across various sectors such as internet, biomedicine, and new energy vehicles, reflecting the overall performance of core technology companies in the Hong Kong market [3] - The favorable policy environment for technology innovation and the digital economy, along with the attractiveness of Hong Kong's market liquidity and valuation flexibility, are expected to support the rebound of the technology sector as the Federal Reserve begins to cut rates [3]

Group 1 - The core viewpoint is that AI video generation technology has made significant progress in cost optimization and content innovation, with companies like Kuaishou and Alibaba leading the way [1] - Kuaishou has achieved a reduction in inference costs through technological iterations, while Alibaba's MoE architecture can save 50% in computational consumption, indicating a trend towards lower user costs and increased penetration in the industry [1] - The participation of AI in content creation has increased from 50% to 80%, with AI tools capable of replacing live-action segments, suggesting a shift in content production dynamics [1] Group 2 - The potential market for AI video is estimated to reach $41.6 billion, with the B-end commercialization space accounting for approximately $39.7 billion (20% penetration) and the P-end creator market around $3.8 billion [1] - Industry trends are driven by three main logics: extension of video length (potentially reaching 1 minute within the year), cost reductions leading to "better and cheaper" content, and the expansion of new content categories [1] - Companies focusing on multimodal AI applications and international expansion are expected to experience faster commercialization processes [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which primarily covers technology-related companies accessible through the Stock Connect, with a focus on non-essential consumer sectors and including automotive, pharmaceuticals, biotechnology, and information technology equipment [1]

Group 1 - The core viewpoint is that AI video generation technology is driving rapid industry growth through cost optimization and content innovation [1] - Video generation products have achieved breakeven on the gross profit level, with the MoE architecture saving 50% in computational consumption [1] - The participation of AI in the direct generation process of AI comic dramas has increased from 50% to 80%, expanding the content market through new content forms like AI painting [1] Group 2 - The potential market for AI video is estimated to reach $41.6 billion, with a B-end content production market potential of $39.7 billion if penetration reaches 20% [1] - Industry trends are characterized by three main logics: extension of video generation duration (potentially reaching 1 minute within the year), cost reduction leading to "better and cheaper" offerings, and expansion of new content categories [1] - Technological advancements, such as ByteDance's Captain Cinema framework, aim to achieve coherence in long videos, which could accelerate content penetration if widely applied [1] Group 3 - Analysts are optimistic about breakthroughs in multimodal technology and overseas expansion, believing that cost optimization and business model innovation will drive user growth and commercialization progression [1] - The Hong Kong Stock Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related companies that can be invested in through the Hong Kong Stock Connect mechanism [1] - The index includes companies from nine Hang Seng secondary industries, selecting those with innovation capabilities and growth potential to reflect the overall performance of technology firms listed in Hong Kong [1]

Group 1 - The overall valuation of the Hong Kong internet social services sector is currently low, indicating potential for upward movement [1] - With rising AI capital expenditure and increased support for technological innovation policies, leading companies in the Hang Seng Technology sector have medium to long-term growth potential [1] - Despite a decline in market sentiment, positive signals from the Political Bureau meeting and policy outlook for the second half of the year are expected to support the technology sector under a dual easing fiscal and monetary environment [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from Hong Kong-listed companies involved in information technology, electronic components, and interactive media and services [1] - This index is characterized by high growth potential and volatility, effectively reflecting the growth potential in the technology sector [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The overall valuation of the Hong Kong internet social services sector is currently low, indicating potential upward space [1] - With the rise in AI capital expenditure and increased support for technological innovation policies, leading companies in the technology sector have medium to long-term growth potential [1] - Recent market sentiment has declined significantly, but positive signals from the Political Bureau meeting and policy outlook for the second half of the year suggest that overall policies will remain stable, leading to a continuation of valuation recovery under structural policy guidance [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which primarily includes listed technology-related companies across nine Hang Seng secondary industries, reflecting the investment characteristics of the integration of technology and consumption [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The Hong Kong stock market has been active since early 2025, even leading global markets at one point, with an average daily trading volume increasing by approximately 80% compared to the same period last year [1] - Despite a weakening overall Chinese economic backdrop and ongoing external disturbances, a structural market rally has been observed, with sectors like AI, new consumption, and innovative pharmaceuticals experiencing multiple rounds of leadership [1] - The Hang Seng Technology Index's price-to-earnings ratio (PE TTM) remains at 21 times, indicating it is undervalued, with potential recovery in sectors such as e-commerce and local living services, supported by policy measures in the automotive sector [1] Group 2 - The Hang Seng Technology Index may see upward movement in the third quarter if earnings expectations are revised upward, combined with a recovery in market sentiment [1] - Investors are encouraged to consider the Hong Kong Technology ETF (513020), which tracks the Hong Kong Stock Connect Technology Index (931573), comprising up to 50 high-quality companies in the technology sector [1] - The index aims to reflect the overall performance of listed companies in the technology sector available through the Hong Kong Stock Connect, showcasing significant growth potential and market volatility characteristics [1]