港股科技板块"吸金" 多只相关ETF份额持续增长 ◎记者 王彭 进入四季度，港股市场震荡调整。截至11月19日，恒生科技指数10月以来回调逾10%。不过，Choice数 据显示，其间多只港股科技ETF仍获得资金大量涌入，规模持续攀升。 王麦琪 制图 ■投基论道 Choice数据显示，截至11月19日，10月以来多只港股科技ETF持续获得资金净流入。具体来看，华夏恒 生科技指数ETF份额增长93.28亿份，按照0.81元成交均价计算，合计获得75.6亿元资金净流入；华泰柏 瑞恒生科技ETF紧随其后，获得70.77亿元资金净流入。此外，天弘恒生科技ETF、大成恒生科技ETF、 易方达恒生科技ETF均获超45亿元资金净流入。 该外资公募基金经理认为，这种调整为增量资金提供了布局时机。无论是代表新经济的成长股，还是具 备稳定现金流的红利股，港股市场都展现出更为显著的估值吸引力，形成了明显的"价值洼地"。这一巨 大的性价比优势，正驱动资金流向香港市场。 "公募基金正显著提升其产品的港股仓位，并将部分港股龙头买成核心重仓股。同时，私募等机构投资 者也广泛参与港股投资，港股已成为其增厚收益的重要来源。这股由内地机构主导、持 ...

截至2025年11月7日，沪深两市ETF两融余额为1181.09亿元，较上一交易日减少26.70亿元。分项来看， ETF融资余额为1097.25亿元，较上一交易日减少26.26亿元；ETF融券余额为83.84亿元，较上一交易日 减少0.44亿元。 在融资交易中，共有216只ETF获得融资净买入。其中，净买入额居首的是华夏恒生互联网科技业ETF （代码：513330，简称：恒生互联），净买入额约8734.79万元。融资净买入金额居前的其他ETF包 括：鹏华化工ETF（代码：159870，净买入额约7273.72万元）、大成恒生科技ETF（代码：159740，净 买入额约6006.08万元）、易方达中概互联ETF（代码：513050，净买入额约5027.51万元）以及华泰柏 瑞光伏ETF（代码：515790，净买入额约3643.72万元）。 ...

Core Viewpoint - As of November 7, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 118.109 billion yuan, showing a decrease of 2.67 billion yuan from the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance is 109.725 billion yuan, down by 2.626 billion yuan from the previous trading day [1] - The ETF margin short balance is 8.384 billion yuan, decreasing by 0.044 billion yuan compared to the previous trading day [1] Net Inflows - On November 7, 216 ETFs experienced net financing inflows, with the top inflow being the Huaxia Hang Seng Internet Technology ETF, which saw a net inflow of 87.3479 million yuan [1] - Other ETFs with significant net inflows include the Penghua CSI Subdivision Chemical Industry Theme ETF, the Da Cheng Hang Seng Technology ETF, the E Fund CSI Overseas Internet ETF, the Huatai-PineBridge CSI Photovoltaic Industry ETF, and the Fortune CSI Hong Kong Stock Connect Internet ETF [1]

Core Insights - The net subscription amount for equity ETFs in October reached 100.894 billion yuan, with a significant inflow of over 25 billion yuan on October 31 during a market adjustment [1] Fund Flows - The net subscription amount for Guotai Junan Securities ETF was 7.549 billion yuan, while other ETFs such as Huabao Bank ETF, Huabao Securities ETF, and Jiashi Science and Technology Chip ETF each had net subscriptions exceeding 3.5 billion yuan [1] - Hong Kong-themed ETFs, including Huaxia Hang Seng Technology ETF, Huatai-PB Hang Seng Technology ETF, Tianhong Hang Seng Technology ETF, and Dacheng Hang Seng Technology ETF, also saw net subscriptions above 3 billion yuan [1]

Group 1 - The core viewpoint of the article highlights the significant inflow of southbound funds into the Hong Kong stock market, exceeding 1.1 trillion yuan this year, indicating strong investment enthusiasm [2][4] - As of October 16, 2023, the Hang Seng Index and Hang Seng Tech Index have seen declines of 3.6% and 7.15% respectively, yet several related ETFs continue to attract net inflows [3] - Institutions believe that despite short-term fluctuations, the valuation of Hong Kong stocks is attractive, with long-term prospects remaining optimistic [4][5] Group 2 - Comparatively, Hong Kong stocks are still at relatively low valuation levels, presenting a valuation advantage over major global markets [5] - The main investment opportunities in Hong Kong stocks are identified as innovative pharmaceuticals and technology giants like Tencent and Alibaba, which are undergoing a systematic revaluation in the AI era [5] - Insurance funds are expected to become significant incremental capital in the stock market, with Hong Kong's dividend stocks being a key allocation direction due to their low volatility and high dividend characteristics [4][5]

截至2025年10月15日 09:47，恒生科技ETF(159740)上涨1.39%，市场交投活跃，昨日换手率近30%，今 日延续高企态势，盘中换手率已超5%，成交5.90亿元，盘中已获资金净申购3.50亿份！跟踪指数恒生科 技指数强势上涨1.29%，成分股哔哩哔哩-W上涨4.69%，ASMPT上涨3.87%，小鹏汽车-W上涨2.61%， 阿里巴巴-W，京东健康等个股跟涨。 财通证券表示，继续看好AI产业链趋势，尤其是充分受益全球AI算力需求增长的PCB、服务器ODM 等 环节。此外，随着模型能力的提升及AI应用场景的渗透，我们亦看好受益AI终端需求增长的头部ODM 企业。半导体方面，我们继续重点关注地缘政治等风险对自主可控预期的影响，保持对需求节奏的跟 踪，看好龙头公司由产品和客户结构带来的α。 相关产品： 大成恒生科技ETF（159740.SZ） 【市场有风险，投资需谨慎】 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 拉长时间看，截至10月14日，恒生科技ETF(159740)最新份额突破200亿大关，达200.27亿份，创成立以 来新高。恒生科技ETF(159740)近1月规 ...

Group 1 - A significant influx of capital into equity ETFs has been observed, with net subscriptions exceeding 56 billion yuan over two trading days [1] - On October 10, the net subscription amount for equity ETFs reached 31.49 billion yuan, marking one of the highest single-day figures this year [1] - On October 13, an additional 20 billion yuan was invested, bringing the net subscription for that day to 24.61 billion yuan [1] Group 2 - Various broad-based ETFs attracted substantial investments, including the Huaxia SSE Sci-Tech 50 ETF with a net subscription of 2.14 billion yuan and the E Fund SSE Sci-Tech 50 ETF with 1.33 billion yuan [2] - Industry-specific ETFs also saw strong demand, such as the Southern CSI Nonferrous Metals ETF with 2.27 billion yuan and the Huabao CSI Bank ETF with 1.62 billion yuan [2] - The total net subscription for Hong Kong stock-themed ETFs reached 12.04 billion yuan, with several ETFs exceeding 800 million yuan in subscriptions [2] Group 3 - Newly launched equity funds have also become important tools for capital entry, with the Penghua Manufacturing Upgrade Mixed Fund receiving over 2 billion yuan in effective subscription applications [2][3] - The E Fund Hong Kong Stock Connect Technology Mixed Fund had a high confirmation ratio of 95.94% for its 2 billion yuan fundraising limit [3] Group 4 - Recently launched ETFs are quickly deploying capital, with the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF achieving a stock investment ratio of 98.8% shortly after its establishment [4] - Fund companies are actively purchasing their own equity funds, indicating confidence in the long-term stability of the Chinese capital market [4] Group 5 - External asset management firms suggest that investors should not be overly concerned about market volatility, as A-shares still hold significant allocation value [5] - The dividend style remains an important focus for investors, especially given its relative underperformance this year [5] Group 6 - The technology sector, particularly AI-related companies, is expected to maintain high investment value despite potential short-term adjustments [6] - The current market fluctuations may provide favorable investment opportunities, particularly for sectors that have previously seen high price increases [6]

Core Viewpoint - A significant influx of capital into equity ETFs has been observed during recent market fluctuations, with net subscriptions exceeding 56 billion yuan in just two trading days [1][2]. Fund Inflows - On October 10, the net subscription amount for equity ETFs reached 31.49 billion yuan, marking one of the highest single-day inflows this year, second only to the days following institutional announcements in April [2]. - On October 13, an additional 24.61 billion yuan flowed into equity ETFs, with several broad-based ETFs attracting substantial investments, including 2.14 billion yuan for the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF and 1.33 billion yuan for the E Fund version [2]. - Industry-specific ETFs also saw strong inflows, with the Southern CSI Shenwan Nonferrous Metals ETF attracting 2.27 billion yuan and the Huabao CSI Bank ETF receiving 1.62 billion yuan [2]. Market Performance - The total net subscription for Hong Kong-themed ETFs reached 12.04 billion yuan, with several funds exceeding 800 million yuan in net subscriptions [3]. - Trading volumes for various ETFs surged, with the E Fund Growth Enterprise Board ETF recording a transaction volume of 7.24 billion yuan on October 14 [3]. New Fund Launches - Newly launched equity funds have also become important tools for capital entry, with several funds reporting oversubscription. For instance, the Penghua Fund's manufacturing upgrade mixed fund had effective subscription applications exceeding its 2 billion yuan cap [3]. - The E Fund's Hong Kong Stock Connect Technology Mixed Fund also saw a high confirmation rate of 95.94% for its 2 billion yuan cap [3]. High Fund Positions - Newly launched ETFs are quickly deploying capital, with the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF achieving a stock investment ratio of 98.8% shortly after its establishment [4]. - The Fortune Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF, established on September 29, reported a 38.23% equity investment ratio as of October 10 [5]. Fund Company Actions - Fund companies are actively purchasing their own equity funds, with Yongying Fund announcing a 10 million yuan investment in its Value Return Mixed Fund, reflecting confidence in the long-term stability of the Chinese capital market [6]. - Guotai Fund also committed to investing at least 12 million yuan in its Guotai Qiming Return Mixed Fund, indicating a similar outlook [6]. Market Outlook - Foreign public fund Lianbo Fund expressed that investors should not be overly concerned about market volatility, as A-shares still hold high allocation value, suggesting that the current market fluctuations may present investment opportunities [8]. - Long-term expectations remain positive, with factors such as declining risk-free interest rates and improved profit forecasts supporting a favorable outlook for the stock market [8].

资金面上，9月12日南向资金单日净流入超73亿港元，重点加仓互联网龙头公司，显示长线资金正加速 布局港股科技龙头资产。 相关产品： 大成恒生科技ETF（159740.SZ） 截至9月12日，恒生科技ETF（159740.SZ）最新规模突破140亿元，近20日累计净流入19亿元，在科技 与成长行情持续发酵的背景下，成为资金配置港股科技赛道的重要工具。 消息面上，AI产业趋势不断强化。阿里巴巴与百度已开始采用内部自主设计的芯片训练AI大模型，部 分替代英伟达芯片，并推动云业务收入增长。新能源汽车板块方面，蔚来-SW、广汽集团等公司新车型 预售反响热烈，订单情况超预期，汽车股整体表现强劲。 基本面上，美国8月非农与PPI数据均不及预期，市场对美联储9月降息的预期持续升温。外部流动性回 暖推动资金回流新兴市场，港股科技板块受益明显。恒生科技指数当前动态PE约23.14倍，仍处于近五 年31.92%的低位分位，估值优势突出。 光大证券认为，当前港股正处于"估值洼地"与"政策窗口"的共振阶段。国内稳增长政策持续发力，加之 美联储降息预期升温，共同为市场提供了流动性支撑。科技板块因其高成长性和高弹性，有望率先受益 于宽松环 ...

Market Overview - On August 1, the market experienced fluctuations with the three major indices slightly declining [1] - Sectors such as traditional Chinese medicine, electric equipment, AI intelligence, and paper-making saw notable gains, while sectors like shipbuilding, civil explosives, PCB, and CPO faced significant declines [1] ETF Market Activity - In the non-monetary ETF market on August 1, the following ETFs saw substantial net inflows: - Huaxia SSE 50 ETF with a net inflow of 1.134 billion and an increase of 393 million shares [2] - Dazhong Hang Seng Technology ETF with a net inflow of 726 million and an increase of 999 million shares [2] - Bosera CSI Convertible Bond and Exchangeable Bond ETF with a net inflow of 722 million and an increase of 57 million shares [2] Top ETFs by Net Inflows - As of August 1, the top 20 ETFs by net inflows for the month include: - Huaxia SSE 50 ETF with a net inflow of 1.134 billion and a total scale of 167.51 billion [3] - Dazhong Hang Seng Technology ETF with a net inflow of 726 million and a total scale of 10.305 billion [3] - Bosera CSI Convertible Bond and Exchangeable Bond ETF with a net inflow of 722 million and a total scale of 46.025 billion [3] Overall ETF Market Data - The total ETF shares in the market reached 27,701.95 million, with a total scale of 45,755.49 billion [3] - The financial sector saw the largest increase in shares, with 24 funds tracking it, while the securities company index marked a 31.23% increase [3]