● 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 ...

【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 ...

Group 1 - The Hang Seng Tech Index has shown a "buying on dips" trend, with a net inflow of over 6.9 billion yuan in the past five days, making it the highest among all market indices [1] - Since the fourth quarter of last year, the Hang Seng Tech Index has declined nearly 20%, yet there has been a notable trend of capital accumulation during this period [1] - On February 4, the net inflow for the Hang Seng Tech Index reached 2.884 billion yuan, leading the stock ETF market [1] Group 2 - The top fund companies have demonstrated significant capital attraction, with the Huaxia Fund's Hang Seng Tech Index ETF seeing a net inflow of 1.021 billion yuan, bringing its latest scale to 50.914 billion yuan [1] - The Fuguo Hong Kong Internet ETF has recorded a net inflow of 6.709 billion yuan, while the Huatai-PineBridge Southern Eastern Hang Seng Tech ETF has seen a net inflow of 5.087 billion yuan [1] - Southbound funds have also increased their investments, with a total net purchase of 13.373 billion HKD through the Hong Kong Stock Connect on February 4 [1]

Core Viewpoint - The Chinese technology sector has seen significant capital inflow in 2026, driven by strong performance in various technology-related ETFs and positive market sentiment towards the long-term growth potential of the sector [1][2][4]. Group 1: ETF Inflows - Several technology-focused ETFs have attracted substantial net inflows this year, with the Yongying Satellite ETF leading at 4.79 billion yuan, followed by the Guotai Semiconductor Equipment ETF at 3.014 billion yuan and the Fuguo Satellite ETF at 2.824 billion yuan [1][2]. - Other ETFs, including the Fuguo Hong Kong Internet ETF and Huatai-PB Hang Seng Technology ETF, have also seen significant inflows, with amounts exceeding 1 billion yuan [1][2]. Group 2: Market Performance - The performance of technology indices has been strong, with the Shenwan Computer and Shenwan Electronics indices rising by 14.13% and 5.7% respectively, while the Hang Seng Technology Index increased by 6.41% [2]. - In the U.S. market, Alibaba and Baidu stocks have outperformed the Nasdaq index, rising by 13.46% and 16.53% respectively, compared to the Nasdaq's 2.12% increase [2]. Group 3: Growth Potential - Foreign institutions express confidence in the long-term growth logic of the Chinese technology sector, highlighting the potential for continued market performance in 2026 [4]. - Key sub-sectors such as robotics, autonomous driving, and commercial aerospace are expected to experience significant growth, driven by technological advancements and increasing policy support [5][6]. Group 4: AI and Emerging Technologies - The integration of AI across various industries is anticipated to be a transformative process over the next 3 to 5 years, with core companies in the AI sector currently valued reasonably without entering bubble territory [5]. - Specific applications of AI, such as smart glasses and autonomous driving, are identified as having high growth potential, with ongoing technological breakthroughs and market expansion [6].

Group 1 - The core viewpoint of the news is that the Hong Kong stock market has seen significant inflows into thematic ETFs, with a total net subscription amount exceeding 100.5 billion yuan from January 5 to 8, indicating strong investor interest, particularly in the technology sector [1][2]. - Multiple ETFs have reached record high share volumes, with notable subscriptions including 17.02 billion yuan for the Fuguo Hong Kong Internet ETF and 33.55 billion yuan for the GF Hong Kong Non-Bank ETF [2][3]. - New thematic ETFs are being launched, with a notable presence of private equity funds among the top shareholders, indicating a growing interest in this investment vehicle [3]. Group 2 - Public funds are increasing their investment in Hong Kong thematic ETFs, with new funds accelerating their issuance. For instance, the Baoyin Hang Seng Technology Index Fund has shortened its fundraising period to capture market opportunities [4]. - The Hong Kong market has shown signs of seasonal volatility, with historical data suggesting a strong performance from Christmas to the Lunar New Year, which may continue this year due to favorable liquidity conditions and positive expectations for domestic AI developments [5]. - Analysts believe that the current valuation of Hong Kong stocks remains reasonable, with strong corporate earnings expected to support market strength, particularly in technology and new consumption sectors [5].

Core Viewpoint - The expansion of cross-border ETFs has accelerated significantly this year, with both the scale and number of related products increasing, making it an important observation window for changes in capital allocation [1][2]. Group 1: Cross-Border ETF Expansion - As of December 26, the total scale of cross-border ETFs has increased by 514.7 billion, with the number of products rising by 63 since the beginning of the year [2]. - Hong Kong stock-related ETFs have become the main source of this expansion, particularly those focused on technology stocks, which have seen significant growth [2][3]. - Several ETFs focusing on Hong Kong technology assets have achieved substantial scale increases, indicating that some funds are still participating in the Hong Kong technology sector through cross-border ETF tools despite global market volatility [1][2]. Group 2: Market Dynamics and Fund Flows - In the fourth quarter, the performance of Hong Kong technology stocks has shown phase volatility, but there has not been a consistent withdrawal of funds [1][3]. - Despite the decline in net value of related technology indices, some ETFs have continued to see growth, indicating ongoing structural investment [3]. - Specific ETFs such as Tianhong Hang Seng Technology ETF, Huaxia Hang Seng Technology ETF, and E Fund Hang Seng Technology ETF have reported scale increases of 10.257 billion, 5.502 billion, and 5.330 billion respectively over the past three months [3]. Group 3: Institutional Outlook - Institutions remain optimistic about the future, citing multiple narratives such as AI development, potential Federal Reserve interest rate cuts, and accelerated inflows from the south as factors attracting market attention [4]. - The liquidity environment is expected to become more accommodative, which may support risk assets like Hong Kong technology stocks [4]. - The recent market corrections have released some risk factors, providing opportunities for long-term investors to position themselves in quality technology assets [4]. Group 4: Industry Trends - The development of AI is heavily supported by capital expenditures in cloud and computing power, with global cloud giants increasing investments in data centers to meet rising AI inference demands [5]. - Hong Kong technology companies are expanding their market boundaries and entering new phases of internationalization [5][6].

Core Viewpoint - The expansion of cross-border ETFs has accelerated significantly this year, with both the scale and number of related products increasing, making it an important observation window for changes in capital allocation [1][3]. Group 1: Cross-Border ETF Expansion - As of December 26, the total scale of cross-border ETFs has increased by 514.7 billion yuan since the beginning of the year, with the number of products rising by 63 [3]. - Hong Kong stock-related ETFs have become the main source of this scale expansion, particularly those focused on technology stocks, which have shown remarkable growth [3]. - Several cross-border ETFs have seen their scale increase by over 10 billion yuan this year, with the majority of the top ten products being technology-focused ETFs [3]. Group 2: Market Dynamics and Performance - In the fourth quarter, the performance of Hong Kong technology stocks has experienced temporary fluctuations, influenced by multiple factors such as the return of southbound funds to A-shares and concerns over IPO financing and lock-up expirations [3][6]. - Despite the market adjustments, some funds continue to flow into specific Hong Kong technology-related ETFs, indicating ongoing structural investment [4][5]. - Notable growth in ETF scales includes Tianhong Hang Seng Technology ETF increasing by 10.257 billion yuan and Huaxia Hang Seng Technology ETF by 5.502 billion yuan over the past three months [4][5]. Group 3: Long-Term Outlook - Institutions remain optimistic about the future, citing the potential for a favorable liquidity environment to support risk assets, including Hong Kong technology stocks [6][7]. - The Hong Kong technology sector is attracting attention due to narratives surrounding AI development, Federal Reserve interest rate cuts, and increased southbound capital inflows [7]. - The recent market corrections may provide opportunities for long-term investors to position themselves in high-quality technology assets, as the risk factors have been somewhat alleviated [7][8].

Core Viewpoint - The expansion of cross-border ETFs has accelerated significantly this year, with both the scale and number of related products increasing, becoming an important observation window for changes in capital allocation [1] Group 1: Cross-Border ETF Expansion - The overall expansion of cross-border ETFs is evident, with a total growth of 514.7 billion yuan in scale and an increase of 63 products since the beginning of the year, as of December 26 [3] - Hong Kong stock-related ETFs have become the main source of this expansion, particularly those focused on technology stocks, which have shown remarkable growth [2][3] Group 2: Performance of Technology ETFs - Several technology-themed ETFs have seen significant scale growth, with products like the Fortune CSI Hong Kong Internet ETF increasing by 58.27 billion yuan, the ICBC National Index Hong Kong Technology ETF by 27.45 billion yuan, and the Huaxia Hang Seng Technology ETF by 25.84 billion yuan [3] - Despite a phase of volatility in the Hong Kong technology sector in the fourth quarter, there has been no consistent withdrawal of funds, indicating ongoing interest in these assets [2][4] Group 3: Market Outlook and Institutional Perspectives - Institutions remain optimistic about the future, citing multiple narratives such as AI development, potential interest rate cuts by the Federal Reserve, and accelerated inflows from the south as factors attracting market attention [5] - The liquidity environment is expected to become more accommodative, which may enhance market risk appetite and provide support for Hong Kong technology assets [5][6] - The recent market corrections have released some risk factors, presenting opportunities for long-term investors to position themselves in quality technology assets [6]