Core Viewpoint - The Hong Kong stock market has shown volatility post-Spring Festival, with public funds actively positioning themselves to seize future opportunities, particularly in technology and cyclical sectors [1][2]. Market Performance - As of February 25, the Hang Seng Index has increased by 0.22%, while the Hang Seng Technology Index has decreased by nearly 2%. Various sectors have shown mixed performance, with telecommunications, energy, industrials, and materials rising, while consumer staples, conglomerates, and healthcare sectors have faced adjustments [2]. - Notable individual stock performances include significant increases for companies like Dachen Microline Group and Jiu Yuan Group, while Tencent Holdings and Alibaba have seen declines [2]. Fund Positioning - Multiple fund institutions maintain a positive outlook on Hong Kong stocks, with significant inflows into ETFs focused on this market. For instance, the Huatai-PB Hang Seng Technology ETF saw an increase of 13.436 billion shares, while several other ETFs also reported substantial share increases [2]. - Active funds are also adjusting their portfolios to include major Hong Kong internet stocks, indicating a strategic focus on these companies [3]. Long-term Investment Outlook - According to Huaxia Fund, the current market conditions may present a valuable investment window for Hong Kong stocks, driven by attractive valuations and expectations of improved liquidity. The market is experiencing a convergence of factors such as low historical valuations and continued inflows from southbound capital [4]. - Fund managers from various institutions express optimism about the potential for valuation recovery in Hong Kong stocks, supported by improving corporate performance and favorable macroeconomic conditions, including a potential decline in U.S. interest rates [4]. Sector Focus - The technology sector remains a primary focus for investment, with expectations of explosive growth in AI-related capital expenditures. Major domestic internet companies are anticipated to maintain stable growth, enhancing both earnings and valuations [5][6]. - The ongoing economic transformation and industrial upgrades in China are expected to provide significant support for the valuation of Hong Kong's technology sector, despite short-term fluctuations in interest rate expectations [5].

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].

值得一提的是，近些年来富国基金多位核心基金经理相继离职，包括二级债"准一哥"刘兴旺、QDII明星 宁君均于2025年11月双双挂靴，范妍等外来人才临危受命，不过目前来看表现平平，投研换血成效仍有 待观察；富国天惠成长混合（LOF）C近一年跑输同类18个百分点、近两年跑输同类近30个百分点，朱 少醒"常青树"光环稍显褪色。 6只基金清盘 Wind数据显示，2025年全年富国基金旗下基金产品为投资者实现的总利润超1050亿元，其中主动权益 类产品合计为基民赚得566.10亿元。 《东西财经》梳理发现，赚钱能力排名靠前的分别为富国天惠精选成长混合（LOF）A/B、富国新兴产 业股票A、富国创新科技混合A、富国稳健增长混合A、富国中小盘精选混合A、富国沪港深业绩驱动混 合A、富国均衡优选混合、富国互联科技股票型A、富国天瑞强势精选混合A、富国创新趋势股票A，利 润分别为43.49亿元、41.73亿元、31.82亿元、20.25亿元、19.5亿元、19.48亿元、17.82亿元、17.73亿 元、17.37亿元、17.02亿元。 尽管2025年富国基金业绩表现亮眼，但在高光背后则是2022年至2024年旗下混合型基金给 ...

一、交易提示 | | 你 | 基金经理 | 首次蔡集[ | | | | --- | --- | --- | --- | --- | --- | | | | | (477) | | | | 026109 | 广发中证 500 指数量化增强 A | 李肯意 | 80.00 | 股票配 | 2026-02-09 | | 026110 | 广发中证 500 指数量化增强 C | 李肯懿 | 80.00 | Bonner | 2026-02-09 | | 026223 | 广发消费领航股票 A | 孙迪 | 80.00 | Bo Bear Par | 2026-02-03 | | 026224 | 广发消费领航股票 C | 孙迪 | 80.00 | 股票型 | 2026-02-03 | | 026066 | 易方达成长驱动混合 A | 何一钱,姚欢宸 | 20.00 | 温合型 | 2026-02-10 | | 026067 | 易方达成长驱动混合 C | 何一钱姚欢宸 | 20.00 | 混合型 | 2026-02-10 | | 026462 | 景顺长城均衡增长股票 | 壬肝展 | 未公布 | 股票型 | 2026 ...

本报记者 昌校宇 2026年以来，港股市场再度成为公募机构的重点布局方向。中国证监会官网公布的信息显示，截至1月28日，年内已有27 只港股主题基金密集上报，科技、医药、周期三大赛道成为布局焦点。与此同时，资金正借道ETF持续南下，其中，富国中证 港股通互联网ETF份额突破1000亿份，成为首只跻身"千亿俱乐部"的港股主题ETF。 在资源品价格上涨的周期背景下，港股周期板块也进入公募机构的"掘金"视野。永赢基金申报的港股通周期慧选混合基 金、汇添富基金上报的港股通周期精选混合基金等，将目光投向有色金属、能源等传统周期行业。 新基金密集申报的背后，是资金持续流入港股市场的趋势性力量。今年以来，港股主题ETF持续获得资金净流入，并催生 出规模增长迅速的产品。Wind资讯数据显示，截至1月28日，富国中证港股通互联网ETF最新规模达到910.07亿元，最新份额为 1001.51亿份，成为首只份额超千亿的港股主题ETF。 兴银基金指数与量化投资部负责人、基金经理林学晨对《证券日报》记者表示："展望2026年，港股市场在估值低位、资 金持续流入以及科技股与全球产业链深度绑定的综合优势下，有望迎来估值修复与盈利增长的双轮 ...

Core Insights - The ETF market in China has reached two significant milestones, with Huaxia Fund becoming the first domestic ETF manager to surpass 1 trillion yuan in assets under management, and the total scale of cross-border ETFs also exceeding 1 trillion yuan [1][2] Group 1: Huaxia Fund's Milestone - Huaxia Fund has achieved a management scale of 1,016.42 billion yuan as of January 12, marking a historic moment in the public fund industry [1] - The fund's ETF product structure includes over 110 products, with the largest being the CSI 300 ETF and the SSE 50 ETF, which have scales exceeding 230 billion yuan and 180 billion yuan respectively [1] - The growth of Huaxia Fund's ETF scale has been driven by over 120 billion yuan from net subscriptions and market appreciation contributing to the remaining growth [1] Group 2: Cross-Border ETF Growth - The total scale of cross-border ETFs has reached over 1 trillion yuan, doubling from approximately 424 billion yuan at the beginning of 2025 [2][3] - In less than half a month into 2026, the cross-border ETF market has added over 70 billion yuan, with a focus on Hong Kong's technology, internet, and innovative pharmaceutical sectors [2] - The leading cross-border ETF, the FTSE China A50 Internet ETF, has a scale exceeding 80 billion yuan, followed by Huaxia's Hang Seng Technology ETF with over 50 billion yuan [3] Group 3: Overall ETF Market Expansion - The overall ETF market in China has seen rapid growth, with the scale increasing from 1 trillion yuan to over 6 trillion yuan in just five years [4] - The growth is attributed to an improved investor structure and a more comprehensive product ecosystem, with stock ETFs remaining dominant while commodity and bond ETFs are emerging as significant growth areas [4] - The rapid increase in ETF scale is driven by the rising popularity of index investing and favorable market conditions, leading to a greater preference for transparent and efficient investment tools [4]

Core Insights - The total scale of cross-border ETFs in China's public fund industry has historically surpassed 1 trillion yuan, reaching 10,164.21 billion yuan as of January 14, 2026, marking a significant milestone in the industry [1] - Cross-border ETFs have transitioned from a marginal investment option to a crucial channel for global asset allocation for residents, reflecting a surge in demand for global investment opportunities [1] Growth Drivers - Since the beginning of 2026, cross-border ETFs have experienced an average growth rate of 5.9%, with a remarkable annual increase of 37%, particularly driven by strong performance in Hong Kong stock products [2] - Notable net inflows have been recorded, with over 10 billion yuan in net inflows for just two products, indicating robust investor interest [2] - The number of cross-border ETFs exceeding 10 billion yuan in scale has reached 26, with four leading products surpassing 40 billion yuan [2] Advantages for Investors - Cross-border ETFs offer advantages such as a minimum investment of 100 yuan and T+0 trading, enabling ordinary investors to access global markets at a low cost [3] - These funds serve as a compliant and efficient bridge for residents to invest overseas, allowing them to share in global industry dividends, particularly in sectors like AI and innovative pharmaceuticals [3] Market Dynamics and Risks - The average premium of cross-border ETFs is 0.42%, with some products showing premiums exceeding 20%, indicating potential overvaluation and associated risks [4] - The presence of high premiums suggests that asset prices may already reflect optimistic expectations, which could lead to price volatility due to future corrections or liquidity changes [4] Future Outlook - The globalization of the public fund industry is expected to enhance the cross-border capabilities and product innovation of fund companies [5] - There is a need for public institutions to strengthen research on overseas markets and multi-currency operations, while expanding coverage of emerging markets and global sectors like AI and innovative pharmaceuticals [5] - The industry is anticipated to evolve from broad-based ETFs to more specialized themes, creating a comprehensive product ecosystem that spans both mature and emerging markets [5]

Group 1 - The A-share market showed strong growth in growth style, with notable performances in the pharmaceutical and semiconductor sectors, where multiple related ETFs rose over 5% in a single day [1] - In December 2025, the A500 and Sci-Tech bonds became significant directions for capital inflow, with several related ETFs seeing net inflows exceeding 10 billion yuan [2][8] - The Hong Kong pharmaceutical sector performed strongly, with multiple ETFs in innovative drugs and medical devices rising over 6%, indicating a robust market for innovative pharmaceuticals [4][5] Group 2 - The semiconductor sector experienced a hot market, with multiple ETFs related to semiconductor chips, big data, AI, and cloud computing showing significant gains, with some ETFs rising over 5% [6][7] - In December 2025, the net inflow for A500-related ETFs exceeded 20 billion yuan, with specific ETFs like the Southern CSI A500 ETF and Huatai-PB CSI A500 ETF seeing net inflows over 20 billion yuan each [9] - The outlook for the Hong Kong market in 2026 suggests a potential recovery in corporate earnings, particularly in sectors benefiting from overseas demand and competitive industry leaders, with AI, new consumption, pharmaceuticals, and dividends highlighted as key focus areas [12]

Core Viewpoint - As of December 31, 2025, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 116.85 billion yuan, reflecting a decrease of 2.302 billion yuan from the previous trading day [1] Group 1: ETF Margin Balance - The ETF financing balance stands at 109.574 billion yuan, down by 2.276 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.276 billion yuan, which is a decrease of 0.026 billion yuan from the previous trading day [1] Group 2: Net Buy Insights - A total of 241 ETFs experienced net buying on margin, with the Huatai-PB CSI Korea Exchange Korea-China Semiconductor ETF leading with a net buy of 68.9261 million yuan [1] - Other ETFs with significant net buying include the E Fund CSI Hong Kong Securities Investment Theme ETF, E Fund Gold ETF, and the Fuguo CSI Hong Kong Stock Connect Internet ETF [1]

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].