2025年以来，随着海外降息预期升温、南向资金持续涌入，以及港股市场优质资产不断扩容，港股 正迎来新一轮配置窗口。 首先，海外流动性环境持续宽松。2025年9月和10月，美联储连续两次降息，全球流动性环境持续 改善。市场普遍预期12月继续宽松的概率较高，美联储年内或将再降息一次。宽松的货币环境有望 提振全球权益资产表现，港股作为离岸市场，对流动性变化尤为敏感。 第二，南向资金持续流入，增配空间广阔。2025年前三季度，南向资金累计净流入达1.16万亿港 币，已超去年全年水平，月均流入创历史新高。从存量角度看，当前全市场可投资港股的主动偏股型 基金对港股的配置比例为28.7%，若提升至50%的上沿区间，预计仍有约3940亿港币的增配空间。 保险、私募及个人投资者的资金也在加速进场，预计全年非公募资金增量或达3924亿港币（数据来 源：WIND，截至2025年9月末，资料来源：华泰证券《香港资产重估进入新阶段》，2025年7月23 日）。 第三，优质资产持续上市，港股内生价值提升。今年以来，港股IPO融资规模已突破1889亿港币，远 超2024年全年。多家A股龙头企业选择赴港二次上市，涵盖新能源、消费、电子制造等 ...

Group 1 - The core viewpoint of the news is the launch of the Huaan Hang Seng Index Hong Kong Stock Connect ETF, which focuses on core assets in the Hong Kong stock market, particularly in the financial, consumer discretionary, and technology sectors [1][2] - The ETF tracks the Hang Seng Index Hong Kong Stock Connect Index, designed specifically for the Hong Kong Stock Connect mechanism, ensuring all constituent stocks are tradable through this channel [1] - The index has a balanced style, with financials accounting for 33%, consumer discretionary for 27%, and information technology for 17% of the index [1] Group 2 - The ETF is managed by Ni Bin, supported by Huaan Fund's experienced index and quantitative investment team, which has 23 years of experience in managing index products [2] - Huaan Fund expresses a positive outlook on the long-term development of the Chinese capital market, suggesting a more proactive and balanced allocation to equity markets [2] - The fund highlights three core asset categories in the Hong Kong market: internet technology benefiting from the global AI wave, consumer sectors stimulated by domestic demand policies, and undervalued financial sectors with high dividends [2]