【相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101） 聚焦互联网龙头——恒生互联网ETF（513330） 11月24日，共42只港股获公司回购，9只个股回购金额超千万港元。其中，腾讯控股、中远海控、中集 集团回购金额最大，分别获公司回购6.36亿港元、4035.0万港元、3594.67万港元。 港股市场国庆假期后回调，虽面临短期冲击，但机构普遍认为，中长期驱动行情的核心逻辑未发生改 变，慢牛趋势下的阶段性调整，反而为投资者提供了逢低布局的机会。 从机构观点来看，多方机构对港股科技板块后市持乐观态度。招商证券表示，短期市场波动可能加剧， 但长期向上趋势不变，AI仍是港股市场的核心主线，而港股互联网板块有望成为这一主线中最受益的 方向。 国泰海通证券聚焦四季度行情，提出"基本面预期回暖+资金面持续改善"的双重支撑逻辑，认为四季度 港股或有望再创新高：一方面，互联网行业叙事已转向"AI赋能"，叠加相关政策持续加码，港股科技板 块的基本面预期将逐步回暖；另一方面，外资超预期回流叠加南向资金持续流入，为港股市场注入了充 足的增量资金。从结构上看，受益于AI产业周期的港股科技标的，将成为年末行情的核心 ...

四季度以来，港股市场持续调整，截至11月24日，恒生指数跌超4%，恒生科技指数、港股创新药指数 分别跌超14%、15%。 但资金"越跌越买"的特征显著：南向资金在四季度已有28个交易日净买入，仅4个交易日净卖出；近七 日累计净买入超600亿港元；年内已净买入1.37万亿港元，比去年全年的净买入额高了近70%。 作为资金借道布局港股的重要渠道，相关ETF（交易型开放式指数基金）被资金大额买入。截至11月21 日，四季度跌幅前十的跨境ETF均为港股相关ETF，合计获资金净买入近70亿元。整体来看，恒生科 技、恒生互联网等港股科技类ETF在四季度最受资金青睐，多只ETF获资金净流入均超50亿元。 受访人士向《国际金融报》记者表示，港股整体估值仍处于相对低位，符合产业趋势的优质资产具备中 长期配置价值。 越跌越买 港股回调之际，南下资金正在加速抢筹。 数据显示，截至11月21日，港股相关ETF年内份额增长超百亿份的共有10只，其中两只恒生科技ETF最 新个人投资者持有占比过半。 尽管四季度市场连续调整，但各路资金对港股的配置热情仍然高涨。 数据显示，截至11月24日，恒生指数跌超4%，恒生科技指数跌超14%，港股创新 ...

11月24日，恒生指数午盘上扬1.42%，恒生科技指数攀升1.65%，恒生中国企业指数走强1.22%，市场半 日成交额为1305.88亿港元。 科技板块方面，蔚来-SW上扬3.77%，腾讯音乐-SW走强3.54%，网易-S劲升5.67%，快手-W上扬 5.16%，阿里巴巴-W攀升4.13%。快手-W公司于11月21日回购75万股，近30日累计回购165万股，累计 回购金额1.06亿港元。 招商证券认为，港股短期震荡为主，上行斜率或放缓。短期宏观政策和产业面暂无更多利好消息，资金 进攻意愿较弱。但物价数据超预期，有利于市场阶段性反弹。港股科技短期上涨动能有限，仍需观察科 技互联网财报。中长期AI科技还是主线之一，当前位置具有吸引力。 聚焦互联网龙头——恒生互联网ETF(513330)。 中金公司（601995）认为，从中长期维度，在当前二元结构愈发割裂的大环境和中国资产重估的小周期 中，港股因此独特的卡位优势，反而可以借机强化资金和资产的交汇点。不论是越来越多A股和中国优 质资产赴港上市，还是南向资金持续涌入，以及从更大宏观维度作为离岸人民币和离岸金库的支点，这 一点对港股市场长期是大有裨益的。 【相关ETF】 ...

Group 1 - Hong Kong stocks opened higher, with Alibaba's shares increasing by 5%, driving the Hang Seng Internet Index up over 2% and the Hang Seng Technology Index ETF rising by 1.36% [1] - The launch of Google's Gemini 3 Pro and its image model Nano Banana Pro has become a major tech highlight, increasing market attention on AI applications [1] - Alibaba's AI assistant, Qianwen App, has surpassed 10 million downloads within a week of its public testing, making it the fastest-growing AI application, outpacing ChatGPT, Sora, and DeepSeek [1] - Ant Group's general AI assistant, Lingguang, achieved over 2 million downloads within 6 days of its launch [1] - The Hang Seng Technology Index ETF has seen a net inflow of 5.2 billion yuan over 17 consecutive trading days despite a cumulative decline of 11% from October 30 to November 21 [1] - The Hang Seng Internet ETF also experienced a net inflow of 3.3 billion yuan over the same period, despite a cumulative decline of 12% [1] Group 2 - The Hang Seng Internet ETF has a weight of over 80% in leading internet stocks, with an AI content exceeding 90%, including major companies like Alibaba, Tencent, NetEase, JD.com, and Baidu [2] - The latest scale of the Hang Seng Internet ETF is 33.979 billion yuan, reflecting strong investor interest in AI-driven companies [2]

A股调整之际，ETF资金越跌越买！ | 证券代码 | 证券简称 | | --- | --- | | 510500 | 中证500ETF | | 159915 | 创业板ETF | | 510300 | 沪深300ETF | | 588000 | 科创50ETF | | 513180 | 恒生科技指数ETF | | 512100 | 中证1000ETF | | 513130 | 恒生科技ETF | | 510210 | 上证指数ETF。 | | 513330 | 恒生互联网ETE | | 159845 | 中证1000ETF | | 513050 | 中概互联网ETF | | 513010 | 恒生科技ETF易方达 | | 159382 | 创业板人工智能ETF南方 | | 562500 | 机器人ETF | | 159740 | 恒生科技ETF | 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 11月21 ...

【导读】昨日股票ETF资金净流入达90亿元，本周以来"吸金"近285亿元 11月20日，股票ETF整体资金净流入达90亿元，港股相关ETF资金净流入居前，多只沪深300ETF资金净流出居前。 中国银河证券基金研究中心数据显示，本周以来（11月17日—11月20日），股票ETF"越跌越买"，四个交易日合计"吸金"近 285亿元。 华夏基金ETF方面，11月20日，科创50ETF和恒生科技指数ETF单日净流入居前，分别达7.59亿元和7.06亿元；最新规模分 别达718.43亿元和464.9亿元，对应跟踪指数近一月日均成交额分别为41.75亿元和47.08亿元。此外，恒生互联网ETF资金净 流入4.63亿元，中证1000ETF和基准国债ETF分别净流入3.88亿元和2.26亿元。 相关ETF资金净流入居前 从单日资金净流入排行看，中证500ETF、科创50ETF、中证1000ETF等宽基ETF成为"吸金"主力，恒生科技ETF、中概互联 网ETF、恒生互联网ETF等港股相关ETF资金净流入居前。 | | | 11月20日资金净流入居前的股票ETF一览 | | | | | --- | --- | --- | --- ...

Core Viewpoint - The U.S. labor market shows signs of weakness with a notable increase in unemployment rate despite job additions, indicating higher economic downturn risks [1] Group 1: Employment Data - The U.S. Bureau of Labor Statistics reported a 48-day delay in the release of September non-farm payroll data due to the government shutdown [1] - September non-farm employment added 110,000 jobs, which is better than expected, but the unemployment rate reached 4.4%, marking a recent high [1] Group 2: Market Reaction - Following the employment data release, the Nasdaq index experienced a nearly 5% fluctuation, closing down 2.15%, while the Nasdaq China Golden Dragon Index fell by 3.26% [1] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased slightly to 39.1%, up from 30.1% the previous day [1] Group 3: Investment Opportunities - Despite recent market volatility influenced by global conditions and a slower pace of Fed rate cuts, the initiation of a rate cut cycle is expected to improve global liquidity [1] - Core assets such as the Hang Seng Technology Index and Hang Seng Internet Index, which are historically undervalued, are likely to benefit from AI narratives and capital inflows [1] - It is recommended to pay attention to the Hang Seng Technology Index ETF (513180) and the Hang Seng Internet ETF (513330), both of which are the largest in their respective sectors and focus on leading companies in AI and technology [1]

Group 1 - The core viewpoint is that the Hong Kong stock technology sector has become a key target for capital due to its high growth potential, amidst the backdrop of "excess liquidity" and "asset scarcity" in the domestic market [1] - In 2025, southbound capital is expected to reach a record inflow of nearly 1.3 trillion HKD, with a significant increase in the technology sector's share, making it a central focus for domestic investors in Hong Kong stocks [1] - The influx of funds is strongly supported by a loose liquidity environment, with the one-year fixed deposit rate in China dropping to a historical low of 0.95%, leading to a noticeable trend of "activating" deposits among the 150 trillion CNY of household savings [1] Group 2 - The M1 year-on-year growth rate rose to 7.2% in September, with 1.3 trillion CNY of household demand deposits shifting towards the capital market during July and August [1] - Amid the global trend of "de-dollarization," the allocation of funds from Asia-Pacific (excluding Japan) to the Chinese market has rapidly increased to near benchmark levels, creating a synergy between foreign and domestic capital that continues to drive the valuation recovery of the Hong Kong stock technology sector [1] - With the continuation of the loose liquidity pattern, the capital premium for the technology sector is expected to further expand [1] Group 3 - Recently, there has been a significant inflow of ETF funds into core AI assets in Hong Kong stocks, with the Hang Seng Internet ETF (513330) seeing a net inflow of 2.4 billion CNY in just one week, indicating strong confidence from large investors in the Hong Kong technology sector [1]

Group 1 - The Hong Kong stock market opened lower today, with the Hang Seng Technology Index dropping by 2.21% and the Hang Seng Internet ETF and Hang Seng Technology Index ETF falling by 2% and 1.6% respectively, influenced by unexpected strong U.S. non-farm payroll data and a decline in U.S. stocks [1] - Despite the market downturn, there has been a significant net inflow into the Hang Seng Technology Index ETF, totaling 4.472 billion yuan over 16 trading days from October 30 to November 20, even as the index fell by 10.11% during this period [1] - The Hang Seng Internet ETF also saw a net inflow of 2.518 billion yuan over the same 16 days, with a decline of 10.24% [1] Group 2 - The recent adjustment in the Hong Kong stock market is attributed to factors such as the "AI bubble theory," tightening liquidity in the U.S. market, and profit-taking by institutions after a more than 20% increase in the Hang Seng Technology Index this year [1][2] - The Hang Seng Technology Index has experienced a cumulative decline of over 18% since October 3, indicating a potential buying opportunity [2] - Positive developments include strong Q3 financial results and Q4 guidance from Nvidia, which may help alleviate concerns regarding the "AI bubble," alongside Alibaba's upcoming earnings report on November 25 [2] Group 3 - The Federal Reserve's decision to pause balance sheet reduction on December 1, coupled with rising unemployment rates over the past three months, suggests a cautious approach to monetary policy [3] - The Hang Seng Technology Index ETF has a current scale of 46.49 billion yuan, including major Chinese tech companies such as SMIC, Alibaba, Tencent, Baidu, Xiaomi, and Lenovo [4] - The Hang Seng Internet ETF, with a scale of 34.284 billion yuan, has over 80% weight in leading internet stocks, with an AI content exceeding 90% [4]

②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...