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美联储重启降息,港股外资力量回流有望超预期
Sou Hu Cai Jing· 2025-08-25 06:36
港股科技股在科技资产中具备估值性价比 截至2025/08/21,一方面,纵向比较看,当前恒生指数、恒生 科技PE(TTM)分别为11.5倍,21.4倍,较两者2021年估值高点仍有较大提升空间;横向比较看,当前 恒生指数、恒生科技PE自2005年以来的历史分位数分别为58%、20%,仍低于标普500(93%)、德国 DAX指数(79%)、英国富时100(78%)等,可见与全球主流指数相比,港股估值并不算高。 【港股科技ETF】 互联网龙头、AI应用端——恒生互联网ETF(513330)。 由于过去几年外资持续流出港股,市场对外资的预期一直较低。今年5月至7月末港股外资实际已出现阶 段性改善的迹象,其中长线稳定型外资累计流入约677亿港元,短线灵活型外资流入约162亿港元。 科技全产业链——恒生科技指数ETF(513180) 伴随近期美国通胀、就业数据不及预期,降息预期再度升温,后续美联储如期降息,流动性环境转松, 中美贸易关系继续趋稳,外资延续企稳改善或有望超预期,同样助于推动港股行情向上。 每日经济新闻 ...
华夏基金港股ETF规模破千亿
据悉,华夏基金港股ETF不仅规模最大,布局也全面,港股ETF基金数量最多,达到14只,涵盖宽基、 科技、医药、红利等,旗舰产品恒生科技指数ETF(513180)规模达370亿元,恒生互联网ETF (513330)277亿元。 (编辑:夏欣 审核:何莎莎 校对:颜京宁) 中经实习记者 孙小琴 记者 夏欣 北京报道 8月25日,随着资金持续净流入以及港股市场的上涨,华夏基金旗下港股ETF总规模突破1000亿元,成 为全市场首家港股ETF规模破千亿元的基金管理人。 ...
为什么我不看空债券?
表舅是养基大户· 2025-08-21 13:30
今天股市有所降温,早盘,wind全A一度自2021年12月以来,首次突破6000点,但下午13点30之后,市场降温明显,大量高位股集体下挫,而小盘 股领跌所有指数。 不过,今晚,想着重先和大家聊聊债市——根据卖方统计, 上周单周,理财规模掉了1500亿左右 ,想必不管是理财经理,还是个人投资者们,都在 疑惑,债基也好、固收理财也罢,到底还能不能拿? 先看今天的市场,债市今天整体下行,30年国债大幅下行超3bps,一方面,是因为股债跷跷板,跟随股市降温而下行;另一方面,是下午传出的小 作文,说,"XX有干预,对国债期货空头头寸有控制,XXXX.......XXXX,推高融资成本,削减了货币政策降成本的效力"。 从机构行为来看,小作文传出后,公募基金迅速墙头草回摆,转为了净买入。 昨天,我们提到,"年内继续不看空债券,认为上行有顶",下图,也有小伙伴提出了不同意见,我觉得,大家意见不同,都很正常,今晚,我们不去分析 小作文,只是想和大家摆事实、讲道理,展开聊一下, 不看空债券的底层逻辑。 这就是典型的二元对立,认为非此即彼,你死我活。 但咱们一直说的是, 低利率,是这轮股市行情,最根本的主线,没有之一 ,所以,低 ...
近40亿,“跑了”!
Zhong Guo Ji Jin Bao· 2025-08-21 05:36
Group 1 - The core viewpoint of the article highlights a significant net outflow of nearly 4 billion yuan from the stock ETF market on August 20, despite a strong market performance led by consumer stocks and semiconductor shares [2][3]. - The total scale of the stock ETF market reached 3.99 trillion yuan, with a net outflow of 38.65 billion yuan on the same day, as the number of shares decreased by 83.4 million [3]. - The ChiNext Index saw a net inflow of over 1.4 billion yuan, with notable contributions from the E Fund ChiNext ETF and the Huaan Fund ChiNext 50 ETF, which attracted over 1.4 billion yuan and 500 million yuan respectively [3][4]. Group 2 - The outflow from the CSI 300 Index was particularly pronounced, with a net outflow of 4.1 billion yuan, primarily from leading ETFs managed by Huatai-PB, E Fund, and others, totaling over 3.7 billion yuan [6][7]. - In contrast, the Hong Kong market ETFs and thematic industry ETFs experienced significant inflows, with 3.12 billion yuan and 736 million yuan respectively [3][5]. - The market showed a general upward trend, with major fund companies' ETFs continuing to attract net inflows, indicating a positive sentiment among investors [4][5]. Group 3 - The article notes that the financial technology and agricultural ETFs performed well, while the energy storage and new energy ETFs faced declines in the market [8]. - The Hong Kong Securities ETF led in trading volume, surpassing 12.3 billion yuan, followed by other ETFs like the A500 ETF and Hong Kong Innovative Drug ETF, each exceeding 3.6 billion yuan in trading volume [8][10]. - Overall, the market outlook remains optimistic, with institutions expecting continued support for the A-share market due to sustained capital inflows and favorable policies [8].
近40亿,“跑了”!
中国基金报· 2025-08-21 05:32
Core Viewpoint - The stock ETF market experienced a net outflow of nearly 4 billion yuan on August 20, with significant inflows into the ChiNext Index and various Hong Kong indices, while the CSI 300 Index faced substantial outflows [2][4][9]. Group 1: Market Overview - On August 20, the A-share market showed volatility but ended strong, particularly in consumer stocks led by liquor and semiconductor sectors [2]. - The total scale of the stock ETF market reached 3.99 trillion yuan, with a decrease of 83.4 million units in total shares, indicating a net outflow of 3.865 billion yuan [4]. Group 2: Fund Flows - The ChiNext Index saw a net inflow of over 1.439 billion yuan, with notable contributions from E Fund's ChiNext ETF and Hua'an Fund's ChiNext 50 ETF, which attracted over 1.4 billion yuan and 500 million yuan respectively [5][8]. - In the past five days, the Hang Seng Technology Index and the Hong Kong Stock Connect Internet Index received inflows exceeding 4.6 billion yuan and 3.7 billion yuan respectively [6]. Group 3: Outflows and Performance - The CSI 300 Index experienced a net outflow of over 4.1 billion yuan, with leading products from Huatai-PB, E Fund, and others contributing to a total outflow exceeding 3.7 billion yuan [10][11]. - The overall outflow from broad-based ETFs reached 7.376 billion yuan, while their scale increased by 21.372 billion yuan [10]. Group 4: Future Outlook - Institutions remain optimistic about the market's performance, citing increased risk appetite and supportive policies as key factors for potential upward movement in indices [12].
港股科技估值泡沫化、叙事破灭?怎么看接下来的走势?
Mei Ri Jing Ji Xin Wen· 2025-08-18 06:47
Group 1 - The core viewpoint is that the Hong Kong stock market, particularly the technology sector, is undergoing a critical phase of expectation reshaping and value reassessment, driven by AI breakthroughs and overall asset revaluation in China [1][3] - The Hang Seng Technology Index has shown significant performance in the first half of the year, but has faced volatility in recent months due to concerns over short-term profit pressures and geopolitical factors [1][2] - The adjustment period has created better investment opportunities, with the PE valuation of the Hong Kong Technology Index at 24.9 times, indicating a good safety margin and allocation value [2] Group 2 - There is an expectation for profit recovery, supported by regulatory signals improving the competitive landscape of the platform economy and the acceleration of AI commercialization in various sectors [2][3] - Southbound capital has seen record net inflows exceeding 930 billion HKD, indicating strong demand for Hong Kong stocks, particularly technology leaders [2] - The Hong Kong market's status as a global financial center is strengthening, with IPO financing leading globally, suggesting continued international capital inflow [3] Group 3 - Major overseas technology companies have reported strong earnings, reinforcing the growth logic of AI expansion, with significant increases in token usage and computing power demand [3] - The overall trend of rapid growth in AI inference and application demand remains intact, with high capital expenditures beginning to translate into revenue and profit growth [3] - The outlook for the second half of the year for the Hong Kong technology sector is optimistic, with structural opportunities in technology growth segments warranting attention [3][4]
资金涌入!ETF成交额激增超40%
Market Overview - On August 13, the Shanghai Composite Index reached a nearly four-year high, with the ChiNext Index surging by 3.62%. AI hardware stocks experienced significant gains, while sectors such as coal, banking, ports, and logistics faced declines [1][3]. ETF Trading Activity - The total trading volume of ETFs on August 13 was 410.52 billion yuan, marking an increase of nearly 125.5 billion yuan, or over 40%, compared to the previous day. Two ETFs surpassed 20 billion yuan in trading volume [2][4]. - The Hong Kong Securities ETF (513090) had a trading volume of 24.64 billion yuan, up by 10.64 billion yuan from August 12. The Short-term Bond ETF (511360) also saw a significant increase, reaching 22.61 billion yuan [5]. Fund Inflows - The Hang Seng Internet ETF (513330) recorded the highest net inflow of 936 million yuan on August 12. Among the top ten ETFs with net inflows in August, four were related to Hong Kong stocks [7][8]. - The total net inflow for the Hong Kong Internet ETF (159792) exceeded 4.2 billion yuan in August, leading all ETFs [7]. Sector Performance - The AI hardware sector showed strong performance, with the ChiNext 50 ETF (159367) rising by 6.89%, the highest among all ETFs. Several AI-related ETFs also saw gains of over 5.5% [2][3]. - The optical module industry is experiencing a "Davis Double Play" scenario, with optimistic capital expenditures from major cloud companies in AI-related businesses, indicating new investment opportunities for tech firms [3]. Investment Strategy - Industry experts suggest a balanced allocation strategy to manage potential volatility and rapid rotations in the market. Focus areas include AI applications and advanced semiconductor processes, as profitability is expected to gradually materialize as business models become clearer [9].
腾讯业绩披露将近,恒生互联网ETF(513330)午后涨近3%
Mei Ri Jing Ji Xin Wen· 2025-08-13 07:00
Core Viewpoint - The strong performance of the Hang Seng Internet ETF (513330) is driven by both domestic and international favorable factors, with a nearly 3% increase and a total transaction volume approaching 3.7 billion [1] Group 1: International Market Factors - The U.S. Consumer Price Index (CPI) for July showed a year-on-year increase of 2.7%, lower than the market expectation of 2.8%, which has led to increased investor expectations for interest rate cuts by the Federal Reserve [1] - This creates a relatively loose external environment for the Hong Kong stock market [1] Group 2: Domestic Market Factors - Focus is on Tencent's upcoming financial report, with analysts predicting an 11% year-on-year revenue growth, which could significantly boost the overall sentiment in the Hong Kong internet sector if the performance meets expectations [1] - Guohai Securities indicates that leading internet companies will benefit from the development of AI technology and applications, which will empower and reshape their various businesses [1] Group 3: Investment Opportunities - The Hang Seng Internet ETF (513330), which focuses on leading internet companies, is expected to continue benefiting from breakthroughs in AI technology, making it an important tool for investors looking to allocate funds in the Hong Kong internet sector [1]
超30亿,跑了!
中国基金报· 2025-08-13 06:02
Core Viewpoint - The stock ETF market experienced a net outflow of over 3 billion yuan, despite a strong performance in the A-share market, indicating a trend where some investors are selling as prices rise [2][4][11]. Group 1: Stock ETF Market Overview - On August 12, the total scale of 1,168 stock ETFs reached 3.85 trillion yuan, with a net outflow of 30.77 billion yuan during the market's upward trend [4]. - The ChiNext 50 Index saw the largest net outflow, amounting to 36.84 billion yuan, with the ChiNext 50 ETF alone experiencing over 25 billion yuan in outflows [11][12]. - In contrast, the Hang Seng Technology Index and the Hong Kong Stock Connect Internet Index attracted significant inflows, with the former seeing a net inflow of 11.64 billion yuan [5][11]. Group 2: Fund Inflows and Outflows - The top inflowing ETFs included the Hang Seng Internet ETF (9.36 billion yuan), Hong Kong Stock Connect Internet ETF (6.51 billion yuan), and Military Industry Leaders ETF (4.31 billion yuan) [6][9]. - Conversely, the top outflowing ETFs were the ChiNext 50 ETF (-25.15 billion yuan), ChiNext 50 H ETF (-12.81 billion yuan), and the Microchip ETF (-8 billion yuan) [13]. Group 3: Market Sentiment and Future Outlook - Fund companies like Guotai Fund and Huashan Fund expressed optimism regarding the Hong Kong stock market's dividend strategy, citing a favorable low-interest environment and strong dividend capabilities of state-owned enterprises [7][8]. - Despite some sectors experiencing outflows, institutions remain optimistic about the A-share market's future performance, anticipating a gradual increase in the index's central tendency due to abundant liquidity and ongoing capital market reforms [14].
ETF收评 | 寒武纪“20CM”涨停引爆半导体板块,科创芯片ETF富国涨4%
Ge Long Hui A P P· 2025-08-12 07:37
Market Performance - The Shanghai Composite Index rose by 0.5%, marking a four-day consecutive increase to reach a new high for the year [1] - The Shenzhen Component Index increased by 0.53%, while the ChiNext Index surged by 1.24%, achieving a nine-month high [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1,905.2 billion yuan, an increase of 55.3 billion yuan compared to the previous day [1] Sector Performance - Over 2,000 stocks in the market experienced gains, with a notable resurgence in AI hardware and a strong performance across the semiconductor industry chain [1] - Cambrian Technology saw a 20% limit-up, reaching a new high, while the stablecoin concept surged in the late trading session [1] - The rare earth, PEEK materials, and military information technology sectors collectively experienced a pullback [1] ETF Movements - The Cambrian "20CM" limit-up triggered a rally in the semiconductor industry chain, with the Sci-Tech Chip ETFs from various funds, including Fortune and Guotai, rising by 4.37%, 3.71%, and 3.58% respectively [1] - AI hardware stocks also saw significant gains, with the Huafu Fund's AI ETF and Guotai's Communication ETF increasing by 3.54% and 3.33% respectively [1] - Conversely, the rare earth sector faced a decline, with the Rare Metal ETF and the E Fund Rare Earth ETF both dropping by 2% [1] - Hong Kong internet stocks experienced a pullback, with the Hang Seng Internet ETF and the Hang Seng Internet Technology ETF falling by 1.9% and 1.85% respectively [1]