恒生指数盘中涨超1%，指数点位最高达26296.6点，继昨日之后再创近4年新高。港股市场其他关键指 数集体上涨，恒生科技指数涨近2%，恒生国企指数涨超1%，前期火热的医药板块则小幅调整。 长江证券表示，南向资金持续流入港股，边际定价能力不断上升，若中债利率在ERP模型中权重上升叠 加国内低利率环境，将会有更多资金配置港股市场。此外，中国在宽货币到宽信用的传导中，同时若美 国进一步降息改善全球资金流动性，以及AI产业业绩兑现，源头活水会支持港股市场进一步上涨。 恒生互联网ETF(513330)：聚焦港股互联网龙头，受益于反内卷 相关ETF： 港股通医疗ETF(520510)：CXO含量在全市场ETF中领先，有望接棒创新药主线 恒生科技指数ETF(513180)：聚焦科技AI龙头+造车新势力+芯片 截至9月9日，南向资金连续8日净流入，年内累计净买入金额屡创新高(达10389.4亿港元)。从近一周来 看，南向资金主要流向商贸零售、汽车、消费者服务、有色金属、医药等板块。 ...

来源：市场资讯 （来源：指数挖掘机） 南向资金持续流入 南向资金持续买入港股资产，今年以来累计净买入金额已突破9900亿港元，强劲的资金流入态势充分彰 显出投资者对港股市场的坚定信心，其中医药、科技、互联网、消费等市场热门板块持续成为资金布局 的重点方向，获得资金集中关注。 机构看好港股 对于港股及A股市场走势，方正证券认为，当前基本面彰显较强韧性，同时政策利好不断释放，海内外 投资者再度纷纷看好中国资产，A股、港股市场信心显著回升，有望推动行情继续向好。 聚焦科技、医药、互联网等板块 $恒生医药ETF(159892)：聚焦港股创新药+CXO 南下资金加速流入港股市场，叠加美联储降息预期，流动性环境整体较为友好，后续有望进一步流入推 动港股行情，对流动性更敏感的科技、医药，互联网等有望受益。 $恒生科技指数ETF(513180)：科技龙头+造车新势力+芯片 $恒生互联网ETF(513330)：聚焦港股互联网龙头 ...

Technology Sector - The secondary market is seeing leading gains in ETFs such as the AI ETF (159381), 5G Communication ETF (515050), and AI ETF (515070), indicating a shift towards a capital-driven phase in the technology sector, with increased volatility expected [1] - The China Computing Power Conference has announced policies to accelerate breakthroughs in key core technologies like GPU chips and expand the supply of basic common technologies, alongside the opening of overseas large models [1] - The technology sector is showing signs of reaching a phase of high points, with the potential for decreasing second derivatives, suggesting a rising probability of volatility, which can be managed through high-low switching strategies; software, consumer electronics, and gaming sectors remain in a healthy sentiment range [1] Overseas Liquidity Easing - Expectations of overseas interest rate cuts have led to significant gains in ETFs such as the Non-ferrous Metals ETF (516650), Hang Seng Internet ETF (513330), and Hang Seng Technology Index ETF (513180) [2] - At the Jackson Hole meeting, Powell indicated that inflationary pressures from tariffs may be temporary, while employment weakness is rising, suggesting a potential adjustment in monetary policy, which could pave the way for a new round of global interest rate cuts [2] - Following weak labor data in the U.S. since early August, Powell's dovish remarks provide a foundation for anticipated rate cuts in September, which may strengthen the non-ferrous metals sector and enhance its valuation recovery potential [2] - Hong Kong technology stocks, particularly those with high "AI content," are seen as undervalued, with rising expectations for a rebound in overall valuations as liquidity improves and regulatory policies support competition among platform enterprises [2]

Core Viewpoint - The article discusses the recent bullish trends in the secondary market, highlighting significant gains in various stock indices and the overall positive sentiment among investors [2][4][31]. Market Performance - The Shanghai Composite Index has recently surpassed 3700 points, with a trading volume of 2.1 trillion RMB, marking the second-highest two-margin balance in the past decade [2][5]. - The Hang Seng Index has rebounded by 50-60% from last year's lows, leading global stock performance this year [2]. - U.S. stocks have also seen a rebound of over 30% from their lows following tariff adjustments [2]. - Bitcoin has crossed the $120,000 mark, indicating strong performance in the cryptocurrency market [2]. Investment Strategies - The article emphasizes a diversified investment strategy, with allocations in fixed income, A-shares, and international stocks, including cryptocurrencies [14][21]. - A disciplined approach to investing is highlighted, with a focus on index investing rather than individual stocks, and the use of automated trading platforms to manage investments [19][21]. - The importance of understanding market conditions and maintaining a balanced portfolio is stressed, particularly in the context of the current bullish market [31][33]. Market Sentiment and Future Outlook - Analysts are revisiting historical bull markets, coining various terms for the current market conditions, such as "slow bull" and "technology bull" [6]. - There is a growing sentiment that the market may continue to rise, with some predicting the Shanghai Composite Index could reach 4500 points by the end of the year [9][12]. - The article notes that while the market is experiencing significant gains, the underlying earnings growth remains low, suggesting that the current rally is primarily driven by liquidity rather than fundamental improvements [31]. Sector Performance - The Hong Kong stock market has seen substantial inflows, with net purchases reaching 866.84 billion HKD, the highest since the launch of the Stock Connect program [26]. - The article mentions that the performance of the Hang Seng Technology Index and other sector ETFs has been particularly strong, indicating a shift in investor interest towards technology and new economy sectors [23][25].

港股科技互联网类资产与当前AI应用、新消费等产业趋势相关度更高，且基本面更优，相较A股而言仍 具有稀缺性。因此，港股科技、消费、红利等稀缺性资产在宏观偏弱环境下仍具备较强吸引力，一方面 主动型公募仍有望增配与AI产业周期趋势相关度更高的稀缺性互联网；另一方面政策强化分红监管， 叠加低利率环境下险资或将继续增配港股红利。 今年以来，大模型技术迭代持续加速。年初中国企业Deepseek-R1大模型凭借其低成本、高性能和开源 等特性，有望推动AI商业化应用加速。借鉴12-14年移动互联浪潮演绎过程，在应用领域中国庞大市场 和用户基础为应用创新提供肥沃土壤，国内企业大有可为。 科技全产业链——恒生科技指数ETF(513180) 而港股科技龙头广泛分布于AI全产业链，涵盖大模型开发、商业应用及终端生态等环节，凭借领先的 技术优势，将充分受益于AI产业变革红利。根据中商产业研究院，2022年百度、阿里、华为、腾讯四 大互联网巨头占中国AI云服务市场份额比重接近95%，其中在港股上市的阿里、腾讯、百度等互联网企 业占比接近80%。 【港股科技ETF】 后续南向资金仍有一定增量空间，预计2025年全年公募实际增量有望达200 ...

Group 1 - As of June 3, the total net inflow of funds into ETFs in the two markets reached 57.97 billion yuan, with total inflows of 1033.80 billion yuan and outflows of 975.83 billion yuan [1] - Among different types of ETFs, stock ETFs saw a net inflow of 28.92 billion yuan, while bond ETFs had a net inflow of 82.84 billion yuan [1] - Money market ETFs experienced a net outflow of 47.98 billion yuan, commodity ETFs had a net outflow of 4.51 billion yuan, and QDII ETFs saw a net outflow of 1.31 billion yuan [1] Group 2 - The non-money market ETFs with the highest net inflows were the CSI 300 ETF (510300) with 3.33 billion yuan, the Sci-Tech Chip ETF (588200) with 2.49 billion yuan, and the CSI A500 ETF (Southern) (159352) with 1.94 billion yuan [1] - The non-money market ETFs with the highest net outflows were the Gold ETF (518880) with 2.26 billion yuan, the CSI 1000 ETF (512100) with 2.02 billion yuan, and the Hang Seng Internet ETF (513330) with 1.83 billion yuan [1]