以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 港股关键指数8月25日集体大涨，但今日早盘集体调整，恒生科技指数早盘一度跌近1%；恒生科技指数 ETF（513180），恒生互联网ETF（513330）跟随指数调整，恒生医药ETF（159892）小幅震荡。 从消息面来看，创新药龙头百济神州及其全资子公司与爱尔兰Royalty Pharma签订《特许权使用费购买 协议》，Royalty Pharma同意在交割时向百济神州瑞士支付8.85亿美元。 美联储主席鲍威尔8月22日释放鸽派信号，市场对美联储9月降息预期升温，据Fed WatchTool最新数 据，9月降息概率高达83.3%。港股市场上对流动性敏感的科技、医药、互联网等板块有望受益。 ...

Core Viewpoint - The article emphasizes the investment potential of the Hang Seng Technology Index, suggesting it is undervalued and poised for a rebound, particularly in the context of the ongoing AI wave and favorable industry news [2][3][6]. Market Performance - On August 25, global capital markets saw a broad increase, with the Shanghai Composite Index rising by 1.51%, the ChiNext Index up by 3%, and the Hang Seng Index gaining 1.94%. The Hang Seng Technology Index led the gains with a rise of 3.14%, and the Hang Seng Technology ETF (513180) surged by 4.2%, marking a year-to-date increase of 29.79% [1]. Valuation and Investment Strategy - Despite recent gains, the Hang Seng Technology Index is still considered "cheap," with a price-to-earnings ratio of 21.77, below the five-year average of 23.46, and a price-to-book ratio of 3.13 [6][7]. - Historical data indicates a clear alternating relationship between the ChiNext Index and the Hang Seng Technology Index, suggesting that the latter has significant room for upward movement, especially when the former reaches new highs [3][4]. Industry Catalysts - The domestic computing power sector has received multiple positive developments, including advancements in domestic chip technology and increased demand for AI capabilities. Notable companies like Huawei and Haiguang Information have made significant strides in chip performance and ecosystem development [7][8][9]. - The demand for domestically produced chips is expected to rise due to ongoing international supply chain risks, with companies like Xpeng Motors also signaling confidence in the market by announcing plans for L4 autonomous vehicles and increasing their stock holdings [10][11]. Composition of the Hang Seng Technology Index - The Hang Seng Technology Index includes major players in the semiconductor and smart driving sectors, with significant weightings in companies like SMIC, Hua Hong Semiconductor, and BYD, which collectively represent a substantial portion of the index [11][12]. Future Outlook - The article posits that the Hang Seng Technology Index is on the verge of a "high光时刻" (highlight moment) as China's tech industry continues to rise, suggesting that the current rebound may just be the beginning of a more significant upward trend [13].

美联储主席鲍威尔近日在杰克逊霍尔央行年会强调，尽管通胀风险依然存在，但就业市场的疲软正成为 政策权衡中的关键变量，为9月降息打开可能性。市场对此反应积极，9月降息预期快速升温。 中信证券预计美联储年内将连续降息三次。在此背景下，港股市场上对流动性敏感的科技、医药等板块 均有望受益于美联储降息预期带来的市场红利，今年以来持续火爆的恒生医药ETF（159892）也有望受 益。 来源：同壁财经 受益于美联储降息信号，今日互联网科技板块表现亮眼，恒生互联网ETF（513330）、恒生科技指数 ETF（513180）强势高开，盘中一度涨超3%；蔚来暴涨，万国数据、百度集团、阿里巴巴、金山云等 表现活跃。 美联储降息预期对港股互联网板块形成直接利好。作为离岸市场，港股对全球资金流向变化具备高度敏 感性，而宽松货币政策环境下市场流动性的边际改善将为港股市场注入增量资金。 ...

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 美联储主席鲍威尔在杰克逊霍尔年会释放明确降息信号，称"风险平衡变化需调整政策"，暗示9月降息 行动在即；据CME FedWatchTool数据，市场降息预期概率飙升至近90%。 8月24日早盘，受美联储降息相关消息影响，港股三大指数集体高开，恒生科技指数盘中一度涨超2%， 恒生科技指数ETF（513180）涨超2%，恒生互联网ETF（513330）创近20日新高；恒生医药ETF （159892）涨近1%，年内涨幅接近100%。 随着港股市场情绪回暖，资金跑步进场，截至8月22日，资金已连续3日申购恒生互联网ETF （513330），申购金额超12亿；恒生科技指数ETF（513180）近20日申购金额超54亿。 ...

全球医药全产业链代表：恒生医药ETF（159892） 汇集中国AI科技概念公司：恒生互联网ETF（513330） 港股核心宽基：恒生ETF（159920） AI+平台经济：恒生科技指数ETF（513180） 网罗港股消费核心资产：港股消费ETF（513230） 8月22日，港股新消费概念股走强，名创优品涨超19%，小鹏汽车涨超11%，蔚来涨超7%。个股方面， 昨晚公布业绩的名创优品今日大涨，盘中一度涨超20%，报47.16港元，股价创今年1月以来新高。成分 股包含泡泡玛特、名创优品等港股潮玩龙头的港股消费ETF（513230），午盘保持强势，现涨近1.5%。 招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股中报盈利向好，业绩预 喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几次牛市中港股指数高度 略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建议先创新药（流动性宽 松+BD数据持续向好），再互联网（外卖大战拐点出现），最后新消费（宏观经济与盈利拐点出现）。 值得关注的标的： （文章来源：每日经济新闻） ...

AI技术的深度赋能成为快手业绩的新增长点。依托AI技术的突破，公司在广告自动投放、智能化营销 等领域持续发力，带动直播及电商业务收入稳步增长。其中，可灵AI的商业化进程加速，二季度营收 成功突破2.5亿元，展现出AI业务作为公司未来收入新增长点的巨大潜力。 （文章来源：每日经济新闻） 具体来看，恒生互联网ETF重仓股快手发布第二季度财报，营业收入350.46亿元，同比增长13.1%；调 整后净利润达到56.18亿元，同比增长20.1%。超预期财报再度为市场注入信心，彰显互联网龙头企业的 稳健发展态势。 港股科技板块火爆，关键指数集体拉升，恒生互联网ETF（513330）盘中一度涨近1%，美图公司、东 方甄选、快手、腾讯等领涨。 港股互联网企业中报近期密集披露，快手、百度、腾讯等龙头公司超预期的业绩表现持续提振市场信 心，资金加速涌入港股市场，恒生互联网ETF（513330）近两日净流入额近10亿。 ...

随着沪指一度站上3700点，市场对于A股牛市的遐想又多了几分。其实，若把视线放宽到整个年度，会 发现港股今年的整体表现依然更胜一筹，截至8月18日，恒指涨幅远高于上证，恒生科技也依然跑赢创 业板。 南向资金累计净流入港股已经超过9400亿港元，不仅创下历史新高，还远超去年全年水平。机构资金一 直在默默加仓港股，特别是对科技板块的青睐格外明显。 内资为何如此青睐港股？原因其实不复杂。 第一，港股在过去几年经历了长时间的深度调整，估值水平被压到历史低位，如今正处在修复通道里， 性价比突出。 第二，今年全球资产的主旋律是资金再平衡，尤其是从美元资产向非美市场切换。在这个过程中，中国 资产是绕不开的选择，而港股又恰好是全球投资者进入中国的重要桥头堡。 第三，中国经济正处在结构性转型阶段，AI、创新药、新能源车等新经济产业不断涌现成长性，恰好 这些细分领域在港股市场中具有独特优势，甚至是稀缺资源。 【港股细分赛道】 科技互联网——恒生互联网ETF（513330）； 消费龙头——港股消费ETF（513230）； 医药龙头——恒生医药ETF（159892）。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of major stock indices, with the Nasdaq and S&P 500 reaching new highs, and the Chinese concept index rising by 2.08% [1] - Tencent's second-quarter financial results showed a 15% year-on-year revenue growth and a 17% increase in net profit, with domestic game revenue also growing by 17% and AI-driven marketing services revenue increasing by 20%, exceeding market expectations [1] - The upcoming earnings season for major tech companies in Hong Kong, including NetEase, JD.com, Xiaomi, Baidu, and Kuaishou, is anticipated to provide further insights into the sector's performance [1] Group 2 - Analysts at Huayuan Securities suggest that leading internet companies are likely to experience a revaluation of their value due to the accelerated penetration of AI technology [1] - The Hang Seng Internet ETF (513330), which heavily invests in internet giants like Tencent and Alibaba, is expected to benefit from the growth dividends of the AI sector [1]

Core Insights - Kuaishou has launched an independent "takeaway" entry on its platform, marking a new phase in its strategic layout in the local lifestyle sector [1] - The company adopts a "Meituan supply chain + Kuaishou traffic" light asset cooperation model to differentiate itself in the increasingly competitive takeaway market [1] - Kuaishou's strategy combines "new tier cities + AI," leveraging its AI capabilities for automatic video generation of takeaway products and intelligent optimization of delivery routes, thereby building unique competitive barriers [1] Industry Trends - The increasing entry of various platforms into the takeaway market necessitates differentiated competition strategies to break through industry saturation [1] - Continuous breakthroughs in AI technology are injecting new momentum into the instant retail sector, with recent positive developments such as the release of GPT-5 further boosting interest in the AI sector [1] - Internet giants are expected to continue attracting funding due to the industry dividends brought by AI technology, with the Hang Seng Internet ETF (513330) likely to benefit from this trend [1]

Core Insights - The "Implementation Plan for the Development of Embodied Intelligence Industry in Shanghai" has been recently issued, aiming for breakthroughs in at least 20 core algorithms and technologies related to embodied models and embodied corpora by 2027, along with the establishment of no less than 4 high-quality incubators in the embodied intelligence sector, and a core industry scale exceeding 50 billion yuan [1] Industry Developments - Major internet companies have been actively investing in the embodied intelligence field, with JD.com and Meituan leading multiple investments in related enterprises, while Baidu Smart Cloud and Ant Group's Lingbo Technology are also engaged in research and development [1] - These large companies are integrating resources through strategic investments and the establishment of subsidiaries, exploring intersections between the internet sector and embodied intelligence, which is expected to create new growth points and enhance the value of the sector [1] Market Outlook - CITIC Securities predicts that 2025 will be the year of mass production for the embodied intelligence robotics industry, potentially driving a new wave of industrial revolution [1] - As the embodied intelligence industry gains momentum, internet companies are anticipated to encounter new growth opportunities, with a focus on Hang Seng Internet ETF (513330) related to JD.com, Alibaba, and Baidu, which may experience a valuation recovery trend [1]