Group 1: Industry Developments - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in personal pension products to support the development of a multi-tiered pension system, which is expected to enhance investor enthusiasm and improve the quality of the personal pension system [2] - A shift in the collaboration model between banks and fund companies is observed, moving from a focus on product sales to a more service-oriented approach, emphasizing long-term customer value [4] - The Hong Kong Monetary Authority has released a financial technology promotion blueprint aimed at fostering responsible innovation and enhancing cross-border collaboration in the financial sector [12] Group 2: Market Trends - In January 2026, A-share new account openings surged to 4.9158 million, a 213% increase year-on-year, indicating a strong market interest [10] - The scale of public fund of funds (FOF) has reached a historical high of over 240 billion, driven by low interest rates and a demand for low-volatility products [11] - The semiconductor sector is highlighted as a key investment area, with fund managers noting significant growth potential in the domestic semiconductor industry over the next 3-5 years [15][16] Group 3: Regulatory Changes - The China Securities Regulatory Commission has introduced new guidelines for public fund performance benchmarks to address issues like "style drift" and ensure investor interests are prioritized [6][17] - The new regulations aim to standardize performance benchmarks and improve transparency in fund management practices [6][17] Group 4: Fund Launches - A total of 29 new public funds are set to launch in the first week of February 2026, with equity funds making up the majority [9] - The average subscription period for these new funds is approximately 12 days, indicating strong investor interest [9] Group 5: Stock Performance - In January 2026, 207 out of 307 recommended stocks by brokers saw price increases, with some stocks experiencing nearly 100% gains, reflecting a positive market outlook [14] - The Hang Seng Biotechnology Index recorded a 64.5% increase last year, marking its highest annual gain since inception [8]

Group 1 - The core viewpoint of the news highlights the significant changes in the personal pension market with the introduction of state-backed products, which is expected to enhance investor enthusiasm and improve the quality of the personal pension system [2] - The collaboration model between banks and fund companies is evolving from a focus on scale and sales to a more refined and systematic approach, emphasizing long-term customer value creation [4] - The public fund industry is entering a new phase of standardization with the introduction of performance benchmarks aimed at addressing industry issues such as "style drift" and "blind box funds" [6][19] Group 2 - The A-share market saw a remarkable increase in new account openings, with January 2026 recording 4.9158 million new accounts, a 213% year-on-year increase [11] - The scale of public fund of funds (FOF) has reached a historical high, surpassing 240 billion yuan, driven by low interest rates and a shift in investor demand towards multi-asset, low-volatility products [13] - The semiconductor sector is experiencing a strong performance, with multiple segments of the industry showing significant growth potential, driven by supply-demand dynamics and technological advancements [17][18]

具体来看，恒生科技指数包含30只成份股，包括网络、金融科技、云端、电子商贸、数码和智能化六大 科技主题，是恒生指数公司眼中增长潜力优异的板块；恒生生物科技指数同样涵盖30只成份股，聚焦药 品、医疗设备、药品分销等生物科技相关行业。两大指数有2只成份股重叠，恒生双科技指数共涵盖58 只成份股。 "我们致力于协助投资者进一步把握科技及生物科技领域的增长机遇。"林颖婷说。 谈及该指数产品的特点，林颖婷对本报记者表示，该指数将两大热门赛道纳入单一基准，依托成熟的恒 生科技指数和恒生生物科技指数，充分利用已有的ETF、期货、期权和结构化产品生态系统，能使指数 权重与两大基础指数保持一致，支持高效地对冲和风险管理。 【导读】恒生指数公司发布恒生双科技指数 2025年港股气氛热烈，科技与生物科技板块表现尤其亮眼。 2月3日，恒生指数有限公司（恒生指数公司）召开发布会，介绍其于2026年1月全新推出的恒生双科技 指数，并分享了新年展望。 根据该公司数据，恒生生物科技指数去年上涨64.5%，扭转4年负回报，录得推出以来最大年涨幅，跑 赢大市及其他主流指数；历史更久的恒生科技指数，全年上涨23.5%，连续第二年录得上涨。 恒生指 ...

Core Viewpoint - The Hang Seng Index Company announced that the technology and biotechnology sectors will perform prominently in the Hong Kong stock market in 2025, with both the Hang Seng Technology Index and the Hang Seng Biotechnology Index achieving their best annual performance since their inception. In this context, the Hang Seng Dual Technology Index will be launched in January 2026, combining the constituents of both indices into a single index to highlight these two key themes [1][3]. Group 1: Performance of Indices - The Hang Seng Technology Index recorded a 23.5% increase in 2025, marking its highest annual growth since its launch in July 2020 [3]. - The Hang Seng Biotechnology Index achieved a remarkable 64.5% increase in 2025, representing its best annual performance since its inception in December 2019 [3]. - The strong performance of these indices is driven by structural factors and improvements in fundamentals [3]. Group 2: Industry Trends - The technology sector in China is a focal point, receiving clear and long-term policy support, with "significantly improving the level of technological self-reliance" being a major goal in China's 14th Five-Year Plan (2026-2030) [6]. - Artificial intelligence (AI) has become a key area of market focus, with Chinese AI models gaining global recognition [6]. - The Hang Seng Technology Index represents 30 of the largest technology companies listed in Hong Kong, focusing on areas such as smart technology, cloud computing, digital commerce, and fintech [6]. Group 3: Biotechnology Sector - The Chinese biotechnology sector has gained significant attention due to the increasing global recognition of innovative drugs developed in China, with the total value of outbound licensing transactions for innovative drugs reaching a record high of $136 billion in 2025 [7]. - This record transaction volume indicates a significant enhancement in the global competitiveness and technical capabilities of the Chinese biotechnology industry [7]. - The Hang Seng Biotechnology Index, which tracks the performance of the largest 30 biotechnology companies listed in Hong Kong, recorded a historic 64% annual increase in 2025 and continued to rise by 9% in January 2026 [8]. Group 4: Launch of the Hang Seng Dual Technology Index - The Hang Seng Dual Technology Index, launched on January 9, 2026, combines the two themes of technology and biotechnology, with a weight allocation of 75% to the Hang Seng Technology Index and 25% to the Hang Seng Biotechnology Index [12]. - The index recorded a 36% increase in 2025, with a continued upward trend into 2026, reflecting ongoing market interest in Chinese innovation themes [12]. - As of January 30, 2026, the index had a one-year annualized volatility of 34%, lower than the 35% and 40% of the Hang Seng Technology Index and Hang Seng Biotechnology Index, respectively, indicating a balanced risk profile [12].

恒生指数公司行政总裁巫婉雯表示，回顾2025年，港股市场气氛非常热烈，截至去年12月31日，恒生指 数创下2017年以来最佳表现，同比升幅达27.8%，与恒生指数系列挂钩的产品资产管理总值(AUM)实现 约1177亿美元，恒生生物科技指数于2025年实现自推出以来的年度最高升幅同比升幅达64.5%。 巫婉雯指出，展望未来有三大发展方向，包括巩固科技及生物科技板块的市场领导地位，扩大追踪科技 相关指数的资产管理规模，持续扩展生物科技指数，支持多元化产品开发；积极推动产品创新，发掘更 多人工智能在业务中的应用，推出紧贴市场趋势及需求的产品，开发跨市场指数；继续推进海外市场的 业务发展，助全球投资者把握香港及内地的投资机遇。 林颖婷提及，为协助投资者进一步把握科技及生物科技领域的增长机遇，恒指公司在今年1月推出"恒生 双科技指数"，而新推出的恒生双科技指数用来衡量科技和生物科技公司在香港证券市场整体表现，结 合这两大主题于同一基准，既反映两者的市值差异，又兼顾双主题的代表性，并指该指数当中75%权重 配置于恒生科技指数，25%权重置配于恒生生物科技指数。 被问及恒指在纳入100只成分股有没有时间表时，巫婉雯表示，相 ...

Core Viewpoint - The Hang Seng Index Company has launched three new indices aimed at enhancing investment and risk management tools in the Hong Kong market [1] Group 1: New Indices - The Hang Seng Dual Technology Index combines components from the Hang Seng Technology Index and the Hang Seng Biotechnology Index at a fixed ratio, covering technology and biotechnology companies listed in Hong Kong [1] - The Hang Seng Hong Kong Stock Connect Internet Technology Index tracks Hong Kong stocks that can be traded via the Stock Connect and are primarily engaged in internet or information technology businesses [1] - The Hang Seng Hong Kong Stock Connect Non-Bank Financial Index focuses on non-bank financial stocks that can be traded via the Stock Connect [1]

Core Viewpoint - The Hang Seng Index Company announced the launch of three new indices aimed at providing diversified investment strategies and trading tools in the Hong Kong market [1] Group 1: New Indices - The Hang Seng Dual Technology Index reflects the overall performance of technology and biotechnology companies listed in Hong Kong, combining components from the Hang Seng Technology Index and the Hang Seng Biotechnology Index [1] - The Hang Seng Hong Kong Stock Connect Internet Technology Index tracks the performance of Hong Kong-listed companies primarily engaged in internet or information technology businesses that can be traded via the Stock Connect [1] - The Hang Seng Hong Kong Stock Connect Non-Bank Financial Index reflects the performance of Hong Kong-listed companies in the financial sector, excluding banks, that can be traded via the Stock Connect [1]

Core Viewpoint - The Hang Seng Index Company announced the launch of three new indices aimed at enhancing investment strategies and providing real-time performance tracking for specific sectors in the Hong Kong market [1] Group 1: New Indices Overview - The Hang Seng Dual Technology Index reflects the overall performance of technology and biotechnology companies listed in Hong Kong, combining components from the Hang Seng Technology Index and the Hang Seng Biotechnology Index [1] - The Hang Seng Hong Kong Stock Connect Internet Technology Index tracks the performance of Hong Kong-listed companies primarily engaged in internet or information technology businesses that can be traded via the Stock Connect [1] - The Hang Seng Hong Kong Stock Connect Non-Bank Financial Index reflects the performance of Hong Kong-listed companies in the financial sector, excluding banks, that are accessible through the Stock Connect [1]

Group 1 - The core announcement is the launch of three new indices by the Hang Seng Index Company, which are the Hang Seng Dual Technology Index, the Hang Seng Hong Kong Stock Connect Internet Technology Industry Index, and the Hang Seng Hong Kong Stock Connect Non-Bank Financial Index [1]