经历多年深度调整后，港股市场正站在一个罕见的战略性机遇点上——估值处于全球洼地、资金持续流 入、反弹动能强劲。当前，恒生指数不仅展现出显著的安全边际，更在弹性与爆发力方面优于A股等主 要市场。然而，面对这一"高性价比+高弹性"并存的"黄金底"窗口，投资者仍面临投资布局的核心痛 点：如何精准捕捉机会？反弹行情中又该选择何种高效工具？如何甄别值得信赖的基金管理人？ 全球估值洼地，凸显安全边际 截至2025年11月28日，恒生指数市盈率（PE_TTM）仅为11.89倍（数据来源：Wind），在全球主要资 本市场宽基指数中处于最低水平。对比来看，纳斯达克100、标普500、日经225、沪深300等主流指数当 前估值均显著高于港股。这一数据并非孤立现象，而是港股长期调整后的结构性结果。 低估值意味着向下的空间相对有限，而向上修复的空间广阔。对于长期资金而言，这正是"便宜买好 货"的经典时机。历史经验表明，当市场估值进入历史底部区域时，往往是中长期回报率最高的布局阶 段。尽管指数过往表现不预示未来业绩，但当前的估值水平无疑为投资者提供了相对较高的安全垫。 ·动能积聚的信号：资金借道港股通，持续大幅流入 与此同时，真金白银 ...

从市场表现看，截至收盘，跟踪恒生指数的相关ETF今日平均上涨0.41%，其中，涨幅居前的有华夏恒 生ETF（159920）、华夏沪港通恒生ETF（513660）等，今日分别上涨0.50%、0.47%。（数据宝） 恒生指数ETF12月1日成交额变动 统计显示，恒生指数ETF今日合计成交额8.60亿元，环比上一交易日增加2.31亿元，环比增幅为 36.64%。 具体来看，南方恒生指数ETF（513600）今日成交额2.31亿元，较上一交易日增加9229.27万元，环比增 幅为66.42%；华夏恒生ETF（159920）今日成交额4.72亿元，较上一交易日增加7697.16万元，环比增幅 为19.51%；华夏沪港通恒生ETF（513660）今日成交额1.39亿元，较上一交易日增加4869.72万元，环比 增幅为53.93%。 按成交金额环比增加看，鹏华恒生ETF（159271）、南方恒生指数ETF（513600）等今日成交额较上一 交易日分别增加319.12%、66.42%，增幅居前。 | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日增加 | 环比增幅 | | --- | --- | - ...

Core Viewpoint - The trading volume of Hang Seng Index ETFs increased significantly today, indicating heightened market activity and investor interest in these funds [1] Trading Volume Summary - The total trading volume of Hang Seng Index ETFs reached 1.57 billion yuan today, an increase of 373 million yuan from the previous trading day, representing a growth rate of 31.12% [1] - Specifically, the trading volume for Huaxia Hang Seng ETF (159920) was 860 million yuan, up by 301 million yuan from the previous day, with a growth rate of 53.77% [1] - The Huaxia Hong Kong Stock Connect Hang Seng ETF (513660) had a trading volume of 280 million yuan, increasing by 92.76 million yuan, reflecting a growth rate of 49.65% [1] - The E Fund Hang Seng ETF (QDII) (513210) recorded a trading volume of 7.64 million yuan, up by 2.98 million yuan, with a growth rate of 63.81% [1] Market Performance Summary - As of market close, the average decline for ETFs tracking the Hang Seng Index was 0.43%, with notable declines in the Southern Hang Seng Index ETF (513600) and E Fund Hang Seng ETF (QDII) (513210), which fell by 0.68% and 0.44% respectively [1] - The trading volume changes for Hang Seng Index ETFs on August 15 are detailed in a table, highlighting the performance of various funds [1]

Core Points - The total trading volume of Hang Seng Index ETFs today reached 1.692 billion yuan, an increase of 717 million yuan compared to the previous trading day, representing a growth rate of 73.42% [1] - Among the ETFs, the China Universal Hang Seng ETF (159920) had a trading volume of 936 million yuan, up 419 million yuan from the previous day, with a growth rate of 80.92% [1] - The Southern Hang Seng Index ETF (513600) recorded a trading volume of 356 million yuan, an increase of 196 million yuan, with a growth rate of 122.03% [1] - The China-Hong Kong Connect Hang Seng ETF (513660) had a trading volume of 393 million yuan, up 101 million yuan, with a growth rate of 34.62% [1] - The average increase of ETFs tracking the Hang Seng Index was 1.00% at market close, with the Southern Hang Seng Index ETF (513600) and China Universal Hang Seng ETF (159920) leading with increases of 1.05% and 1.01%, respectively [1] Trading Volume and Performance Summary - Fund Code: 159920, Fund Name: China Universal Hang Seng ETF, Today's Change: 1.01%, Today's Trading Volume: 936 million yuan, Increase from Previous Day: 419 million yuan, Growth Rate: 80.92% [1] - Fund Code: 513600, Fund Name: Southern Hang Seng Index ETF, Today's Change: 1.05%, Today's Trading Volume: 356 million yuan, Increase from Previous Day: 196 million yuan, Growth Rate: 122.03% [1] - Fund Code: 513660, Fund Name: China-Hong Kong Connect Hang Seng ETF, Today's Change: 1.01%, Today's Trading Volume: 393 million yuan, Increase from Previous Day: 101 million yuan, Growth Rate: 34.62% [1] - Fund Code: 513210, Fund Name: E Fund Hang Seng ETF (QDII), Today's Change: 0.93%, Today's Trading Volume: 6.8468 million yuan, Increase from Previous Day: 830,100 yuan, Growth Rate: 13.80% [1]

Core Viewpoint - The article emphasizes the importance of ETFs as a tool for investors to navigate the fluctuating capital markets, highlighting the need to understand economic cycles for effective investment strategies [1][3]. Group 1: ETF Strategy - ETFs serve as a conductor's score, allowing ordinary investors to participate in industry rotations [1]. - A suggested ETF allocation strategy includes 50% in broad-based ETFs, 30% in sector-specific ETFs, and 20% for opportunistic investments [1]. - The "seasonal rotation model" recommends adjusting ETF allocations quarterly based on economic indicators and seasonal trends [3]. Group 2: Risk Management - Industry ETFs typically exhibit 1.5-2 times the volatility of broad indices, necessitating dynamic stop-loss strategies [3]. - The negative correlation between Hong Kong financial ETFs and U.S. regional bank ETFs can help smooth out volatility in a portfolio [3]. - Caution is advised regarding "pseudo-liquidity" traps in niche ETFs with low daily trading volumes, which may lead to price pressure during urgent sell-offs [3]. Group 3: Data-Driven Insights - Monitoring fund inflow intensity, relative strength indicators (RSI), and valuation percentiles can enhance the timing of ETF switches [5]. - Current indicators suggest that the Hong Kong medical ETF's PEG ratio is below its ten-year average, while institutional holdings in U.S. cloud computing ETFs are rising [5]. - The article stresses that superior returns come from a deep understanding of industry changes and efficient use of tools, distinguishing professional institutions from retail investors [5].

Core Insights - The total trading volume of Hang Seng Index ETFs reached 1.73 billion yuan today, representing a week-on-week increase of 62.92% [1] Trading Volume Summary - The trading volume of Huaxia Hang Seng ETF (159920) was 1.05 billion yuan, an increase of 351 million yuan from the previous trading day, with a week-on-week growth of 50.15% [1] - The trading volume of Huaxia Hong Kong Stock Connect Hang Seng ETF (513660) was 358 million yuan, an increase of 219 million yuan from the previous trading day, with a week-on-week growth of 158.42% [1] - The trading volume of Southern Hang Seng Index ETF (513600) was 296 million yuan, an increase of 86.04 million yuan from the previous trading day, with a week-on-week growth of 40.91% [1] - The trading volume of E Fund Hang Seng ETF (QDII) (513210) was 25.15 million yuan, an increase of 11.76 million yuan from the previous trading day, with a week-on-week growth of 87.90% [1] Market Performance Summary - As of market close, the average increase of ETFs tracking the Hang Seng Index was 0.95%, with E Fund Hang Seng ETF (QDII) (513210) and Southern Hang Seng Index ETF (513600) leading the gains at 1.17% and 0.94% respectively [1]

Core Insights - The report highlights the strong performance of the Hong Kong stock market, with the Hang Seng Index closing at 21,417, reflecting a 2.4% increase year-to-date [3][12]. - The report indicates that the market is currently influenced by geopolitical tensions, particularly between China and the U.S., which has led to increased volatility and a focus on risk management [11][15]. - The report notes that the company Bubble Mart (9992.HK) has shown impressive financial growth, with operating income increasing by 106.9% year-on-year to 13.04 billion RMB, and net profit rising by 188.8% to 3.13 billion RMB [26][28]. Market Overview - The Hang Seng Index has seen a year-to-date increase of 6.8%, while the H-share index has risen by 9.3% [3]. - The trading volume for the Hang Seng Index was reported at 2,534 billion HKD, with a price-to-earnings (PE) ratio of 9.6 and a price-to-book (PB) ratio of 1.02 [5]. - The report mentions that the market is currently experiencing a rise in gold prices, reaching historical highs, which is indicative of increased risk aversion among investors [11]. Company Performance - Bubble Mart's revenue from mainland China reached 7.97 billion RMB, a year-on-year increase of 52.3%, while revenue from Hong Kong, Macau, Taiwan, and overseas markets surged by 375% to 5.07 billion RMB [26][27]. - The company has expanded its offline presence, with 401 stores in mainland China and 130 stores in Hong Kong, Macau, and overseas, indicating a strong growth strategy [27]. - The total assets of Bubble Mart increased by 49.2% to 14.87 billion RMB, while total liabilities rose by 82.2% to 3.99 billion RMB, reflecting aggressive expansion and investment [28]. Investment Opportunities - The report suggests that investors may consider Bubble Mart due to its strong financial performance and growth potential, particularly in the context of its unique IP-driven business model [26][27]. - The report also highlights the performance of various ETFs, with the Hang Seng Index ETF showing a year-to-date increase of 7.21% [16]. - The overall market sentiment is cautious, with a focus on companies that demonstrate resilience and growth potential amidst geopolitical uncertainties [11][15].

Core Insights - Notable investor Duan Yongping announced he will not be active on the Xueqiu platform for an extended period, despite previously expressing optimism about the market and revealing investments in Tencent [1] - Significant capital inflow into the Hong Kong stock market has been observed, with multiple ETFs reaching historical highs in share volume [1][2] - The valuation levels of Hong Kong stocks are currently at historical lows, indicating long-term investment potential [1][3] Group 1: Market Activity - Southbound capital has been consistently flowing into the Hong Kong stock market, with a net purchase exceeding 35.5 billion HKD on April 9 [1][2] - The Hong Kong Technology ETF (513020) saw a surge of over 6.5%, with trading volume increasing significantly [2] - The Hang Seng Index ETF (513600) also rose by 3.95%, leading in net inflow among similar funds [2] Group 2: Investor Behavior - The inflow of southbound capital is attributed to active participation from individual and private investors, as well as ongoing allocations from public and insurance funds [3] - Public funds have notably increased their allocation to Hong Kong technology stocks, with Tencent being a long-term favorite among public investors [3] - The recent market adjustments have positioned Chinese assets as relatively attractive on a global scale, suggesting a potential mid-term investment opportunity [3]