截至10月9日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）为24.63倍，处于指数2020 年7月27日发布以来约36.72%的估值分位点，仍处于历史相对低估区间，而高弹性、高成长等特性使其 具备更大的向上动能。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI 核心资产。（场外联接A/C：013402/013403）。 方正证券认为，当前时点港股上涨行情仍未结束，建议继续关注恒生科技为代表的低估值品种补涨机 会。在当前经济下行的尾声阶段，同时政策利好不断释放，A股、港股市场信心显著回升。此外，南下 资金仍在持续加速流入港股市场，叠加美联储降息周期开启，港股流动性环境有望进一步受益。历史经 验也显示，港股市场一般10月份日历效应显著，主要宽基指数表现往往较好，因此综合来看，港股红十 月行情可期。 10月10日，港股三大指数低开低走。盘面上，科网股普跌，煤炭股活跃，黄金股普跌，汽车股走弱。午 后，恒生科技指数跌幅持续拉大，跌超2.5%。主流ETF方面，恒生科技指数ETF（513180）跟随指数下 跌，持仓股中，中芯国际、百度集团、华虹、快手、阿里巴巴、蔚来、 ...

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, is experiencing a downturn, but there are expectations for a rebound in the fourth quarter driven by external factors such as interest rate cuts and increased foreign investment [1]. Group 1: Market Performance - On October 10, the Hong Kong stock market indices opened lower, with the Hang Seng Technology Index dropping over 2% [1]. - The Hang Seng Technology Index ETF (513180) followed the index's downward trend, with major holdings like SMIC, Baidu, Kuaishou, NIO, Sunny Optical, Alibaba, and ASMPT leading the declines [1]. Group 2: Future Outlook - The report from Guotai Junan suggests that the technology sector in Hong Kong will benefit from current industry trends, with potential for foreign capital to return exceeding expectations due to the backdrop of Federal Reserve interest rate cuts [1]. - The report highlights that Hong Kong's internet giants are expected to benefit from the AI narrative, with the structural advantages of Hong Kong assets likely to become more pronounced [1]. - With the anticipated continuation of interest rate cuts by the Federal Reserve, there is a possibility of increased foreign capital inflow into Hong Kong stocks, especially if the liquidity environment improves and U.S.-China trade relations stabilize [1]. - The report also indicates that southbound capital is likely to continue flowing into the market, with institutional support potentially driving further increases in Hong Kong stocks [1]. Group 3: Investment Opportunities - If the valuations of technology leaders in Hong Kong are corrected to the average valuation levels of their constituent stocks, the Hang Seng Technology Index could see an increase of approximately 15% in the future [1]. - As of October 9, the Hang Seng Technology Index ETF (513180) has recorded a net inflow of 82.37 million yuan over three consecutive trading days, indicating strong investor interest in the sector [2].

截至2025年10月10日 10:21，恒生科技指数下跌1.86%。成分股方面涨跌互现，携程集团-S领涨1.52%，地平线机器人-W上涨0.98%，京东健康上涨0.71%； 华虹半导体领跌5.99%，中芯国际下跌5.75%，百度集团-SW下跌3.75%。恒生科技指数ETF(159742)下跌1.59%，最新报价0.87元。拉长时间看，截至2025年 10月9日，恒生科技指数ETF近2周累计上涨1.38%。 恒生科技指数ETF紧密跟踪恒生科技指数，恒生科技指数代表经筛选后最大30间与科技主题高度相关的香港上市公司。 数据显示，截至2025年10月8日，恒生科技指数前十大权重股分别为阿里巴巴-W、中芯国际、腾讯控股、网易-S、美团-W、比亚迪股份、小米集团-W、快 手-W、京东集团-SW、百度集团-SW，前十大权重股合计占比69.87%。 以上产品风险等级为： 中高（此为管理人评级，具体销售以各代销机构评级为准） 风险提示：基金不同于银行储蓄和债券等固定收益预期的金融工具，不同类型的基金风险收益情况不同，投资人既可能分享基金投资所产生的收益，也可能 承担基金投资所带来的损失。基金的过往业绩并不预示其未来表现。投资 ...

Market Overview - On October 9, Hong Kong's three major indices showed mixed performance, with the Hang Seng Index down 0.29% to 26,752.59 points, the Hang Seng Tech Index down 0.66% to 6,471.34 points, and the Hang Seng China Enterprises Index up 0.07% to 9,530.13 points [1] - The pharmaceutical sector experienced a significant pullback, while the semiconductor industry saw a notable decline in the afternoon session, and the metals sector accelerated its gains [1] - Notable individual stock movements included Alibaba down nearly 2.5%, Hua Hong Semiconductor down nearly 6.5%, and Kuaishou up over 3.5% [1] Southbound Capital - On October 9, southbound funds net purchased Hong Kong stocks worth 30.43 billion HKD, with Kuaishou receiving a net inflow of 10.86 billion HKD [2] - Year-to-date, the cumulative net purchase amount of southbound funds has reached 11,705.58 billion HKD, significantly exceeding last year's total [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down 0.52%, the S&P 500 down 0.28%, and the Nasdaq down 0.08% [3] - Boeing fell over 4%, and the Travelers Companies dropped nearly 3%, leading the decline in the Dow [3] - Chinese concept stocks mostly declined, with Alibaba down 4% and XPeng down 5% [3] Key News - Alibaba is exploring advancements in its Tongyi Qianwen large language model, aiming to transition from a language model to an intelligent agent capable of real-world actions [4] - Silver prices recently surpassed 51 USD per ounce, marking the highest level since the 1980s, with year-to-date silver futures up over 70% [4] - Federal Reserve officials expressed support for further interest rate cuts this year, while caution remains due to uncertainties in inflation and employment [4] Short Selling Data - On October 9, a total of 653 Hong Kong stocks were short-sold, with total short selling amounting to 41.163 billion HKD [5] - The top three stocks by short selling amount were Alibaba-W at 32.86 billion HKD, Tencent Holdings at 19.8 billion HKD, and HSBC Holdings at 17.45 billion HKD [5] Institutional Insights - Huatai Securities believes that the upward trend in Hong Kong stocks may continue post-holiday, citing historical volatility patterns [6] - The firm highlights the increasing importance of scarce and certain assets amid global uncertainties, along with a rising demand for cross-asset and cross-regional capital reallocation [6] - The narrative around AI and technology is strengthening, and there is a notable recovery in consumer demand, particularly in experiential consumption [6] Hong Kong Stock ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading technology firms that are also scarce in A-shares [8]

Group 1 - The Hong Kong stock market showed mixed performance on October 9, with the Hang Seng Tech Index turning positive after initially dropping over 1% [1] - The Hang Seng Tech Index ETF (513180), which is the largest in its category listed in A-shares, saw significant gains, driven by stocks such as ASMPT, Hua Hong Semiconductor, Lenovo Group, BYD Electronics, and SMIC, with Hua Hong Semiconductor rising over 9% at one point [1] - Goldman Sachs raised the target prices for SMIC and Hua Hong Semiconductor, maintaining a "buy" rating for both companies, citing the ongoing growth in domestic AI-related semiconductor demand [1] Group 2 - OpenAI and AMD reached a significant agreement on October 6, where OpenAI will deploy up to 6GW of AMD Instinct GPUs over the coming years, with the first 1GW deployment planned for the second half of 2026 [1] - Guosheng Securities noted that OpenAI's recent initiatives highlight the acceleration of computing power construction, emphasizing investment opportunities in computing power, storage, and their industrial chain [1] - As of September 30, Alibaba was the largest weighted stock in the Hang Seng Tech Index, holding a weight of 9.31%, providing a way for investors without a Hong Kong stock connect account to access core Chinese AI assets through the Hang Seng Tech Index ETF (513180) [2]

截至2025年10月9日 10:22，恒生科技指数上涨0.52%，成分股ASMPT上涨10.54%，华虹半导体上涨6.32%，联想集团上涨3.84%，比亚迪电子上涨2.94%，蔚 来-SW上涨2.41%。恒生科技指数ETF上涨1.24%， 冲击3连涨。最新价报0.9元。拉长时间看，截至2025年9月30日，恒生科技指数ETF近2周累计上涨 2.79%，涨幅排名可比基金1/11。 流动性方面，恒生科技指数ETF盘中换手9.49%，成交4.62亿元。拉长时间看，截至9月30日，恒生科技指数ETF近1周日均成交7.59亿元。 据报道，10月9日凌晨，蚂蚁集团发布万亿参数的通用语言模型 Ling-1T。Ling-1T是蚂蚁百灵大模型Ling 2.0 系列的第一款旗舰模型，也是蚂蚁百灵团队迄 今为止推出的规模最大、能力最强的非思考大模型。 消息面上，OpenAI发布的Sora2标志着AI视频生成技术迈入新阶段，该模型已从实验性产品升级为面向大众的社交应用，支持多镜头连续性、角色一致性及 音视频同步，显著提升内容的真实感与观赏性。 华鑫证券认为，Sora2通过引入物理引擎和多样化风格选项，推动AI生成内容向更高质量演进， ...

Core Viewpoint - The Hang Seng Tech Index has reached a nearly four-year high, attracting significant capital through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2]. Group 1: Market Performance - The Hang Seng Tech Index has shown robust growth, with major stocks like Alibaba and SMIC contributing to its rise [2]. - Year-to-date, the Hong Kong Internet ETF has surged by 53.66%, with its shares increasing from over 30 billion to approximately 90 billion [2]. - The Hang Seng Tech Index's components reported a revenue growth of 14% and a profit growth of 16% year-on-year in Q2, outperforming other sectors in Hong Kong [2][3]. Group 2: Investment Trends - The influx of foreign capital into the Hong Kong market is increasing, driven by the Federal Reserve's interest rate cuts, which are expected to continue [1][5]. - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 100 billion for three consecutive months from July to September [5][6]. - The valuation of the Hang Seng Tech Index components remains attractive, with P/E ratios at historical low percentiles, indicating no bubble despite rising global stock valuations [3][4]. Group 3: AI and Growth Potential - The application of AI technology is enhancing profitability for internet giants in advertising, cloud computing, and enterprise services, indicating a positive outlook for these companies [4][5]. - The growth logic for internet companies is shifting due to advancements in AI, suggesting a re-evaluation of their valuation based on new growth opportunities [5][6]. Group 4: Future Outlook - The combination of improved liquidity and upward industry trends is expected to benefit the Hong Kong tech sector, with strategic allocation becoming increasingly valuable [6]. - The anticipated decline in the US dollar and the easing of domestic liquidity constraints may further attract foreign investment into the Hong Kong market [6].

Core Viewpoint - The Hang Seng Technology Index has reached a nearly four-year high, attracting significant capital inflow through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2] Group 1: Market Performance - The Hang Seng Technology Index has shown robust growth, with individual stocks like Alibaba and SMIC contributing to its rise [2] - The Hong Kong Internet ETF has increased by 53.66% year-to-date, with its shares rising from over 30 billion to approximately 90 billion [2] - Eight ETFs focused on the Hong Kong technology sector have seen their shares increase by over 10 billion this year [1][2] Group 2: Fundamental Analysis - The Hang Seng Technology Index has become a "value" choice, with a year-on-year revenue growth of 14% and profit growth of 16% in Q2 [2] - Excluding the impact of the "takeout war," the net profit growth of the index's constituent stocks is 25%, indicating strong performance [2] - The valuation of major companies within the index, such as Tencent, Baidu, and Alibaba, remains reasonable compared to global standards, with P/E ratios around 20, 13, and 17-18 respectively [3] Group 3: AI and Growth Potential - The application of AI technology is expected to significantly enhance the profitability of internet giants in advertising, cloud computing, and enterprise services [3][5] - The growth logic of internet companies is being reshaped by AI advancements, opening new avenues for growth [5] Group 4: Liquidity and Investment Trends - The improvement in liquidity, driven by the Federal Reserve's interest rate cuts, is a key factor in the positive outlook for the Hang Seng Technology Index [6][7] - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 1 trillion this year, marking a historical high [6] - The expectation of continued capital inflow into the Hong Kong market is bolstered by the Fed's easing monetary policy [6][7]

港股昨天大涨之后，今天开盘出现调整，接近11点时恒生指数下跌了0.78%，恒生科技指数盘中跌幅最大时达到了1.8%，可以说几乎将昨天上涨的成果吃掉 了一半，在我看来这是一种正常的技术性调整，对恒生指数来说，6700点到7000点是重要的技术阻力区，这种情形下出现反复也是正常的。 还有一点，就是港股的科技龙头，比如说阿里巴巴、腾讯以及中芯国际，还有宁德时代，今天普遍出现了冲高回落，有些甚至走出了低开态势，这种情形 下，意味着之前引领港股上涨的核心龙头短期内因为涨幅过大，面临获利回吐的情形，目前无论是港股还是A股，科技龙头中的部分公司走出了加速的状 态，如港股的宁德时代、中芯国际都是如此，而这恰恰是短期内市场震荡的契机。 现在人们最担心的是，港股在A股休市期间大幅度上涨，等A股开盘之后出现重挫的情形，这样A股就完全被带了下来，不仅仅没有受到十一期间港股上涨 的利好，反而被拖累了，对此还是要有充分的心理准备，如果说港股在长假这几天保持平稳，我觉得A股长假结束反而存在开门红的可能性。 当然，目前无论是港股还是A股，多头趋势还是相当的明显，在谨慎的同时目前依然可以保持乐观的心态。 坦率的说，我对港股应该是长期看好的，只 ...

9月30日午后，港股市场延续上涨态势，受AI模型发布等消息提振，芯片板块大涨，带动恒生科技指数 午后持续拉升；恒生科技指数ETF（513180）收盘涨2.22%，港股通科技ETF（159101）收盘涨1.97%。 浙商国际表示，市场预计美联储10月大概率继续降息25基点；南向资金净流入继续表现强势，本周"逆 势加码"，较上周加速流入；情绪面来看，市场强势表现驱动看多情绪。 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。 ...