【相关ETF】 聚焦港股科技龙头，中国AI核心资产：恒生科技指数ETF(513180)； 聚焦港股创新药，受益于BD出海+商保目录；恒生医药ETF(159892)。 美联储在2025年最后一次议息会议如期降息，且并未释放此前市场预期的鹰派信号。市场情绪受到提 振，港股市场关键指数早盘集体高开，恒生指数开盘涨0.66%，恒生科技指数涨0.55%，恒生生物科技 指数涨0.44%。 美联储在2025年完成三次降息，每次降息幅度均为25bp，联邦基金目标利率从4.25%~4.50%下调至 3.50%~3.75%，全球无风险利率随之下移，美元指数走弱，美元兑离岸人民币汇率接近7.055。 随着人民币汇率上行及全球无风险利率中枢下移，港股市场将迎来较为宽松的流动性环境，人民币资产 在海外的定价也有望抬升，科技、医药等高弹性赛道有望率先受益。 ...

美联储利率决议前夕，港股整体回调。港股午间收盘，恒生科技指数跌1.32%，恒生指数跌0.84%。板 块方面，电力板块涨幅靠前；客运航空公司、酒店和度假村REIT板块跌幅靠前。热门ETF方面，恒生 ETF(159920)、恒生国企ETF(159850)午盘持续下挫，均跌至1.5%附近，打开低位布局通道。 聚焦港股中国企业发展：恒生国企ETF(159850) 近期发布的美国9月核心PCE价格指数符合预期。美国9月核心PCE物价指数环比上涨0.2%，预期上涨 0.2%，前值上涨0.2%；同比上涨2.8%，预期上涨2.8%，前值上涨2.9%。建银国际指出，尽管港股估值 修复已基本到位，但港股投资逻辑已由传统的估值修复转变为基于新质生产力和高质量发展的估值重 估，2026年估值和盈利均有温和扩张或改善的空间。 值得关注的标的： 港股核心宽基：恒生ETF(159920) AI+平台经济：恒生科技指数ETF(513180) ...

小米集团合伙人卢伟冰表示，已在AI上进行了压强式投入，尤其在AI大模型和应用方面取得远超预期 的进展。该消息大幅提振小米市场热度，小米集团-ADR(美股)收盘涨3.8%，从港股市场来看，小米低 开高走，盘中涨超1%。 据公告数据，继理想汽车和零跑汽车后，小米集团的新能源汽车业务也首次实现盈利，小鹏汽车和蔚来 都将首次盈利锚定在2025年四季度。 MACD金叉信号形成，这些股涨势不错！ 据恒生指数公司公告，恒生科技指数季度调整将于12月8日生效，届时恒生科技指数将覆盖蔚来、理 想、小鹏、零跑、小米、比亚迪等国内新能源造车龙头。 恒生科技指数ETF(513180)在内地跟踪恒生科技指数的ETF中规模排名第一，除造车新势力外，同时覆 盖AI产业链上下游，聚焦中国AI核心资产。 MACD金叉信号形成，这些股涨势不错！ 据恒生指数公司公告，恒生科技指数季度调整将于12月8日生效，届时恒生科技指数将覆盖蔚来、理 想、小鹏、零跑、小米、比亚迪等国内新能源造车龙头。 恒生科技指数ETF(513180)在内地跟踪恒生科技指数的ETF中规模排名第一，除造车新势力外，同时覆 盖AI产业链上下游，聚焦中国AI核心资产。 小米集团合伙 ...

Group 1 - Hong Kong stocks experienced a slight decline today, with the Hang Seng Internet ETF down by 0.75% and the Hang Seng Technology Index ETF down by 0.66% [1] - The recent rebound in Hong Kong stocks was influenced by the anticipation of a Federal Reserve interest rate cut, but external disturbances are expected due to hawkish comments from the Bank of Japan [2] - Major companies are increasingly focusing on AI developments, with Alibaba launching its first AI glasses "Quark" and updating its image generation and editing model Qwen-Image, while Kuaishou's Keling AI introduced a new product "Keling O1" [2] Group 2 - As of December 1, southbound funds have net bought Alibaba for 13 consecutive days, totaling 27.86542 billion HKD, and have net bought Meituan for three consecutive days [2] - The Hang Seng Technology Index ETF has seen net inflows of 5.453 billion HKD over 23 consecutive trading days, while the Hang Seng Internet ETF has also experienced net inflows of 3.343 billion HKD during the same period, both ranking first among their respective categories [2][3] - The Hang Seng Technology Index ETF, with a latest scale of 47.971 billion HKD, includes core Chinese technology assets such as SMIC, Alibaba, Tencent, and Baidu [3]

Group 1 - Hong Kong stocks experienced a slight decline, with the Hang Seng Internet ETF down 0.75% and the Hang Seng Technology Index ETF down 0.66% [1] - The recent rebound in Hong Kong stocks was influenced by the anticipation of a Federal Reserve interest rate cut, but external disturbances are expected due to hawkish comments from the Bank of Japan [1] - Major companies are increasingly focusing on AI, with Alibaba launching its first AI glasses "Quark" and updating its image generation and editing model Qwen-Image, while Kuaishou's Keling AI released a new product "Keling O1" [1] Group 2 - The Hang Seng Internet ETF has a weight of over 80% in leading internet stocks, with an AI application content exceeding 90% [2] - The latest scale of the Hang Seng Internet ETF is 357 billion yuan, making it the largest in its category, with key constituents including Alibaba, Tencent, NetEase, JD.com, and Baidu [2]

Group 1 - The core point of the article highlights that southbound funds have achieved a net purchase of over 1.3 trillion HKD this year, with cumulative net inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [1][14]. - The technology sector remains a key area for capital inflows in the Hong Kong stock market, with the Hang Seng Technology Index ETF rising by 30.4% this year and the Hong Kong Stock Connect Technology ETF gaining 44.19% [2][4]. - Despite the market being in a correction phase, multiple positive signals, including domestic economic plans and easing international relations, are expected to inject new momentum into the Hong Kong market [4][30]. Group 2 - The Hang Seng Technology Index has corrected over 10% from its peak this year, but the current macro environment is less uncertain compared to previous months, suggesting a lower probability of extreme corrections [6][8]. - Analysts predict that major internet companies will maintain revenue growth rates between 10% and 15%, with ongoing cost reduction strategies improving profit margins [9][10]. - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF's PE ratio at 23.09, significantly lower than the Nasdaq's 42.5 [11][12]. Group 3 - The inflow of long-term capital, primarily from insurance and public funds, is expected to continue, with projections of an additional 1.54 trillion HKD in southbound funds by the end of next year [17][18]. - The sustained inflow of these long-term funds is improving market structure and pushing the Hong Kong stock market towards a fundamental-driven valuation [18][20]. - Foreign capital has shown a net inflow trend since 2025, particularly in the technology sector, indicating a strong interest in core assets [19][20]. Group 4 - The rise of AI technology has made core AI assets highly sought after globally, with major tech companies in Hong Kong becoming essential market players [22][24]. - These tech giants are capable of achieving high-quality revenue and profit growth, supported by strong competitive advantages and robust ecosystems [25][28]. - The article emphasizes that Hong Kong's tech giants are well-positioned in the AI revolution, possessing the necessary data and capital to drive innovation and growth [26][27]. Group 5 - Despite recent market volatility, the direction of AI industry development remains unchanged, with positive factors influencing technology company valuations [30][31]. - Investors are encouraged to focus on market changes to capture turning points and new opportunities, particularly in core AI technology companies and related ETFs [31][32]. - The Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF are highlighted as key investment vehicles, with significant assets under management and a focus on leading tech firms [32][33].

Core Insights - The net inflow of southbound funds has exceeded 1.3 trillion HKD this year, with cumulative inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [1][15] - The technology sector remains a key focus for capital inflows, with the Hang Seng Technology Index ETF rising by 30.4% and the Hong Kong Stock Connect Technology ETF gaining 44.19% this year [1][3] Market Dynamics - Despite being in an adjustment phase, multiple positive signals are emerging, including domestic economic plans, improved international relations, and continued inflows of southbound funds, which are injecting new momentum into the Hong Kong stock market [3][19] - The recent correction in the Hang Seng Technology Index, which has dropped over 10% from its peak, is viewed as a normal adjustment rather than a sign of severe market instability [5][9] Earnings Outlook - Major internet companies are expected to maintain revenue growth rates between 10% and 15%, with ongoing cost-reduction strategies likely to improve profit margins [10][11] - The upcoming Q3 earnings reports are crucial; positive results could lead to a rebound in market sentiment and stock prices [9][13] Valuation Metrics - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF trading at a PE (TTM) of 23.09, significantly lower than the Nasdaq Index's 42.5 [14][15] - Southbound funds, primarily from insurance and public funds, have contributed over 60% of the net inflow this year, indicating a strong preference for technology growth and high dividend yield stocks [18][19] Investment Focus - The rise of AI technology has made core AI assets highly sought after, with major tech companies in Hong Kong becoming essential market players due to their strong fundamentals and competitive advantages [23][25] - The Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF are positioned to attract continued investor interest, focusing on leading tech firms and their growth potential in the AI sector [30][31]

Group 1 - The core viewpoint of the article highlights that southbound capital has achieved a record net inflow of over 1.3 trillion HKD this year, with cumulative net inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [2][19]. - The technology sector remains a key focus for capital inflows in the Hong Kong stock market, with the Hang Seng Technology Index ETF (513180) rising by 30.4% and the Hong Kong Stock Connect Technology ETF (159101) increasing by 44.19% this year [3]. - Despite the market being in an adjustment phase, multiple positive signals, including domestic planning, improved international relations, and continued inflows of southbound capital, are providing new momentum for the Hong Kong stock market [5]. Group 2 - The Hang Seng Technology Index has seen a significant correction of over 10% from its year-to-date high, but the current macro environment is less uncertain compared to previous months, suggesting a lower probability of extreme corrections [6][10]. - Analysts from major investment banks predict that the overall revenue growth rate for leading internet companies will remain in the range of 10%-15%, with improvements in adjusted net profit margins and free cash flow due to ongoing cost reduction strategies [11]. - The article emphasizes that if upcoming earnings reports exceed expectations, it could significantly boost market confidence and lead to a rebound in stock prices [14]. Group 3 - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF (513180) trading at a PE (TTM) of 23.09, which is at the 30.75% historical percentile since its inception [16]. - Compared to global technology indices, the valuations of the Hang Seng Technology and Hong Kong Stock Connect Technology ETFs are significantly lower than that of the Nasdaq Index, which stands at approximately 42.5 [17]. - The article notes that long-term stable foreign capital inflows have been significant, with predictions of an additional 1.54 trillion HKD in southbound long-term capital by the end of next year, indicating a strong future demand for quality assets in the Hong Kong market [24]. Group 4 - The rise of AI technology has made core AI assets highly sought after globally, with major technology companies in Hong Kong becoming central to this trend [28][32]. - These technology giants are positioned favorably in the AI revolution, possessing vast amounts of high-quality data and significant capital expenditure capabilities necessary for training large models [33]. - The article concludes that the core AI technology companies in Hong Kong represent the most dynamic and innovative segment of the Chinese economy, capable of attracting global capital and driving the future performance of the Hong Kong stock market [34].

Group 1 - The Hong Kong technology sector is experiencing a downturn, with major indices collectively declining and the Hang Seng Technology Index ETF dropping over 2% [1] - Key stocks such as Bilibili, Tencent Music, Kingsoft, and Alibaba are leading the declines, with Alibaba falling over 2% and trading volume exceeding 6 billion [1] - Dongwu Securities indicates that as of October 31, 2025, the risk level of the Hang Seng Technology Index has adjusted to 52.69, suggesting a relatively stable market sentiment [1][2] Group 2 - Three catalysts are identified that may influence the future performance of the Hang Seng Technology Index: macroeconomic data, policy developments, and industry earnings [2] - If macro data such as PMI and initial jobless claims underperform, it could strengthen expectations for a Federal Reserve rate cut, benefiting technology stock valuations [2] - The current valuation of the Hang Seng Technology Index ETF is at 22.59 times earnings, placing it in the historical low valuation range, being cheaper than over 73% of the time since its inception [2] Group 3 - The current short-term adjustment may present a good opportunity for long-term investment, particularly as the technology sector is expected to benefit from trends like AI [3] - The potential for foreign capital inflow due to a dovish Federal Reserve stance and continued southbound fund accumulation may lead to a turnaround for the Hang Seng Technology Index in the fourth quarter [3] - Investors without access to the Hong Kong Stock Connect may consider investing in the Hang Seng Technology Index ETF to gain exposure to core Chinese AI assets [3]

Group 1 - The Hang Seng Technology Index opened slightly higher on October 30, followed by a volatile trading session, with a brief dip observed [1] - Major ETFs, particularly the Hang Seng Technology Index ETF (513180), mirrored the index's fluctuations, experiencing a drop of over 1% at one point [1] - Among the holdings, stocks like Xpeng Motors, Midea Group, NIO, Horizon Robotics, Tencent Holdings, and Alibaba saw significant gains, while Sunny Optical Technology, Tencent Music, Trip.com Group, and Xiaomi Group led the declines [1] Group 2 - The Federal Reserve announced a 0.25% reduction in the federal funds rate to a range of 3.75% to 4%, aligning with market expectations, and will end balance sheet reduction on December 1 [1] - Despite the rate decision, Fed Chair Powell's hawkish tone suggested that a December rate cut is not guaranteed, leading to a rise in U.S. Treasury yields and a narrowing of gains in U.S. stocks [1] - Future outlook indicates a high probability of another rate cut in December amid weakening employment, with the path for rate cuts in the following year requiring further confirmation [1] Group 3 - Guotai Junan Securities highlighted that easing U.S.-China tariff conflicts could enhance risk appetite, potentially benefiting the Hang Seng Technology Index and A-share technology stocks with fundamental support [2] - The report emphasized the importance of monitoring economic cycles and the potential rebound of domestic PPI towards the end of the year and into the first half of next year, which could favor low-cycle domestic stocks and global resource pricing [2] Group 4 - Relevant ETFs include the Hang Seng Technology Index ETF (513180), which supports T+0 trading and focuses on "hard technology + new consumption" [3] - The A-share technology direction is represented by the Sci-Tech Innovation 50 ETF (159783), which targets high elasticity in sectors such as semiconductors, communication equipment, batteries, and photovoltaic equipment [3]