沉寂已久的港股科技板块，正在悄然积蓄力量。 数据显示，截至2025年11月21日，港股科技类ETF近一月共有983.14亿元资金净流入，其中跟踪恒生科 技指数的ETF，同期合计已吸纳241.73亿元。 市场热情在交投数据中亦显露无遗——仅2025年11月21日，恒生科技ETF(513130)的单日成交额便逼近 百亿元，达97.96亿元，为A股市场仅有的当日成交额超90亿元的股票型ETF。这一交投热度并非昙花一 现，在此前后两个交易日，该产品分别录得67.89亿元和70.60亿元的成交额。 尽管美联储货币政策的钟摆与中美科技博弈等因素仍是不确定性所在，但拉长时间的轴线，中国科技产 业的崛起势不可挡，加之资金南下、盈利回升、估值凹地，港股科技板块的未来表现可期。 近千亿资金逆势布局 今年十月以来，港股科技板块在流动性预期摇摆与市场情绪降温中经历了一番深度调整，板块短期承压 态势尽显。 潮水退去时，有人看见风险，也有人看见机遇。 就在市场寒意有所弥漫之际，借道ETF布局港股科技板块的热情反而愈发高涨。数据显示，截至2025年 11月21日，港股科技类ETF近一月累计获得983.14亿元净流入。 其中最具代表性的恒生 ...

Market Overview - The market experienced fluctuations with all three major indices closing lower, with the Shanghai Composite Index down 0.03%, Shenzhen Component Index down 0.22%, and ChiNext Index down 0.22 [1] - Sectors such as chemical pharmaceuticals, automotive parts, and oil showed gains, while insurance, steel, and energy metals sectors faced declines [1] Pharmaceutical Industry Insights - The National Healthcare Security Administration announced the initiation of the 11th batch of centralized drug procurement, including 55 products, with results expected to be published between October and November 2025 [1] - Institutions are optimistic about the overall recovery opportunities in the innovative drug sector, particularly following the adjustment of the national medical insurance and commercial health insurance drug directories [2] Automotive Industry Developments - As of July 11, 2025, the proportion of new energy vehicles (NEVs) in China's automotive market reached 10%, with an expected total NEV sales of 16 million units this year, and NEV sales are projected to exceed 50% of total new car sales [2] - Continuous release of new models and sustained consumer demand are expected to keep the automotive market performance strong, with a focus on low-valuation leading companies in the electric and intelligent vehicle sectors [3] Hong Kong Market Outlook - The Hong Kong stock market is anticipated to experience a structural upward trend, with overall valuations remaining relatively low and long-term investment value being high [3] - The ongoing reform of the listing system in Hong Kong is expected to enhance asset quality and liquidity, potentially attracting more southbound capital [3]

Group 1 - The core viewpoint of the articles highlights the recent adjustments in the Hong Kong technology sector, with market funds taking the opportunity to invest in the Hang Seng Technology ETF (513130), which saw a net inflow of 404 million yuan on July 3 [1] - The Hang Seng Technology ETF (513130) has shown positive growth in both shares and scale, reaching 37.726 billion shares and 26.201 billion yuan as of July 3, with a year-to-date increase of 31% compared to the beginning of the year [1] - The Hang Seng Technology Index, which the ETF closely tracks, includes 30 Hong Kong-listed companies related to technology, with major constituents being Xiaomi Group-W, NetEase-S, Tencent Holdings, Alibaba-W, and BYD Company, all of which are leaders in the internet and technology manufacturing sectors [1] Group 2 - The current price-to-earnings (P/E) ratio of the Hang Seng Technology Index is 19.86 times, which is significantly lower compared to the Nasdaq 100's 35.48 times, indicating potential for valuation uplift [1] - According to Huatai Securities, foreign capital is no longer flowing out of the Hong Kong market, with an increase in foreign investment in AI technology and new consumption sectors since early this year [2] - The anticipated return of foreign capital and increased southbound trading is expected to provide additional funding for the Hong Kong technology sector, with a focus on core assets such as the Hang Seng Technology ETF (513130) [2]

Core Insights - The Hang Seng Technology Index has seen significant capital inflow despite recent market corrections, with a total net inflow of 7.253 billion yuan since March, as of March 21 [1] - The Hang Seng Technology ETF (513130) has attracted over 2.4 billion yuan in net inflow, making it one of the few products with such inflow, and it supports T+0 trading, appealing to many investors [1] - The ETF closely tracks the Hang Seng Technology Index, which encompasses various segments of the AI industry, including infrastructure, model development, commercial applications, and terminal ecosystems [1] Market Performance - As of March 21, the Hang Seng Technology Index has a current TTM price-to-earnings ratio of 23.23, which is within the historical low range of 24% over the past decade, indicating potential for valuation uplift [1] - The main targets related to AI technology are primarily concentrated in the Hong Kong stock market, suggesting a favorable outlook for Chinese technology assets in the medium to long term [1] Fund Management - The manager of the Hang Seng Technology ETF, Huatai-PB Fund, is one of the first ETF managers in China with over 18 years of operational experience, having developed the largest ETF product in the domestic market, the CSI 300 ETF (510300) [1]