恒生科技ETF嘉实(159741)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，是布局港股市场具有科技属性和成长属性公司的便利工具。 数据显示，截至2025年12月1日，恒生科技指数(HSTECH)前十大权重股分别为阿里巴巴-W、腾讯控 股、中芯国际、网易-S、美团-W、比亚迪股份、小米集团-W、快手-W、京东集团-SW、携程集团-S， 前十大权重股合计占比69.48%。 有统计数据显示，12月1日有46家香港上市公司进行了股份回购，合计回购2979.86万股，回购金额11.51 亿港元。以金额进行统计，12月1日回购金额最多的是腾讯控股，回购金额为6.36亿港元；其次是小米 集团-W，回购金额为4.02亿港元。 中泰证券表示，港股科技龙头在AI投入加大背景下，当前估值合理且分红回购增强。在本轮大模型和C 端应用竞争中，真正有能力将AI能力落实到产品和商业化上的企业仍主要集中在头部平台。展望后 市，科技行情在短期回调后有望延续，当前AI板块发展阶段对应美股2023—2024年硬件向应用扩散的 时期，硬件行情已充分演绎，应用层面刚起步，意味着行情远未进入尾声。 来源 ...

从估值层面来看，恒生科技ETF嘉实跟踪的恒生科技指数最新市盈率（PE-TTM）仅21.45倍，处于近5 年19.63%的分位，即估值低于近5年80.37%以上的时间，处于历史低位。 数据显示，截至2025年11月24日，恒生科技指数(HSTECH)前十大权重股分别为阿里巴巴-W、腾讯控 股、中芯国际、美团-W、网易-S、比亚迪股份、小米集团-W、快手-W、京东集团-SW、携程集团-S， 前十大权重股合计占比69.58%。 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。 2025年11月25日港股市场显著回暖，截至13:30，恒生科技指数(HSTECH)上涨0.60%，成分股小米集团- W上涨4.24%，哔哩哔哩-W上涨4.14%，阿里健康上涨3.49%，百度集团-SW上涨2.95%，快手-W上涨 1.90%。 消息面方面，隔夜多位美联储官员"放鸽"，其中下一届主席热门人选，沃勒担心劳动力市场，认为通胀 并非大问题，主张在12月降息。旧金山联储主席戴利同样担忧劳动力市场突然恶化，支持12月降息。 华泰证券研报表示，近期市场波动率上升，流动性、情绪和风险偏好是主要原因。港股本轮调整相对A ...

Group 1 - The Hang Seng Tech Index showed strong performance on November 24, 2025, rising by 1.61%, with notable increases in stocks such as NetEase-S (+5.67%), Kuaishou-W (+5.00%), and NIO-SW (+4.24%) [1] - Li Auto was announced to be included in the Hang Seng Tech Index effective December 8, 2025, as per the announcement from the Hang Seng Index Company on November 21 [1] - The Hang Seng Tech Index is considered a benchmark for core technology stocks in Hong Kong, representing the 30 most growth-oriented companies in the market, focusing on sectors like information technology and smart manufacturing [1] Group 2 - Huatai Securities noted that the main narrative of asset revaluation in China remains unchanged, with a persistent demand for core assets, although there is a need for a more discerning allocation strategy due to the shift from valuation to earnings [2] - The recent adjustment in the Hong Kong stock market occurred earlier and with a deeper decline compared to the A-share market, suggesting that current levels may present value for investment [2] - The Hang Seng Tech ETF closely tracks the Hang Seng Tech Index, which includes the top 30 Hong Kong-listed companies highly related to technology themes, serving as a convenient tool for investing in tech-oriented and growth-oriented companies in the Hong Kong market [2]

Core Viewpoint - The Hang Seng Tech Index (HSTECH) has shown strong performance, with significant gains in major tech stocks, driven by positive market sentiment and expectations of interest rate cuts by the Federal Reserve [1][3][4]. Group 1: Market Performance - As of September 17, 2025, the HSTECH rose by 1.94%, with Baidu Group-SW up 11.57%, NIO-SW up 7.54%, and JD Group-SW up 4.46% [1]. - The Hang Seng Tech ETF (159741) increased by 1.36%, marking a potential nine-day winning streak [1]. - The average daily trading volume of the Hang Seng Tech ETF over the past year was 1.59 billion yuan, with a turnover rate of 4.79% on September 16 [3]. Group 2: Fund Performance - The Hang Seng Tech ETF has seen a net value increase of 58.91% over the past three years [3]. - The highest monthly return since inception was 33.67%, with the longest consecutive monthly gains being four months and the longest gain percentage being 23.28% [3]. - The average return during up months was 7.30% [3]. Group 3: Market Sentiment and Economic Indicators - Market sentiment has been significantly boosted by expectations of interest rate cuts, particularly benefiting tech growth stocks like Tesla [3]. - The probability of a 25 basis point rate cut by the Federal Reserve this week is 95.9%, with a 4.1% chance of a 50 basis point cut [3]. - For October, the cumulative probability of a 25 basis point cut is 23.1%, while a 50 basis point cut stands at 73.8% [3]. Group 4: Stock Weightings - The top ten weighted stocks in the HSTECH index account for 69.36% of the index, including Alibaba-W, NetEase-S, Tencent Holdings, and Xiaomi Group-W [7]. - Notable stock performances include Alibaba-W up 3.39%, Meituan-W up 3.49%, and JD Group-SW up 4.46% [5][7].

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]