持续的回调或也集中性地释放了港股科技板块的近期风险，进一步打开了资金配置的空间。Wind数据 显示，恒生科技指数的最新市盈率回落至22.74倍，处于近5年31.42%的较低分位数水平。横向对比来 看，恒生科技指数估值较部分A股、美股的主要科技类指数或也具备配置价值，估值水平（PE）远低于 纳斯达克指数的41.09倍、科创50指数的156.57倍水平。 中证网讯 近期港股科技板块承压回调，其中作为代表性指数之一的恒生科技指数截至12月16日收盘甚 至已跌至年线附近，吸引部分市场资金积极流入相关资产。Wind数据显示，助力布局港股科技板块的 人气产品恒生科技ETF（513130）12月16日单日获9.9亿份资金净申购。在增量资金涌入之下，恒生科 技ETF（513130）的最新份额攀升至596.63亿份，最新规模达423.37亿元。成交活跃度上，2025年四季 度以来恒生科技ETF（513130）日均成交额达54.68亿元，流动性优势较明显。 来源：中证网 恒生科技ETF（513130）紧密跟踪的恒生科技指数汇聚了一批具有核心竞争力和发展潜力的科技型公 司，前五大成分股为美团-W、小米集团-W、腾讯控股、阿里巴巴- ...

港股作为离岸市场，对于流动性的敏感度较高，因此12月限售股解禁抛压预期、南向资金流入放缓、日 元加息预期升温等因素带来的流动性压力或是使得港股市场近期承压下行的重要原因。不过华福证券在 研报中指出目前市场对日本央行加息的预期已有所消化，当前美元兑港元汇率较为稳定，预期后续金管 局无需大幅回收流动性。同时，香港证监会与港交所将强化IPO监管，或有利于提升上市申请质量、优 化资金配置效率，从根源上减少低质量融资对流动性的无效消耗，长期利于流动性改善，有望逐步缓释 压制港股的核心压力。（资料来源：华福证券-《如何看待港股流动性收紧？》-2025/12/15） 此外消息面上，2025年12月16日晚间，美国劳工统计局（BLS）公布的数据显示，非农就业岗位增加 6.4万个，高于市场预期的5万个，但11月失业率上升至4.6%，刷新2021年9月以来的新纪录。美国就业 市场的波动进一步强化了美联储延续降息路径的市场预期，有望为港股科技板块注入流动性。 近期港股科技板块承压回调，其中作为代表性指数之一的恒生科技指数截至昨日收盘甚至已跌近至年线 附近，吸引部分市场资金积极流入相关资产。Wind数据显示，助力布局港股科技板块的人 ...

伴随着美联储降息预期的升温，前期压制港股表现的流动性因素有望得到缓解；并且在龙头财报业绩和 Al发展细节的支撑下，Al泡沫论的担忧有望消减，往后看科技成长或仍是市场的发展主线之一。恒生科 技ETF（513130）是市场上较受投资者认可的港股科技板块配置工具之一，根据最新的基金2025年中期 报告，截至报告期末其持有人户数超22万户。另外恒生科技ETF（513130）还具有规模较大、流动性较 优、支持场内T+0等多重优势，同时产品年管理费为0.2%，有望助力投资者低成本布局港股科技类资 产。场外投资者可关注其场外联接基金（A类015310、C类015311）。（费率数据来源：产品法律文 件，截至2025/11/25） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 消息面上，2025年11月25日，某互联网龙头企业发布2026财年第二财季（2025年第三季度）财报，财报 显示，集团收入约2478亿元，剔除已出售业务影响，收入同比增长15%，超越市场预期。其 中"AI+云"业务保持强劲增长，当季云智能集团收入398.2亿元，同比增长34%，AI相关产品收入连续9 个季度实现三位数同比增长 ...

Core Viewpoint - The Hong Kong stock market is entering a critical phase for the disclosure of Q3 earnings, with several leading technology companies set to announce their results, focusing on AI technology development and application [1] Group 1: Market Trends - The Hang Seng Technology ETF (513130) has seen a net inflow of 2.131 billion yuan from November 3 to November 7, making it the only ETF in the Hong Kong technology sector to exceed 2 billion yuan in net inflows during this period [1] - The latest scale of the Hang Seng Technology ETF (513130) has surpassed 42.573 billion yuan, with a total of 5.5189 billion shares [1] Group 2: Investment Insights - Huatai Securities indicates that while external disturbances may affect domestic investor sentiment, the sentiment in the Hong Kong market may have already been sufficiently released, suggesting a mid-term value in the technology sector [1] - The Hang Seng Technology Index, closely tracked by the Hang Seng Technology ETF (513130), includes 30 leading companies in the technology sector, with a current P/E ratio of 22.69, which is significantly lower than the Nasdaq's 41.46 and the Sci-Tech 50's 161.34, indicating a potential undervaluation [1] Group 3: Future Catalysts - As Q3 earnings reports from Hong Kong technology leaders are gradually disclosed, the development direction and execution progress of AI narratives are expected to be further confirmed, potentially leading to more catalytic events in the technology sector [1] - The Hang Seng Technology ETF (513130) is recognized as a key tool for investors looking to allocate resources in Hong Kong's technology sector, with over 220,000 account holders as of the latest mid-year report [1]

Group 1 - The Hong Kong stock market experienced a decline, particularly in the technology sector, with the Hang Seng Tech ETF (513130) recording a trading volume of 6.271 billion HKD and a turnover rate of 15.88% as of 14:21 on October 17, 2025 [1] - Despite the volatile international situation since October 2025, there has been a significant net inflow of southbound funds, amounting to 38.786 billion HKD for the week of October 13-16, 2025, with technology stocks being a key focus for investment [1] - Year-to-date, the net inflow of southbound funds has exceeded 1.2 trillion HKD, setting a new annual record and providing strong momentum for the Hong Kong stock market [1] Group 2 - A leading global semiconductor foundry reported better-than-expected revenue and net profit for Q3 2025, raising its full-year capital expenditure target, which has boosted market optimism regarding the surge in demand for AI chips [1] - Domestic technology companies are actively investing in hard technology and AI, with a reported 380 billion HKD investment in AI infrastructure and a deep collaboration with Nvidia in the Physical AI sector [2] - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes various sectors such as internet platforms, software development, and semiconductor design, positioning it well to capture opportunities in the AI industry [2] Group 3 - The Hang Seng Tech ETF (513130) is recognized as a preferred investment tool for the Hong Kong technology sector, with over 220,000 account holders as of the latest mid-year report [3] - The ETF offers advantages such as large scale, good liquidity, T+0 trading support, and low fees, making it a valuable instrument for investors looking to allocate to core technology assets in Hong Kong [3]

Core Insights - The Hong Kong stock market is experiencing a decline, particularly in the technology sector, with the Hang Seng Tech ETF showing significant trading volume and turnover [1] - Despite market volatility, there has been a substantial net inflow of southbound funds, particularly into technology stocks, indicating strong investor interest [1] - The global semiconductor leader's recent financial report exceeded market expectations, boosting optimism regarding the demand for AI chips [1][2] Group 1: Market Performance - The Hang Seng Tech ETF (513130) recorded a trading volume of 6.271 billion HKD and a turnover rate of 15.88% as of 14:21 [1] - Southbound funds have seen a net inflow of 38.786 billion HKD during the week of October 13-16, 2025, with technology stocks being a primary focus [1] - Year-to-date, southbound funds have exceeded 1.2 trillion HKD, setting a new annual record for the Hong Kong stock market [1] Group 2: AI and Technology Sector Developments - Domestic technology companies are actively investing in AI infrastructure, with a reported 380 billion HKD commitment to AI projects [2] - Collaboration between local firms and global chip leaders like NVIDIA aims to advance the physical AI sector [2] - The Hang Seng Tech Index, which includes various sectors of the AI industry, has a current P/E ratio of 22.88, indicating potential for valuation recovery [2] Group 3: Investment Tools - The Hang Seng Tech ETF (513130) is recognized as a key investment tool for the Hong Kong technology sector, with over 220,000 account holders as of the latest mid-year report [3] - The ETF offers advantages such as large scale, good liquidity, and low fees, making it an attractive option for investors [3] - Investors can also consider the offshore linked funds (A class 015310, C class 015311) for additional exposure [3]

Group 1 - The recent market news strengthens expectations for a Federal Reserve interest rate cut, with Chairman Powell signaling a potential halt to balance sheet reduction and highlighting worsening labor market conditions [1] - The Federal Reserve's Beige Book indicates a stable overall labor market in the U.S., but with weak demand, further boosting rate cut expectations [1] - The offshore Hong Kong stock market, particularly the technology sector, is expected to benefit significantly from continued global liquidity [1] Group 2 - The Hang Seng Tech ETF (513130) has seen substantial inflows, with over 15.6 billion yuan invested in October 2025, indicating strong market interest [2] - The ETF's total shares have surpassed 50.36 billion, reaching a record high since its inception, reflecting robust demand [2] - The Hang Seng Tech Index, closely tracked by the ETF, represents a significant portion of the Hong Kong tech sector, including 30 leading companies across various industries [2] Group 3 - Long-term forecasts suggest that improvements in supply-demand dynamics may lead to a turning point in the Chinese economic cycle, with capital expenditure and R&D in the tech sector becoming new growth engines [2] - The combination of U.S. rate cuts and supportive policies in China is expected to attract continued inflows from southbound and foreign investors into Hong Kong stocks [2] - The Hang Seng Tech ETF offers advantages such as large scale, good liquidity, and low fees, making it a key tool for investors looking to capitalize on the recovery of the Hong Kong tech sector [2]

Group 1 - The Hong Kong technology sector is experiencing active performance, with the Hang Seng Technology Index reaching a new intraday high of 6000 points since April this year [1] - There is a strong expectation for a 25 basis point interest rate cut by the Federal Reserve, which is likely to benefit the interest-sensitive Hong Kong technology sector [1] - The Hang Seng Technology ETF (513130) has seen significant trading volume, with daily turnover exceeding 5 billion yuan from September 9 to September 12, and a net inflow of 1.186 billion yuan in September, reaching a historical high of 39.2 billion yuan [1] Group 2 - The Hang Seng Technology ETF closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong internet and manufacturing companies, covering various sectors such as internet, media, software, automotive, and chips [2] - There has been a cumulative increase of 93.882 billion Hong Kong dollars in southbound capital since September, with internet companies being a key focus for investment [2] - The current price-to-earnings ratio of the Hang Seng Technology Index is 23.12 times, which is in the lower range of the past five years, indicating potential investment value [2]

Group 1 - The Hong Kong stock technology sector is currently in a state of consolidation, but strong interim report performances have not diminished market enthusiasm for investments in this sector, with the latest size of the Hang Seng Technology ETF (513130) reaching 33.365 billion yuan and an average daily trading volume of 4.838 billion yuan [1][2] - The Hang Seng Technology ETF (513130) has seen continuous net inflows for four consecutive trading days, with a total of 1.699 billion yuan attracted in the last four days, indicating strong investor interest [1] - The Hang Seng Technology Index's current price-to-earnings ratio is 21.55, which is at a relatively low percentile compared to the past five years, suggesting potential investment opportunities amid the current market pullback [2] Group 2 - Major components of the Hang Seng Technology Index include Tencent Holdings, Alibaba-W, NetEase-S, Xiaomi Group-W, and SMIC, showcasing a mix of strong R&D capabilities in both soft and hard technology sectors [2] - The Hang Seng Technology ETF (513130) supports T+0 trading and has superior liquidity, making it a viable tool for investors looking to capitalize on the new development dividends in the Hong Kong technology sector [2]