Group 1 - The Hong Kong stock market is experiencing fluctuations, with the National Index of Hong Kong Stock Connect Technology down by 0.54% as of the report date [1] - Notable performers among the index constituents include Kangfang Biotech rising over 4%, Li Auto increasing over 3%, and Xiaomi Group-W up nearly 3% [1] - The Tianhong Hong Kong Stock Technology ETF (159128) saw a net subscription of 45 million units on the reporting day, continuing a trend of net inflows for nine consecutive trading days, totaling 222 million yuan [1] Group 2 - The Tianhong Hang Seng Technology ETF (520920) recorded a trading volume of 287 million yuan, with a real-time premium rate of 0.31% [2] - This ETF has accumulated a net inflow of 3.265 billion yuan throughout November, indicating strong investor interest [2] - The ETF closely tracks the Hang Seng Technology Index and allows investment in quality tech companies not included in the Hong Kong Stock Connect through the QDII mechanism [2] Group 3 - Dongwu Securities suggests that short-term risk factors for the Hong Kong stock market are decreasing, but a catalyst is needed for a confirmed rebound [3] - The expectation of a potential interest rate cut by the Federal Reserve in December could positively impact the Hong Kong stock market [3] - The current market position is seen as attractive for medium to long-term allocation, despite ongoing macroeconomic and geopolitical risks [3]

恒生科技ETF天弘（520920）昨日成交额3.58亿元，换手率5.20%，交投活跃。截至11月24日，该ETF近 20个交易日获资金累计净流入额为34.84亿元。 港股科技ETF天弘（159128）紧密跟踪港股通科技指数，成分股均属于沪深港通标的，不受QDII额度的 限制，可T+0交易，该ETF还配备了场外基金联接A（024885）联接C（024886）。 11月25日，港股延续前一日反弹，截至收盘，恒生指数上涨0.74%，恒生科技指数上涨1.22%，成分股 中，ASMPT上涨近6%，哔哩哔哩-W上涨超5%，阿里健康上涨超4%。国证港股通科技指数(987008.SZ) 上涨1.21%，国证港股通科技指数成分股中，哔哩哔哩-W上涨超5%，小米集团-W上涨近4%，中兴通讯 上涨超3%。 相关ETF方面，港股科技ETF天弘（159128）昨日截至收盘溢价率为0.22%。资金流向方面，截至11月 24日，该ETF近10个交易日获资金累计净流入额为1.61亿元，居同标的首位。 恒生科技ETF天弘（520920）紧密跟踪恒生科技指数，精准聚焦港股科技龙头企业。通过QDII机制，该 ETF还可投资网易、京东、携程等未纳入 ...

Group 1 - The Hong Kong stock market's technology sector opened lower, with the Hang Seng Technology Index down 2.22% at the start [1] - Major component stocks such as JD Health, WuXi AppTec, and Bilibili-W showed strength despite the overall decline [1] - The Hong Kong Technology ETF Tianhong (159128) experienced a premium of 0.20% and a trading volume exceeding 14 million yuan, indicating active trading [1] Group 2 - Several major companies in Hong Kong recently released their Q3 financial reports, all showing double-digit year-on-year revenue growth [2] - Tencent Holdings reported Q3 revenue of 192.87 billion yuan, a 15% increase year-on-year, and a net profit of 63.13 billion yuan, up 19% [2] - JD Group announced Q3 revenue of 299.1 billion yuan, a 14.9% year-on-year increase, with net profit for ordinary shareholders at 5.3 billion yuan, down from 11.7 billion yuan in the same period last year [2] Group 3 - The Hong Kong Technology ETF Tianhong (520920) closely tracks the Hang Seng Technology Index and focuses on leading technology companies in Hong Kong [1] - The ETF has seen significant net inflows recently, accumulating nearly 930 million yuan over the past five days [1] - The domestic computing power sector is expected to replicate the long bull market seen in the US stock market since 2023, driven by strong performance and investment certainty [2]

Group 1 - The Hong Kong technology sector showed strength on November 13, with the Hang Seng Technology Index rising over 1.5% at one point, and the Hong Kong Stock Connect Technology Index increasing by more than 1.1% [1] - Major constituents such as BeiGene, Innovent Biologics, Hua Hong Semiconductor, CanSino Biologics, WuXi Biologics, and Alibaba saw significant gains [1] - The Tianhong Hong Kong Technology ETF (159128) closely tracks the Hong Kong Stock Connect Technology Index, allowing T+0 trading and is not restricted by QDII quotas, with a trading volume of 139 million yuan and a turnover rate of 21.43% on its first day [1] Group 2 - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, Qianwen APP, based on the Qwen model, aiming to compete directly with ChatGPT [2] - Guotai Junan Securities predicts that the growth style will become the core allocation theme in the Hong Kong market due to global liquidity easing and the upward cycle of the technology industry [2] - The macro backdrop of a weak US dollar and accelerated independent innovation is expected to benefit growth assets in Hong Kong, with foreign capital inflow and policy dividends contributing to valuation recovery [2]

Group 1 - The Hang Seng Index and Hang Seng Tech Index both experienced declines on October 31, indicating a bearish trend in the Hong Kong market [1] - The Tianhong Hang Seng Tech ETF (520920) saw a drop of 1.16% with a trading volume of 156 million yuan, while some component stocks like Kingsoft and Haier Smart Home showed gains [1] - Since its listing on September 30, the Tianhong Hang Seng Tech ETF has attracted over 3 billion yuan in net inflows over 17 trading days, reflecting strong investor interest [1] Group 2 - The latest valuation of the Hang Seng Tech ETF (520920) is at 23.50 times P/E, which is approximately 32.85% below its historical average, suggesting it is undervalued compared to its past performance [1] - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points to a range of 3.75% to 4.00% is expected to positively impact the Hong Kong stock market, particularly the tech sector [2] - Continuous inflows from southbound capital and a favorable liquidity environment in Hong Kong are anticipated to support further gains in the market, especially in the tech sector [2]

Group 1 - The Hang Seng Technology ETF Tianhong (520920) was officially listed for trading on September 30, 2023, after its establishment on September 22, 2023 [1] - The fund attracted over 1.2 billion yuan in subscription funds within just one day of its launch, marking it as the fourth equity ETF in the market this year to achieve single-day fundraising and the highest single-day fundraising equity ETF since Q2 [1] - The Hang Seng Technology ETF closely tracks the Hang Seng Technology Index, which consists of the top 30 Hong Kong stocks related to technology, covering sectors such as information technology, consumer discretionary, and communication services [1] Group 2 - The Hang Seng Technology Index has shown a year-to-date increase of 41.54% as of September 29, 2023, indicating strong performance [1] - The current price-to-earnings (PE) ratio of the Hang Seng Technology Index is 24.22 times, which is at a historical low compared to the past five years [1] - The Hang Seng Technology Index has outperformed other major Hong Kong indices in terms of revenue and net profit growth, with a revenue growth rate of 14.43% and a net profit growth rate of 16.18% for Q2 2025 [2]