今日港股回暖，恒生科技ETF易方达(513010)上涨0.44%，最新规模突破300亿，连续13日获资金净申购。 第二，科技企业盈利修复不及预期。港股科技板块的盈利表现与宏观经济环境、行业监管政策密切相关。2025年四季度以来，内地消费需求恢复节奏放缓， 导致互联网平台企业的广告、电商等核心业务收入增速不及预期；叠加春节期间互联网头部平台为提升用户活跃度，大规模派发红包。 市场认为这与AI应用产业布局关联度有限，反而加剧了投资者对成本上升、盈利承压的担忧，对港股科技形成阶段性压制。同时，半导体、新能源汽车等 硬科技领域受行业周期调整影响，盈利端仍面临压力。 第三，开年以来，美股科技板块深陷AI恐慌，全球互联网软件类公司都面临的投资回报率和AI替代风险的问题，即巨额投入何时能够兑现为利润，以及AI- Agent是否将颠覆传统互联网和软件的商业逻辑；港股作为开放型市场，对外围走势敏感度较高，且互联网巨头的主要业务是平台经济，更倾向软件方向， 股价随即受到压制。 自2025年10月以来，港股持续回调，恒生指数、恒生科技指数均呈现震荡下行态势，其中恒生科技指数表现尤为疲软，自去年10月3日-今年2月26日，累计 下跌 ...

Market Overview - On February 24, the Hong Kong stock market experienced fluctuations, with various indices showing declines: the China Securities Hong Kong Stock Connect Consumer Theme Index fell by 1.3%, the Hang Seng Technology Index decreased by 2.1%, the Hang Seng Hong Kong Stock Connect New Economy Index dropped by 2.5%, the China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index declined by 3.1%, and the China Securities Hong Kong Stock Connect Internet Index fell by 3.3% [1] Fund Inflows - As of the last trading day before the holiday, the net inflows for the Hang Seng Technology ETF (E Fund, 513010) and the Hong Kong Stock Connect Internet ETF (E Fund, 513040) were 3.61 billion and 1.49 billion respectively over the past month [1] Sector Performance - According to Huatai Securities, there was an increase in market differentiation during the Spring Festival, with AI new forces and internet giants showing divergent trends. Despite positive consumer data, it did not significantly boost sector performance, with gains concentrated in technology and cyclical industries [1] Investment Outlook - Short-term advice for investors includes being cautious of the volatility risks associated with index adjustments and individual stock movements prior to the Hong Kong Stock Connect adjustments. For mid-term allocations, technology and cyclical materials remain clear main lines for investment [1]

Group 1 - The Hong Kong stock market rebounded across the board, with the Hang Seng Technology ETF (513010) index rising over 1% for the second consecutive day, marking five days of over 100 million yuan in daily inflows, totaling a net inflow of 11.99 billion yuan since October last year [1] - The Hong Kong stock market experienced volatility last week due to global risk asset fluctuations, including a pullback in the global software industry and controversies surrounding subsidies from tech giants [3] - The U.S. President Trump expressed expectations that the Dow Jones Industrial Average will reach 100,000 points by the end of his term, indicating a potential doubling of its current level [4] Group 2 - The Federal Reserve has signaled a dovish stance, with officials suggesting the possibility of 1 to 2 rate cuts this year, influenced by a weak labor market and rising prices affecting wage income [5] - Foreign capital and southbound funds have continued to flow significantly into the Hong Kong stock market, with southbound funds maintaining a net inflow for seven consecutive trading days, including a record high net purchase of 22.206 billion yuan on February 6 [6][7] - The Hang Seng Technology Index saw a net inflow of 11.276 billion yuan last week, leading the market in terms of inflow scale [9] Group 3 - The Hang Seng Technology ETF (513010) has a current scale of 29.102 billion yuan, with a net inflow of 1.8 billion yuan last week, and a total net inflow of 11.99 billion yuan since October last year [12] - The ETF covers a comprehensive range of technology sectors, with over 60% of its components related to AI, aligning well with current technological trends [12] - The Hong Kong stock market is expected to become a "bridgehead" for global capital returning to China, with the risk premium of the Hang Seng Index significantly higher than that of developed markets [13]

更具优势的是季度调样机制，相较于同类指数半年度调样更灵敏，可及时纳入新能源汽车、半导体等新兴赛道龙头，同步科技产业进化方向。 此外，费率成本优势显著降低投资损耗。该基金管理费仅0.2%、托管费0.05%，综合费率处于同类产品低位。场内交易无印花税及过户费，仅需支付券 商佣金。同时无双重收费结构，直接投资港股，长期复利效应突出。 上周港股震荡走弱，恒生科技ETF易方达(513010)开年以来录得3.58%的涨幅。 港股聚集了稀缺的互联网科技龙头，兼具成长属性与全球竞争力，是分享中国科技产业创新红利的重要载体。 从资金角度来看，截至上周三EPFR口径外资净流入港股19.5亿美元（vs前一周净流入28.2亿美元），其中主动型外资维持净流入2.4亿美元续创单周新 高，被动型外资净流入17.1亿美元同样维持高位。上周南向净流入港股235亿港币，较前一周100亿港币有所上行，电子、传媒、非银金融板块净流入排 名靠前。 易方达恒生科技ETF（513010）作为跟踪港股科技核心资产的标杆产品，凭借指数编制、费率成本、规模效应及港股底层价值的多重优势，成为投资者 布局港股科技赛道的优选工具，该ETF今年合计净流入超15亿元，自 ...

Group 1 - The Hong Kong stock market saw a rise in technology sectors such as integrated circuits and chips, with the Hang Seng New Economy Index, Hang Seng Technology Index, and CSI Hong Kong Internet Index all increasing by 1.1% [1] - The CSI Hong Kong Pharmaceutical and Health Comprehensive Index rose by 0.7%, while the CSI Hong Kong Consumer Theme Index experienced a slight decline of 0.1% [1] - Significant capital inflow was noted, with over 1.4 billion yuan net inflow into the E Fund Internet ETF (513040) and E Fund Hang Seng Technology ETF (513010) since the beginning of the year [1] Group 2 - According to CITIC Securities, the AI application sector is expected to be a key focus in early 2026, with ongoing catalysts for AI applications anticipated [1] - AI is gradually penetrating daily life, impacting various sectors including automotive, robotics, smart home devices, and wearables [1] - China is positioned advantageously in terms of the pace of application rollout and user scale, indicating substantial growth potential for AI applications [1]

Group 1 - The core viewpoint of the news highlights the divergence in the Hong Kong stock market, with consumer concepts showing strength while AI application sectors continue to adjust [1] - The CSI Hong Kong Stock Connect Consumer Theme Index rose by 1.7%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Index fell by 0.9%, the CSI Hong Kong Stock Connect Internet Index decreased by 1.0%, the Hang Seng Technology Index dropped by 1.2%, and the Hang Seng Hong Kong Stock Connect New Economy Index declined by 1.5% [1] - There has been a continuous inflow of funds, with the Hong Kong Stock Connect Internet ETF (513040) and the Hang Seng Technology ETF (513010) both receiving over 1 billion yuan in net inflows this year [1] Group 2 - According to CITIC Securities, the AI application sector is expected to be a main focus starting in early 2026, with multiple catalysts for AI applications anticipated in the future [1] - AI is gradually penetrating daily life through various hardware, including automobiles, robots, smart glasses, smart home devices, and wearables like smart rings and headphones [1] - On the software side, the upgrade in model inference capabilities is accelerating the deployment of enterprise-level Agentic AI, indicating significant growth potential for AI applications in China [1]

Group 1 - The core viewpoint of the news is that the Hong Kong stock market showed a mixed performance, with significant gains in the pharmaceutical sector and active performance in large internet stocks, as evidenced by the rise in various indices [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 4.0%, while the CSI Hong Kong Stock Connect Internet Index rose by 1.3%, and the Hang Seng New Economy Index increased by 1.0% [1] - The market sentiment and liquidity environment are currently better than in November, leading to an increased probability of successful investments in Hong Kong stocks [1] Group 2 - Huatai Securities suggests continuing to allocate investments in technology chains with performance expectations, as the liquidity environment may catalyze significant growth in the next quarter [1] - The report emphasizes the need for balanced allocation in cash flow assets considering changes in driving factors and funding attributes [1]

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 12月30日，港股震荡上行，科技股涨幅居前，截至13:50，恒生科技指数上涨1.9%。相关产品受资 金关注，Wind数据显示，截至昨日，恒生科技ETF易方达（513010）月内净流入超23亿元。 消息面上，Meta今日正式宣布收购AI智能体公司Manus，收购金额或高达数十亿美元，成为Meta成 立以来第三大收购，花费仅次于WhatsApp和Scale AI。在Meta收购前，Manus正以20亿美元估值进行新 一轮融资。根据12月初统计的数据，上线至今，Manus已处理超过147万亿个token，并创建了超过8000 万台虚拟计算机。 中信证券表示，2026年模型逻辑推理能力将进一步提升，支撑各领域Agent落地，带动企业端AI从 降本到增收打开落地空间。其中数据分析、代码生成、人力招聘、销售辅助、智能客服等场景仍是 Agent领域 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a period of low volatility and correction, yet companies are actively engaging in share buybacks, signaling confidence in future industry developments [1]. Group 1: Market Performance - As of December 16, the Hang Seng Technology Index has declined by 2.3% [1]. - Nearly 260 Hong Kong-listed companies have implemented buybacks this year, totaling approximately 170 billion HKD [1]. Group 2: Company Actions - Major technology firms such as Tencent Holdings, Xiaomi Group, and Kuaishou are among the top companies in terms of buyback amounts, indicating strong corporate confidence in the sector's future [1]. Group 3: Investment Insights - Minsheng Securities maintains a positive outlook on the revaluation of AI in China, suggesting investors focus on platform-based internet companies with computational resources and application capabilities [1]. - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes, focusing on sectors like semiconductors and robotics, with key companies including Meituan, Tencent Holdings, Alibaba, and SMIC [1]. - The current rolling price-to-earnings ratio of the index is 23 times, which is at the 31.7% percentile since its inception in 2020, indicating potential long-term investment value [1]. Group 4: ETF Performance - The Hang Seng Technology ETF (E Fund, 513010) has seen a net inflow of nearly 3.5 billion CNY over the past month, with a total product size of approximately 26 billion CNY, reflecting good liquidity for investors looking to access core Hong Kong technology companies [2].

Core Viewpoint - The Hong Kong stock market is experiencing an upward trend, particularly led by the Hang Seng Technology Index, with significant developments in AI and favorable monetary policies contributing to this momentum [1] Group 1: Market Performance - The Hang Seng Technology Index is leading the gains in the Hong Kong stock market, with the Hang Seng Technology ETF (513010) rising by 1.58% [1] - The current price-to-earnings (PE) ratio of the Hang Seng Technology Index is 23.23, which is at a historical low of 32.142% over the past five years, indicating a clear valuation advantage [1] - The Hang Seng Technology ETF (513010) has seen a cumulative decline of 15% from October 9 to December 11, during which it attracted 7.019 billion yuan in capital for bottom-fishing [1] Group 2: AI Developments - Alibaba Cloud has launched the Function Computing AgentRun, a one-stop Agentic AI infrastructure platform, showcasing Alibaba's strength in AI [1] - Meta has utilized Alibaba's Qianwen to optimize its latest AI model, and Singapore's National AI Program has adopted Alibaba's Tongyi Qianwen open-source model, replacing the previous Meta model [1] - The positive advancements in domestic AI chains, particularly among major internet companies in Hong Kong, highlight strong capabilities in AI research and development [1] Group 3: Monetary Policy Impact - The Federal Reserve is expected to lower interest rates by 25 basis points in December and has announced a $40 billion short-term debt purchase plan, which will benefit global liquidity [1] Group 4: ETF Details - The latest scale of the Hang Seng Technology ETF (513010) is 25.692 billion yuan, with an average daily trading volume exceeding 1.2 billion yuan, meeting large transaction demands and mitigating liquidity risks [2] - The management and custody fees for the ETF are 0.25% annually, which can save approximately 20,000 yuan in fees over five years compared to products with a 0.65% fee rate [2]