港股本周震荡分化，能源、金融板块走强，医药与科技股回调。指数层面，中证港股通消费主题指数上涨0.2%，中证港股 通互联网指数下跌0.2%，恒生港股通新经济指数下跌0.9%，恒生科技指数下跌1.4%，中证港股通医药卫生综合指数下跌 3.0%。Wind数据显示，截至昨日，港股通互联网ETF易方达（513040）和恒生科技ETF易方达（513010）月内均"吸金"超 15亿元。 ai 中证港股通医药卫生综合指数 由港股通范围内医疗卫生行业中50只流动性较好、 市值较大的股票组成,医疗保健行业权重占比超 90% s 中证港股通互联网指数 由港股通范围内30家互联网龙头公司的股票组成, 主要包括信息技术、可选消费行业 东吴证券指出，港股仍在震荡向上的大趋势中，产业层面，AI应用预计将加速落地，半导体行业开启全面涨价潮。南向资 金方面，资讯科技业是港股通净流入的主要行业之一，整体配置上，可动态关注市场进攻方向，即AI科技。 由港股通范围内、属于"新经济"行业中市值最 大的50只股票组成,主要包括信息技术、可选消 费、医疗保健行业 a 恒生科技指数 由港股上市公司中与科技主题高度相关的、市值 最大的30只股票组成,信息技术 ...

截至收盘，恒生港股通新经济指数上涨1.0%，中证港股通互联网指数上涨0.8%，恒生科技指数上涨 0.5%，中证港股通消费主题指数上涨0.3%，中证港股通医药卫生综合指数上涨0.2%。 东吴证券指出，港股仍在震荡向上的大趋势中，产业层面，AI应用预计将加速落地，半导体行业开启 全面涨价潮。南向资金方面，资讯科技业是港股通净流入的主要行业之一，整体配置上，可动态关注市 场进攻方向，即AI科技。 | 港股通新经济ETF易方达 | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、属于 "新经济"行业中市值最大的 | 令日 该指数涨跌 | 该指数 滚动市盈率 | 该指数自2018年 以来估值分位 | | 50只股票组成,主要包括信息 | | | | | 技术、可选消费、医疗保健行 11 | 1.0% | 25.5倍 | 59. 3% | | 恒生科技ETF易方达 | | | 513010 | | 跟踪恒生科技指数 | | | | | 该指数由港股上市公司中与科 | 令日 | 该指数 | 该指数自2020年 | | 技主 ...

有分析认为，从更广泛的板块视角看，这一动向反映出港股互联网龙头正加速向"模型—算力—应用— 生态"一体化体系延伸，AI不再仅停留在应用层叙事，而是逐步向基础设施与核心技术能力下沉。在当 前估值仍处于相对合理区间的背景下，围绕AI底层能力的显性化与资产化，有望推动港股科技板块迎 来新一轮价值重估。 分别跟踪以上指数的港股通互联网ETF易方达（513040）、恒生科技ETF易方达（513010）受到资金青 睐，今年以来均获约15亿元净流入，可助力投资者一键打包行业龙头企业。 1月23日午后，港股科技板块涨幅有所扩大。截至14:00，恒生科技指数上涨0.4%、中证港股通互联网指 数上涨0.8%。 近日，市场关注到阿里巴巴正推进旗下AI芯片业务平头哥的独立化运作，并拟在完成内部重组后探索 独立上市的可能性。该事件展现了阿里在AI底层技术布局上的重要进展，也为其长期投入的芯片与算 力资产提供了更清晰的价值实现路径。AI芯片业务叠加阿里在大模型与云计算领域的应用场景，使其 在算力效率与规模化落地方面具备差异化优势。 恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互 ...

1月21日午后，港股持续震荡走强。截至15:18，恒生科技指数、中证港股通互联网指数均上涨1.7%。资 金近期大举借道相关ETF进行布局。Wind数据显示，截至昨日，港股通互联网ETF易方达（513040）、 恒生科技ETF易方达（513010）年内累计净流入均超过14亿元。 恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互联网、智能驾驶等科技板块；中证港股通互联网指数则由港股通范围内30家涉及互联网相 关业务的股票组成，AI应用占比较高。从估值来看，恒生科技指数和中证港股通互联网指数的滚动市 盈率均在25倍左右，分别位于指数发布以来34.5%和30.7%分位处。 看好港股AI应用的投资者，可通过港股通互联网ETF易方达（513040）、恒生科技ETF易方达 （513010）等产品便捷布局行业龙头。 近日，多家互联网龙头在AI应用落地方面取得显著进展，为港股科技板块注入强劲动能。AI智能体平 台"扣子"已完成2.0品牌升级，并同步推出技能调用、办公编程相关的多项新功能；"千问App"上线仅两 个月即实现月活跃用户破亿，增速领跑国内市场；可灵新发布的运动 ...

Core Viewpoint - The Hong Kong technology sector continues to adjust, with the CSI Hong Kong Internet Index and the Hang Seng Technology Index experiencing declines, while related ETFs have seen significant inflows [1] Group 1: Market Performance - As of 10:55 AM on January 20, the CSI Hong Kong Internet Index fell by 0.4% and the Hang Seng Technology Index dropped by 0.8% [1] - Over the past 10 trading days, the E Fund Hong Kong Internet ETF (513040) and the E Fund Hang Seng Technology ETF (513010) have recorded net inflows exceeding 1 billion yuan each [1] Group 2: Index Composition and Valuation - The CSI Hong Kong Internet Index consists of 30 stocks related to internet businesses within the Hong Kong Stock Connect, with a high proportion of AI applications [1] - The Hang Seng Technology Index includes the 30 largest stocks related to technology themes listed in Hong Kong, focusing on sectors such as semiconductors, robotics, software, internet, and intelligent driving [1] - Both indices have a rolling price-to-earnings (PE) ratio of around 25 times, positioned at the 33rd and 36th percentiles since their inception [1] Group 3: Future Outlook - Western Securities forecasts that by 2026, the Hong Kong technology sector may experience a "Davis Triple Play," potentially becoming one of the most elastic investment directions [1] - The current valuation of the Hong Kong technology sector is lower than that of the A-share market, with the relative PE valuation nearing historical lower limits, indicating limited downside and potential for upside [1] - In the medium to long term, capital expenditure is expected to shift from upstream computing infrastructure to downstream AI applications, suggesting that the elasticity of AI application markets may significantly exceed that of computing infrastructure [1]

Group 1 - The core viewpoint of the articles highlights a recent decline in the Hong Kong stock market's AI application sector, with the CSI Hong Kong Internet Index dropping by 1.8% and the Hang Seng Technology Index falling by 0.7% as of January 19 [1] - Despite the market's downturn, significant capital inflow has been observed in related products, with the E Fund Hong Kong Internet ETF (513040) and E Fund Hang Seng Technology ETF (513010) seeing net inflows exceeding 1 billion yuan over the past 10 and 8 trading days respectively [1] - Looking ahead, CITIC Securities suggests that the "14th Five-Year Plan" emphasizes the construction of a modern industrial system and the acceleration of high-level technological self-reliance, indicating potential policy support for strategic emerging industries such as new energy, new materials, aerospace, and quantum technology [1] Group 2 - The CSI Hong Kong Internet Index consists of 30 stocks related to internet businesses within the Hong Kong Stock Connect, with a high proportion of AI applications, while the Hang Seng Technology Index focuses on the largest 30 stocks related to technology themes, including robotics, software, internet, and intelligent driving [1] - Investors interested in the Hong Kong AI application and technology sectors can easily invest in leading companies through products like the E Fund Hang Seng Technology ETF (513010) and E Fund Hong Kong Internet ETF (513040) [2]

Group 1 - The Hong Kong technology sector experienced a pullback after four consecutive days of gains, with the Hang Seng Tech Index down 1.4% and the China Securities Hong Kong Stock Connect Internet Index down 1.6% as of 11:10 AM [1] - The Hang Seng Tech ETF (513010) saw a capital inflow exceeding 1 billion yuan over six consecutive days, while the Hong Kong Stock Connect Internet ETF (513040) has attracted funds for eight trading days, reaching a record size of over 10 billion yuan [1] - DeepSeek's recent research introduced innovative mechanisms like "conditional memory," significantly enhancing the performance of large language models in knowledge retrieval and computational efficiency [1] Group 2 - Alibaba's "Qianwen" app achieved over 100 million monthly active users (MAU) within two months of its launch and is set for a major product iteration, marking it as an important benchmark for consumer application deployment [1] - Analysts suggest that the demand for computing power and storage infrastructure is rising due to AI applications, supported by recent domestic policies promoting the deep integration of AI with industrial internet, accelerating the application of intelligent agents in industrial scenarios [1] - The long-term investment value of the Hong Kong technology sector is being reinforced by industrial catalysts, policy support, and attractive valuations [1][2]

Group 1 - The core viewpoint of the news highlights a strong performance of AI-related stocks in the Hong Kong market, with significant increases in major indices and individual stocks [1] - The Hang Seng Technology Index rose by 1.1%, while the China Securities Hong Kong Stock Connect Internet Index increased by 1.8%, indicating a robust interest in the AI sector [1] - Notable stock performances include Alibaba Health rising over 12%, Kuaishou-W increasing over 6%, and Alibaba-W gaining over 4% [1] Group 2 - Recent inflows into AI-focused ETFs have been substantial, with the E Fund Hang Seng Technology ETF (513010) seeing a net inflow of 1.6 billion yuan and the E Fund Hong Kong Stock Connect Internet ETF (513040) experiencing a net inflow of 1.2 billion yuan over the past 10 trading days [1] - The AI sector is experiencing a wave of positive developments, including the upcoming release of DeepSeek V4 and advancements in Alibaba's Qwen 3.5, which are expected to enhance programming capabilities [1] - The emergence of open-source AI models like DeepSeek and Qwen is gaining global recognition, contributing to a high-quality development phase in AI model capabilities and reduced usage costs [1]

Group 1 - The A-share market experienced a strong start in the first trading week of 2026, supported by improved macro expectations and ample liquidity, with major indices trending upwards [1] - The satellite and semiconductor equipment sectors led the market, with the satellite ETF tracking the China Satellite Industry Index achieving a weekly increase of 22.46%, indicating strong investor interest in these strategic emerging industries [1][2] - Multiple ETFs related to semiconductor materials and equipment also saw significant gains, with several products exceeding a 17% weekly increase, reflecting optimism driven by domestic control and global semiconductor cycle recovery [2] Group 2 - Despite the impressive performance of thematic ETFs, investors also focused on balanced allocations through broad-based indices and Hong Kong assets, with the Guangfa CSI Hong Kong Stock Connect Non-Bank Financial ETF seeing a net inflow of over 3.7 billion yuan, highlighting interest in the Hong Kong financial sector [2][3] - The overall market saw significant trading activity, with the total trading volume of ETFs tracking the CSI A500 index surpassing 300 billion yuan, indicating high investor engagement in this representative index of China's new economy [3] - Technology growth and core assets emerged as focal points for many public fund institutions, with expectations for continued strength in the technology sector driven by breakthroughs in AI, humanoid robots, and innovative pharmaceuticals [4]

Market Performance - The Hong Kong stock market continued its upward trend, experiencing high volatility throughout the day, marking three consecutive days of gains since the start of 2026 [1] - The Hang Seng Technology Index and the CSI Hong Kong Stock Connect Pharmaceutical and Health Index both rose by 1.5%, while the CSI Hong Kong Stock Connect Internet Index increased by 1.2%, and the CSI Hong Kong Stock Connect Consumer Theme Index rose by 1% [1] - The Hang Seng Stock Connect New Economy Index saw a rise of 0.7% [1] Fund Inflows - According to Wind data, the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) experienced net inflows of 2.14 billion yuan and 1.18 billion yuan, respectively, over the past month [1] Market Sentiment - Huatai Securities noted that the Hong Kong stock market saw gains driven by technology catalysts, achieving a "good start" on the first trading day of 2026 [1] - Current market sentiment and liquidity conditions are more favorable compared to November, increasing the likelihood of successful investments in Hong Kong stocks [1] Investment Strategy - It is recommended to continue allocating investments in technology chains with performance expectations, as there may be significant growth potential in the next quarter due to favorable liquidity conditions [1] - Additionally, a balanced allocation towards cash flow assets is advised, considering changes in driving factors and funding attributes [1]