本周，中证港股通消费主题指数下跌0.9%，恒生科技指数下跌1.4%，恒生港股通新经济指数下跌 2.0%，中证港股通互联网指数下跌2.8%，中证港股通医药卫生综合指数下跌4.5%。资金逆势加仓相关 ETF，Wind数据显示，截至昨日，恒生科技ETF易方达（513010）和港股通互联网ETF易方达 （513040）近一月分别获42亿元和13亿元资金净流入。 华泰证券研报称，春节期间港股市场内部分化加大，AI新势力与互联网巨头走势背离，消费数据亮点 尽显但未明显提振板块表现，涨幅依然集中在科技和周期行业。展望来看，短期提示投资者防范指数和 港股通调整日前后相应抢跑个股的波动风险。中期配置上，科技和周期耗材仍是清晰主线。 HJUA / / IIX TE THAT メロHHHUJX小 TJ KEIF 费、医疗保健行业 级课堂中解视课堂共信中 元 由港股通范围内流动性较好、市值较大的50只消 费主题股票组成,可选消费占比超55% 注1:目前全市场跟踪恒生港股通新经济指数的ETF共1只,跟踪恒生科技指数的ETF共13只,跟踪中证港 股通医药卫生综合指数的ETF共4只,跟踪中证港股通互联网指数的ETF共8只,跟踪中证港股通消 ...

Group 1 - The core viewpoint of the articles highlights the significant growth of Chinese AI models, with a weekly call volume reaching 5.16 trillion tokens, surpassing the U.S. models for the first time [1] - The top five models by call volume are dominated by Chinese companies, contributing 85.7% of the total call volume, indicating strong performance in the AI sector [1] - The Hang Seng Technology Index and the China Securities Hong Kong Stock Connect Internet Index both have rolling P/E ratios below 25, positioned at the 21.3% and 14.5% percentiles since their inception [1] Group 2 - Recent data shows that the Hang Seng Technology ETF and the Hong Kong Stock Connect Internet ETF have seen net inflows of 4.2 billion and 1.3 billion yuan respectively over the past month, reaching historical highs in share volume [2] - These inflows are expected to facilitate investors in easily accessing core AI-related stocks in the Hong Kong market [2]

Group 1 - The core viewpoint of the articles indicates a decline in various Hong Kong stock indices, with the Consumer Theme Index down by 1.9%, the Internet Index down by 2.6%, and the Technology Index down by 2.9% [1] - The report from Huatai Securities highlights a divergence in the Hong Kong stock market during the Spring Festival, with AI new forces and internet giants showing contrasting trends, while consumption data remains strong but does not significantly boost sector performance [1] - The short-term outlook suggests investors should be cautious of fluctuations in individual stocks around index adjustments, while the medium-term focus remains on technology and cyclical materials as clear main lines for investment [1] Group 2 - The Hong Kong Stock Connect Consumer ETF (513070) tracks the Consumer Theme Index, which consists of 50 major consumer stocks with good liquidity, and has a significant allocation to discretionary consumption [3] - The rolling price-to-earnings ratio for the Consumer Theme Index is reported at 18.3 times, with a decline of 1.9% noted [3] - The index has been published since 2020 and has shown a valuation percentile that reflects its performance in the market [3]

中信建投研报称，AI发展日新月异，大模型持续迭代升级，算力需求非常强劲。如智谱新模型编程能 力大幅提升，引发算力需求激增，Seedance视频能力表现也非常亮眼，大模型的商业变现路径畅通，正 在从"低价/免费圈地"阶段走向"为高质量付费"阶段. 2月26日早盘，港股短线调整，截至10:20，恒生科技指数下跌1.4%，中证港股通互联网指数下跌0.9%。 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，兼顾"硬科 技"和"软科技"；中证港股通互联网指数则聚焦港股互联网平台公司，汇聚中国AI核心企业。从估值来 看，两只指数的滚动市盈率均在25倍以下，分别位于指数发布以来21.3%和14.5%分位处。 目前市场上有恒生科技ETF易方达（513010）、港股通互联网ETF易方达（513040）等产品跟踪以上指 数，可助力投资者便捷布局港股科技板块，其中恒生科技ETF易方达（513010）连续12个交易日获资金 净流入，合计超40亿元，最新规模达307亿元。 ...

注4:基金引风险,投资须退储,详细基金法律文件及交易所,结算公司等相关业务规则, | 要包括信息技术、可选消费行 ने | -0. 2% | 22. 7倍 | 13.9% | | --- | --- | --- | --- | | 港股通消费ETF易方达 低费率 | | | 513070 | | 跟踪中证港股通消费主题指数 | | | | | 该指数由港股通范围内流动性 | 今日 | 该指数 | 该指数自2020年 | | 较好、市值较大的50只消费主 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 题股票组成,可选消费占比超 ୧୧% | 0. 1% | 18. 3倍 | 3. 3% | 注1:"读报教"指各上述基公产品具体测验的所数:敷招录(Ind,招致函数幅级正2076年2月25日收盘,滚球场盈率 估值分值超至2026年7月24日。流动市载率之地面/工近国个要度组属局公司股东的净利 球。球各组搭和中全身科家群相关。透得手段移动计算机受到更新时间的内容行业。68分国传奇陈像乃史上海市声追求能手游官网动员迷都的利用占比、估处分位很发利和时提宴。48分四区风力值费发布 日:49申储估值复复纪录日比 ...

Core Viewpoint - The Hong Kong stock market experienced fluctuations, with various indices showing declines, indicating a divergence in market performance among sectors, particularly between AI and internet giants, despite positive consumer data [1]. Group 1: Market Performance - The China Securities Hong Kong Stock Connect Consumer Theme Index fell by 1.3% [1] - The Hang Seng Technology Index decreased by 2.1% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index dropped by 2.5% [1] - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index declined by 3.1% [1] - The China Securities Hong Kong Stock Connect Internet Index fell by 3.3% [1] Group 2: Fund Flows - The net inflow for the E Fund Hang Seng Technology ETF (513010) reached 3.61 billion yuan in the last month [1] - The net inflow for the E Fund Hong Kong Stock Connect Internet ETF (513040) was 1.49 billion yuan in the last month [1] Group 3: Sector Insights - The report from Huatai Securities indicates increased market differentiation during the Spring Festival, with AI new forces and internet giants showing divergent trends [1] - Despite bright consumer data, there was no significant uplift in sector performance, with gains concentrated in technology and cyclical industries [1] - The short-term outlook suggests investors should be cautious of volatility risks associated with index adjustments and individual stock movements [1] - The mid-term strategy highlights technology and cyclical materials as clear main lines for investment [1]

Core Viewpoint - The Hong Kong stock market experienced fluctuations this week, with pharmaceutical stocks leading the gains, while the technology sector showed mixed results. The healthcare index rose by 3.3%, and the new economy index increased by 1.0% [1]. Index Performance - The performance of various indices this week is as follows: - CSI Hong Kong Stock Connect Healthcare Index: +3.3% - Hang Seng Hong Kong Stock Connect New Economy Index: +1.0% - CSI Hong Kong Stock Connect Consumer Theme Index: +0.8% - Hang Seng Technology Index: +0.3% - CSI Hong Kong Stock Connect Internet Index: -0.1% [2][1]. - The net inflows for ETFs this week were: - Hang Seng Technology ETF: 910 million - Hong Kong Stock Connect Internet ETF: 250 million [1]. Future Outlook - According to Guotai Junan Securities, by 2026, AI applications are expected to evolve from usable to highly effective, with diverse business models emerging. AI applications are projected to become a core theme in the AI industry market, particularly for internet platform companies with high capital expenditure and mature products, as well as companies in healthcare, finance, and education sectors focusing on vertical product development [1].

Core Viewpoint - The Hong Kong stock market indices related to consumption, healthcare, and new economy sectors experienced declines, with the consumer theme index down by 1.2%, the healthcare index down by 1.4%, and the new economy index down by 1.5% [1]. Group 1: Market Performance - The Hang Seng Technology Index and the CSI Hong Kong Stock Connect Internet Index both fell by 1.7% [1]. - The recent 10 trading days saw net inflows of 2.3 billion yuan into the E Fund Hang Seng Technology ETF (513010) and 800 million yuan into the E Fund Hong Kong Stock Connect Internet ETF (513040), both reaching record high sizes since their inception [1]. Group 2: Index Composition - The CSI Hong Kong Stock Connect Consumer Theme Index consists of 50 major consumer stocks with good liquidity and large market capitalization, with a significant portion in consumer discretionary [4]. - The index has a rolling price-to-earnings ratio of 18.6 times and a valuation percentile of 4.4% since its inception in 2020 [4].

速2) 银行. 互联网平台等给天得售机构提供可近外投资的ETP联盟基金。 | 跟踪中证港股通消费主题指数 | | | | | --- | --- | --- | --- | | 该指数由港股通范围内流动性 | 今日 | 该指数 | 该指数自2020年 | | 较好、市值较大的50只消费主 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 题股票组成,可选消费占比超 65% | -0. 5% | 18.6倍 | 4. 6% | 21)。"国语教"报告上达签会严语具体面积的领图。数据第四8000、份家建建和崛起》2004年2月11日收盘。国际资讯率：站值分位最近2000年7月10日，面积所退军公进做了正因个中度又属着尘动现象的变形 %、媒体值得在淘山企业具体漏客启关。进行于品特创动动放工工业局用影响较小的行业。组组分立刻信任做正史上海决推進事委于以前面动改属军的利润石烂。体强分位数表示和力管家、植性分位签同力质量发布 BI/4安倍借款量配足球33282920042月10日，借生用登通新处济南散发布分为2018年/月2日,可更滑值值之限分立707年41月21日起，但生科比假面直表任为7000年7月7日: ...

Core Viewpoint - The Hong Kong stock market shows resilience with various indices experiencing gains, indicating a stabilization in earnings expectations despite previous downward adjustments in EPS forecasts for the Hang Seng Technology Index [1]. Group 1: Index Performance - The CSI Hong Kong Stock Connect Healthcare Index rose by 2.4% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index increased by 1.1% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index gained 0.8% [1] - The Hang Seng Technology Index saw a rise of 0.6% [1] - The CSI Hong Kong Stock Connect Internet Index experienced a slight increase of 0.1% [1] Group 2: Fund Inflows - The E Fund Hang Seng Technology ETF (513010) has recorded over 3 billion yuan in net inflows for six consecutive trading days, totaling more than 20 billion yuan [1]. Group 3: Earnings Expectations - According to China Merchants Securities, the fundamentals of the Hong Kong stock market remain solid, with earnings expectations stabilizing [1]. - The EPS forecast for the Hang Seng Technology Index has been continuously adjusted downward since September but has now stabilized, suggesting that current stock prices reflect the market's phase of earnings revision [1].