近期国产大模型迎来重要突破，为资本市场注入信心。据统计，2026年2月9日-15日这周，中国模型以 4.12万亿Token的调用量，首次超过同期美国模型的2.94万亿Token。16日-22日这周，中国模型的周调用 量进一步冲高至5.16万亿Token，三周大涨127%。与此同时，全球调用量排名前五的模型中，中国模型 占据四席，凭借快速迭代与成本优势，国产模型或正加速抢占全球市场份额。 近期国产大模型迎来重要突破，为资本市场注入信心。据统计，2026年2月9日-15日这周，中国模型以 4.12万亿Token的调用量，首次超过同期美国模型的2.94万亿Token。16日-22日这周，中国模型的周调用 量进一步冲高至5.16万亿Token，三周大涨127%。与此同时，全球调用量排名前五的模型中，中国模型 占据四席，凭借快速迭代与成本优势，国产模型或正加速抢占全球市场份额。 受此利好催化，集结一众大模型厂商的港股科技板块今日早盘迎来回暖反弹。在此之前，该板块持续回 调，带动恒生科技指数最新市盈率回落至21.09倍，处于近5年16.92%的较低历史分位，为资金布局提供 了窗口。Wind数据显示，恒生科技ETF（513 ...

支持场内T+0的恒生科技ETF（513130）是市场上较受投资者认可的主流港股科技板块配置工具之一， 最新规模491.51亿元，规模优势突出，同时年内日均成交额超53亿元，是同期市场仅有的日均成交额超 50亿元的跟踪恒生科技指数的ETF。产品管理费率0.2%/年。 恒生科技ETF（513130）及其联接基金（A类015310、C类015311）的基金管理人华泰柏瑞基金是国内 首批ETF管理人，多年致力为投资者提供投向透明、交易便捷、费率低廉的指数工具产品。旗下两大 ETF产品——沪深300ETF华泰柏瑞（510300）和A500ETF华泰柏瑞（563360）深受市场欢迎，目前规 模位居全市场同类ETF*首位，管理费率0.15%/年、托管费率0.05%/年，均为目前市场权益指数基金最低 一档费率水平。 （文章来源：每日经济新闻） 2026年2月26日早间，备受全球市场瞩目的英伟达发布2026财年第四季度财报，营收681亿美元、净利润 429.6亿美元，双双创历史新高并超越市场预期，有效缓解了市场对AI泡沫的担忧，也对全球AI产业的 景气度验证形成重要支撑。因此，深度绑定全球AI科技浪潮的港股科技板块近期迎逆势资 ...

Group 1 - The Hang Seng Technology Index has shown a volatile trend since the Spring Festival, influenced by multiple factors, including concerns over the new Federal Reserve Chairman's potential hawkish policies impacting global risk appetite and the Hong Kong tech sector [1] - Leading internet companies in Hong Kong are aggressively entering the AI application market, resulting in significant growth in monthly active users (MAU) for domestic AI applications, which may enhance the long-term value of the Hang Seng Technology Index and attract capital [1] - The current price-to-earnings ratio (PE) of the Hang Seng Technology Index is 22.18, which is at a historically low level of 23.87% since its inception, indicating potential investment value [1] Group 2 - The Hang Seng Technology ETF (513130), which tracks the Hang Seng Technology Index, has seen a cumulative net inflow of 8.471 billion yuan as of February 13, 2026, making it a strong tool for capital allocation in the Hong Kong tech sector [2] - The top five constituents of the Hang Seng Technology ETF include SMIC, BYD, Alibaba, Xiaomi, and Meituan, all of which have significant technological capabilities and business layouts in cutting-edge fields such as internet, mobile payments, cloud computing, AI, and semiconductors [2] - The fund manager of the Hang Seng Technology ETF, Huatai-PB Fund, is one of the first ETF managers in China and has a strong track record in managing various ETFs, including those focused on broad-based and dividend themes [2]

Market Performance - The Shanghai Composite Index decreased by 0.70%, the Shenzhen Component Index fell by 0.67%, and the ChiNext Index dropped by 0.96% [1] - Shipbuilding, aerospace, and semiconductors showed the highest gains, while small metals, photovoltaic equipment, and shipping ports collectively retreated [1] ETF Performance - The top five ETFs by increase were: - France CAC40 ETF (513080) up 3.11% - China-Korea Semiconductor ETF (513310) up 2.35% - Sci-Tech Semiconductor Equipment ETF (589020) up 2.32% - Sci-Tech Semiconductor ETF (588170) up 2.21% - Sci-Tech Semiconductor Equipment ETF (588710) up 2.14% [1] - The top five ETFs by decrease were: - Oil and Gas ETF (561760) down 3.63% - Oil ETF (561360) down 3.60% - Oil and Gas ETF (159309) down 3.58% - Oil and Gas ETF (561570) down 3.50% - Oil ETF (159697) down 3.30% [1] ETF Trading Volume - The top ten ETFs by trading volume included: - A500 ETF Fund (512050) with a volume of 9.776 billion - A500 ETF Huatai-PB (563360) with 7.270 billion - CSI A500 ETF (159338) with 5.846 billion - A500 ETF Southern (159352) with 5.665 billion - Gold ETF (518880) with 4.225 billion - A500 ETF E Fund (159361) with 3.106 billion - Hang Seng Technology ETF (513130) with 3.105 billion - Hong Kong Securities ETF E Fund (513090) with 2.785 billion - CSI 500 ETF (510500) with 2.601 billion - Hang Seng Technology Index ETF (513180) with 2.303 billion [2]

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, particularly in the technology sector, influenced by strong non-farm payroll data from the US, which has tempered interest rate cut expectations [1][2]. Group 1: AI Application Competition - Major internet companies in Hong Kong are aggressively investing billions in AI application subsidies to capture traffic during the Spring Festival, indicating an escalation in competition within the AI sector [3][4]. - ByteDance's AI application Doubao has launched a new Spring Festival campaign, joining the competition for AI red envelope promotions, which is expected to drive widespread adoption of AI applications [3][4]. Group 2: Investment Trends in Technology Sector - The Hang Seng Technology ETF (513130) has seen a significant inflow of over 3.8 billion yuan since February 2026, making it one of the few ETFs in the A-share market with net inflows exceeding 3 billion yuan during the same period [3][4]. - The Hang Seng Technology Index, which the ETF tracks, includes key players like Alibaba, SMIC, BYD, Meituan, and Xiaomi, and is currently valued at a historical low with a price-to-earnings ratio of 22.68, suggesting potential for valuation recovery amid increased competition and liquidity improvements [2][4]. Group 3: Fund Management and Strategy - The fund manager of the Hang Seng Technology ETF, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in various index categories, including broad-based and dividend-themed indices [4]. - The "Dividend Family" series managed by Huatai-PB includes several ETFs that may serve as defensive options in a "barbell strategy" [4].

Core Viewpoint - The trading volume of industry and thematic ETFs has significantly decreased, with notable activity in the electric grid equipment ETF, which saw a half-day trading amount of 1 billion yuan, while other industry ETFs did not exceed 1 billion yuan in trading volume [1]. Group 1: ETF Trading Activity - The half-day trading amounts for various ETFs are as follows: - Sci-Tech Chip ETF (588200) at 1.392 billion yuan - Electric Grid Equipment ETF (159326) at 1 billion yuan - Non-ferrous Metals ETF (512400) at 919 million yuan - Chemical ETF (159870) at 786 million yuan - Satellite ETF (159206) at 714 million yuan - Gaming ETF (159869) at 606 million yuan - Other ETFs also showed lower trading volumes [2][3]. Group 2: Performance of Electric Grid Equipment ETF - The Electric Grid Equipment ETF (159326) had a half-day increase of 3.81%, leading the industry and thematic ETF market, with a total share of 9.452 billion shares and a half-day trading amount of 1 billion yuan [7]. - The index tracked by the Electric Grid Equipment ETF reflects the performance of 80 listed companies involved in ultra-high voltage industries and smart grid construction [7]. - Other related ETFs, such as Electric Grid ETF (159320) and Electric Grid ETF (561380), also showed positive half-day increases of 3.54% and 3.35%, respectively [6][7]. Group 3: Market Trends and Future Outlook - The State Grid plans to establish a new type of grid platform during the 14th Five-Year Plan, focusing on smart microgrids and supporting distributed energy sources, which is expected to enhance the development potential of the electric power market [7].

Group 1 - The core viewpoint of the article highlights the significant inflow of capital into Hong Kong stocks, particularly from southbound funds and foreign investments, which is expected to support liquidity and valuation recovery in the market [1][5] - As of last Wednesday, foreign net inflows into Hong Kong stocks reached $1.88 billion, maintaining a high level, while southbound funds saw a net inflow of HKD 56 billion, a substantial increase from HKD 2.7 billion the previous week, marking a new high since October 2025 [1][5] - The Hang Seng Technology ETF (513130) has seen continuous net inflows for a week, accumulating CNY 3.884 billion, making it one of the few ETFs in the A-share market with net inflows exceeding CNY 3.5 billion during the same period, reflecting increased confidence in the long-term allocation to the Hong Kong technology sector [1][5] Group 2 - The Hang Seng Technology Index currently has a price-to-earnings (PE) ratio of 22.13, which is significantly lower than the NASDAQ index (40.56) and the STAR 50 index (162.42), indicating strong attractiveness for investment [2][6][7] - The Hang Seng Technology ETF (513130) allows for T+0 trading and provides a convenient way to invest in core technology assets in Hong Kong, tracking companies with technological expertise in internet, cloud computing, and artificial intelligence [2][7] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in various ETF categories, including a series of dividend ETFs that may serve as a defensive strategy in investment portfolios [3][7]

Group 1 - The southbound capital has significantly increased, with a cumulative net purchase exceeding 41.2 billion HKD, including net purchases of over 13.3 billion HKD and 24.9 billion HKD on February 4 and 5, respectively, marking a new high since September 2025 [1] - Current global dollar cycle is at a peak decline, and the RMB has transitioned from depreciation to a mild appreciation phase, combined with foreign capital inflow and a shift from valuation recovery to profit-driven growth, suggesting a favorable re-pricing window for Chinese equity assets [1] - Despite recent fluctuations in the Hong Kong tech sector, funds are actively positioning through ETFs, with the Hang Seng Tech ETF (513130) seeing a net inflow of over 3.1 billion HKD in the past four trading days, contributing to an increase in its latest share count to 67.5 billion [1] Group 2 - The Hang Seng Tech ETF (513130) is a key product for investing in the Hong Kong tech sector, tracking the Hang Seng Tech Index, which includes competitive and high-potential tech companies in areas like internet, mobile payments, cloud computing, AI, and semiconductors, currently valued at a low percentile of 29.23% over the past five years [2] - The ETF supports intraday T+0 trading, with a low annual management fee of 0.2%, potentially enhancing investment efficiency and reducing costs for investors [2] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in industry ETFs and broad-based, dividend-themed indices, offering a range of products that may serve as defensive options in a "barbell strategy" [2]

Core Insights - Recent market news regarding "China's adjustment of high-tech enterprise recognition and related tax policies" has drawn attention, but Huachuang Securities indicates that this news is an over-interpretation without solid basis [1] - Despite increased market volatility, the Hang Seng Technology ETF (513130) has seen a net subscription of 1 billion units for two consecutive trading days, pushing its total shares to over 65 billion, reflecting a trend of market funds positioning against the current [1] - The Hang Seng Technology Index, influenced by multiple factors including tightening expectations of U.S. Federal Reserve interest rate cuts, has a current P/E ratio of 22.87, which is at a low historical percentile of 32.18% over the past five years [1] Company and Industry Summary - The Hang Seng Technology ETF (513130) supports T+0 trading and closely tracks the Hang Seng Technology Index, which is a representative index of the Hong Kong tech market, comprising companies with core competitiveness and growth potential [2] - The top five constituent stocks of the index include Alibaba-W, SMIC, Meituan-W, Tencent Holdings, and BYD, all of which have significant technological expertise and extensive business layouts in cutting-edge fields such as the internet, mobile payments, cloud computing, artificial intelligence, and semiconductors [2] - These companies are expected to benefit from the current opportunities arising from the implementation of AI applications [2]

Group 1 - The core competition among leading internet companies in Hong Kong is intensifying as they launch significant promotional campaigns for the 2026 Spring Festival, with Yuanbao App initiating a 1 billion yuan red envelope event and Qianwen App investing 3 billion yuan in a "dining invitation plan" [1][4] - The "red envelope war" is strategically focused on AI as a core engine, aiming to capture the next generation of traffic entry points, leading to increased attention on the Hang Seng Tech ETF (513130), which saw a single-day trading volume of 7.197 billion yuan, marking a more than 70% increase and a new high since December 2025 [1][4] - The Hang Seng Tech ETF (513130) experienced a net subscription of 1 billion units, raising its total shares to 64 billion, a historical peak [1][4] Group 2 - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which represents a significant portion of the Hong Kong tech market, including major companies like SMIC, Alibaba-W, Meituan-W, Tencent Holdings, and BYD, all of which have strong technological foundations and broad business layouts in cutting-edge fields such as AI [2][5] - The valuation of the Hang Seng Tech Index has dropped to 23.22 times, which is at a low historical percentile of 34.87% over the past five years, highlighting its current investment value [2][5] - Despite recent market fluctuations, factors such as improved liquidity, capital resonance, and upward revisions in profit expectations are expected to support the Hong Kong stock market in the first quarter [2][5]