据悉，恒生科技ETF（513130）的标的指数恒生科技指数汇聚了30只港股市场中具备代表性的互联网及 科技制造业龙头，前五大成份股为阿里巴巴-W、腾讯控股、中芯国际、美团-W和网易-S，或是布局港 股科技板块发展机遇的重要工具，经过前期调整，当前恒生科技指数市盈率为21.56倍，处于近5年 22.61%的较低分位数水平，在Al商业化落地推进和流动性趋于宽松的双轮驱动下，或已来到值得关注 的价值配置区间。（指数前五大成份股及数据来源：恒生指数公司，Wind，截至2025/11/24，涉及个股 仅供展示指数前五大成份股，非个股推荐，也不构成任何投资建议。其他数据来源：Wind，均截至 2025/11/24） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 经过较长时间的深度回调后，港股科技板块风险已得到大幅释放。近期，在美联储降息预期升温、Al大 模型积极推动以及财报密集披露等多重利好下，港股科网资产今日早盘表现延续昨日活跃态势。Wind 数据显示，人气产品恒生科技ETF（513130）近三个交易日（25/11/20-24）单日成交额分别为67.89亿 元、97.96亿元和70.60亿元 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is showing signs of recovery with significant capital inflows into ETFs, indicating investor interest in low valuation opportunities [1][2]. Group 1: Market Performance - The Hong Kong stock market opened with a collective rebound, especially in the technology sector, which had previously faced pressure due to global macroeconomic uncertainties [1]. - The Hang Seng Technology ETF (513130) saw a notable increase in trading volume, reaching a new monthly high of 9.796 billion yuan on November 21, 2025 [1]. Group 2: Capital Inflows - In November, all ETFs tracking the Hang Seng Technology Index experienced a total net inflow of 19.5 billion yuan over 15 trading days, accounting for 21% of the total net inflow for 2025 [1][2]. - The Hang Seng Technology ETF (513130) attracted 4.871 billion yuan during the same period, with its total shares surpassing 58.8 billion, marking a 78% increase year-to-date [1][2]. Group 3: Company Fundamentals - Recent Q3 2025 earnings reports from leading companies in the Hong Kong technology sector indicate resilience amid global economic fluctuations, with stable revenue and profit growth driven by AI enhancements and optimized business structures [2]. - The current price-to-earnings (PE) ratio of the Hang Seng Technology Index is 20.97, significantly lower than the historical average, indicating a valuation advantage compared to the STAR 50 Index and the Nasdaq [2]. Group 4: Investment Strategy - The Hang Seng Technology ETF (513130) is recognized for its large scale, superior liquidity, and low management fee of 0.2% per year, making it a key tool for investors looking to capitalize on core assets in the Hong Kong technology sector [3][4]. - The ETF is managed by Huatai-PineBridge Fund, which has extensive experience in ETF management and has successfully launched several leading ETFs in the market [4].

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hang Seng Technology ETF (513130) amid fluctuating market conditions, driven by investor interest in Hong Kong tech assets and the resilience of leading tech companies in their Q3 earnings reports [1][2]. - The Hang Seng Technology Index is currently at a historically low valuation, with a PE ratio of 21.57, significantly lower than the Sci-Tech 50 Index and the Nasdaq, indicating a notable valuation advantage [2]. - The Hang Seng Technology ETF has seen substantial inflows, with a net inflow of 171 billion yuan in the first 14 trading days of November, reflecting strong investor sentiment towards the tech sector [1][2]. Group 2 - The Hang Seng Technology ETF (513130) offers multiple advantages, including large scale, good liquidity, and a low management fee of 0.2% per year, making it an important tool for investors looking to gain exposure to core Hong Kong tech assets [3]. - The management company, Huatai-PB Fund, is one of the first ETF managers in China, with extensive experience in managing various successful ETFs, enhancing investor confidence in the product [3].

据悉，恒生科技ETF（513130）紧密跟踪的恒生科技指数是港股科技板块的代表性指数之一，是外资认 知度靠前的中国科技名片，一揽30只研发实力突出的港股互联网或制造业龙头企业，涉及互联网、传 媒、软件、汽车、芯片等多个板块，覆盖Al产业链多个环节，全面性和代表性特性较为突出，有望在全 球资金再平衡的过程中获得青睐。（数据来源：Wind、恒生指数公司，截至25/11/19） 在估值方面，恒生科技指数当前市盈率水平与A股、美股的部分主要科技类指数相比或更具吸引力。恒 生科技ETF（513130）标的指数最新市盈率（PE-TTM）为21.74倍，处于指数发布以来约22.38%的中低 分位数水平，显著低于同期科创50指数、纳斯达克指数市盈率水平。此外伴随着美国政府重启后经济的 陆续公布，市场对美联储进一步降息预期的升温，对利率敏感性较高且估值较低的港股科技板块有望迎 来新一轮价值重估空间。（数据来源：Wind、美国劳工统计局、经济分析局，截至25/11/19，科创50指 数、纳斯达克指数市盈率分别为151.08倍、40.23倍） 恒生科技ETF（513130）具有规模较大、流动性较优、支持场内T+0等多重优势，且管理 ...

Group 1 - The core viewpoint of the article highlights the ongoing investment interest in the Hong Kong technology sector, particularly through the Hang Seng Tech ETF, despite concerns over the "AI bubble" [1][2] - The Hang Seng Tech ETF (513130) has seen a significant inflow of funds, accumulating 1.162 billion yuan this week, with a net inflow of 793 million yuan on November 25, marking a new high in the past nine trading days [1] - The fund's share has increased for seven consecutive trading days, reaching a total of 56.841 billion yuan, a record since its inception on May 24, 2021 [1][2] Group 2 - Among the 15 companies in the Hang Seng Tech Index that have reported their Q3 results, 14 achieved year-on-year revenue growth, and 11 reported year-on-year net profit growth, indicating strong performance [2] - The Hang Seng Tech Index, which the ETF closely tracks, includes 30 companies from various technology sectors, and its current price-to-earnings ratio is 21.84, which is lower than that of the Nasdaq and ChiNext indices, suggesting potential investment value [2] - The Hang Seng Tech ETF is recognized as a key tool for investors looking to allocate resources in Hong Kong's technology sector, with over 220,000 account holders as of the latest mid-year report [2]

近期国产AI主题再迎催化。2025年11月17日，某互联网龙头公司正式宣布大模型"千问"项目，全力进军 AI to C市场。当天，千问APP公测版上线，基于全球性能第一的开源模型Qwen3，凭借免费，以及与各 类生活场景生态的结合，与ChatGPT展开全面竞争，有望进一步强化国产AI大模型的全球竞争力。在此 催化下，资金积极关注相关产品布局，Wind数据显示，恒生科技ETF（513130）昨日逆势获4.81亿份净 申购，展现出市场对国产大模型未来发展的信心。 此外，扰动近期港股走势的海外因素有望逐步消减。消息面上美国政府已于当地时间2025年11月12日重 新开门，此前因停摆而推迟发布的关键经济数据将陆续披露，外部不确定性对市场的影响趋于收敛。与 此同时，多家港股科技公司近期发布的三季报业绩表现亮眼，反映出基本面改善的积极趋势。（截至 25/11/17） 作为布局港股科技板块ETF中的人气品种，恒生科技ETF（513130）在板块震荡期间持续获得资金关 注。从资金流向看，恒生科技ETF（513130）在11月以来的11个交易日中有10个交易日获资金净流入， 累计"吸金"25.89亿元，是同期A股市场所有跟踪恒 ...

Core Insights - The Hong Kong technology sector experienced a significant decline, but strong earnings reports from leading internet and semiconductor companies, along with the launch of a new AI model development project, have attracted investor interest in related ETFs [1][2] Group 1: Market Performance - The Hang Seng Technology ETF (513130) saw a trading volume exceeding 3.3 billion yuan as of midday, indicating strong interest from investors during the sector's pullback [1] - The Hang Seng Technology Index's latest PE ratio is 23.09, which is below the historical average, suggesting that the sector may be at an attractive price point for investment [1] Group 2: Company Developments - A leading internet company reported double-digit growth across its core business in Q3 2025, surpassing market expectations and validating the positive cycle of AI investment and high-quality growth [1] - Another major semiconductor foundry reported record high revenue and capacity in Q3 2025, indicating robust operational performance [1] - A different internet leader has initiated a new AI model project aimed at creating a personal AI assistant to compete with ChatGPT, which is significant for the development of AI models in China [1] Group 3: ETF Characteristics - The Hang Seng Technology ETF (513130) has over 435.65 billion yuan in assets and an average daily trading volume of 5.2 billion yuan this year, highlighting its large scale and favorable liquidity [1] - The ETF is recognized as a key tool for investors looking to gain exposure to the Hong Kong technology sector, with its top five holdings including Alibaba, SMIC, Tencent, Meituan, and NetEase [1]

Group 1 - The Hong Kong stock market is experiencing fluctuations due to global tech stock sentiment and the U.S. government shutdown, but there are signs of easing short-term disturbances [1] - The U.S. Senate passed a temporary funding bill to end the government shutdown, which may alleviate external uncertainties [1] - Southbound funds have consistently increased their holdings in Hong Kong stocks, with a net purchase exceeding 1.3 trillion HKD in 2025, marking a historical record since the launch of the Stock Connect [1] Group 2 - The Hang Seng Tech ETF (513130) has seen a net inflow of 1.185 billion HKD in the past week, making it the only ETF tracking the Hang Seng Tech Index with over 1 billion HKD in net inflows during that period [2] - The Hang Seng Tech Index, which the ETF closely tracks, includes 30 leading companies in the tech sector, covering various industries such as internet, media, software, automotive, and semiconductors [2] - The current valuation of the Hang Seng Tech Index is 23.02 times earnings, significantly lower than the Nasdaq Index at 41.46 times and the Sci-Tech 50 Index at 161.34 times, indicating potential investment value [2] Group 3 - The current position of Hong Kong stocks is not high compared to historical and overseas levels, suggesting potential for upward movement [2] - The Hang Seng Tech ETF (513130) is recognized as a key tool for investors looking to allocate to Hong Kong tech assets, with over 220,000 account holders as of mid-2025 [2] - The ETF offers advantages such as large scale, good liquidity, low management fees, and support for T+0 trading, making it an attractive option for investors [2]

Core Viewpoint - The Hong Kong stock market is entering a critical phase for the disclosure of Q3 earnings, with several leading technology companies set to announce their results, focusing on AI technology development and application [1] Group 1: Market Trends - The Hang Seng Technology ETF (513130) has seen a net inflow of 2.131 billion yuan from November 3 to November 7, making it the only ETF in the Hong Kong technology sector to exceed 2 billion yuan in net inflows during this period [1] - The latest scale of the Hang Seng Technology ETF (513130) has surpassed 42.573 billion yuan, with a total of 5.5189 billion shares [1] Group 2: Investment Insights - Huatai Securities indicates that while external disturbances may affect domestic investor sentiment, the sentiment in the Hong Kong market may have already been sufficiently released, suggesting a mid-term value in the technology sector [1] - The Hang Seng Technology Index, closely tracked by the Hang Seng Technology ETF (513130), includes 30 leading companies in the technology sector, with a current P/E ratio of 22.69, which is significantly lower than the Nasdaq's 41.46 and the Sci-Tech 50's 161.34, indicating a potential undervaluation [1] Group 3: Future Catalysts - As Q3 earnings reports from Hong Kong technology leaders are gradually disclosed, the development direction and execution progress of AI narratives are expected to be further confirmed, potentially leading to more catalytic events in the technology sector [1] - The Hang Seng Technology ETF (513130) is recognized as a key tool for investors looking to allocate resources in Hong Kong's technology sector, with over 220,000 account holders as of the latest mid-year report [1]

Core Insights - The Hong Kong stock market is entering a critical phase for the disclosure of Q3 earnings, with several leading technology companies set to announce their results, focusing on AI technology development and application [1] - The Hang Seng Tech ETF (513130) has seen significant capital inflow, indicating strong investor interest despite recent market corrections, with a net inflow of 2.131 billion yuan during the week of November 3 to November 7 [1] - The Hang Seng Tech ETF's latest scale exceeds 42.573 billion yuan, with 5.5189 billion shares outstanding, highlighting its popularity among investors [1] Industry Analysis - Huatai Securities emphasizes that while external disturbances may affect domestic investor sentiment, the Hong Kong market has already experienced sufficient emotional release, suggesting a mid-term value in tech investments [1] - The Chinese AI industry is developing at a different pace compared to the U.S., with ongoing support from the "14th Five-Year Plan" focusing on technological self-sufficiency as a long-term theme [1] - The Hang Seng Tech Index, which the ETF closely tracks, includes 30 leading companies across various sectors such as internet, media, software, automotive, and semiconductors, showcasing its comprehensive representation of the tech sector [1] Valuation Metrics - The latest price-to-earnings (P/E) ratio for the Hang Seng Tech ETF is 22.69, which is significantly lower than the Nasdaq's 41.46 and the STAR 50 Index's 161.34, indicating a potential undervaluation [1] - The ETF is recognized as a valuable tool for investors looking to gain exposure to core assets in the Hong Kong tech sector, supported by its large scale, favorable liquidity, and low fees [1] Investor Engagement - The Hang Seng Tech ETF has over 220,000 account holders as of the latest mid-term report, reflecting its acceptance among investors [1] - The ETF offers advantages such as T+0 trading and a variety of share classes for investors, enhancing its appeal as a strategic investment vehicle in the tech sector [1]