智通财经APP获悉，12月31日，恒生指数公司发表《2025年终市场总结报告》。2025年，以恒生指数(恒指)为代表的香港股票市场上升27.8%，为2017年以 来最佳表现。2024年录得17.7%升幅后，除3月底因贸易冲突而有所回落，恒指于2025年大部分时间均稳步向上。2025年升势由多个主要因素组成，包括港 股通创纪录的资金流入、对人工智能未来发展的憧憬，以及降息等。2025年，恒指表现跑赢另外两项旗舰指数—恒生中国企业指数(国指)及恒生科技指数(科 指)，两者分别上涨22.3%及23.5%。值得留意的是，追踪恒生生物科技指数的期货于11月推出，而该指数于2025年上升64.5%。 ESG指数方面，恒生气候变化1.5℃目标指数表现较佳，年度升幅为31.2%。 2025年，恒生综合指数(恒生综指)上涨31.0%。在恒生综指中，中型股上升31.6%，领先大型股(+30.8%)及小型股(+28.8%)。在恒生综指的行业指数中，原材 料业表现最佳，上升161.3%，公用事业则是表现最差的行业，录得5.7%升幅。 香港上市的主题指数方面，恒生港股通创新药指数及恒生医疗保健指数表现最佳，年度升幅分别为64.0%及5 ...

资金持续抢筹电网资产，电网ETF（561380）连续10日净流入超4.3亿元。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域的上 市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 （文章来源：每日经济新闻） 兴业证券表示，在新型电力系统下，电网投资需求稳步增长，国家电网和南方电网加大投资力度，计划 到2025年投入超过8250亿元。特高压工程持续推进，输变电设备企业将迎来业绩兑现期。电网自动化设 备方面，虚拟电厂市场空间广阔，预计到2030年市场规模将达264亿元。全球电网投资景气度提升，中 国出口表现良好，变压器及电度表出口增速显著。 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes accelerating the construction of smart grids and microgrids, indicating a significant push towards new power system development during this critical period for achieving carbon peak goals [1] Industry Summary - The Central Committee's proposal highlights the need to enhance the resilience and interconnectivity of the power grid system, with a focus on scientific planning for pumped storage and the vigorous development of new energy storage solutions [1] - The "15th Five-Year" period is identified as a crucial phase for the construction of new power systems, necessitating further upgrades in core grid technologies [1] Company Summary - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (HSCAUPG), which selects listed companies primarily engaged in the electric grid equipment sector to reflect the overall performance of this industry [1] - The index components span multiple sectors, including electronic components, steel, and industrial metals, with a requirement that at least 40% of their revenue comes from electric grid-related businesses [1]

Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 3.5% and 4.0% respectively in October, while the Hang Seng Composite Index dropped by 3.9% [1] - The Hang Seng Technology Index, which tracks leading technology companies in Hong Kong, experienced a significant decline of 8.6% [1] - The Hang Seng Shanghai-Shenzhen-Hong Kong 500 Index recorded a 1.7% decrease, and the Hang Seng A-Share 300 Index saw a slight decline of 0.1% [1] Sector Performance - The energy sector showed strong performance in October with a gain of 6.6%, while the healthcare sector performed poorly, declining by 11.0% [3] ESG Indices - The Hang Seng Sustainable Development Enterprises Index in Hong Kong had a relatively better performance with a decline of only 0.6%, whereas the Hang Seng A-Share Sustainable Development Enterprises Benchmark Index in mainland China showed a positive performance with an increase of 0.8% [5] Thematic Indices - The Hang Seng Hong Kong Stock Connect Mainland Banks Index performed well in Hong Kong with a gain of 4.5%, while the Hang Seng A-Share Power Grid Equipment Index also performed well in mainland China with an increase of 3.2% [7] Factor Indices - The Hang Seng Large and Mid-Cap Dividend Yield All-Select Index fell by 2.8%, but it outperformed other factor indices in the Hong Kong market [10] - The Hang Seng A-Share Value All-Select Index increased by 0.3%, and the Hang Seng Shanghai-Shenzhen-Hong Kong Dividend Yield All-Select Index decreased by 0.7%, both showing better performance in their respective markets [10] - The Hang Seng Shanghai-Shenzhen-Hong Kong Greater Bay Area Composite Index declined by 1.5% [10] Asset Management - As of October 31, the total assets under management for passive tracking products of the Hang Seng Index series amounted to approximately $114.7 billion, reflecting a decrease of 0.9% [10] - The assets under management for exchange-traded products linked to the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index were approximately $24.4 billion (-10.5%), $6.8 billion (-0.4%), and $43.1 billion (+3.5%) respectively [10]