12月11日，港股三大指数集体高开，恒指涨0.66%，国指涨0.58%，恒生科技指数涨0.55%。热门ETF方 面，恒生ETF（159920）、恒生国企ETF（159850）早盘高开后窄幅震荡，此前盘中均一度涨至1%附 近。 美联储2025年12月议息会议降息25bps，符合市场预期。鲍威尔表示政策利率处于良好位置，暗示明年1 月将暂停降息，但利率方向并非是双向的。本次点阵图显示明年目标利率中枢为3.4%，与9月保持一 致，同时上调明年美国经济增速预测，下调明年通胀预测，维持失业率预测不变。中信证券预计美联储 将在1月暂停降息、剩余两次鲍威尔作为负责人的议息会议共计还有25bps降息。若哈塞特成为新任美联 储负责人，明年下半年仍有降息空间；若哈塞特以外的候选人执掌美联储，预计明年下半年美联储可能 暂停降息。市场方面，预计美联储对明年经济前景乐观的预期和对AI提高生产力的认可将给市场注入 能量，今年美股市场出现"圣诞老人行情"概率较大。 从国内基本面看，中国经济正处于转型升级的关键期。"十五五"规划明确提出壮大实体经济、推动科技 创新、发展新质生产力、扩大内需四大战略方向。从流动性的角度来看，12月10日，美联 ...

Core Viewpoint - The Hong Kong stock market is experiencing a notable decline, with the Hang Seng Index falling below the 26,000-point mark, influenced by internal policy focus and expectations for a year-end rally [1] Group 1: Market Performance - The Hang Seng Index opened down 0.44%, while the Hang Seng Tech Index decreased by 0.51% [1] - Popular ETFs such as the Hang Seng ETF (159920) and the Hang Seng China Enterprises ETF (159850) also saw slight declines of around 0.5% [1] Group 2: Economic Outlook - The market is shifting focus from external factors to internal policies, particularly looking forward to the Central Economic Work Conference in mid-December [1] - The "14th Five-Year Plan" is expected to be further detailed, setting the tone for fiscal measures leading up to 2026 [1] Group 3: Global Economic Influences - The U.S. labor market showed significant cooling in September, with the unemployment rate reaching 4.4%, the highest since October 2021 [1] - Expectations for a rate cut by the Federal Reserve in December have increased, which may improve market sentiment in Hong Kong [1] - A decrease in global risk-free interest rates is anticipated to release more liquidity, potentially attracting overseas funds back to the Hong Kong market [1] - The decline of the U.S. dollar index is expected to support the appreciation of the Renminbi, benefiting Hong Kong's Renminbi-denominated assets [1] Group 4: Notable Investment Targets - Key investment targets include the core broad-based Hang Seng ETF (159920), the AI and platform economy-focused Hang Seng Tech Index ETF (513180), and the Hang Seng China Enterprises ETF (159850) [2]

Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - In the recent week, most A - share ETFs declined, while gold ETFs led the gains with a 3.26% increase, and the technology sector mostly fell. Funds were deployed in the science - innovation sector against the trend, and the ETFs targeting SGE Gold 9999 had the largest net inflow of funds [2][9] Group 3: Summary by Directory 1. Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: Five products were listed, with a concentration on Hong Kong Stock Connect products. Eight products were established, including index - enhanced products such as Zhongjia Beizheng 50 Component Index Enhanced A and Huatai Baorui Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1][4] - **Product Issuance Information**: Two index products ended their fundraising in the coming week, and no index products were set to start fundraising [6] - **Product Application Information**: A total of 28 index products were applied for in the recent week, maintaining the diversified characteristics of industry themes, including 18 theme funds and 6 linked funds [7] 2. ETF Market Review - **Overall ETF Performance**: Most A - share ETFs declined, with the declines of Kechuang 50ETF, ChiNext 50ETF, and CSI 500ETF being - 3.83%, - 3.67%, and - 1.24% respectively. Among Hong Kong - stock ETFs, only the Hang Seng ETF rose by 1.30%, and among US - stock ETFs, the S&P 500ETF rose by 2.68%. In commodity ETFs, the non - ferrous ETF rose by 1.26%, and gold rebounded strongly by 3.26% [2][9] - **Industry - based A - share ETF Performance**: The medical category rose significantly, with the Chinese medicine ETF having the highest increase of 3.61%. The chemical ETF also had a relatively high increase of 3.38%. The technology category declined significantly, with the communication ETF, electronic ETF, and chip ETF having declines of - 6.99%, - 5.62%, and - 4.81% respectively [2][13] - **Cross - border ETF Performance**: In the recent week, the major broad - based indices of cross - border markets had mixed performance. The France CAC40 had the highest increase of 2.77%. Among corresponding ETFs, Boshi Hang Seng Healthcare ETF and Hua'an France CAC40ETF rose significantly, while Huatai Baorui CSI Korea Exchange Sino - Korean Semiconductor ETF declined by 4.20% [16] 3. ETF Fund Flow - **Overall ETF Scale**: As of November 14, 2025, there were 1304 ETFs in the entire market, with a total scale of 563.3719 billion yuan, a decrease of 3.914 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale [22] - **Non - monetary ETF Fund Inflow and Outflow**: Among non - monetary ETFs, the ETFs targeting SGE Gold 9999 had the largest net inflow of 5.567 billion yuan, while the ETFs of CSI A500 had the largest net outflow of 4.04 billion yuan [24] - **High - Inflow and High - Liquidity ETFs**: Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF and Southern ChiNext Artificial Intelligence ETF had high fund inflows of 2.495 billion yuan and 2.028 billion yuan respectively. Haifutong CSI Short - term Financing ETF and E Fund CSI Hong Kong Securities Investment Theme ETF had high liquidity [26]

Core Viewpoint - The Hong Kong stock market will be closed for one day due to the Chung Yeung Festival holiday, with trading resuming on October 30 [1] Group 1: Market Impact - The suspension of trading affects ETFs related to Hong Kong stocks, such as the Hang Seng Tech Index ETF (513180), Hang Seng Internet ETF (513330), and Hang Seng Healthcare ETF (159892), although they can still be traded in the secondary market due to their listing on mainland exchanges [1] - A-shares experienced a significant rise in early trading, with the ChiNext 50 Index increasing by nearly 2% and the Hang Seng ETF (159920) rising by nearly 1%, driven by expectations of a Federal Reserve interest rate cut and trade talks [1]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten most frequently bought ETFs as of September 15 include Communication ETF, Broker ETF, and Sci-Tech Chip ETF, indicating strong interest in these sectors [2] - The top ten ETFs by purchase amount include the China Concept Internet ETF and Broker ETF, suggesting significant capital flow into these investment vehicles [3] Group 3 - The data for the top bought stocks/ETFs is based on the frequency of purchases by all participating advisors, while the purchase amount data reflects the total investment amounts in the top ten stocks/ETFs [4] - The competition includes categories for stock simulation, on-site ETF simulation, and public fund simulation, with specific trading rules regarding holding proportions, maximum drawdown, and rebalancing frequency [4]

Core Viewpoint - The article discusses the current state of the bond market amidst fluctuations in the stock market, emphasizing a long-term low interest rate environment and its implications for investment strategies in bonds and equities [1][2]. Group 1: Bond Market Analysis - The bond market experienced a decline, with 30-year government bonds dropping over 3 basis points, influenced by the cooling stock market and external interventions affecting bond futures [1][2]. - The article argues that the low interest rate environment is expected to persist, suggesting that there is no significant upward pressure on interest rates in the medium to long term [4][6]. - It highlights that government bonds saw a substantial increase in issuance, with a reported 7.656 trillion yuan in new government bonds in the first half of the year, marking a year-on-year growth of 21.3% [8][12]. Group 2: Investment Strategies - The article advises investors to align their investment choices with their risk tolerance, suggesting that low-risk funds should consider short-term bond funds and fixed-income products as viable options [15]. - It emphasizes maintaining a balanced portfolio between stocks and bonds, indicating that a diversified approach remains a cost-effective strategy [16]. - The article also encourages embracing high-quality equity investments in a low interest rate environment, while recognizing the challenges in identifying and diversifying quality stocks [16]. Group 3: Market Trends and Insights - The article notes the ongoing volatility in the Hong Kong stock market, particularly highlighting the decline of Meituan's stock, which has reached a new low for the year [19]. - It discusses the launch of a new technology-focused ETF by Huaxia, aimed at capturing opportunities in the tech sector amidst market fluctuations [21][22]. - The article concludes with a mention of a global asset allocation strategy that remains open for investment, despite recent market downturns [25].

Core Viewpoint - The Hong Kong stock market is experiencing a significant influx of capital, particularly in the technology sector, driven by valuation advantages and growth certainty, leading to a re-evaluation of Chinese assets globally [1][2][3] Group 1: Capital Inflow and ETF Performance - Southbound capital has seen a net inflow exceeding 900 billion HKD this year, marking a historical high and surpassing the total inflow for the previous year [1][2] - The net subscription amount for Hong Kong-themed ETFs has also exceeded 100 billion HKD, with over 500 billion HKD flowing into these ETFs since July [2] - The launch of the Hong Kong Stock Connect Technology ETF on August 18 provides investors with a convenient tool to invest in leading technology stocks in Hong Kong [1][8] Group 2: Market Dynamics and Valuation - The Hong Kong stock market is benefiting from three main factors: improved cost-effectiveness after adjustments from 2021 to 2023, global capital reallocation from dollar assets to non-dollar assets, and the resilience of new economy sectors like AI and innovative pharmaceuticals [2][3] - The valuation pressure on the Hong Kong technology sector has been released, setting a solid foundation for potential price increases [2] - The Hang Seng Index's price-to-earnings ratio has risen from approximately 7.5 to 11.6, indicating ongoing valuation recovery [3][6] Group 3: Index and Sector Analysis - The Guozheng Hong Kong Stock Connect Technology Index has gained significant market attention, with its ETF product size increasing from 7.7 billion to 27.8 billion HKD, a growth of 259% [5] - The index focuses on 30 large-cap technology stocks with high R&D investment and revenue growth, ensuring a selection of top-performing companies [5][6] - The index's top five stocks account for 57% of its weight, including major players like Tencent and Alibaba, providing investors with a concentrated exposure to leading technology assets [6] Group 4: Future Outlook and Investment Opportunities - The Hong Kong market is positioned as a bridge for global capital to access Chinese assets, with a favorable environment for quality companies to list [3][6] - The ongoing repurchase of shares by major companies like Tencent and Meituan, exceeding 100 billion HKD, enhances shareholder returns and supports valuations [6] - The launch of the Hong Kong Stock Connect Technology ETF is seen as an excellent opportunity for investors to capitalize on the revaluation of Chinese technology assets [8]

| 交易日 | 融资净买入(元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-08-06 | | 61.59万 | 2.30亿 | | | 2025-08-05 | | 156.34万 | 2.29亿 | | | 2025-08-04 | | 86.49万 | 2.27亿 | | | 2025-08-01 | | -176.02万 | 2.26亿 | | | 2025-07-31 | | -1785.83万 | 2.28亿 | | 证券之星消息，8月6日，恒生ETF（513660）融资买入429.33万元，融资偿还367.74万元，融资净买入 61.59万元，融资余额2.3亿元，近3个交易日已连续净买入累计304.43万元。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-06 | 2.30亿 | 61.59万 | 0.27% | | 2025-08-05 | 2.29亿 | 156.34万 | 0.69% | | 2025-08-04 ...

Core Viewpoint - The recent pullback in Hong Kong stocks is primarily due to adjustments in both domestic and external expectations, but the medium-term liquidity easing logic remains unchanged [1] Group 1: Market Performance - As of the midday close on August 6, the Hang Seng Index rose by 0.18%, the Hang Seng China Enterprises Index fell by 0.03%, and the Hang Seng Tech Index increased by 0.03% [1] - Popular ETFs such as the Hang Seng China Enterprises ETF (159850) and the Hang Seng ETF (159920) experienced slight gains [1] Group 2: Investment Strategy - Huatai Securities recommends focusing on sectors with improving sentiment and low valuations, particularly emphasizing the technology sector [1] - Short-term trading should revolve around mid-year performance reports, with a focus on: 1. Game and internet e-commerce leaders that have attractive valuations and improving sentiment 2. Innovative pharmaceuticals and non-bank financials that have slightly higher forward 12-month valuation percentiles but strong earnings realization [1]

Group 1 - The Federal Reserve's decision to maintain current interest rates aligns with market expectations, but the continued cooling of rate cut expectations for September has caused significant market disturbances [1] - The Hong Kong stock market experienced a substantial pullback this week, with the Hang Seng Index opening lower and dropping over 1% during the day [1] - The Hang Seng Technology Index ETF and the Hang Seng Internet ETF have seen consecutive days of adjustment, indicating a bearish trend in these sectors [1] Group 2 - The Hong Kong pharmaceutical sector has shown resilience, with the Hang Seng Pharmaceutical ETF rising over 2% during the day and reaching multiple recent highs [1] - Innovative drugs have emerged as a recognized market focus, attracting continuous inflows of capital [1] - WuXi AppTec's half-year performance exceeded expectations, boosting market confidence [1] - The implementation of childcare subsidy policies has further supported the vaccine-related industry [1]