12月19日，港股开盘向好，恒指高开0.53%，国企指数高开0.58%，恒生科技指数高开0.81%。热门ETF 方面，恒生ETF（159920）、恒生国企ETF（159850）早盘持续攀升，现均涨超1%。 消息面上，美国11月核心CPI同比上涨2.6%，创2021年以来新低。通胀超预期放缓，强化了市场对美联 储明年降息的预期。交易员目前普遍预计2026年将降息两次、共50个基点，其中3月启动降息的概率已 大幅提升。 中信建投认为，从大周期看，港股本轮牛市"已行至中段位置"。流动性周期自2023年全球央行开启降息 后持续领先，估值水平在修复后已达历史中上分位，恒生指数PE在10-11之间震荡。然而，港股"处于盈 利修复启动初期"——港股整体的盈利修复斜率预计较为平缓，目前主要的盈利修复集中在结构性景气 板块，整个港股盈利修复仍处于早期启动阶段。 值得关注的标的： 港股核心宽基：恒生ETF（159920）； AI+平台经济：恒生科技指数ETF（513180）； 聚焦港股中国企业发展：恒生国企ETF（159850）。 ...

Core Viewpoint - The Hong Kong stock market experienced a significant decline, with major indices hitting recent lows, driven by a drop in large tech and financial stocks, while some sectors like aviation and cosmetics showed resilience [1] Market Performance - The Hang Seng Technology Index fell by 2.41%, and the Hang Seng Index dropped by 1.91%, losing nearly 500 points [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both reached recent low points, indicating a bearish market sentiment [1] Sector Analysis - Large technology stocks, major financial stocks (including banks, insurance, and brokerage firms), and state-owned enterprises collectively pressured the market [1] - Conversely, sectors such as gold, semiconductors, oil, and automotive stocks experienced declines, while some aviation and cosmetics stocks performed well [1] ETF Performance - The Hang Seng ETF (159920) fell over 2% by midday, and the Hang Seng China Enterprises ETF (159850) dropped more than 2.5%, indicating a continued opening of low-position investment opportunities [1] Future Outlook - Guotai Junan Securities believes that the current dollar liquidity issues are short-term disturbances, and the AI wave is not over, suggesting that a bull market for Hong Kong stocks may still be possible after adjustments [1] - Huatai Securities anticipates that seasonal allocation characteristics of southbound funds could support a spring rally in Hong Kong stocks, making the upcoming spring market worth watching [1] Investment Focus - Guotai Junan Securities highlights that technology stocks driven by AI remain the main theme for the Hong Kong market, with leading tech stocks expected to regain relative advantages as the AI industry cycle trends upward [1] - The Hong Kong market's dividend benefits from strengthened policies and low interest rates, along with the scarcity of new consumption and innovative pharmaceutical assets compared to A-shares, are also worth attention [1] Notable Investment Targets - Core broad-based Hong Kong stock: Hang Seng ETF (159920) [1] - AI and platform economy: Hang Seng Technology Index ETF (513180) [1] - Focus on the development of Chinese enterprises in Hong Kong: Hang Seng China Enterprises ETF (159850) [1]

12月12日，港股午间收盘，恒生指数涨1.36%，恒生科技指数涨1.45%。盘面上，科技股普涨，有色金 属板块涨幅居前，恒生ETF（159920）现涨近2%，持仓股中，中国人寿、中通快递、中国宏桥、长江 基建集团等涨幅居前，翰森制药、药明生物、中升控股等逆势下挫。 展望后市，建银国际认为港股投资逻辑已由传统的估值修复转变为基于新质生产力和高质量发展的估值 重估，2026年估值和盈利均有温和扩张或改善的空间。市场对十五五开局中国经济增长动能的再评估； 12月中旬中央经济工作会议、一季度地方及中央两会；特朗普访华及中期选举前后中美关系的变化； AI资本开支进展及盈利状况等为主要催化剂和事件窗口。 港股核心宽基：恒生ETF（159920）； AI+平台经济：恒生科技指数ETF（513180）； 聚焦港股中国企业发展：恒生国企ETF（159850）。 值得关注的标的： ...

12月11日，美联储如期宣布降息25个基点，并暗示未来将暂缓进一步降息，隔夜美股集体收涨。港股三 大指数今日集体高开，恒指涨0.66%，国指涨0.58%，恒生科技指数涨0.55%。科技股普遍上涨，白银价 格持续大涨创新高，黄金、铜等有色金属股继续强势，苹果概念股、航空股、保险股普涨，而电信运营 股走低。港股消费板块高开后略有震荡，现涨幅有所收窄，港股消费ETF（513230）盘中一度涨近 1%，现小幅微涨。其持仓股中，古茗、哔哩哔哩-W、思摩尔国际、新秀丽、创科实业等涨幅靠前，巨 子生物、统一企业中国、中国飞鹤、安踏体育等跌幅靠前。 消息面来看，北京时间周四凌晨，美联储联邦公开市场委员会（FOMC）发布了最新的利率决议，宣布 降息25个基点，将联邦基金利率目标区间降至3.50%~3.75%，符合市场"鹰派降息"预期。 美联储降息打 开估值空间，并通过真实资金流入显著改善"分子端"的流动性与盈利预期，叠加南向资金与政策红利形 成合力，港股有望迎来新一轮上行周期。 港股核心宽基：恒生ETF（159920） AI+平台经济：恒生科技指数ETF（513180） 交银国际认为，2025年消费小幅回暖，展望2026年，消 ...

（文章来源：每日经济新闻） 华泰证券表示，近期人民币汇率加速升值是国内经济金融数据中的一抹亮色。该机构认为，汇率升值对 出口企业股价造成压力的"常识"并不受数据支持，反而适度升值在本轮资本流动浪潮、人民币实际有效 汇率较低和中外通胀差的存在下有利于企业表现。目前重申港股处在布局区，短期建议关注流动性拐点 和此前调整较多且负面压力逐渐出清的科技和医药，左侧关注大众消费品的α机会，中期（二季度左 右）依然维持成长与顺周期的均衡配置观点。 12月8日，港股三大指数临近午盘集体转跌。恒生指数、国企指数分别下跌1.1%及1.15%，恒指跌近300 点再失26000点，恒生科技指数下跌0.24%，盘中曾冲高至0.8%。大型科技股普遍表现低迷，受行业涨 利好消息影响的中资券商股、保险股保持涨势。另外，铜、铝、黄金等有色金属股集体弱势，石油股、 银行股部分权重走低大市承压。热门ETF方面，恒生ETF（159920）、恒生国企ETF（159850）午盘持 续下挫，均跌超1%，打开低位布局通道。 ...

12月4日，港股三大指数盘初转跌后快速拉升回暖，恒生科技指数一度涨超1.1%，午间收涨0.58%，恒 生指数、国企指数分别上涨0.19%及0.38%。大型科技股涨跌不一，机器人概念股爆发，药品类股集体 拉升回暖，创新药概念股方向涨幅明显，内银股多数活跃。热门ETF方面，恒生ETF（159920）现小幅 微涨，持仓股中，药明生物、小米集团、携程集团、药明康德、中芯国际、吉利汽车等涨幅居前。 AI+平台经济：恒生科技指数ETF（513180）； 聚焦港股中国企业发展：恒生国企ETF（159850）。 华泰证券指出，当前市场或已接近"利空出尽"状态，前期压制的核心风险点如贸易摩擦、海外流动性宽 松交易回摆及"外卖大战"对互联网板块盈利的冲击已在回调过程中释放相对充分，因此当前市场点位下 行空间或相对有限。平安证券认为，南下资金保持规模净流入，11月份港股通合计净流入1219亿港元。 低估高股息板块仍然是港股较具吸引力的资金布局方向。科技自立自强仍是未来港股演绎的核心主线之 一，相关板块龙头公司有望迎来中长期发展机遇。 值得关注的标的： 港股核心宽基：恒生ETF（159920）； ...

Core Viewpoint - The article discusses the trading mechanisms of ETFs, emphasizing the differences between T+0 and T+1 trading systems, which significantly impact investment efficiency and returns [1][3]. Group 1: T+0 Trading Mechanism - Certain ETFs allow for same-day buying and selling under the T+0 trading system, enabling investors to react quickly to market fluctuations [1]. - Major categories of T+0 ETFs include cross-border ETFs, commodity ETFs, and specific currency and bond ETFs, with examples like the Hang Seng ETF and gold ETF [1][3]. - As of 2025, there are 266 T+0 ETFs in the market, but only about 28 have significant liquidity, exceeding 500 million in size and averaging over 10 million in daily trading volume [3]. Group 2: T+1 Trading Mechanism - Most ETFs operate under a T+1 trading system, where purchases cannot be sold until the next trading day, limiting flexibility in response to market changes [3]. - Common examples of T+1 ETFs include the CSI 300 ETF and the SSE 50 ETF, which restrict immediate selling after purchase [3]. Group 3: Trading Rules and Costs - ETF trading hours align with A-share market hours, and funds from ETF sales cannot be withdrawn on the same day, but can be used to purchase other stocks or ETFs [5]. - The trading principle follows "price priority, time priority," meaning higher bids are executed first for buying, and lower offers for selling [5]. - There are no stamp duties or transfer fees for ETF trading, with typical brokerage commissions around 0.25% of the transaction amount, but a minimum fee of 5 yuan applies [8]. Group 4: Investment Strategy - Understanding the trading rules and mechanisms is crucial for investors to make informed decisions and optimize their trading strategies [9]. - T+0 ETFs are suitable for short-term traders, while T+1 ETFs are better for medium to long-term investments [9].

Group 1 - The core viewpoint is that Chinese assets have seen a significant surge, with the Nasdaq Golden Dragon China Index rising nearly 3%, driven by favorable U.S. economic data and expectations of interest rate cuts by the Federal Reserve [1] - The U.S. Labor Department reported that the Consumer Price Index (CPI) rose 2.9% year-on-year in August, with core CPI increasing by 3.1%, both in line with expectations [1] - Foreign investors have increased their allocation to Chinese assets, with net purchases of Chinese bonds and stocks reaching $39 billion in August, marking a significant interest from global hedge funds [1] Group 2 - The Hong Kong stock market has shown a structural advantage over indices, with a focus on sectors driven by profit trends, while also considering U.S.-China thematic investments [2] - Citigroup has raised its year-end target for the Hang Seng Index by 7% to 26,800 points, with further expectations for increases in the first half and end of next year [2] - Open Source Securities suggests that the Hong Kong market may have a chance to catch up with A-shares, as A-shares enter a valuation digestion phase [2] Group 3 - Notable investment targets include the Hang Seng ETF (159920), which focuses on core broad-based Hong Kong stocks [3] - The Hang Seng National Enterprises ETF (159850) targets the development of Chinese enterprises in Hong Kong [3] - The Hong Kong Consumption ETF (513230) aims to capture core assets in the Hong Kong consumer sector [3]

Group 1 - US stock market showed significant improvement last Friday, with all three major indices recording notable gains following Fed Chair Powell's speech indicating increased chances of interest rate cuts [1] - The Hang Seng Index opened higher today, with the Hang Seng Index rising by 1.06%, the Hang Seng Tech Index up by 1.49%, and the Hang Seng China Enterprises Index increasing by 1.07% [1] - The Hang Seng Index Company announced its quarterly review results, adding China Telecom, JD Logistics, and Pop Mart to the Hang Seng Index, increasing the number of constituent stocks to 88 [1] Group 2 - Huaxia Fund's Hong Kong stock ETFs have surpassed 100 billion yuan in total scale, becoming the first fund manager in the market to achieve this milestone [2] - Huaxia Fund's Hong Kong stock ETFs not only have the largest scale but also the most comprehensive layout, with a total of 14 ETFs covering broad-based, technology, pharmaceuticals, dividends, and consumer sectors [2] Group 3 - Key related securities include the Hang Seng ETF (159920), the Hang Seng China Enterprises ETF (159850), and the Hong Kong Consumer ETF (513230) [3]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the new consumption sector, with notable gains in stocks such as Miniso, XPeng Motors, and NIO, indicating a positive outlook for the market [1] Group 1: Stock Performance - Miniso's stock surged over 19%, reaching a high of 47.16 HKD, marking the highest price since January of this year [1] - Other stocks in the sector, including XPeng Motors and NIO, also saw significant increases of over 11% and 7% respectively [1] - The Hong Kong consumption ETF (513230), which includes leading companies like Miniso and Pop Mart, maintained a strong performance, rising nearly 1.5% during the trading session [1] Group 2: Market Outlook - According to招商策略, there is an optimistic outlook for the Hong Kong stock market, with mid-year earnings showing improvement and a record high in earnings forecast rates over the past three years [1] - The profitability of Hong Kong stocks, particularly those with a higher "new economy" component, is expected to improve ahead of A-shares [1] - The report suggests focusing on differentiated investment strategies compared to A-shares, recommending a sequential approach starting with innovative drugs, followed by the internet sector, and finally new consumption [1] Group 3: Investment Recommendations - Key investment vehicles highlighted include: - Core broad-based Hong Kong ETF: 恒生ETF (159920) [1] - AI and platform economy: 恒生科技指数ETF (513180) [1] - Core consumption assets in Hong Kong: 港股消费ETF (513230) [1] - Global pharmaceutical industry representation: 恒生医药ETF (159892) [1] - Chinese AI technology concept companies: 恒生互联网ETF (513330) [1]