Core Insights - Diversification is the cornerstone of modern asset allocation theory, aiming to optimize risk-adjusted returns by constructing a diversified asset portfolio that reduces unsystematic risk while retaining expected returns [1] - The Hang Seng Index exhibits a significant "triple structure" characteristic, with approximately 35% comprising local blue-chip stocks, 50% from mainland enterprises listed in Hong Kong, and the remainder from international large companies, providing a unique regional distribution that benefits from Hong Kong's status as an international financial center [1] Group 1: Market Dynamics - The long-term correlation between the Hang Seng Index and other indices like the CSI 300 and S&P 500 is low, allowing Hong Kong stocks to exhibit differentiated performance during market fluctuations driven by mainland liquidity cycles or U.S. Federal Reserve policies [4] - In 2025, the Hang Seng Index achieved a year-to-date increase of 28.89%, serving as an effective beta hedge during global market turbulence [4] Group 2: Currency and Profit Structure - The Hang Seng Index is traded in Hong Kong dollars, but over half of its underlying assets are from mainland enterprises, with revenue structures encompassing multiple currencies, making it a natural currency hedge [4] - The index benefits from currency fluctuations, as appreciation of the Renminbi enhances the index's performance when mainland earnings are converted to Hong Kong dollars, while a strong U.S. dollar maintains stability through the linked exchange rate system [4] Group 3: Sectoral Differences - The technology sector in A-shares focuses on hard manufacturing such as semiconductors and new energy, while the Hong Kong tech sector is dominated by internet giants, with over 60% of the Hang Seng Tech Index comprising information technology [5][6] - The structural differences in underlying assets lead to significant divergence in performance between A-shares and Hong Kong stocks, providing effective industry risk hedging opportunities [6] Group 4: Capital Flows - The Hong Kong stock market benefits from a dual-driven capital structure of "southbound funds + international allocation funds," contrasting with the A-share market dominated by domestic retail and institutional investors [6] - Continuous inflows of southbound funds can provide independent support for Hong Kong stocks during liquidity crises in A-shares, while reverse allocations from mainland funds can stabilize the market during geopolitical tensions [8] Group 5: Investment Products - The Huatai-PineBridge Hang Seng Tech ETF Connect (QDII) C (013128) is designed for investors looking to capture the valuation recovery window of the Hang Seng Tech Index, featuring a cost-effective fee structure [8][9] - The fund tracks the Hang Seng Tech Index, which balances soft and hard technology sectors, with major internet platforms like Tencent and Alibaba accounting for over 50% of the index [8] - Other investment products include the Huatai-PineBridge Hang Seng Tech ETF Connect (C) focusing on AI and the Huatai-PineBridge Hong Kong Stock Connect Technology Select Mixed Fund (C) employing active management strategies to identify high-potential assets [10]

进入2026年，全球宏观环境的不确定性并未消散，港股市场在估值修复与资金博弈中延续震荡格局。但 在市场情绪的起伏背后，一股来自上市公司内部的确定性力量正在积聚——以科技龙头为首的港股回购 潮持续涌动。当"真金白银"的回购叠加充沛的现金流，一批港股核心资产正在震荡市中构筑起资金的安 全垫。在此背景下，汇添富恒生港股通中国科技ETF联接C(025167)因其对这类企业的深度覆盖，展现 出独特的资金吸引力。 一、用数据说话：科技龙头掀起"回购浪潮" 回顾2025年至今，港股市场的回购图谱呈现出高度集中的特征——科技巨头是绝对的主力军。2025年全 年，腾讯控股以800.36亿港元的回购金额蝉联"回购王"，全年累计回购130次。进入2026年，龙头企业 的回购节奏不仅没有放缓，反而在开年便火力全开。 据市场公开数据，截至2026年2月21日，年内港股市场回购总额已突破254亿港元。其中，腾讯控股以 63.58亿港元的累计回购金额领跑全场；中通快递和小米集团紧随其后，回购金额达到41.03亿港元和 35.32亿港元。此外，舜宇光学科技等细分赛道龙头的回购金额也超过5亿港元。这一轮回购潮并非孤立 事件，早在2025年底， ...

一、马太效应与机构抱团：科技股投资的底层逻辑 科技产业的演进路径始终遵循"强者恒强"的马太效应。与传统行业不同，科技赛道的竞争往往呈现"赢 家通吃"的特征——领先者凭借技术壁垒、用户粘性、规模效应和资本优势，不断加固护城河，拉大与 追赶者的差距。 这种产业规律投射到资本市场，便形成了机构资金的"抱团"现象。对于管理规模动辄百亿、千亿的机构 资金而言，配置逻辑并非"广撒网"式的分散投资，而是向确定性溢价的核心资产集中。原因在于： 第一，头部公司的抗风险能力更强。在技术迭代加速、监管环境变化的复杂背景下，龙头企业拥有更充 沛的现金流、更完善的管理体系和更深厚的技术储备，能够穿越周期。 第二，流动性需求决定了机构难以深度布局中小市值公司。大规模资金进出需要足够的市场深度，这天 然地将机构配置方向导向大市值龙头。 第三，科技产业的护城河效应在头部公司身上体现得最为充分。无论是半导体领域的先进制程能力，还 是互联网平台构筑的生态壁垒，都构成了后来者难以逾越的门槛。 因此，机构资金向头部科技公司集中，并非短期情绪驱动，而是产业规律与资金属性共同作用下的理性 选择。 二、"港股M7"的定义与指数中的权重呈现 所谓"港股M7 ...

Core Viewpoint - The article discusses the challenges investors face in identifying true technology investments within Hong Kong's stock market, particularly regarding index funds that may include non-pure technology sectors such as pharmaceuticals and traditional manufacturing [1][2]. Group 1: The "Purity Dilemma" of Technology Investments - Many Hong Kong technology indices include a mix of sectors that dilute the true representation of "technology," leading to confusion for investors seeking exposure to core technology areas like AI and semiconductors [1][2]. - The inclusion of sectors like pharmaceuticals and electric vehicles in technology indices can expose investors to unrelated industry risks, reducing investment certainty and efficiency [2]. Group 2: The "Purification" Approach of 025167 - The Huatai-PineBridge Hang Seng Hong Kong Stock Connect China Technology ETF (025167) employs a strict industry exclusion mechanism to ensure high purity in its technology focus [3]. - The index tracks a selection of sectors closely related to technology, such as electronic components and digital solutions, while explicitly excluding biotechnology, electric vehicles, and traditional manufacturing [3]. Group 3: Strategic Positioning in the "Pure IT Sector" - The 025167 index provides a concentrated exposure to the information technology sector, aligning with global trends in technology capital expenditure, particularly in AI infrastructure [4]. - The index includes major players in both the internet platform and hardware manufacturing sectors, allowing for comprehensive coverage of the capital expenditure transmission chain [4]. Group 4: Conclusion on 025167's Value Proposition - The primary value of the 025167 fund lies in its ability to avoid the style drift associated with broader indices, offering a clear and efficient investment solution for those looking to capitalize on the growth of the Chinese information technology sector [5]. - This fund allows investors to focus on the core components of the digital economy, such as computing power and applications, thereby enhancing their investment strategy [5].

华泰证券表示，春节期间港股市场内部分化加大，AI新势力与互联网巨头走势背离，消费数据亮点尽 显但未明显提振板块表现，涨幅依然集中在科技和周期行业。展望来看，短期提示投资者防范指数和港 股通调整日前后相应抢跑个股的波动风险。中期配置上，科技和周期耗材仍是清晰主线。 【港股科技宽基·经典载体】汇添富恒生科技ETF联接发起式(QDII)C(013128)：一键布局互联网平台龙 头，作为板块旗舰宽基，具备极高的行业代表性。旨在均衡配置港股科技核心资产，同步获取中国新经 济的中长期成长动能。 截至2026年2月13日，汇添富恒生港股通中国科技ETF联接C(025167)自成立以来，最高单月回报为 13.97%，最长连涨涨幅13.97%，上涨月份平均收益率为9.41%。 【AI全产业链·高纯度】汇添富恒生港股通中国科技ETF联接C(025167)：聚焦"港股M7"核心资产，深度 覆盖AI算力、终端及应用全产业链。风格定位纯粹，剔除医药、传统汽车制造等非科技板块干扰，是 精准捕捉AI核心价值的配置工具。 截至2026年2月13日，汇添富恒生港股通中国科技ETF联接C(025167)近今年以来最大回撤10.15%，相对 基准 ...

截至2026年2月24日10:16，恒生科技指数(HSTECH)下跌2.29%，蔚来-SW涨2.29%，联想集团涨1.17%， 金蝶国际领跌，商汤-W、腾讯音乐-SW跟跌。 截至2026年2月12日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，恒生科技ETF汇添富的场外联接产品汇添富恒生科技ETF联接发起式 (QDII)C(013128)单位净值为0.85元。 消息方面，2月23日，恒指、恒生科技指数全天强势震荡，恒生指数收涨2.53%，恒生科技指数收涨 3.34%。板块方面，科技龙头、半导体、有色、新能源汽车股表现亮眼，紫金矿业、美团、中芯国际涨 超5%；恒生科技成分股中，蔚来、美团、中芯国际涨超5%，比亚迪股份、华虹半导体涨超4%，京东、 腾讯、阿里、小米、百度等涨超3%。 科技经济正加速替代地产经济成为增长新引擎，东方证券指出，2025年新质生产力主要行业对总产出的 影响程度已超过传统地产建筑链条；新质生产力以新兴制造业和高附加值服务业为核心，单位产值拉动 效应更强，但对PP ...

港交所改革（同股不同权、18C章特专科技）持续吸引优质中概股回流，港股通标的扩容叠加南向资金长期净流入，市场定价权逐步向内地机构倾斜。随着 美联储降息周期开启，全球资金再平衡背景下，低估值、高弹性的港股科技成为"避险+成长"兼具的战略配置窗口，而如何选取一款好的基金产品也成为困 扰投资者的一大难题。 例如，汇添富港股通科技精选混合发起式C(025545) 采用"零申购费+后端年费化收费"模式，短期成本可控，持有大于30天免赎回费，综合成本仅有销售服务 费1.2%/年，投资者进行仓位调整、止损止盈或赛道切换时，无需因"摊薄已支付申购费"而产生心理账户上的沉没成本谬误，从而避免陷入"被迫长期持有"的 流动性陷阱。 图：汇添富港股通科技精选混合发起式C(025545)销售费用一览 | 费用类型 | 份额(S)或金额(M) | 费率/收费方式 | 备注 | | --- | --- | --- | --- | | | /持有期限(N) | | | | 赎回费 | N<7 天 | 1. 50% | | | | 7 天≤N<30 天 | 0. 50% | | | | N≥30 天 | 0. 00% | | | 申购费 | ...

截至2026年2月23日14:55，恒生科技指数(HSTECH)上涨3.58%，美团-W上涨5.63%，中芯国际上涨 5.10%，华虹半导体、蔚来-SW跟涨。 截至2026年2月13日，恒生科技ETF汇添富近11天获得连续资金净流入，最高单日获得4184.83万元净流 入，合计"吸金"4.18亿元，日均净流入达3796.13万元。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近2年夏普比率为1.14，在可比基 金中排名6/26，风险收益比较高。 截至2026年2月13日，汇添富恒生科技ETF联接发起式(QDII)C(013128)近今年以来最大回撤9.85%，相对 基准回撤0.07%。 汇添富恒生科技ETF联接发起式(QDII)C是汇添富基金旗下的一只其他型基金，成立于2022年10月31 日。通过投资于恒生科技ETF汇添富(513260)，紧密跟踪标的指数表现，追求跟踪偏离度和跟踪误差的 最小化。现任基金经理乐无穹，具有11.7年证券从业经验，自2022年10月31日任职以来回报达66.33%。 汇添富港股科技配置观测工具箱： 【港股科技宽基·经典载体】汇添富恒生科 ...

Core Insights - The Hang Seng Tech Index exhibits a highly concentrated weight structure, with the top ten constituent stocks accounting for nearly 70% of the total weight, highlighting a significant disparity in market capitalization distribution [1][4]. Group 1: Weight Distribution and Market Capitalization - The top five constituent stocks of the Hang Seng Tech Index have a combined weight of 39.69%, while the top ten account for 69.09%, and the top fifty make up 99.99%, indicating a highly concentrated characteristic [4]. - The largest individual stock, Alibaba, has a market capitalization of HKD 48,764.54 billion, while the smallest stock has a market capitalization of HKD 388.48 billion, with an average market capitalization of HKD 5,183.27 billion and a median of HKD 1,827.69 billion, reflecting significant market capitalization disparity [4]. Group 2: Industry Analysis of Top Constituents - Alibaba is categorized under consumer discretionary and internet platform sectors, with core businesses including retail, cross-border commerce, cloud computing, and digital media, demonstrating strong platform attributes and resilience against cyclical risks [4]. - SMIC (Semiconductor Manufacturing International Corporation) belongs to the information technology and semiconductor sector, positioned at the core of the semiconductor supply chain, benefiting from domestic substitution and AI computing demand [4]. - BYD is classified under consumer discretionary and the electric vehicle sector, with a comprehensive layout across vehicles, batteries, semiconductors, and rail transit, making it one of the most integrated companies in the new energy industry [4]. Group 3: Overall Index Characteristics - The Hang Seng Tech Index is characterized by a concentration of leading firms, distinct technological attributes, and high growth potential, with the top ten constituent stocks focusing on internet platforms, semiconductors, new energy, and consumer electronics, covering the core asset matrix of China's digital economy [5]. - The ETF aims to balance the allocation of core assets in Hong Kong's technology sector while capturing the medium to long-term growth momentum of China's new economy [5].

Group 1 - The Hang Seng Tech Index (HSTECH) increased by 3.20%, with Meituan-W rising by 7.06% and Hua Hong Semiconductor by 4.99% as of February 23, 2026 [1] - The Hang Seng Tech ETF from Huatai-PineBridge has seen continuous net inflows over the past 11 days, with a maximum single-day net inflow of 41.84 million yuan, totaling 418 million yuan, averaging 37.96 million yuan per day as of February 13, 2026 [1] - The upcoming "Two Sessions" starting on March 4, 2026, will focus on promoting technological innovation and developing artificial intelligence, with expectations of more proactive fiscal policies and flexible monetary policies [1] Group 2 - Historical analysis shows that the technology growth sector tends to perform strongly in the 5 to 10 trading days after the Spring Festival, driven by policy and industry catalysts, as well as the performance of tech sectors in both Hong Kong and US markets [2] - The Huatai-PineBridge Hang Seng Tech ETF has achieved a maximum monthly return of 29.52% since its inception, with an average monthly return of 7.37% and a historical holding period profit probability of 78.13% over three years as of February 13, 2026 [2] - The fund has a Sharpe ratio of 1.14 over the past two years, ranking 6th out of 26 comparable funds, indicating a favorable risk-return profile [2] Group 3 - The Huatai-PineBridge Hang Seng Tech ETF is designed to closely track the performance of the Hang Seng Tech Index, aiming to minimize tracking deviation and error, with a return of 66.33% since its manager took over on October 31, 2022 [3] - The fund manager, Le Wuqiong, has 11.7 years of experience in the securities industry [3] Group 4 - The Huatai-PineBridge Hang Seng Tech ETF serves as a flagship broad-based fund for the Hong Kong tech sector, aiming to balance the allocation of core assets in the new economy [4] - The Huatai-PineBridge Hong Kong Stock Connect China Tech ETF focuses on core assets in the AI industry, covering the entire AI value chain [4] - The Huatai-PineBridge Hong Kong Stock Connect Tech Select Mixed Fund employs an active management strategy to identify high-potential assets within the Hong Kong Stock Connect framework [4]