10月21日，恒生指数午盘上扬1.65%，恒生科技指数劲升2.6%，恒生中国企业指数涨1.79%，市场半日 成交额为1506.99亿港元。港股通科技ETF基金（159101）半日收涨2.73%，成分股哔哩哔哩-W上涨 10.6%，地平线机器人-W上涨6.17%。 地平线公司成立于2015年，自成立以来就聚焦于开发汽车智驾解决方案，当前公司产品覆盖高级辅助驾 驶到高阶自动驾驶的软硬一体解决方案，下游汽车客户包括上汽、比亚迪、理想、奇瑞、广汽埃安等知 名车企。据灼识咨询统计，全球高阶辅助驾驶和高阶自动驾驶解决方案的市场规模有望从2023年的619 亿元提升至2030年的10171亿元，2023年-2030年CAGR达49%。当前英伟达及特斯拉占据较高市场份 额，从国内市场来看，华为、地平线、黑芝麻等国产厂商智驾芯片正加速开启国产替代，市场份额逐步 提升，地平线在汽车国产智驾芯片中份额保持领先。 对于普通投资者而言，直接进行个股投资门槛高、风险大，不妨借道相关ETF参与布局。港股通科技 ETF基金（159101）紧密跟踪国证港股通科技指数，精选30只市值大、研发投入高的科技龙头，前十大 权重股占比达77%，既聚焦腾 ...

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]