Core Viewpoint - The Hong Kong stock market has experienced significant corrections, particularly in the internet and healthcare sectors, with the Hang Seng Technology Index down over 10% and the Hong Kong Stock Connect Healthcare Index down over 4.5% since February [1] Group 1: Market Performance - The recent pullback in the Hong Kong stock market is attributed more to short-term geopolitical factors affecting market sentiment rather than fundamental issues [1] - The high proportion of foreign capital in the Hong Kong investor structure makes it sensitive to geopolitical changes, leading to profit-taking and risk aversion among investors [1] Group 2: Healthcare Sector Insights - The healthcare sector in Hong Kong is characterized by high-quality, scarce assets, including leaders in internet healthcare, traditional Chinese medicine services, AI pharmaceuticals, and surgical robotics [2] - The CXO and internet healthcare segments are highlighted as core support areas due to their high growth rates and revenue certainty, with leading CXO companies showing superior income and profit growth compared to other pharmaceutical sub-sectors [2] - Internet healthcare is noted as one of the fastest-growing segments in pharmaceutical retail, leveraging AI and big data technologies to enhance patient access and prescription efficiency [2] Group 3: Internet Sector Valuation - The current price-to-earnings (PE) ratio of the Hong Kong Stock Connect Internet Index is only 22 times, placing it in the 20th percentile historically, indicating a significant valuation discount compared to global tech assets [2] - The internet giants are actively embracing AI technology, integrating model development and cloud computing as key growth areas, suggesting that the long-term growth logic remains intact [3]

2026/2/25 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 2026 年 02 月 25 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 （3）证券保险 ETF 易方达（512070.SH）：券商发债规模同比大幅增长，为 业务扩张奠定坚实基础；沪深北交易所优化再融资政策，利好投行业务。据财 联社 2 月 21 日消息，根据 Choice 数据统计，2026 年截至 2 月 20 日，券商累 计发行债券的募资总额达 4260.4 亿元，同比增长 243.97%，体现出券商发债情 绪的高涨。与此同时，年内债券获批额度已达 3220 亿元。这一方面为券商补充 了较低成本的长期资金，有助于扩大其自营、做市、两融、 ...

Market Performance - The A-share market returned to 3900 points, with the Shanghai Composite Index rising by 0.69%, the Shenzhen Component Index increasing by 1.47%, and the ChiNext Index up by 2.23% [1] - The total market turnover reached 186.5 billion yuan, an increase of 11.63 billion yuan compared to the previous day [1] Sector Performance - Active sectors included Hainan, storage chips, and precious metals, while the pharmaceutical commercial and film industry sectors experienced adjustments [1] - In the ETF market, the US biotechnology sector saw gains, with the Harvest Fund S&P Biotechnology ETF and the Huatai-PineBridge Fund NASDAQ Biotechnology ETF rising by 5.01% and 4.88%, respectively [1] - The semiconductor sector experienced a broad increase, with the Guotai Fund Semiconductor Equipment ETF, GF Fund Chip Equipment ETF, and Wanji Fund Semiconductor Equipment ETF rising by 4.93%, 4.92%, and 4.82%, respectively [1] - The CPO sector rebounded strongly, with the Guotai Fund Communication ETF and Bosera Fund 5G50 ETF both increasing by 4% [1] - Gold reached a new historical high, with the Huaxia Fund Gold Stock ETF and Ping An Fund Gold Stock ETF rising by 3.7% [1] Hong Kong Market - The Hong Kong medical sector declined, with the Hong Kong Innovative Drug 50 ETF, Hang Seng Biotechnology ETF, Hong Kong Medical ETF, and Hong Kong Stock Connect Medical ETF all falling by 1% [1] - The film sector also weakened, with the film ETF dropping by 1.29% [1]

Group 1 - The A-share market has returned to 3900 points, with the Shanghai Composite Index rising by 0.64%, the Shenzhen Component Index increasing by 1.36%, and the ChiNext Index up by 1.8% [1] - The total market turnover reached 1,198.9 billion yuan, an increase of 95.4 billion yuan compared to the previous day [1] - Stocks related to the Hainan Free Trade Zone experienced a surge, while the semiconductor industry chain saw significant gains, and sectors such as computing hardware, stablecoins, robotics, intelligent driving, and duty-free shops were actively performing [1] Group 2 - In the ETF market, the semiconductor sector saw a broad increase, with funds like GF Fund's Chip Equipment ETF, Guotai Fund's Semiconductor Equipment ETF, and Wanji Fund's Semiconductor Equipment ETF rising over 4% [1] - The CPO sector rebounded strongly, with Guotai Fund's Communication ETF increasing by 4.18% [1] - Gold reached a new historical high, with Huaxia Fund's Gold Stock ETF rising by 3.73% [1] Group 3 - The Hong Kong stock market's healthcare sector declined, with both the Hong Kong Healthcare ETF and the Hong Kong Stock Connect Healthcare ETF falling by 1% [1] - The film and television sector weakened, with the Film and Television ETF dropping by 0.86% [1]

Market Performance - On December 19, all three major A-share indices closed higher, with over 80% of more than 1,300 ETFs in the market also rising [1] - The Hong Kong automotive-themed ETFs led the market, with six products ranking among the top ten in daily gains, each rising over 3% [1] Trading Activity - ETF trading was active, with total trading volume exceeding 450 billion yuan, an increase of nearly 25 billion yuan from the previous day [2] - Twelve ETFs had trading volumes exceeding 10 billion yuan, with several bond ETFs seeing significant increases in trading volume [2][6] Net Inflows - On December 18, the ETF market saw a net inflow of over 17 billion yuan, marking the third consecutive day of net inflows exceeding 10 billion yuan [3][8] - Over the past five trading days, the total net inflow into ETFs has surpassed 87 billion yuan [3] Sector Performance - The Hong Kong automotive ETFs performed exceptionally well, with six out of seven ETFs in this category seeing gains, and 38 out of 46 component stocks closing higher [4] - The total scale of the seven Hong Kong automotive ETFs is approximately 1.168 billion yuan, with the largest ETF having a scale of about 528 million yuan [4] Specific ETF Performance - The top-performing ETFs on December 19 included several automotive and tourism ETFs, with notable gains ranging from 2.92% to 3.35% [5] - Bond ETFs were particularly active, with the Shanghai Company Bond ETF's trading volume increasing to over 10 billion yuan, a 4.2-fold increase from the previous day [6][7] Investment Trends - The A500 ETF and the Sci-Tech Bond ETF attracted significant net inflows, with the A500 ETF seeing over 4 billion yuan in net inflows on December 18 [8][9] - Conversely, several military-themed ETFs experienced substantial net outflows, totaling over 2.9 billion yuan in the past five trading days [10] Fund Management Changes - Multiple ETFs announced changes to their fund names, aligning with new regulations from the Shanghai and Shenzhen stock exchanges [11] Sector Insights - Investment opportunities in the innovative pharmaceutical sector are gaining attention, with expectations for a stable upward trend in 2026 [12] - Analysts suggest focusing on companies with global intellectual property and strong cash flow in the pharmaceutical sector [12]

Group 1 - The ETF market showed mixed performance at the midday close on December 19, with notable gains in healthcare ETFs and losses in oil and gas ETFs [1][2] - The Hong Kong Medical ETF (159366) increased by 3.56%, while the Hong Kong Medical Connect ETF (520510) rose by 3.14% [1][2] - The Hong Kong Innovative Drug 50 ETF (513780) saw a gain of 3.00%, contrasting with declines in the S&P Oil & Gas ETF (513350) which fell by 1.07% and the Shenzhen 100 ETF Huazhong (159706) which decreased by 0.67% [1][2]

Core Viewpoint - The Hong Kong stock market is currently experiencing a significant left-side layout opportunity due to the release of multiple negative factors that previously suppressed the market, with valuations remaining low or reasonable, and marginal positive factors accumulating for medium to long-term recovery [1][3]. Valuation and Market Position - The Hong Kong stock market is viewed as a "global valuation pit," with major indices showing improved safety margins after adjustments. The Hang Seng Index, despite a significant rebound from its 2024 low, still presents attractive valuations compared to other major markets [1]. - The technology sector's valuation is at historical lows, with the Hong Kong Internet PE-TTM at 25.44 times, which is 58.45% of its historical average, indicating it is cheaper than nearly 40% of the past decade [1][3]. Drivers for Left-Side Layout - Negative factors that previously pressured the market, such as uncertainties in US-China relations and concerns over the internet industry's profitability, have been largely released. The market is nearing a "bad news fully priced in" state, suggesting limited downside [3]. - Positive factors are accumulating, including potential boosts from future industrial policies and breakthroughs in AI technology, which could provide new growth logic for leading companies. Historical data shows that Hong Kong tech assets perform well after interest rate cuts by the Federal Reserve [3]. Capital Flow and Buybacks - There are signs of improvement in capital flow, with significant inflows from southbound capital, totaling 1.39 trillion this year, and a total market value of 6.27 trillion. Notable buybacks from companies like Tencent and Xiaomi indicate recognition of their own value [3][4]. - In the past month, Tencent and Xiaomi executed substantial buybacks of 7 billion and 2 billion HKD, respectively, reflecting confidence in their stock valuations [4][5]. Future Market Outlook - The market is expected to transition from valuation recovery to profit growth by 2026, with a focus on sectors like the internet and pharmaceuticals, where earnings expectations remain stable [6]. - Leading internet companies are shifting from cash-burning models to AI-driven commercial growth, with significant progress noted in companies like Tencent and Alibaba [6]. - High-quality value stocks in finance and consumer sectors, characterized by low valuations and improving cycles, align with the "left-side layout true value" strategy [6]. Investment Products and Strategies - The Hong Kong stock index product line is comprehensive, covering various attractive investment directions, including large-cap indices and thematic ETFs focused on technology and healthcare [8][9]. - Investors are encouraged to consider a gradual accumulation strategy during market fluctuations, as the current environment offers a high cost-performance ratio for long-term value-focused investors [11].

Market Performance - The Shanghai Composite Index rose by 0.49% at midday, while the ChiNext Index increased by 0.56%, having once surged over 2% [1] - The consumer electronics and HBM concepts led the gains, while the OCS concept remained strong, and solid-state battery concepts performed well [1] - Real estate stocks showed signs of recovery after hitting a low [1] ETF Movements - Some cross-border ETFs strengthened, with E Fund's Brazil ETF and Harvest Fund's S&P Biotechnology ETF rising by 2.56% and 2.28% respectively [1] - The semiconductor sector led the gains, with Guotai Fund's Integrated Circuit ETF, Harvest Fund's Integrated Circuit ETF, and Huatai-PB Fund's China-Korea Semiconductor ETF increasing by 2.32%, 1.92%, and 1.83% respectively [1] - The AI hardware sector continued its upward trend, with Guotai Fund's Communication ETF rising by 1.88% [1] - The consumer electronics sector was active, with Guotai Fund's Consumer Electronics ETF increasing by 1.63% [1] Hong Kong Market Trends - The healthcare sector in Hong Kong declined, with the Hong Kong Healthcare ETF and Hong Kong Stock Connect Healthcare ETF falling by 1.66% and 1.31% respectively [1] - The film and television sector also saw a downturn, with the Film and Television ETF dropping by 1.3% [1] - The technology sector in Hong Kong experienced a decline, with the Hong Kong Stock Connect Internet ETF decreasing by 1% [1]

Group 1 - The CRO concept stocks are experiencing a collective rebound, with the CSI Hong Kong Stock Connect Medical Theme Index rising by 2.73% as of November 24, 2025 [1] - Notable individual stock performances include Tigermed (03347) increasing over 9%, and other companies like Hansoh Pharmaceutical (03692), MicroPort Medical (00853), and WuXi AppTec (02359) also seeing gains [1][2] - The Hong Kong Medical ETF (159366) has risen over 2%, and over the past six months, it has accumulated a 29.35% increase [1][2] Group 2 - The innovative drug industry is benefiting from dual advantages of policy support and explosive demand, which are activating new drug research and development needs, positively impacting the CXO sector [3] - Among 29 listed companies in the A-share CXO sector, 20 reported year-on-year revenue growth in the first three quarters, indicating strong industry resilience [3] - WuXi AppTec's unique "integrated, end-to-end" CRDMO business model has driven steady growth, with total revenue of 32.86 billion yuan in the first three quarters of 2025, a year-on-year increase of 18.6%, and net profit attributable to shareholders rising by 84.8% to 12.08 billion yuan [3] Group 3 - The high growth of the CXO sector is supported by the trend of pharmaceutical companies outsourcing R&D and production to specialized CXO firms, which helps reduce costs and improve efficiency [4] - CXO companies are enhancing their service capabilities through continuous technological development and scale expansion, leading to deeper integration with pharmaceutical companies [4] - As of October 31, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index accounted for 62.83% of the index, indicating a high concentration in the market [4]

Core Viewpoint - The Hong Kong medical sector is experiencing a strong performance, with the CSI Hong Kong Stock Connect Medical Theme Index rising by 2.19%, driven by leading stocks such as BeiGene and Ping An Good Doctor [1][2]. Group 1: Market Performance - The Hong Kong medical ETF (159366) has increased by over 2%, and over the past three months, it has accumulated a rise of 1.74% as of November 11, 2025 [1][2]. - The CSI Hong Kong Stock Connect Medical Theme Index includes 50 listed companies in the medical device, medical services, and pharmaceutical sectors, reflecting the overall performance of the medical sector within the Stock Connect [2]. Group 2: Company Performance - BeiGene reported a total revenue of $1.4 billion for Q3, marking a 41% year-on-year increase, with a GAAP net profit of $125 million, reversing a loss from the previous year [4]. - The innovative drug sector is showing strong growth, with a 23.34% increase in revenue year-on-year, and CXO companies seeing a 55.90% increase in net profit [4]. Group 3: Market Trends - The CRO service market in China is projected to grow from 52.2 billion yuan in 2020 to 87.8 billion yuan by 2024, with a compound annual growth rate (CAGR) of 13.9% [3]. - The overall performance of the pharmaceutical and biotechnology sector has been under pressure, with a decline in revenue and net profit by 1.9% and 4.8% respectively for the first three quarters of 2025 [4].