近日，有业内人士指出实现通用人工智能（AGI）已是确定性事件，但这只是起点，终极目标是迈向超 越人类、能够自我进化的超级人工智能（ASI）。ASI是什么？其发展将经历哪些阶段？未来的产业潜 力与投资前景如何？（资料参考：中国新闻网《吴泳铭：未来5年全球AI投入将超4万亿美元，ASI为终 极目标》，2025.09.24） 三阶段演进：从"学习人"到"超越人" AGI的目标是将人类从80%的日常工作中解放出来，让人们专注于创造与探索。而ASI作为全面超越人 类智能的系统，有望创造"超级科学家"和"跨领域超级工程师"，或能加速攻克医学、材料、能源、气候 及航天等前沿领域的重大难题。（资料参考：中国新闻网《吴泳铭：未来5年全球AI投入将超4万亿美 元，ASI为终极目标》，2025.09.24） 具体来看，通往ASI的路径可划分为三个关键阶段： 第一阶段：智能涌现——"学习人"。互联网的数十年发展为智能技术奠定了知识数字化基础。当前大模 型通过理解海量数字化知识，已发展出泛化智能与通用对话能力，不仅能理解意图、解答问题，更初步 具备多步推理能力，标志着AI进入"学习人"的阶段。 潜力释放：重塑生产效率，开启万亿市场 人 ...

Group 1 - The Hong Kong stock market opened slightly higher on September 30, with the Hong Kong Technology 30 ETF (513160) rising by 1.35% and trading volume exceeding 800 million yuan, indicating strong investor interest [1] - The ETF has seen consistent capital inflow, with net inflows for 9 out of the last 10 trading days, accumulating over 900 million yuan [1] - As of September 29, the Hong Kong Technology 30 ETF reached a record high in both circulation shares at 3.469 billion shares and circulation scale at 4.852 billion yuan [1] Group 2 - The ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies listed in Hong Kong engaged in technology [1] - Major holdings in the ETF include leading technology stocks such as SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group-W [1] - Southbound capital has significantly increased, with a net purchase of 43.959 billion HKD in the last week and a total of 1,153.689 billion HKD year-to-date, surpassing last year's total [1] Group 3 - Haitong Securities noted that the impact of major overseas events during the National Day holiday on the Hong Kong stock market is expected to be limited, suggesting a strategy of holding stocks through the holiday [2] - Guotai Junan highlighted the attractiveness of Hong Kong technology assets amid the AI-driven tech cycle, which continues to draw incremental capital inflows [2] - Western Securities remains optimistic about domestic AI computing and overseas chain sustainability, focusing on investment opportunities in AI hardware and the revaluation of Hong Kong tech companies [2]

Group 1: Federal Reserve Rate Cut and Market Impact - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 4.00% to 4.25%, marking its first rate cut of the year aimed at preventing potential economic risks despite a cooling job market [1] - The market is particularly focused on how this rate cut will affect Hong Kong's technology sector, especially after the Hang Seng Hong Kong Stock Connect China Technology Index experienced fluctuations following a nearly four-year high [1] - This rate cut is viewed as a "preventive rate cut," with expectations of 2 to 3 additional cuts by the Federal Reserve in 2025, which could provide short-term support to the Hong Kong market, particularly in growth sectors like technology, consumer discretionary, and pharmaceuticals [1] Group 2: Technology Sector Developments - Hong Kong's technology giants are making breakthroughs in artificial intelligence (AI), which is expected to enhance the overall performance of the Hong Kong stock market [2] - Many internet companies are integrating AI technology into various sectors such as gaming, fintech, e-commerce, and content ecosystems, aiming to scale up AI capabilities and improve supply in big data and models [2] - As of August 31, 2025, 98.6% of the 2,276 companies listed on the Hong Kong main board have disclosed their mid-year performance reports, showing improved overall profitability despite low revenue growth in the first half of 2025 [2] Group 3: Profitability and Investment Opportunities - The information technology sector has seen a significant increase in net profit, with a year-on-year growth of 60.9%, while consumer discretionary and communication services sectors reported growth rates of 17.3% and 16.3%, respectively [2] - The growth in profitability for internet platform companies is attributed to improvements in traditional business and rapid development in AI [2] - The market remains optimistic about the future performance of Hong Kong technology stocks, with potential short-term fluctuations providing good entry opportunities for investors [3]

Group 1 - The Hong Kong stock market showed volatility on September 25, with the Hang Seng Tech Index rising by 0.17% [1] - The Hong Kong Tech 30 ETF (513160) increased by 0.99%, with a trading volume exceeding 1 billion yuan and a premium rate of 0.24% [1] - Key components of the ETF, such as Kingsoft Cloud, Ubiquiti, and China Software International, saw gains of over 4%, while Huahong Semiconductor and ZTE also rose [1] - The ETF has experienced significant capital inflow, with net inflows on 9 out of the last 10 trading days, totaling over 720 million yuan [1] - The ETF's circulating scale reached a record high of 4.588 billion yuan [1] Group 2 - Alibaba Cloud announced a partnership with NVIDIA in the field of Physical AI during the 2025 Hangzhou Cloud Summit [2] - The integration of NVIDIA's Physical AI software stack into Alibaba Cloud's AI platform PAI will enhance services for enterprises, including data preprocessing and model training [2] - By 2032, Alibaba Cloud's global data center energy consumption is expected to increase tenfold compared to 2022, indicating a significant rise in computing power investment [2] - Analysts from Western Securities and Guotai Junan Securities expressed optimism about the domestic AI computing chain and the ongoing capital expenditure expansion cycle in emerging industries [2]

Core Viewpoint - The recent 25 basis point interest rate cut by the Federal Reserve has led to fluctuations in the Hang Seng Tech Index, but analysts believe that the positive factors for Hong Kong tech stocks suggest strong upward momentum in the long term [1][2]. Macro Perspective - Hong Kong stocks are expected to attract foreign investment due to the liquidity boost from the interest rate cut, with growth sectors like technology, consumer discretionary, and pharmaceuticals likely to perform better [1]. - In the medium to long term, the opening of policy space in China may lead to increased foreign capital inflow into Hong Kong stocks [1]. Technical Perspective - The rapid iteration of AI technology, supported by policy, is expected to strengthen Hong Kong's AI sector, with major tech companies integrating AI into various applications such as gaming, fintech, e-commerce, content ecosystems, smart hardware, and cloud computing [1]. Profitability Perspective - The profitability of the "new economy" is showing strong performance, with the revenue growth rate for Hong Kong stocks in the first half of 2025 at a historical low, but overall profitability is improving, particularly in information technology and consumer discretionary sectors [2]. - The technology sector is less affected by economic cycles, with significant year-on-year growth expected in information technology and consumer discretionary sectors in the first half of 2025 [2]. - The growth in net profit for the information technology sector is accelerating, driven by improvements in traditional business and rapid development in AI [2]. - Overall, Hong Kong tech stocks have numerous positive factors, and any short-term market corrections may present good investment opportunities [2].

成分股中，高伟电子涨近6%，优必选、舜宇光学科技、瑞声科技、东方甄选等多股涨超3%。 资金流向方面，Wind数据显示，港股科技30ETF（513160）近10个交易日持续获资金净流入，累计"吸 金"7.3亿元。 9月22日，港股低开低走。 热门ETF中，港股科技30ETF（513160）盘初逆市上涨，截至发稿上涨0.44%，成交额超1.66亿元，溢折 率0.17%，盘中频现溢价交易。 消息面上，据证券日报，科技板块是港股本轮行情主要推动力。上周（9月15日至9月19日，下同），港 股市场表现亮眼。恒生指数在9月18日盘中一度突破27000点关口，创下近四年以来的新高，市场交投活 跃。其中，科技板块成为本轮行情的主要推动力，恒生科技指数单周累计涨幅为5.09%，延续了近期的 强劲势头。从资金配置动向来看，港股相关ETF成为资金流入的核心载体，多只产品规模与资金净流入 呈现"双高"态势。 华泰证券表示，港股科技板块或依然处在布局区。得益于国内AI进展的再加速，近期港股科技股快速 反弹。恒生科技和恒生港股通科技指数从7月低点累计上涨近20%。展望来看，在美联储新一轮宽松周 期开启、互联网及科技新一轮进展等启动下，港 ...

Group 1 - The Hong Kong technology sector showed strong performance in early trading on September 19, with the Hong Kong Technology 30 ETF (513160) initially rising by 1.17% and trading volume exceeding 2.8 billion yuan [1] - Notable stocks leading the gains included SenseTime-W, InnoCare Pharma, Hua Hong Semiconductor, and SMIC, while stocks like Oriental Selection and Meitu led the declines [1] - Since August 29, the ETF has seen a continuous net inflow of funds, accumulating 1.29 billion yuan over 15 trading days [1] Group 2 - NVIDIA announced a $5 billion investment in Intel, resulting in a 22.77% increase in Intel's stock price, which has heightened market interest in the technology sector [1] - The progress of Alibaba's chip business (Pingtouge) is also attracting attention, contributing to the positive sentiment in the technology sector [1] - CITIC Securities reported that the performance of Hong Kong stocks in the first half of 2025 is stabilizing with positive growth, and they expect a turning point in performance growth in the second half of 2025 [1] Group 3 - The Hong Kong Technology 30 ETF (513160) closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business listed in Hong Kong [2] - The top ten holdings of the ETF include major technology stocks such as SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group-W [2] - For ordinary investors, investing directly in multiple Hong Kong technology stocks can be complex, but this ETF allows for a simplified investment in a basket of quality technology companies [2]

Group 1 - The Hong Kong stock market opened positively on September 19, with the Hang Seng Index rising by 0.14% and the Hang Seng Tech Index increasing by 0.44% [1] - The Hong Kong Tech 30 ETF (513160) saw an initial increase of 0.51%, with a trading volume exceeding 26 million HKD and a premium rate of 0.25% [1] - Notable stocks within the ETF included Oriental Selection, which rose over 5%, along with other companies like InnoCare Pharma, Hua Hong Semiconductor, SMIC, SenseTime-W, Lenovo Group, and ZTE Corporation [1] Group 2 - On September 18, the total trading volume of active stocks through the Hong Kong Stock Connect reached 763.71 billion HKD, with a net buying amount of 33.31 billion HKD [2] - Alibaba-W was a significant contributor, with a trading volume of 210.72 billion HKD and a net buying amount of 12.10 billion HKD, marking 20 consecutive days of net buying totaling 561.02 billion HKD [2] - According to Citic Securities, the outlook for Hong Kong stocks is positive, with expectations of performance improvement in sectors like raw materials, healthcare, and technology, while some underperforming sectors like energy and consumer staples may see a turnaround in the second half of the year [2]

Core Viewpoint - The Hong Kong tech stocks are experiencing a strong rally, particularly Alibaba, which has reached a nearly four-year high, with a market capitalization exceeding HKD 3 trillion [1] Group 1: Market Performance - Alibaba-W opened up 2.74% and at one point rose over 3.5% during trading [1] - The Hong Kong Technology 30 ETF (513160) saw a 2.03% increase, reaching a new high for the year [1] - Other leading stocks included Kingsoft Cloud, SMIC, Meituan-W, and UBTECH, while a few stocks like China Communication Services and Oriental Selection saw declines [1] Group 2: Company Developments - Alibaba is reportedly developing a new AI chip aimed at filling the gap left by Nvidia in the Chinese market, currently in the testing phase and compatible with Nvidia's architecture [1] Group 3: Investment Outlook - Institutions are optimistic about the short-term and long-term performance of the Hong Kong stock market, anticipating a potential rally in the Hang Seng Tech Index due to continuous inflow of southbound funds and the possibility of a new interest rate cut cycle in the U.S. [1] - For retail investors, investing in multiple Hong Kong tech stocks can be complex, but the Hong Kong Technology 30 ETF (513160) offers a simplified way to invest in a basket of quality tech companies [1]

Group 1 - The Hong Kong stock market showed a collective strength on September 16, with the Hong Kong Technology 30 ETF (513160) rising by 1.21% and attracting nearly 160 million yuan in net inflows over the past five trading days [1] - The Hong Kong Technology 30 ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business and listed in Hong Kong, with major holdings including SMIC, Kuaishou, Tencent, Alibaba, and Xiaomi [1] - The market anticipates a new round of interest rate cuts by the Federal Reserve, which is expected to positively impact the Hong Kong stock market, particularly in the technology and consumer sectors [2] Group 2 - Analysts from Zhongtai Securities suggest that the Hong Kong market is likely to continue structural growth supported by expectations of interest rate cuts from the Federal Reserve and a recovery in A-share sentiment, with technology and consumption sectors being the most promising [2] - According to Everbright Securities, the Hong Kong market is more sensitive to U.S. Federal Reserve rate cuts compared to A-shares, which may lead to increased valuation and profit growth potential, especially for leading companies in technology, finance, and consumption sectors [2]