Core Viewpoint - The Hang Seng Tech Index has reached a nearly four-year high, attracting significant capital through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2]. Group 1: Market Performance - The Hang Seng Tech Index has shown robust growth, with major stocks like Alibaba and SMIC contributing to its rise [2]. - Year-to-date, the Hong Kong Internet ETF has surged by 53.66%, with its shares increasing from over 30 billion to approximately 90 billion [2]. - The Hang Seng Tech Index's components reported a revenue growth of 14% and a profit growth of 16% year-on-year in Q2, outperforming other sectors in Hong Kong [2][3]. Group 2: Investment Trends - The influx of foreign capital into the Hong Kong market is increasing, driven by the Federal Reserve's interest rate cuts, which are expected to continue [1][5]. - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 100 billion for three consecutive months from July to September [5][6]. - The valuation of the Hang Seng Tech Index components remains attractive, with P/E ratios at historical low percentiles, indicating no bubble despite rising global stock valuations [3][4]. Group 3: AI and Growth Potential - The application of AI technology is enhancing profitability for internet giants in advertising, cloud computing, and enterprise services, indicating a positive outlook for these companies [4][5]. - The growth logic for internet companies is shifting due to advancements in AI, suggesting a re-evaluation of their valuation based on new growth opportunities [5][6]. Group 4: Future Outlook - The combination of improved liquidity and upward industry trends is expected to benefit the Hong Kong tech sector, with strategic allocation becoming increasingly valuable [6]. - The anticipated decline in the US dollar and the easing of domestic liquidity constraints may further attract foreign investment into the Hong Kong market [6].

Core Viewpoint - The Hang Seng Technology Index has reached a nearly four-year high, attracting significant capital inflow through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2] Group 1: Market Performance - The Hang Seng Technology Index has shown robust growth, with individual stocks like Alibaba and SMIC contributing to its rise [2] - The Hong Kong Internet ETF has increased by 53.66% year-to-date, with its shares rising from over 30 billion to approximately 90 billion [2] - Eight ETFs focused on the Hong Kong technology sector have seen their shares increase by over 10 billion this year [1][2] Group 2: Fundamental Analysis - The Hang Seng Technology Index has become a "value" choice, with a year-on-year revenue growth of 14% and profit growth of 16% in Q2 [2] - Excluding the impact of the "takeout war," the net profit growth of the index's constituent stocks is 25%, indicating strong performance [2] - The valuation of major companies within the index, such as Tencent, Baidu, and Alibaba, remains reasonable compared to global standards, with P/E ratios around 20, 13, and 17-18 respectively [3] Group 3: AI and Growth Potential - The application of AI technology is expected to significantly enhance the profitability of internet giants in advertising, cloud computing, and enterprise services [3][5] - The growth logic of internet companies is being reshaped by AI advancements, opening new avenues for growth [5] Group 4: Liquidity and Investment Trends - The improvement in liquidity, driven by the Federal Reserve's interest rate cuts, is a key factor in the positive outlook for the Hang Seng Technology Index [6][7] - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 1 trillion this year, marking a historical high [6] - The expectation of continued capital inflow into the Hong Kong market is bolstered by the Fed's easing monetary policy [6][7]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, while also facilitating communication between outstanding advisors and the public [1] Group 2 - The top ten ETFs by buy frequency as of September 30 include the Hong Kong Securities ETF, Gaming ETF, and Hong Kong Technology 50 ETF, among others [2] - The top ten ETFs by buy amount include the Hong Kong Securities ETF, Hong Kong Technology 50 ETF, and Hong Kong Innovative Drug ETF, indicating strong investor interest in these sectors [3] Group 3 - The data for the top buy stocks/ETFs is compiled from the most frequently purchased stocks/ETFs by all participating advisors, while the buy amount data reflects the top ten by total investment [4] - The competition includes a performance evaluation segment divided into stock simulation, on-site ETF simulation, and public fund simulation, with specific trading rules regarding holding proportions, maximum drawdown, and rebalancing frequency [4]

Group 1 - International capital is reassessing and positioning in the Hong Kong stock market, indicated by Alibaba's stock surge and the presence of prestigious cornerstone investors in IPOs [1][4] - The Federal Reserve's interest rate cuts have led to a weaker dollar and declining U.S. Treasury yields, making Hong Kong an attractive destination for global capital inflows [1][2] - The total market capitalization of the Hong Kong securities market reached HKD 46.6 trillion by the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [2] Group 2 - The Hong Kong stock market is experiencing significant liquidity improvements, attracting international capital due to its appealing valuation "discount" [2] - Foreign long-term funds are actively subscribing to cornerstone investments in Hong Kong IPOs, with notable companies like CATL and Hengrui Medicine receiving strong interest [4] - As of September 17, foreign net inflows into offshore Chinese stocks reached USD 1.86 billion, marking the highest weekly inflow since November of the previous year [4] Group 3 - The Hang Seng Tech Index has risen over 41.5% year-to-date as of September 24, with Alibaba's market capitalization returning to HKD 3 trillion [3] - Major foreign investment banks have recently issued bullish reports on well-known Hong Kong-listed companies, indicating a positive outlook for Chinese assets [5] - Analysts expect continued foreign inflows into Hong Kong stocks as companies in sectors like AI, internet, and innovative pharmaceuticals show strong growth momentum [5]

国泰海通证券海外策略首席分析师吴信坤认为，港股红利资产"涛声依旧"，在低利率、政策鼓励、长线 资金入市的背景下，仍具长期配置价值。 阿里巴巴股价大涨、外资大行集体唱多、港股IPO基石投资者阵容豪华等一系列信息表明，国际资本正 在重新审视并布局港股。 9月中旬，美联储降息后，美元走弱、美债收益率下降，全球出现"再平衡"需求，香港作为国际金融中 心，成为全球资金流入的热门目的地之一。 德勤中国资本市场服务部在《2025年前三季度中国内地和香港新股市场回顾与展望》的报告中称，随着 美联储展开降息周期，预计将有更多海外资金寻求布局亚洲高成长投资目标，涵盖中国内地与中国香港 市场。 更关注中国资产 美联储降息为全球流动性松绑，也为港股市场注入动能。景顺全球市场策略师团队认为，由于美联储在 通胀仍高于目标水平的情况下降息，美元可能进一步走弱，这或将利好大宗商品和非美元资产，尤其是 新兴市场。 东吴证券海外策略首席分析师陈梦认为，美联储降息短期会利好港股上行，外资关注中国资产，中期涨 幅仍取决于企业基本面回升情况。 港股市场流动性改善成效显著。数据显示，2025年8月底，香港证券市场市价总值为46.6万亿港元，较 去年同期 ...

更关注中国资产 美联储降息为全球流动性松绑，也为港股市场注入动能。景顺全球市场策略师团队认为，由于美联储在 通胀仍高于目标水平的情况下降息，美元可能进一步走弱，这或将利好大宗商品和非美元资产，尤其是 新兴市场。 东吴证券海外策略首席分析师陈梦认为，美联储降息短期会利好港股上行，外资关注中国资产，中期涨 幅仍取决于企业基本面回升情况。 港股市场流动性改善成效显著。数据显示，2025年8月底，香港证券市场市价总值为46.6万亿港元，较 去年同期的31.8万亿港元上升47%。 本报记者 毛艺融 阿里巴巴股价大涨、外资大行集体唱多、港股IPO基石投资者阵容豪华等一系列信息表明，国际资本正 在重新审视并布局港股。 9月中旬，美联储降息后，美元走弱、美债收益率下降，全球出现"再平衡"需求，香港作为国际金融中 心，成为全球资金流入的热门目的地之一。 德勤中国资本市场服务部在《2025年前三季度中国内地和香港新股市场回顾与展望》的报告中称，随着 美联储展开降息周期，预计将有更多海外资金寻求布局亚洲高成长投资目标，涵盖中国内地与中国香港 市场。 除流动性支撑外，港股极具吸引力的估值"洼地"属性成为吸引国际资本的核心原因。德勤中 ...

来源：市场资讯 中信建投观点指出，随美联储降息，港美利差明显缩小下，短期再次触及弱方保证概率不高，流动性紧 张有所缓解。同时外资不断上调港股市场及中国资产，外资有望持续流入。南向资金方面，或是受A股 进入整理期，风险有所上升，自八月份南向资金整体流入开始加速。内外资有望持续流入港股。正处A 股整理期，港股优势凸显，可重点关注港股核心成长板块，特别是互联网、创新药、新消费和科技板 块。 估值层面看，港股科技资产具备性价比。横向对比全球主要市场科技指数，港股科技指数估值显著低于 纳斯达克指数（43.41x）、创业板指 （43.65x），在全球科技资产中性价比显著。 （来源：招商ETF） 港股盘中下挫，蔚来-SW跌超7%，百度集团跌超6%，中兴通讯、京东集团-SW、鸿腾精密、比亚迪股 份等跌超4%，中芯国际、药明康德、美团-W等细分领域龙头悉数下跌。 $港股科技50ETF(159750)跌2.17%，成交1.16亿元，放量；根据行情数据，盘中资金净流入超5000万 元，近7个交易日获资金连续净流入超2亿元。 港股科技50ETF（159750）已纳入两融标的，前一交易日，融资净买入103万元，融资月4392万元创上 ...

来源：市场资讯 （来源：招商ETF） 随着美联储开启降息，对利率敏感的港股科技资产获海内外资金流入。 外资方面，截至9月17日，EPFR口径下外资净流入境外中资股18.6亿美元，创去年11月以来单周新高， 其中主动型外资流出0.4亿美元，被动型外资由前一周净流出2.3亿美元转为净流入19亿美元。 南向依然低配科技，按恒生科技入通成分股在港股通流通市值占比对比，当前南向低配科技2.7%，相 比7月初的低配3.0%略有提升但依然低配。 场内ETF方面，$港股科技50ETF(159750)近7日获资金连续净流入超2亿元。 招商证券指出，根据历史经验，在预防式降息后的3个月A股和港股上涨概率分别达到100%和75%；降 息后的半年，港股上涨概率达到100%。中期维度上，整体继续看好美联储重启降息环境下，A股和港 股的投资机会。结构上，继续看好偏成长风格方向。 外资方面,截至9月17日,EPFR口径下外资净流入 填外中资股18.6亿美元,创去年11月以来单周新高。 其中主动型外资流出0.4亿美元,被动型外资由前一 周净流出2.3亿美元转为净流入19亿美元。 南向依然低配科技、按恒生科技入通成分股在港股通 流通市值占比对 ...

来源：市场资讯 （来源：招商ETF） 上周美联储会议如期降息25bp，且给出的降息指引显示年内仍有50bp的降息空间。招商证券认为，结合 当前美国经济基本情况，2024年9月以来开启的这轮降息属于美联储进行的"预防式降息"，此次重启降 息是开始而非结束，未来市场可能会反复交易降息预期。 从历史经验看，在美联储首次启动或重启预防式降息后，A股与港股后市上涨概率显著上升。具体来 看，港股在降息后一至两周内上涨概率达75%；降息后三个月，A股及港股上涨概率分别达到100%和 75%；半年后，港股上涨概率更是高达100%。 从资金面看，内外资延续净流入中国资产。外资方面，截至9月17日，EPFR口径下外资净流入境外中资 股18.6亿美元，创去年11月以来单周新高。南向依然低配科技，按恒生科技入通成分股在港股通流通市 值占比对比，当前南向低配科技2.7%，相比7月初的低配3.0%略有提升但依然低配。 场内ETF方面，截至9月19日，$港股科技50ETF(159750)近5个交易日获资金连续净买入1.86亿元，最新 规模12.11亿元创上市新高。 $腾讯控股(HK0700)$阿里巴巴-W(HK9988)#摩尔线程IPO将 ...

Group 1 - The core viewpoint highlights that during historical interest rate cut cycles, the Nasdaq 100 index has shown strong performance, particularly when the stock market is in an upward trend [5][6] - The Nasdaq index has significantly outperformed the S&P 500 in the past year during rising market conditions, with a notable increase of 2059 points [5] - The article discusses the negative correlation between U.S. Treasury yields and the Hong Kong technology index, suggesting that lower interest rates may enhance the attractiveness of Hong Kong stocks to foreign investors [8][10] Group 2 - The Hong Kong technology sector has shown impressive growth, with year-to-date returns of 45.34%, outperforming the Hang Seng Technology Index which recorded 34.04% [10] - The maximum drawdown for the Hong Kong technology sector this year was -27.16%, which is slightly better than the Hang Seng Technology Index's -27.91% [10] - The influx of southbound capital into Hong Kong has exceeded 1 trillion HKD this year, indicating strong foreign interest in the market [8]