华泰证券梳理全球前二十大主动外资管理机构的季度持仓报告（13F）发现，今年二季度末，海外头部 基金共持有中资股2958亿美元（环比提升54.5亿美元），占其全部持股规模的1.33%（环比降低 0.11pct）。趋势上来看，海外头部基金对于中资股的仓位自2024年三季度以来已出现止跌情形。 相关ETF亦持续"吸金"。港股科技50ETF（159750）连续19日获资金净流入合计2.3亿元。海通国际指 出，展望下半年，在三大积极催化因素共振下，低估蓄势的港股有望再度冲高。 第一，港股科技龙头有望受益于新的技术突破催化。港股科技企业在AI领域竞争力更强，同时各大港 股科技龙头也不断加码AI资本开支，伴随下半年软硬件端新的技术突破催化，具备一定先发优势的港 股科技成长龙头有望继续受益于AI产业变革红利。 第二，伴随美联储重启降息，港股外资力量存在超预期可能。过去几年外资持续流出港股，市场对外资 的预期一直较低，但近期外资或已有边际改善的迹象出现。 第三，南向资金仍有一定增量空间。港股稀缺性资产在当前宏观偏弱环境下具备较强吸引力，年内南向 资金或仍有一定增量空间，预计全年南向资金净流入规模有望超1.2万亿元。 港股科技5 ...

Group 1 - Major Chinese companies are entering a busy earnings disclosure period, with Xiaomi Group reporting total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% [1] - Tencent Holdings reported total revenue of 184.5 billion yuan for the first half of the year, a year-on-year increase of 15%, with operating profit of 60.1 billion yuan, up 18% [1] - Foreign capital is accelerating its purchase of core Chinese assets, with notable investors like Michael Burry turning bullish on Chinese stocks in Q2 [1][2] Group 2 - According to Goldman Sachs, global hedge funds are buying Chinese stocks at the fastest pace since the end of June, primarily driven by long positions, with a ratio of long to short buying at approximately 9:1 [6] - Factors contributing to this buying spree include easing tariff uncertainties, better-than-expected economic data for Q2, continued "anti-involution" policies, a recovering Hong Kong IPO market, and strong capital inflows [6] - Despite increased interest from overseas investors, their allocation levels remain conservative, suggesting potential for further market growth [6] Group 3 - The Hong Kong Technology Index has seen a cumulative increase of 33.25% year-to-date as of August 19, while the Hang Seng Technology Index has risen by 24.04% [7] - The Hong Kong Technology Index covers a broader range of AI applications compared to the Hang Seng Technology Index, including sectors like smart vehicles and innovative pharmaceuticals [9] - The Hong Kong Technology 50 ETF has attracted over 687 million yuan in net inflows this year, continuously setting new highs since its listing [10]

Core Insights - Southbound capital inflow reached a record high of 35.876 billion HKD on August 15, with cumulative inflow exceeding 940 billion HKD for the year, surpassing last year's total of 807.9 billion HKD [1][9] - The Hong Kong Technology 50 ETF (159750) has seen continuous inflow for 14 days, totaling 67.3 million HKD year-to-date [1] - The information technology and healthcare sectors recorded net purchases of 7.4 billion HKD and 3.9 billion HKD respectively, with their market capitalization share increasing [1][9] Industry Analysis - The strong performance of Hong Kong stocks is attributed to their scarcity and alignment with current trends in AI applications and new consumption, making them attractive to incremental capital inflows [1][12] - The Hong Kong Technology Index, which tracks major tech companies, has a high concentration of "core tech assets," covering 100% of the "Ten Giants" in the tech sector, with a weight of 70% [1][4] - The latest valuation of the Hong Kong Technology Index stands at 22.9 times PE, within the historical 10% percentile [6] Market Trends - The financial sector has seen a slowdown in net inflow compared to previous periods, while technology and consumer sectors are gaining more attention [1][9] - As of August 15, 58% of major overseas Chinese stocks have reported positive mid-year earnings forecasts, indicating a recovery in profitability [12] - The improvement in liquidity and the expected recovery in fundamentals are crucial for sustaining the current market rally [12]

港股科技Q2财报季开启腾讯"先行"：AI驱动营收&净利双位数增长降息预期提升，港股或迎流动 性宽松港股科技50ETF（159750） 25 26 27 28 29 30 31 初三 初四 初八 初五 初六 初九 初七 Rel Fire B. 美团 题 美团 未公布 未公布 = 1 Al驱动的盈利增速及AI资本开支 覆盖中国核心科技资产 标的指数覆盖了新能源汽车、智能驾驶、人工智能、 半导体等多个科技赛道。 | 证券代码 | 证券简称 | 权重 | | --- | --- | --- | | 0700.HK | 腾讯控股 | 10.37% | | 9988.HK | 阿里巴巴-W | 9.62% | | 1810.HK | 小米集团-W | 9.58% | | 3690.HK | 美团-W | 8.00% | | 1211.HK | 比亚迪股份 | 6.93% | | 9999.HK | 网易-S | 6.57% | | 9618.HK | 京东集团-SW | 6.33% | | 0981.HK | 中六国际 | 4.00% | | 9888.HK | 百度集团-SW | 3.90% | | 1024.HK | ...

Core Viewpoint - The Hong Kong Technology 50 ETF (159750) experienced a 3.04% increase in value on August 13, with a trading volume of 86.75 million yuan, indicating strong market interest and performance [1] Group 1: Fund Performance - The fund's latest net asset value is calculated at 750 million yuan [1] - Since its inception on January 26, 2022, the fund has achieved a return of 8.12% [1] - Over the past month, the fund has recorded a return of 8.14% [1] Group 2: Fund Activity - The fund's shares increased by 4 million, bringing the total shares to 694 million [1] - In the last 20 trading days, the fund's shares have increased by 10.7 million [1] Group 3: Management and Benchmark - The fund is managed by China Merchants Fund Management Co., Ltd., with Liu Chongjie as the fund manager [1] - The performance benchmark for the fund is the China Securities Hong Kong Technology Index return (adjusted for exchange rates) [1]

8月13日，港股持续走强，恒生科技指数涨超2%，科技板块表现活跃。 相关ETF中，截至午间收盘，港股科技50ETF（513980）涨2.76%，成交额超7.8亿元，居同标的产品第 一。成分股方面，鸿腾精密涨超8%，信达生物、晶泰控股、哔哩哔哩-W等股涨幅居前。 港股科技50ETF（513980）跟踪中证港股通科技指数，该指数从港股通范围内选取50只市值较大、研发 投入较高且营收增速较好的科技龙头上市公司证券作为指数样本，以反映港股通内科技龙头上市公司证 券的整体表现。 消息面上，据智通财经，英伟达宣布推出全新NVIDIA Omniverse™库和NVIDIA Cosmos™世界基础模 型（WFM），并搭配全新NVIDIA RTX PRO™服务器和NVIDIA DGX™ Cloud，旨在加速机器人解决方 案的开发与部署。英伟达Omniverse与仿真技术副总裁Rev Lebaredian表示："AI推理与可扩展物理仿真 的融合，将为机器人和智能汽车产业带来万亿美元级变革。" 中信证券指出，展望8月份，中报业绩期将是港股行情是否延续的重要节点，我们预计短期市场可能由 前期的流动性驱动转往业绩驱动与政策验证的共振阶 ...

Group 1 - The core viewpoint of the articles highlights the significant inflow of capital into the Hong Kong technology sector, driven by mainland investors seeking opportunities in undervalued assets [4][6][11]. - The southbound capital has net bought approximately 840 billion HKD in Hong Kong stocks in just seven months of 2025, surpassing the total for the entire previous year and setting a historical record since the launch of the Stock Connect [4][6]. - The Hong Kong Technology Index is noted for its broader coverage of sectors, including electric vehicles and innovative pharmaceuticals, which may provide better performance potential compared to the Hang Seng Technology Index [7][9]. Group 2 - The Hong Kong Technology 50 ETF (159750) has seen significant capital inflows, with 150.7 million HKD net bought yesterday and an additional 36 million HKD today, indicating strong investor interest in low-cost entry points [1][10]. - The performance of the Hong Kong Technology Index has outpaced the Hang Seng Technology Index over various time frames, with returns of 30.94%, 57.40%, and 95.02% over the past year, two years, and ten years, respectively [9][11]. - The article suggests that the Hong Kong Technology sector is becoming an important outlet for mainland funds seeking allocation opportunities, especially given its relatively low valuations and potential for earnings recovery [6][12].

Group 1 - The Hang Seng Index and Hang Seng Tech Index have seen year-to-date gains exceeding 27% and 26% respectively, outperforming major A-share indices and significantly leading the S&P 500 and Nasdaq [1] - Southbound capital has experienced a substantial inflow, with a cumulative net inflow exceeding 820 billion HKD as of last Friday, surpassing the total net inflow for the entire previous year [1] - The Hang Seng High Dividend Low Volatility Index has outperformed most A-share indices and US stocks, indicating strong rebound momentum for high dividend stocks in the Hong Kong market [3] Group 2 - The Hong Kong Tech Index is the only index covering all "China's tech giants," with a weight of 70%, and has shown a year-to-date increase of 36.20% [4] - The Hong Kong Dividend Low Volatility ETF has achieved a year-to-date increase of 25.37% and has seen a 490% growth in scale since its inception in January [5] - The current market environment in Hong Kong is supported by policy expectations, valuation advantages, and continuous inflow of southbound capital, making the "barbell strategy" a balanced investment approach [8]

Market Overview - The market is expected to continue rising in August, driven by liquidity conditions[5] - As of July 28, the Wind All A Index surpassed its peak from October 8 of the previous year, indicating a bullish market sentiment[5] Market Drivers - The upward market movement is attributed to ample incremental capital and improved supply-demand dynamics, particularly in cyclical stocks[7] - Recent trends show a significant increase in public and retail investor participation, with new fund issuance in June reaching nearly 30 billion, the highest monthly level since 2022[8] Investment Strategy - The report recommends focusing on large financial and technology assets, highlighting the potential for banks and insurance companies to benefit from reduced economic risks and lower liability costs[9] - Technology assets are suggested for contrarian trading due to their low trading congestion, with historical performance showing a strong correlation with trading dynamics[9] Key Stock Recommendations - The August stock selection includes: Hong Kong Tech 50 ETF, Fuda Co., Su Neng Co. (automotive), Zhujiang Co., Core International (trading), Wanhua Chemical, Dongcai Technology (chemicals), and others[17] - The report emphasizes the importance of sectors like steel and pharmaceuticals, which are expected to perform well due to demand recovery and policy support[9] Risks - Potential risks include unexpected economic downturns and insufficient policy support, which could impact market performance[18]

Core Insights - The Hong Kong stock market, represented by indices such as the Hang Seng Index and Hang Seng Tech, has significantly outperformed both the US and A-share indices in 2025, capturing the top three positions in year-to-date performance [1][2]. Group 1: Capital Inflow - As of last week, the net capital inflow from the southbound trading has reached 692.1 billion yuan, which is equivalent to 93.02% of the total inflow for the entire year of 2024 [4]. - In the first quarter of 2025, the southbound net inflow reached a historic high of 411.3 billion yuan, indicating strong investor interest [4]. - By the end of February 2025, the southbound inflow had already surpassed the total inflow for the years 2021-2023, and it is expected to exceed the total for 2024 soon [4]. Group 2: Investment Preferences - Prior to 2024, retail investors were the main contributors to southbound capital, but in 2025, institutional investors such as public funds and insurance companies have been the primary drivers, accounting for approximately 60% of the total inflow [6]. - Active public funds have primarily invested in sectors like internet, semiconductors, and innovative pharmaceuticals, while ETFs have also favored internet and innovative pharmaceutical sectors [7]. - Insurance capital has shown a preference for banking and insurance sectors within the Hong Kong market [7]. Group 3: Future Potential - Institutions estimate that there is still room for increased southbound capital allocation in the second half of 2025, with the total net inflow expected to exceed 1 trillion yuan for the year [9]. - Public funds are projected to contribute an additional 200-300 billion yuan in net inflow [13]. - The attractiveness of Hong Kong's scarce assets, particularly those related to the AI industry, is expected to drive further investment, with companies like Xiaomi, Tencent, and Alibaba benefiting from valuation recovery [13]. - The Hong Kong Tech 50 ETF (159750) has a high concentration of core internet stocks and covers various high-tech sectors, indicating a robust investment landscape [15].