Market Overview - A-shares experienced a slight rebound today, with the Shanghai Composite Index rising by 0.05% to 3836.77 points and the Shenzhen Component Index increasing by 0.37% to 12585.08 points. The total trading volume decreased slightly to 1.7 trillion yuan, indicating a market that has released previous gains but still faces some adjustment pressure [1] - The gaming sector showed strength today, with the gaming ETF (516010) increasing by 3.22%. Despite a recent pullback, the industry's fundamentals remain strong, and the cost reduction through AI continues, suggesting a favorable entry point for investors [1] Hong Kong Market - The Hong Kong stock market rebounded significantly, with the Hang Seng Index rising by 1.97% to 25716.50 points and the Hang Seng Tech Index increasing by 2.78% to 5545.56 points. Despite previous concerns over high valuations in the AI sector, the current low valuations present a buying opportunity for investors [2] Gold Market - In the gold market, the U.S. non-farm payrolls exceeded expectations, but the unemployment rate increased, leading to fluctuating interest rate expectations. Geopolitical tensions, particularly between Russia and Ukraine, and ongoing tensions between China and Japan, have increased demand for gold as a safe haven [2] - The outlook for gold remains supported by the potential for a Federal Reserve rate cut cycle, increasing macroeconomic uncertainty, and a global trend towards de-dollarization, suggesting a strategic opportunity for investors to accumulate gold ETFs (518800) [2] Innovative Pharmaceuticals - The newly established commercial insurance innovative drug catalog provides a potential funding pool of approximately 20 billion yuan for innovative drugs. The innovative drug sector is showing positive growth, with revenues reaching 48.56 billion yuan, a year-on-year increase of 21.41%, and a significant reduction in net profit losses [3] - The increasing approval of domestic innovative drugs and their international market expansion indicate a promising future for the innovative drug industry, with investment opportunities available through innovative drug ETFs (517110) and the Guotai Science and Technology Innovative Drug ETF (589720) [3]

Core Viewpoint - Hong Kong's technology leaders are currently valued reasonably with increased dividends and buybacks amid heightened AI investments, indicating a favorable outlook for the sector despite recent adjustments influenced by U.S. AI leaders' pullback [1] Group 1: Market Dynamics - The recent adjustment in the technology sector is primarily due to the transmission of pullbacks from U.S. AI leaders, alongside year-end institutional funds locking in profits and shifting towards defensive strategies [1] - The decline in leveraged trading activity is attributed to a policy vacuum period, which has reduced trading momentum [1] Group 2: Future Outlook - The technology market is expected to continue its trend after a short-term correction, as the current stage of AI development corresponds to the hardware-to-application diffusion period in the U.S. from 2023 to 2024 [1] - The hardware market has already been fully realized, while the application layer is just beginning, suggesting that the market has not yet reached its peak [1] Group 3: Investment Vehicles - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects high R&D intensity and growth-oriented technology leaders from the Stock Connect universe [1] - This index covers core technology sectors such as the internet, innovative pharmaceuticals, new energy vehicles, and semiconductors, reflecting a diversified technology industry characterized by "hard technology + digital technology + biotechnology" [1]

港股科技板块"吸金" 多只相关ETF份额持续增长 ◎记者 王彭 进入四季度，港股市场震荡调整。截至11月19日，恒生科技指数10月以来回调逾10%。不过，Choice数 据显示，其间多只港股科技ETF仍获得资金大量涌入，规模持续攀升。 王麦琪 制图 ■投基论道 Choice数据显示，截至11月19日，10月以来多只港股科技ETF持续获得资金净流入。具体来看，华夏恒 生科技指数ETF份额增长93.28亿份，按照0.81元成交均价计算，合计获得75.6亿元资金净流入；华泰柏 瑞恒生科技ETF紧随其后，获得70.77亿元资金净流入。此外，天弘恒生科技ETF、大成恒生科技ETF、 易方达恒生科技ETF均获超45亿元资金净流入。 该外资公募基金经理认为，这种调整为增量资金提供了布局时机。无论是代表新经济的成长股，还是具 备稳定现金流的红利股，港股市场都展现出更为显著的估值吸引力，形成了明显的"价值洼地"。这一巨 大的性价比优势，正驱动资金流向香港市场。 "公募基金正显著提升其产品的港股仓位，并将部分港股龙头买成核心重仓股。同时，私募等机构投资 者也广泛参与港股投资，港股已成为其增厚收益的重要来源。这股由内地机构主导、持 ...

Group 1 - The core viewpoint of the article highlights the continuous inflow of funds into the Hong Kong Technology ETF (513020) over three consecutive days, indicating sustained investment interest in the technology sector and its long-term value [1] - According to Shenwan Hongyuan Securities, the AI sector within the Hong Kong Stock Connect is shifting from a focus on capital expenditure to a greater emphasis on return on investment, with domestic AI chip listings accelerating and AI animated dramas emerging as a rapidly commercialized application [1] - Cloud computing businesses and internet companies with rich application scenarios are gaining attention due to their quick revenue realization and high valuation cost-effectiveness [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in internet, electronic components, interactive media, and services from the Hong Kong Stock Connect range, focusing on leading enterprises with high R&D intensity and growth potential [1]

港股午间收盘，恒生指数跌2.07%，恒生科技指数跌3.11%。港股科技ETF（159751）跌2.32%，恒生港 股通ETF（159318）跌1.86%。板块方面，酒店和度假村REIT、水务板块涨幅靠前；生命科学工具、生 物科技板块跌幅靠前。个股方面，汇聚科技跌10.16%，赣锋锂业跌10.23%；友宝在线涨9.4%，趣致集 团涨4.03%。 ...

每经AI快讯，11月20日，港股收盘，恒生指数涨0.02%，恒生科技指数跌0.58%。港股科技ETF （159751）跌1.28%，恒生港股通ETF（159318）持平。板块方面，建筑与工程板块涨幅靠前；酒店和 度假村REIT、居家用品板块跌幅靠前。个股方面，创科实业涨5.36%，贝壳-W涨5.28%；黑芝麻智能跌 10.39%，中环新能源跌16.06%；大众公用涨7.65%，中国信达涨6.45%。 ...

港股收盘，恒生指数跌0.71%，恒生科技指数跌0.96%。港股科技ETF（159751）跌1.15%，恒生港股通 ETF（159318）跌0.97%。板块方面，生命科学工具、建筑产品板块涨幅靠前；酒店和度假村REIT、工 业集团企业板块跌幅靠前。个股方面，赣锋锂业涨8.96%；IFBH跌7.59%，国富氢能跌16.83%；首程控 股涨7.55%。 ...

Core Insights - The technology sector is expected to continue leading the market, with internet heavyweight assets showing allocation value [1] - Major players are accelerating their computing power deployment, maintaining a long-term narrative in the AI industry, with marginal progress in AI inference and multi-modal AI [1] - Kimi has released the Kimi-k2 Thinking model, which supports multi-round tool invocation and a context length of 256k, indicating ongoing technological iteration [1] - The video generation sector is attracting capital, exemplified by the startup Video Rebirth securing $50 million in funding, focusing on high-fidelity video solutions for professional creative scenarios [1] - Despite short-term fluctuations, the technology sector presents structural opportunities driven by computing power upgrades and AI application implementations in the medium to long term [1] Index Overview - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects 30 eligible technology companies from the Hong Kong Stock Connect range [1] - The index comprises large-cap, high-growth technology leaders, emphasizing research and development capabilities and revenue growth, with a balanced industry distribution covering the entire value chain from hardware to software applications [1]

港股午间收盘，恒生科技指数跌0.77%，恒生指数跌0.58%。港股科技ETF（159751）涨0.09%，恒生港 股通ETF（159318）跌0.28%。板块方面，金属与采矿、客运航空公司板块涨幅靠前；水务、酒店和度 假村REIT板块跌幅靠前。个股方面，赣锋锂业涨11.25%，百济神州涨6.96%，中国生物制药涨6.36%， 洛阳钼业涨5.95%，信达生物涨5.45%，科伦博泰生物-B涨5.13%，中国南方航空股份涨4.54%，中国铝 业涨4.22%；德昌电机控股跌13.62%，巨星传奇跌17.57%；新秀丽涨17.99%，龙蟠科技涨16.34%。 ...

Group 1 - A-shares fluctuated around the 4000-point mark, with the Shanghai Composite Index closing at 4018.60 points, up 0.53%, and the Shenzhen Component Index at 13427.61 points, up 0.18%. Over 3300 stocks rose, with a total trading volume of nearly 2.2 trillion yuan, indicating increased market activity [1] - The chemical sector performed notably, with the Wind Chemical Index rising 1.19% to reach a new high. Most sub-industries and leading stocks saw widespread gains, driven by supply-side adjustments and industry self-discipline, which boosted expectations for a cyclical rebound. The industry cycle's low point has been largely identified, presenting "double-hit" opportunities for leading companies [1] - The Hang Seng Technology Index saw an expanded gain of 1.34%, with the pharmaceutical sector showing relative strength. The Hang Seng Technology Index remains significantly undervalued compared to global peers, and with improving southbound capital flows, it presents mid-term value. Technology stocks are recommended as flexible positions [1] Group 2 - Gold prices reached 4080 on COMEX, driven by a decline in the US consumer confidence index and worsening economic outlook due to government shutdowns and rising prices. The easing of tariff risks between China and the US also supports gold prices. In the medium to long term, factors such as the Federal Reserve's potential rate cuts and global de-dollarization trends are favorable for gold [2] - Dividend assets continue to perform strongly amid increased market volatility and a shift in risk appetite. Dividend stocks are seen as a defensive anchor, particularly sensitive to resource-heavy sectors like coal and oil. In the short term, dividend strategies are expected to provide better risk-adjusted returns during market fluctuations [2]