板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 以上观点仅供参考，不构成投资建议或承诺。如需购买相关基金产品，请您关注投资者适当性管理相关 规定、提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金 有风险，投资需谨慎。 风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 10月20日港股跳空高开，全天维持高位震荡，最终收涨2.42%，报25858.83点。上周中美贸易争端引发 风险偏好回落，港股 ...

1、上证指数上涨0.63%报收3863.89点，深证成指上涨0.98%报收12813.21点。两市缩量明显，仅成交 1.75万亿元，成交额创近两个月新低。板块上，通信、煤炭领涨，有色金属板块则受金银回调拖累，跌 幅居前。展望后市，盈利拐点未至的情况下，结构性行情仍是基调，后市或继续以震荡为主。 2、今日港股跳空高开，全日维持高位震荡，最终收涨2.42%，报25858.83点。上周中美贸易争端引发风 偏回落，港股出现调整。若后续贸易争端进一步降温，近期受情绪压制明显的港股有望积聚反弹动能。 推荐对港股通50ETF(159712)、港股科技ETF(513020)保持关注。 3、通信ETF(515880)今日上涨3.39%。产业基本面上，2026年英伟达Rubin出货预期上调，头部龙头或将 开始上调明年1.6T的总需求至1500万，且仍有上修动能。此次需求上修不仅直接增厚了头部厂商的盈利 预期，更强化了AI算力驱动下光模块高景气周期的持续性与确定性。此外，谷歌Gemini3系列有望于10 月22日发布，或将为板块行情带来催化。目前市场存在多重事件扰动，板块可能延续震荡，有兴趣的投 资者可以持续关注通信ETF(515 ...

Group 1 - The core viewpoint indicates that despite a decrease in market risk appetite due to geopolitical conflicts, the Hong Kong stock market, particularly the technology sector, is expected to recover in the second half of the year, driven by domestic policy support and improving capital flows [1][2] - The profitability of the Hong Kong technology sector is projected to grow significantly by 2025, with a strong certainty in earnings growth, supported by favorable expectations from the AI industry [1] - The current valuation of the Hang Seng Index is in a balanced range, suggesting potential for improvement in return on equity (ROE) for the technology sector, which could lead to an increase in valuations [1] Group 2 - The outlook for the Hong Kong stock market remains positive, particularly for the technology sector, as the narrative of asset revaluation in China continues to unfold, despite external factors potentially disrupting risk appetite and earnings expectations [2] - The capital flow situation is improving, with foreign capital outflows narrowing and domestic institutional investments increasing, indicating a shift in the investment landscape towards Hong Kong stocks [1][2] - The net inflow of southbound funds, primarily driven by retail investors in 2024, is expected to see a shift towards institutional investors in 2025, which may further enhance capital inflows into the Hong Kong market [1]