11月14日，港股科技板块低开，恒生科技指数开盘跌2.22%。截至发稿，港股通科技指数跌1.32%。主 要成分股中，京东健康、药明康德、哔哩哔哩-W等多股走强。 消息面上，近期港股多家巨头公司陆续发布三季度财报，营收均实现同比两位数上涨。 腾讯控股11月13日晚间公告，公司第三季度实现收入1928.69亿元，同比增长15%；实现净利润631.33亿 元，同比增长19%，核心财务指标均保持稳健增长态势。 京东集团同日公告，2025年第三季度收入2991亿元，同比增长14.9%；归属于公司普通股股东的净利润 为53亿元，2024年同期为117亿元；非美国通用会计准则下归属于公司普通股股东的净利润为58亿元， 2024年同期为132亿元。 中信证券指出，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。 （文章来源：21世纪经济报道） 相关ETF中，截至发稿，港股科技ETF天弘（159128）盘中溢价，溢折率达0.20%，成交额超1400万 元，交投活跃。此外，恒生科技E ...

Group 1 - The Hong Kong technology sector showed strength on November 13, with the Hang Seng Technology Index rising over 1.5% at one point, and the Hong Kong Stock Connect Technology Index increasing by more than 1.1% [1] - Major constituents such as BeiGene, Innovent Biologics, Hua Hong Semiconductor, CanSino Biologics, WuXi Biologics, and Alibaba saw significant gains [1] - The Tianhong Hong Kong Technology ETF (159128) closely tracks the Hong Kong Stock Connect Technology Index, allowing T+0 trading and is not restricted by QDII quotas, with a trading volume of 139 million yuan and a turnover rate of 21.43% on its first day [1] Group 2 - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, Qianwen APP, based on the Qwen model, aiming to compete directly with ChatGPT [2] - Guotai Junan Securities predicts that the growth style will become the core allocation theme in the Hong Kong market due to global liquidity easing and the upward cycle of the technology industry [2] - The macro backdrop of a weak US dollar and accelerated independent innovation is expected to benefit growth assets in Hong Kong, with foreign capital inflow and policy dividends contributing to valuation recovery [2]

Group 1 - The core viewpoint is that despite recent fluctuations in the Hong Kong stock market, significant capital inflow is occurring, particularly from southbound funds, indicating a strategic interest in undervalued assets [1][2] - As of November 10, the cumulative net inflow of southbound funds since the launch of the Hong Kong Stock Connect has exceeded 50 billion HKD, marking a record high since the mechanism's inception [1] - The newly listed Hong Kong Technology ETF Tianhong (159128) provides investors with a favorable opportunity to invest in the technology sector, showing resilience and recovery potential in the performance of major tech companies [1] Group 2 - Analysts suggest that the continuous record-breaking net purchases of Hong Kong stocks by southbound funds signify a transformation in market liquidity and activity, highlighting a strategic demand for undervalued assets [2] - The Hong Kong market is expected to maintain a "valuation repair + growth premium" slow bull market trend, supported by policy backing, industrial upgrades, and global liquidity easing [2] - Investors without a Hong Kong Stock Connect account can access core Chinese AI assets through the Hong Kong Technology ETF Tianhong (159128) [2]

Core Insights - The Hong Kong stock market opened lower on November 12, with the Hang Seng Technology Index experiencing a slight pullback [1] - The Tianhong Hong Kong Technology ETF (159128) was officially listed and traded, with a transaction volume exceeding 20 million yuan [1] - The ETF closely tracks the Guozheng Hong Kong Stock Connect Technology Index, which consists of the top 30 Hong Kong stocks related to technology themes, covering areas such as AI, smart vehicles, and innovative pharmaceuticals [1] Market Performance - Among the constituent stocks, Baijia Shenzhou rose over 6%, while other notable gainers included Xinda Bio, Kangfang Bio, and WuXi Biologics [1] - As of November 11, the top 10 constituent stocks accounted for over 75% of the index, indicating a high concentration [1] Valuation Metrics - The current TTM price-to-earnings ratio of the Guozheng Hong Kong Stock Connect Technology Index is at the 36th percentile over the past five years, suggesting a historically low valuation level [1] - The ETF also includes off-market linked funds (A: 024885, C: 024886) [1] Economic Outlook - Expectations for interest rate cuts in the U.S. are rising, with a 67.6% probability of a 25 basis point cut in December according to CME FedWatch [2] - Analysts suggest that the Hong Kong stock market could reach new highs due to the influx of capital and the gathering of quality assets, with a focus on technology stocks [2] Market Sentiment - The foundation of the Hong Kong bull market remains intact, but the evolution is likely to be characterized by "volatile upward movement" rather than rapid increases [2] - The strong fundamental drivers in November highlight the importance of high-growth sectors, with opportunities emerging amid market fluctuations [2]