Group 1 - The technology sector is characterized by a natural growth style, defined by four primary industries: electronics, media, computers, and communications [1] - The pricing logic of technology stocks focuses on the discounting of future free cash flows and is sensitive to interest rate environments, with low interest rates promoting valuation increases [1] - The Hong Kong technology sector, as a key weighty segment, includes unique tech leaders like Tencent and Meituan, complementing the A-share technology market and presenting significant allocation value [1] Group 2 - The core driving force of the technology sector has shifted from internet model innovation to AI and hard technology innovation, supported by industrial policy and valuation recovery, potentially leading to a market surge [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from technology-related industries among Hong Kong-listed companies, focusing on the top 30 constituents by market capitalization [1] - This index emphasizes TMT (Technology, Media, and Telecommunications) and internet sectors, reflecting the overall performance of technology companies listed in the Hong Kong market, characterized by high technological content and growth potential [1]

来源：新浪基金∞工作室 9月29日，港股科技ETF（513020）涨1.35%，成交额4.21亿元。当日份额增加700.00万份，最新份额为 33.05亿份，近20个交易日份额增加6.49亿份。最新资产净值计算值为44.17亿元。 港股科技ETF（513020）业绩比较基准为中证港股通科技指数(经估值汇率调整)收益率，管理人为国泰 基金管理有限公司，基金经理为梁杏，成立（2022-01-19）以来回报为33.63%，近一个月回报为 9.31%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Group 1 - The core viewpoint is that leading Chinese technology companies are entering a phase of large-scale expansion in AI investments, with clearer AI strategies [1] - By 2032, Alibaba Cloud's global data center energy consumption is expected to increase tenfold compared to 2022, accelerating the entire cloud computing and AI industry chain [1] - The cloud services and AI infrastructure are anticipated to enter a new high-certainty growth cycle [1] Group 2 - Compared to overseas technology companies, the overall valuation level of leading Chinese technology firms listed in Hong Kong remains relatively low, indicating potential for value reassessment driven by AI [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from technology-related industries among companies traded via Hong Kong Stock Connect [1] - This index focuses on TMT and internet sectors, reflecting the overall performance of technology sector listed companies in the Hong Kong market, characterized by high technological content and growth potential [1]

港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数从通过港股通交易的港股上市公 司中选取信息技术、电子零件及互动媒体等科技相关行业的证券作为指数样本，并精选市值最高的30只 成分股。该指数聚焦于TMT与互联网领域，以反映港股市场科技板块上市公司证券的整体表现，具有 较高的科技含量和成长性特征。 华宝证券指出，港股科技股走强。由于此前港股整体偏震荡，回撤压力较小，且市场消化前期外卖补贴 等不利影响，市场信心修复，互联网平台走强，港股科技周度大幅上涨。在产业趋势及业绩增长前景支 撑下成长风格弹性更大，表现仍然偏强，且预计10月重磅会议仍有政策催化。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 没有股票账户的投资者可关注国泰中证港股通科技ETF发起联接C（015740），国泰中证港股通科技 ETF发起联接A（015739）。 ...

Group 1 - The Hong Kong stock market is expected to continue its structural rise in the short term, supported by the progress of the US-China summit and the recovery of sentiment in the A-share market [1] - The technology sector in Hong Kong is highlighted as a promising area due to improving AI demand and a favorable liquidity environment, including a 25 basis point rate cut by the Federal Reserve [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from technology-related industries, focusing on the top 30 companies by market capitalization [1] Group 2 - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Initiated Link A (015739) [1]

Group 1 - The Hong Kong Technology ETF (513020) increased by 1.07% on September 22, with a trading volume of 493 million yuan [1] - The fund's shares rose by 105 million, bringing the total shares to 3.141 billion, with an increase of 722 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 4.155 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index, adjusted for valuation exchange rates [1] - The fund is managed by Guotai Fund Management Co., Ltd., with Liang Xing as the fund manager [1] - Since its establishment on January 19, 2022, the fund has achieved a return of 32.29%, with a one-month return of 6.40% [1]

Group 1 - The Hong Kong Technology ETF (513020) has surpassed a scale of 4 billion yuan, with a year-to-date increase of over 55% and a net inflow of nearly 350 million yuan over the past 10 days, indicating strong demand for Hong Kong tech assets [1] - Huatai Securities noted positive developments in US-China relations and a stable domestic economic environment, with a relatively optimistic tone set during a recent call between the two countries' leaders [1] - The focus of technology companies has shifted back to growth, with significant increases in capital expenditure and R&D spending reflecting a return to innovation, which may enhance the valuation of tech firms and drive revenue growth in upstream sectors like computing power and cloud services [1] Group 2 - The Hong Kong stock market has gathered a number of core Chinese technology assets, referred to as the "Eastern Silicon Valley," with the Hong Kong Technology ETF (513020) representing a balanced investment value across various sectors including internet, new energy vehicles, chips, biomedicine, and innovative drugs [2] - Since 2018, the Hong Kong Technology Index has consistently outperformed the Hang Seng Technology Index and the Hong Kong Stock Connect Internet Index, suggesting ongoing investment opportunities in the Hong Kong Technology ETF (513020) [2] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) for exposure to this sector [2]

港股科技聚集了一批中国科技核心资产，被称为"东方硅谷"。港股科技ETF（513020）标的指数（中证 港股通科技指数）中既有年初爆火的互联网，也有新能源车、芯片、生物医药和创新药等，在行业分布 上更加均衡，代表了港股科技资产的整体投资价值。从2018年开始观测可以发现，港股通科技指数长期 跑赢恒生科技指数，港股通互联网指数。或可持续关注港股科技ETF（513020）机会。 没有股票账户的投资者可关注国泰中证港股通科技ETF发起联接A（015739），国泰中证港股通科技 ETF发起联接C（015740）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 今日，港股科技ETF（513020）盘中涨超1%，近10日净流入超3.2亿元。 相关机构表示，美联储在9月FOMC会议上将联邦基金利率下调25个基点至4%~4.25%，并释放出10月极 有可能继续降息 ...

9月18日港股科技ETF（513020）开盘维持震荡，尾盘开始下跌，收跌1.57%。 资料来源：wind 美联储在9月FOMC会议上将联邦基金利率下调25个基点至4-4.25%，并释放出10月极有可能继续降息的 信号。最新点阵图显示今年将有三次降息，部分委员因近期劳动力市场疲弱转鸽。且会议声明措辞与鲍 威尔杰等讲话高度一致，强调就业风险上行。鲍威尔将此次降息定位为"风险管理型降息"，历史经验表 明此类"保险型"降息通常连续执行。 由于香港的联系汇率制度及国际金融中心的地位，港股的流动性与美国的货币政策相关性较大。回顾历 史，从1964年以来港股与美股表现出了很强的联动性，恒生指数和标普500相关系数接近95%。而据广 发证券统计，从历史上看非衰退式降息（1995年、2020年、2008年）恒生指数震荡走强，而美联储衰退 式降息（2002年、2008年）之后，恒生指数则是下探三个月左右之后震荡上行。降息重启之后的12个 月，科技行业平均上涨88%。 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。 | 降息情形 | 重启降名 | 基本材料 | 12 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut since December 2024, aligning with market expectations [1] - The decision was passed with 11 votes in favor and 1 against, with the dissenting vote advocating for a 50 basis point cut to stimulate the economy more aggressively [1] - Fed Chair Powell described the rate cut as a "risk management measure" aimed at addressing the cooling job market, while emphasizing that the current policy does not indicate a sustained rate-cutting cycle [1] Group 2 - Economic data supports the rate cut, with only 22,000 new non-farm jobs added in August, significantly below the expected 75,000, and the unemployment rate rising to 4.3%, the highest since November 2021 [1] - Despite a slight increase in July's core PCE inflation to 2.9%, Powell views tariff-induced price hikes as short-term shocks, with the focus now on the risks in the job market [1] - The rate cut provides a clear operational anchor for global asset allocation, with differentiated investment logic across gold, Hong Kong stocks, and A-shares [1][2] Group 3 - Gold is expected to have strong support due to declining real interest rates and a weakened independence of the Fed, with investors advised to consider gold ETFs [2] - Hong Kong stocks are more sensitive to external liquidity easing, with the Fed's rate cut likely to lead to global capital rebalancing, making Chinese assets more attractive to foreign investors [2] - A-shares may benefit from increased foreign inflows due to overseas liquidity easing, with a focus on technology growth sectors like AI and domestic chip production [2]