Core Viewpoint - The Hong Kong stock technology sector has experienced significant recent pullbacks, with sensitivity to positive catalysts declining amid reduced risk appetite, yet there remains a revaluation opportunity as liquidity conditions improve [1] Group 1: Market Conditions - The technology sector in Hong Kong is primarily focused on domestic computing power, models, and applications, with its prospects closely tied to China's technological development, differing from the ongoing cycles in the U.S. [1] - Under the support of the "14th Five-Year Plan," the theme of technological self-sufficiency is emphasized for the medium to long term [1] - Although short-term market sentiment has been largely released, Hong Kong stocks are entering a phase of positioning, with current valuations beginning to show cost-effectiveness [1] Group 2: Investment Products - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in information technology, electronic components, and interactive media from the Stock Connect range [1] - This index focuses on high-end manufacturing, hardware infrastructure, and the entire AI industry chain, aiming to reflect the overall performance of technology-related listed companies in the Hong Kong market [1]

Market Overview - A-shares experienced a slight stabilization 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, amidst a total trading volume of 1.7 trillion yuan [1] - The military and media sectors led the market, while the dividend style saw a pullback, indicating a recent adjustment phase influenced by external economic pressures and high valuations [1] Gaming Sector - The gaming sector showed strength today, with the gaming ETF (516010) rising by 3.15%, recovering from last week's losses, indicating a "post-pullback offensive window" for investment [3] - In Q3 2025, the gaming industry's revenue reached 30.362 billion yuan, marking a year-on-year growth of 28.6% and a quarter-on-quarter increase of 9.48%, with profits growing by 112% to 5.777 billion yuan, reflecting strong profitability and continued industry momentum [3] - AI's impact on cost reduction is significant, with management expense ratios decreasing from 10% in Q1 2023 to 7% in Q3 2025, and R&D expense ratios dropping from 12% to 11% in the same period, enhancing profit margins [3] Media and Internet Sector - In Q3 2025, public funds increased their holdings in the media and internet sector, with the market value proportion rising to 2.50%, and the gaming sub-sector's allocation increasing to 1.68%, indicating a positive outlook for valuation and liquidity recovery [4] - The gaming industry remains resilient due to high fundamental growth, ongoing AI cost reduction trends, and a favorable supply of game licenses, suggesting improved investment opportunities [4] Hong Kong Market - The Hong Kong 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, indicating a systemic recovery in the internet sector [6] - Despite recent volatility due to hawkish signals from the Federal Reserve and concerns over AI valuations, there is potential for marginal improvement in risk appetite following upcoming policy meetings [6][5] Gold and Innovation Drug Sectors - The gold ETF (518800) saw a slight increase of 0.31%, supported by fluctuating interest rate expectations and geopolitical tensions, which have bolstered safe-haven demand [6] - The innovation drug sector reported a revenue of 48.56 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 21.41%, with a significant reduction in net profit losses, indicating a positive trend in the industry [8] - The establishment of a commercial insurance directory for innovative drugs is expected to create a potential funding pool of approximately 20 billion yuan, enhancing the financial landscape for the sector [8]

Group 1 - The core viewpoint is that the technology sector is expected to lead the market, with significant value in allocating internet heavyweight assets [1] - Major companies are accelerating their computing power layout, with continuous innovation in AI products both domestically and internationally, such as Alibaba's secret "Qianwen" project, which aims to create a personal AI assistant comparable to ChatGPT based on the Qwen model [1] - As the Q3 earnings season approaches, internet companies are establishing operational turning points, indicating a favorable cost-performance ratio for current positions [1] Group 2 - The gaming sector's valuation has returned to a favorable range, with a positive outlook on its value as a high-cost performance entertainment consumption option, especially given the product innovation from mid-tier companies and the absence of major mobile game releases [1] - The Hong Kong Stock Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in internet, electronic components, and interactive media, focusing on high R&D intensity and growth potential [1] - The index aims to reflect the overall performance of representative securities in the technology sector of the Hong Kong market [1]

Core Insights - The technology sector in Hong Kong's stock market is shifting focus from capital expenditure to investment return rates, particularly in the AI field, with domestic AI listings accelerating and AI animation becoming a rapidly commercialized scenario [1] - Cloud computing businesses and internet companies with rich application scenarios are gaining attention due to quick revenue realization and high valuation cost-effectiveness [1] - The gaming sector is experiencing fundamental improvements, with an increase in license approvals not leading to intensified competition, as companies differentiate through user and category competition, and AI technology enhances game production and innovation [1] - Music platforms need to focus on the monetization capabilities of mid- and long-tail content and community cultivation, with free models relying on improved advertising ROI [1] - Some companies in the education publishing industry are showing signs of operational turning points [1] - Overall, the technology sector is concentrating on the practical application of AI, the recovery of gaming fundamentals, and the enhancement of content platform monetization efficiency [1] Index and ETF Information - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies focusing on technology themes from the Hong Kong Stock Connect range, covering sectors such as information technology, electronic components, and interactive media and services [1]

Core Viewpoint - The Hong Kong stock market has performed well this year, with the Hong Kong Technology ETF (513020) achieving approximately 45% returns, although this may seem modest compared to higher-performing ETFs like the Communication ETF (515880) [1][2] Group 1: Market Performance - The Hong Kong stock market initially rose this year, driven by the innovative drug sector that began gaining traction at the end of last year, primarily due to the sale of research and development results to overseas markets [1][2] - The "patent cliff" in the U.S. is causing original drug manufacturers to face significant profit declines as patents expire, leading to increased competition from generic drug manufacturers [1][2] - The innovative drug sector in Hong Kong has benefited from the ability to produce new drug patents, aligning with U.S. market needs, thus creating a favorable supply-demand dynamic [2][3] Group 2: Sector Analysis - The Hong Kong Technology ETF (513020) tracks several indices, including the China Securities Hong Kong Stock Connect Technology Index, which has outperformed others due to its diverse industry coverage, including innovative drugs, telecommunications, and new energy vehicles [3] - The performance of the Hang Seng Technology Index has lagged due to its lack of exposure to the pharmaceutical sector, which has been a significant driver of market performance this year [3] Group 3: Market Trends and Outlook - The Hong Kong market has entered a consolidation phase since early October, while the A-share market continues to rise, indicating a slight lag in performance between the two markets [4][7] - The Hong Kong market is influenced by both domestic economic conditions and overseas liquidity, particularly from U.S. Federal Reserve policies, which can significantly impact market performance [4][6] - The current U.S. government shutdown and liquidity tightening are expected to limit short-term upward movement in the Hong Kong market, with a likelihood of remaining in a consolidation phase unless unexpected changes occur in U.S. monetary policy [6][7]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a strong rebound, with the Hong Kong Technology ETF (513020) rising over 1% [1]. Group 1: Market Sentiment - The U.S. Senate has reached an agreement to end the federal government "shutdown," leading to a gradual release of risks in the external market [2]. - The upcoming earnings reports from major internet companies like Tencent and Meituan are expected to catalyze the Hong Kong technology market [2]. Group 2: Sector Analysis - Huayuan Securities highlights that the earnings reports of leading internet companies will showcase the resilience of their fundamental performance, driven by platform advantages [2]. - The core of industry development and market transactions remains focused on the research and investment in AI foundational technologies, as well as the implementation of AI application products [2]. Group 3: Investment Opportunities - The Hong Kong Technology ETF (513020) tracks the CSI Hong Kong Stock Connect Technology Index, which includes leading stocks in the internet, new energy, and innovative pharmaceuticals sectors, featuring popular companies like Alibaba, Xiaomi, Tencent, Meituan, Lenovo, BYD, and SMIC [2]. - According to Guotai Haitong Securities, the combination of improving fundamental expectations and a continuously improving capital environment suggests that the Hong Kong stock market may reach new highs in the fourth quarter [2]. Group 4: Future Outlook - The narrative around the internet is shifting towards "AI empowerment," coupled with increased policy support, which is expected to enhance fundamental expectations for the Hong Kong market [2]. - The influx of foreign capital and sustained southbound fund inflows are strengthening the incremental capital market in Hong Kong [2]. - Under the influence of AI, the technology sector in Hong Kong remains the main line of the market trend [2].

Core Viewpoint - The Hong Kong technology sector is currently undervalued, and if foreign capital flows in, it is expected to benefit from valuation recovery in the medium to long term [1] Group 1: Industry Insights - The Hong Kong technology sector has just entered the earnings release phase, and market expectations have not fully reflected the growth potential of the industry [1] - The AI industry is still in its early stages, with performance in the computing infrastructure segment starting to explode, but the prosperity in the downstream application layer has not yet fully spread [1] - The ceiling expectations for the industry have not yet peaked, indicating that future earnings may continue to exceed expectations [1] Group 2: Investment Opportunities - Overall, the Hong Kong technology sector possesses medium to long-term allocation value, but attention should be paid to foreign liquidity and the pace of industry prosperity diffusion [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which focuses on technology companies listed in Hong Kong that are traded through the Stock Connect channel [1] - The index selects the top 30 securities by market capitalization from sectors such as information technology, electronic components, and interactive media and services, reflecting the overall performance of growth-oriented technology enterprises in the Hong Kong market [1]

11月6日早盘，港股科技ETF（513020）涨超1.3%，近20日净流入超5亿元。 财通证券指出，港股科技板块当前估值仍处于低位，若外资持续流入，中长期有望受益于估值修复。从 AH科技对比来看，港股科技相比美股科技仍具性价比，且部分细分领域刚进入业绩释放初期，产业成 熟度尚未见顶，未来业绩增长潜力较大。 （文章来源：每日经济新闻） 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数主要覆盖在香港上市、并符合港 股通交易资格的科技企业，成分股侧重于信息技术、医疗保健等新经济领域，以反映相关行业在港股市 场的整体表现。该指数旨在追踪具有高成长潜力的科技公司，体现创新与技术驱动的企业特征。 ...

每日经济新闻 中泰证券指出，港股市场在美联储降息周期和政策支持的双重背景下仍具备中长期投资价值，尽管短期 内美联储降息节奏可能放缓，但全球流动性环境总体保持相对宽松，对港股形成支撑。科技板块方面， 恒生科技指数成分股虽短期面临调整压力，但其稀缺性和长期成长性依然存在，AI等细分领域的龙头 企业值得关注。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数主要覆盖在港上市、并符合港股 通交易资格的科技企业，成分股侧重于信息技术、医疗保健等新经济领域，以反映相关行业在港股市场 的整体表现。该指数旨在追踪具有高成长潜力的科技公司，体现创新与技术驱动的企业特征。 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。 ...

Market Overview - The A-share market showed a rebound today, with the Shanghai Composite Index rising by 0.55% to 3976.52 points and the Shenzhen Component Index increasing by 0.19% to 13404.06 points. The total trading volume exceeded 2.1 trillion yuan, with over 3500 stocks gaining. The market sentiment is shifting from profit improvement expectations to verification of profit improvements, indicating a change in market style. A-shares remain undervalued compared to global markets, and the liquidity is expected to improve as the USD enters a rate-cutting cycle, maintaining a slow bull market outlook for A-shares [1]. Coal Industry - The coal industry saw an increase of 2.52% today. The fundamentals suggest that coal supply will strengthen in Q4, with resilient demand, making coal prices likely to rise. The coal sector has strong valuation certainty and significant dividend advantages, and as coal prices and performance elasticity materialize, the sector may benefit from a Davis double effect. In the medium to long term, the industry is expected to benefit from favorable factors such as "anti-involution" and state-owned enterprise market value management. It is recommended to pay attention to the Coal ETF (515220) for investment opportunities [1]. Hong Kong Stock Market - The Hong Kong stock market rose by 0.97% to 26158.36 points, with a general strength in new energy vehicle companies. Sector-wise, the valuations of information technology, consumer discretionary, and utilities in the Hong Kong market are relatively low compared to A-shares and US stocks. The Hang Seng Technology Index offers good value. With external liquidity improving and capital inflows supporting the market, the outlook for Hong Kong stocks remains positive. It is recommended to continue allocating to the Hong Kong Technology ETF (513020) and the Hong Kong Stock Connect 50 ETF (159712) [1]. Photovoltaic Industry - The Photovoltaic 50 ETF (159864) increased by 3.73% today. Recently, 17 leading polysilicon companies are set to establish a joint platform, marking substantial progress in supply-side reforms. The recent quarterly reports from major companies in the photovoltaic supply chain show a continuous narrowing of losses, with several leading firms exceeding performance expectations for Q3 2025. Policy-wise, the "14th Five-Year Plan" suggests unifying market rules to eliminate local protectionism and market fragmentation, addressing "involution" competition. The combination of policy support, market clearing, and technological iteration is expected to support the industry’s return to healthy operations. The end of the year may serve as a critical observation point for the implementation of "anti-involution" policies, with potential developments in silicon material mergers and production limits. Investors interested in this sector should keep an eye on the Photovoltaic 50 ETF (159864) [2]. Technology Sector - As Q4 begins, the sentiment for technology growth has fluctuated, leading to increased market volatility and a retreat in equity risk appetite, with some funds shifting from aggressive to defensive strategies. The dividend index, which has a high resource weight, is more sensitive to the leading gains in coal and oil & gas sectors. In the short term, the value of dividend-style allocations is highlighted during market fluctuations. In the long term, the new "National Nine Articles" guidance, combined with a decline in risk-free yields, indicates a higher allocation value for dividend assets. The Dividend State-Owned Enterprise ETF (510720) and Cash Flow ETF (159399) are recommended for ongoing evaluation of dividends [2].