Core Viewpoint - The Hong Kong stock market is experiencing a strong performance, particularly among major internet companies, with significant gains observed in stocks like NetEase, Alibaba, and Kuaishou, driven by positive sentiment in the technology sector [1] Group 1: Market Performance - As of 10:50 AM, stocks such as NetEase-S, Alibaba-W, and Kuaishou-W have risen over 5%, while Tencent Holdings and Meituan-W have increased by more than 2% [1] - The Hang Seng Technology Index has risen by 2.2%, and the CSI Hong Kong Stock Connect Internet Index has increased by 2.4% [1] - The Hang Seng Technology ETF (513010) saw a net inflow of over 1.5 billion yuan last week, indicating strong investor interest [1] Group 2: Industry Outlook - Huatai Securities highlights that Hong Kong-listed companies in the AI narrative are primarily focused on domestic computing power, models, and applications, with future prospects linked to China's technological development [1] - The "14th Five-Year Plan" supports the theme of technological self-sufficiency, which is expected to be a medium to long-term focus [1] - Despite recent pullbacks in the Hong Kong technology sector, there remains potential for revaluation once liquidity conditions improve [1] Group 3: Valuation Metrics - The rolling price-to-earnings ratios for both the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Internet Index are below 22 times, positioned at the 15% and 8% percentiles since the indices were launched [1] - Investors looking to capitalize on the Hong Kong technology sector can consider products like the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) for convenient exposure [1]

核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益-7.53%，相对恒生指数超额收益-2.44%。 本年，港股精选组合绝对收益 56.87%，相对恒生指数超额收益 31.15%。 港股市场创新高热点板块跟踪 证券研究报告 | 2025年11月22日 港股投资周报 医药科技板块大跌，港股精选组合年内上涨 56.87% 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国东方航空股份等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为消费、制造、医 药、大金融和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益-4.80%；恒生科技 指数收益最低，累计收益-7.18%。 行业指数方面，本周电讯业行业收益最高，累计收益-1.58%；原材料业行业 收益最低，累计收益-8.65%。 概念板块方面，本周安防监控概念板块收益最高，累计收益 1.43%；钢铁概 念板块收益最低，累计收益-14.53%。 南向资金监控 ...

每日经济新闻 恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，覆盖互联网、AI 等高成长赛道，中证港股通互联网指数则由港股通范围内30家涉及互联网相关业务的股票组成，聚焦 AI应用。从估值来看，恒生科技指数、中证港股通互联网指数的滚动市盈率均在23倍以下，分别处于 指数发布以来21%和14%分位处。 恒生科技ETF易方达（513010）、港股通互联网ETF（513040）分别跟踪上述指数，可助力投资者高效 把握科技板块估值修复的机遇。 近期，受海外宏观预期变化及全球风险资产情绪偏谨慎影响，全球主要股指整体呈现回吐走势，港股市 场亦震荡回调，科技板块短线进入情绪消化阶段，资金持续借道相关ETF进行布局。根据Wind数据统 计，恒生科技ETF易方达（513010）、港股通互联网ETF（513040）近5个交易日分别获12.2亿元和3.6 亿元资金净流入。 有分析表示， 本轮市场的波动主要源于年末资金面的季节性再平衡以及宏观预期的理性校准。展望后 市，随着下周多家港股核心科技企业即将披露业绩，市场焦点有望从情绪博弈回归至产业基本面与盈利 质量，业绩验证将成为稳定市场的压舱石。在消化短期不 ...

港股经历了"科技/互联网→新消费→创新药→上游原材料"的板块快速轮动，但整体风格仍然以业绩和 股价弹性较大的成长型或进攻型景气板块为主。 招商证券认为，港股在经历10月盘整后，悲观预期逐步出清。AI科技持续取得突破进展、中美摩擦缓 和、"十五五"政策落地及美联储宽松政策，将成为11月至年底市场修复的关键驱动。港股在盘整后有望 打开上行空间。中长期展望更为乐观。随着供需格局改善，中国经济周期有望迎来景气拐点。科技产业 的资本开支和研发投入将逐步转化为企业盈利，成为新的增长引擎。在美联储降息周期开启且结束QT 缩表，中美政策"双宽松"共振，南向资金和外资将持续流入。未来基本面改善，盈利预期上修叠加估值 修复将驱动港股中长期上行，呈现慢牛趋势。 东吴证券指出，中长期来看，美股回归由经济基本面和企业盈利韧性所主导的轨道上，主要趋势依然向 上。一是，在宏观政策"三降"——降利率、降关税、降企业税，叠加放松监管的政策催化下，美国经济 强劲增长。更重要的是，人工智能投资支出不断推动科技繁荣，美股背景依然有利。二是，关于泡沫， 一方面，Mag7的PE中值为27倍，离金融泡沫顶峰时期（科网泡沫及漂亮50时期）的典型估值水平仍有 ...

今日港股表现强势，消费板块领涨，医药股午后发力，截至收盘，中证港股通消费主题指数上涨3.0%，中证港股通互联网指数上涨2.2%，恒生港股通新经 济指数上涨1.6%，中证港股通医药卫生综合指数上涨1.4%，恒生科技指数上涨1.3%。 港股市场迎来又一里程碑，今日南向资金通过港股通净买入66.54亿港元，使得年内净买入额突破1.3万亿港元，自港股通开通以来的累计净流入规模也突破5 万亿港元，刷新互联互通机制开通以来的最高纪录。 1. 3 港股通医药ETF 跟踪中证港股通医药卫生综合指数 该指数由港股通范围内医疗卫 生行业中50只流动性较好、市 值较大的股票组成,医疗保健 行业权重占比超90% �日 该指数消 1. 4' 技主题高度相关的、市值最大 的30只股票组成,信息技术及 可选消费行业合计占比超90% 该指数泪 港股通互联网ETF 跟踪中证港股通互联网指数 该指数由港股通范围内30家互 联网龙头公司的股票组成,主 要包括信息技术、可选消费行 令日 该指数污 每日经济新闻 ...

ETF Industry News - The Shanghai Composite Index rose by 0.53%, with the tourism ETFs leading the gains, increasing by 5.99% and 5.66% respectively [1] - Multiple Hong Kong ETFs have attracted over 20 billion yuan in net inflows this year, with the Hong Kong Internet ETF receiving nearly 54.4 billion yuan [1] - The Southbound ETF Connect has expanded, now including six new ETFs, with the first inclusion of ETFs containing US stock assets [1] Market Overview - On November 10, the Shanghai Composite Index closed at 4018.6 points, with a daily high of 4018.7 points, while the Shenzhen Component Index and the ChiNext Index saw minor increases and a decrease of 0.92% respectively [2] - The Hang Seng Index and Nikkei 225 showed strong performance, with daily increases of 1.55% and 1.26% respectively [2] Sector Performance - The beauty care, food and beverage, and retail sectors performed well, with daily increases of 3.6%, 3.22%, and 2.69% respectively [5] - Conversely, the electric equipment, machinery, and electronics sectors lagged behind, with declines of -1.09%, -0.71%, and -0.51% respectively [5] ETF Market Performance - Cross-border ETFs showed the best performance with an average increase of 1.48%, while stock index ETFs had the worst performance with an average decrease of -0.06% [7] - The top-performing ETFs included tourism ETFs with gains of 5.99% and 5.66%, and a wine ETF with a gain of 4.50% [9] Trading Volume of ETFs - The top three ETFs by trading volume were the A500 ETF Fund, the CSI A500 ETF, and the A500 ETF from E Fund, with trading volumes of 5.102 billion yuan, 4.449 billion yuan, and 4.179 billion yuan respectively [11]

11月3日~7日，A股主要指数先抑后扬，沪指围绕4000点震荡整固，沪深300指数涨0.82%，创业板指涨0.65%，科创50指数微涨0.01%， 港股科技股延续调整，恒生科技指数跌1.20%。 此外，《每日经济新闻》记者注意到，尽管恒生科技指数周跌1.2%，但该指数挂钩ETF规模上周增加超51亿元，年内新增额一举突破 1000亿元，反映出部分资金对这类ETF"越跌越买"的抄底心态。 总规模达5.73万亿元 在A股窄幅震荡背景下，上周ETF（交易型开放式指数基金）市场总体看似平静，但局部热点纷呈。截至11月7日，全市场ETF总规模 达5.73万亿元，上周新增近300亿元，年内增加额更是逼近2万亿元大关。更劲爆的是，两只巴西ETF遭资金疯抢，单只吸金超25亿元， 却只能按不到12%的比例配售，借此契机，跨境ETF规模一举突破9000亿元。 视觉中国 从头部产品来看，国泰基金旗下证券ETF上周规模再增25亿元，产品规模已连增14周。其对应的证券公司指数挂钩ETF规模上周新增超 35亿元，也是连续14周保持正增长。 Wind（万得）数据显示，截至11月7日，上市ETF总数量为1343只，总规模达5.73万亿元。从数 ...

Market Overview - The three major A-share indices collectively adjusted today, with the Shanghai Composite Index down 0.25%, the Shenzhen Component Index down 0.36%, and the ChiNext Index down 0.51%. The North Stock 50 increased by 0.19% [1] - The total trading volume in the Shanghai and Shenzhen markets was 20,202 billion yuan, a decrease of 557 billion yuan compared to the previous day [1] - Over 3,100 stocks in the market experienced declines [1] Sector Performance - The organic silicon, chemical, energy metals, Hainan Free Trade Zone, photovoltaic equipment, and port shipping sectors saw the largest gains [1] - Conversely, the AI corpus, quantum technology, humanoid robots, cloud computing, and brain-computer interface sectors experienced the most significant declines [1] ETF Performance - The chemical sector was strong, with several ETFs such as Huabao Fund Chemical ETF, Guotai Fund Chemical Leader ETF, and others rising over 3% [1] - The new materials sector also performed well, with ETFs from Jianxin Fund, Ping An Fund, and Guotai Fund increasing by 2.46%, 2.44%, and 2.41% respectively [1] - The photovoltaic sector continued its upward trend, with the Puyin Ansheng Fund Photovoltaic Leader ETF rising by 2.28% [1] Hong Kong Market - The Hong Kong internet sector declined, with the Hong Kong Internet ETF and Hong Kong Stock Connect Internet ETF falling by 2.89% and 2.62% respectively [1] - The software sector also showed negative performance, with the Software Leader ETF and Software 50 ETF dropping by 2.44% and 2.41% respectively [1] - The artificial intelligence sector saw a comprehensive decline, with the AI ETF and Financial Technology ETF both falling by over 2% [1]

Core Viewpoint - The stock ETF market experienced a significant net outflow of over 130 billion yuan on November 6, indicating a trend of profit-taking among investors despite a rebound in the A-share market, which saw the Shanghai Composite Index recover above the 4000-point mark [1][3]. Fund Flow Summary - On November 6, the overall net outflow from the stock ETF market exceeded 131 billion yuan, with a total of 1241 stock ETFs (including cross-border ETFs) having a total scale of 4.45 trillion yuan [2][3]. - The market saw a reduction of 75.64 billion units in total ETF shares, translating to a net outflow of approximately 131.05 billion yuan based on average transaction prices [3]. - This marked the first occurrence of a net outflow exceeding 100 billion yuan after several days of continuous inflow, reflecting the characteristics of wave operations by market participants [5]. Sector Performance - The sectors with the highest net inflows included pharmaceuticals, Hang Seng Technology, food and beverage, and non-bank financials, with net inflow amounts of 8.1 billion yuan, 3.5 billion yuan, 2.4 billion yuan, 1.7 billion yuan, and 1.5 billion yuan respectively [7]. - The top three ETFs with net inflows were the Huaxia Electric Grid Equipment ETF, Southern CSI A500 ETF, and GF Hong Kong Innovative Medicine ETF, with net inflows of 3.81 billion yuan, 3.25 billion yuan, and 2.16 billion yuan respectively [7]. Notable ETFs - The Huaxia Electric Grid Equipment ETF saw a significant increase in scale, rising from 5.32 billion yuan to 15.78 billion yuan, marking a 197% increase [6]. - The top ten ETFs by net inflow on November 6 included the Electric Grid Equipment ETF, Company Bond ETF, and A500 ETF, with respective net inflows of 3.81 billion yuan, 3.55 billion yuan, and 3.25 billion yuan [8]. Outflow Analysis - The sectors with the highest net outflows included semiconductors, the Sci-Tech Innovation Board, the ChiNext, CSI 300, and securities, with net outflow amounts of 35.7 billion yuan, 26.3 billion yuan, 18.8 billion yuan, 13.3 billion yuan, and 9.6 billion yuan respectively [9]. - The top ten ETFs by net outflow included the Sci-Tech Innovation 50 ETF, Robot ETF, and Securities ETF, with respective outflows of 3.57 billion yuan, 3.65 billion yuan, and 5.89 billion yuan [10].

Core Viewpoint - The stock ETF market experienced a significant net outflow of over 131 billion yuan on November 6, marking the first occurrence of such a large outflow after several days of inflows, indicating a trend of profit-taking among investors [2][5]. Fund Flow Summary - As of November 6, the total scale of all stock ETFs (including cross-border ETFs) reached 4.45 trillion yuan, with a reduction of 75.64 million units in total market share, leading to a net outflow of approximately 131.05 billion yuan based on average transaction prices [3][5]. - The outflow reflects a typical behavior of ETF investors, who tend to buy more during market declines and take profits during upswings, acting as a stabilizing force in the market [5]. Sector Performance - The sectors with the highest net inflows included pharmaceuticals, Hang Seng Technology, food and beverage, and non-bank financials, with net inflow amounts of 8.1 billion yuan, 3.5 billion yuan, 2.4 billion yuan, 1.7 billion yuan, and 1.5 billion yuan respectively [7]. - Conversely, the sectors experiencing the largest net outflows were semiconductors, the Sci-Tech Innovation Board, the ChiNext, CSI 300, and securities, with outflows of 35.7 billion yuan, 26.3 billion yuan, 18.8 billion yuan, 13.3 billion yuan, and 9.6 billion yuan respectively [7]. Notable ETF Performance - Certain ETFs from leading fund companies continued to attract capital, with E Fund's ETFs reaching a total scale of 831.19 billion yuan, increasing by 12.64 billion yuan on the same day [6]. - The top three ETFs with net inflows were the Huaxia Electric Grid Equipment ETF, Southern CSI A500 ETF, and GF Hong Kong Innovative Medicine ETF, with net inflows of 3.81 billion yuan, 3.25 billion yuan, and 2.16 billion yuan respectively [7].