港股本周震荡分化，消费板块逆势走强，科技、医药板块回调。指数层面，中证港股通消费主题指数上涨0.6%，中证港股 通医药卫生综合指数下跌2.0%，恒生科技指数下跌2.8%，中证港股通互联网指数下跌3.0%，恒生港股通新经济指数下跌 3.1%。Wind数据显示，截至昨日，恒生科技ETF易方达（513010）和港股通互联网ETF（513040）周内均连续"吸金"，合 计分别达9.2亿元和2.7亿元。 | | 恒生港股 | 恒生科技 | 中证港股通 | | 中证港股 | | --- | --- | --- | --- | --- | --- | | | 通新经济 | | 医药卫生综 | 中证港股通 | 曲消费 | | | 指数 | 指数 | 合指数 | 互联网指数 | 主题指数 | | 本周涨跌幅 | -3. 1% | -2. 8% | -2. 0% | -3. 0% | 0. 6% | | 指数滚动 市盈率 | 24.5倍 | 22.9倍 | 31.9倍 | 24.6倍 | 17.2倍 | | 滚动市盈率 分位 | 52. 2% | 29.2% | 50. 5% | 26. 5% | 0. 1% | | 跟踪该 | ...

港股今日震荡分化，午后小幅回暖，医药、能源，银行股领涨，科技股微跌，截至收盘，中证港股通医药卫生综合指数上涨0.5%，中证港股通消费主题指 数下跌0.4%，恒生港股通新经济指数下跌0.6%，恒生科技指数下跌0.7%，中证港股通互联网指数下跌1.1%。Wind数据显示，截至昨日，恒生科技ETP易方 达（513010）月内资金净流入额超20亿元、居同类前列。 港股新经济指数基本情况跟踪 (2025年12月18日) 恒生新经济ETF 跟踪恒生港股通新经济指数 该指数由港股通范围内、属于 "新经济"行业中市值最大的 50只股票组成,主要包括信息 技术、可选消费、医疗保健行 s | 今日 | 该指数 | 该指数自 | | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 以来估1 | | -0. 6% | 24. 6倍 | 53. | 恒生科技ETF易方达 跟踪恒生科技指数 该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,信息技术及 可选消费行业合计占比超90% | や日 | 该指数 | | --- | --- | | 该指数涨跌 | 滚动市盈率 | | -0. 7% | ...

| 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、属于 | 令目 | 该指数 | 该指数自2018年 | | "新经济"行业中市值最大的 | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | 50只股票组成,主要包括信息 技术、可选消费、医疗保健行 | | | | | = | 0. 9% | 24. 3倍 | 51. 2% | | 恒生科技ETF易方达 | | | 513010 | | 跟踪恒生科技指数 | | | | | 该指数由港股上市公司中与科 | マ日 | 该指数 | 该指数自2020年 | | 技主题高度相关的、市值最大 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 的30只股票组成,信息技术及 | 1.0% | 22. 7倍 | 28. 4% | | 可选消费行业合计占比超90% | | | | | 港股通医药ETF 低费率 | | | 513200 | | 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 | 令目 | 该 ...

Market Performance - The Hong Kong stock market saw a rise in the afternoon, with sectors such as semiconductors, hardware equipment, and pharmaceuticals leading the gains [1] - The CSI Hong Kong Stock Connect Healthcare Index increased by 2.3%, the Hang Seng Stock Connect New Economy Index rose by 1.7%, the Hang Seng Technology Index went up by 1.5%, and the CSI Hong Kong Stock Connect Internet Index gained 1.2% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index experienced a slight decline of 0.1% [1] Fund Inflows - According to Wind data, the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) saw net inflows of 620 million yuan and 190 million yuan, respectively, over the past week [1] Strategic Insights - CITIC Securities highlighted that the "14th Five-Year Plan" emphasizes the construction of a modern industrial system and accelerating high-level technological self-reliance, which may lead to new policy support for strategic emerging industries such as new energy, new materials, aerospace, and quantum technology [1] - Looking ahead to 2026, the Hong Kong stock market is expected to benefit from the internal catalysts of the "14th Five-Year Plan," with recommendations for investors to focus on investment opportunities in AI-related sectors and consumer electronics [1]

Core Insights - The domestic index investment market has rapidly expanded, with the total scale of non-monetary ETFs and other index funds nearing 8 trillion yuan by the end of Q3 2023, marking a growth of 2.1 trillion yuan within the year [1] - E Fund has emerged as a leader in the industry, with its public index products surpassing 1 trillion yuan in scale [1] Tracking Error Control - Precise control of tracking error is essential for index investment, reflecting the fund company's expertise [2] - Tracking error primarily arises from stock position deviations and individual stock weight discrepancies, necessitating careful management of stock positions and cash reserves [2] - E Fund's A-share ETFs have a scale-weighted tracking error of 0.14%, ranking among the top in the industry [2] Generating Excess Returns - Beyond tracking error control, creating excess returns through refined management is crucial for enhancing investor experience [3] - Cost reduction strategies include minimizing management, custody, and trading costs, while exploring diverse strategies for sustainable return enhancement [3] - Liquidity compensation strategies, such as block trades and inquiry transfers, can effectively lower overall holding costs and stabilize excess returns [3] Full-Cycle Management - The professional nature of index products extends throughout their entire lifecycle, from issuance to ongoing management [6] - E Fund has established a standardized full-process management mechanism to ensure stable operations across various market conditions [6] - The company's flagship product, the CSI 300 ETF, has operated smoothly for over 12 years without any risk events [6] Platform Empowerment - The enhancement of index business professionalism relies on systematic support from investment research, trading, and IT platforms [7] - E Fund has developed an advanced index investment management platform that integrates extensive management experience into a quantifiable and replicable system [7] - This platform ensures accurate investment instructions and provides comprehensive feedback on trading execution and portfolio management [7] Active Research Team Collaboration - E Fund's active research team provides a solid foundation for designing industry and thematic index products, leveraging their experience in fundamental pricing and risk management [8] - The collaboration between the index and active teams enhances professional capabilities, contributing to the company's leading position in the industry [8] - As the index investment market reaches a new scale of 8 trillion yuan, the focus is shifting from growth to quality enhancement, with professional capabilities becoming a core competitive advantage [8]

港股早盘全线走强，医药板块涨幅居前，截至午间收盘，恒生港股通创新药指数上涨2.1%，中证港股通医药卫生综合指数上涨1.7%，中证创新药 产业指数、中证生物科技主题指数均上涨0.8%，沪深300医药卫生指数上涨0.6%。 （文章来源：每日经济新闻） ...

Core Insights - The Hong Kong stock market showed mixed performance this week, with significant rebounds in the pharmaceutical sector and active performance in the new consumption sector, while popular technology stocks experienced varied movements [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Index rose by 6.9%, and the CSI Hong Kong Stock Connect Consumption Theme Index increased by 2.3%, while the Hang Seng Technology Index fell by 0.4% [1][3] Index Performance - The Hang Seng New Economy Index increased by 0.7%, while the Hang Seng Technology Index decreased by 0.4% [3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng New Economy Index at 24.7x, Hang Seng Technology Index at 23.1x, CSI Hong Kong Stock Connect Pharmaceutical and Health Index at 29.2x, CSI Hong Kong Stock Connect Internet Index at 24.2x, and CSI Hong Kong Stock Connect Consumption Theme Index at 21.6x [3] - The rolling P/E ratio percentiles indicate that the Hang Seng New Economy Index is at 54.1%, the Hang Seng Technology Index at 30.8%, the CSI Hong Kong Stock Connect Pharmaceutical and Health Index at 46.0%, the CSI Hong Kong Stock Connect Internet Index at 23.0%, and the CSI Hong Kong Stock Connect Consumption Theme Index at 21.4% [3] Market Outlook - Western Securities noted that the reopening of the U.S. government and the resumption of spending by the Treasury could lead to a loosening of dollar liquidity, potentially driving a rebound in the Hong Kong stock market, with the Hang Seng Technology Index expected to benefit from a new round of strong rebound [1]

Core Viewpoint - The Hong Kong pharmaceutical sector showed strong performance in the morning session, with various indices reflecting significant gains, indicating a positive market sentiment towards innovative drug companies and the broader healthcare industry [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.3% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.3% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.9% [1]. - The CSI Biotechnology Theme Index grew by 1.4% [1]. - The CSI 300 Pharmaceutical and Health Index climbed by 1.3% [1]. Group 2: Fund Inflows - The Hang Seng Innovative Drug ETF (159316) attracted a total of 1.4 billion yuan in inflows over the past month [1]. Group 3: Index Valuation Metrics - The rolling price-to-earnings (P/E) ratio for the CSI Biotechnology Theme Index is currently at 58.0 times, with a valuation percentile of 70.7% since its inception in 2015 [5]. - The rolling P/E ratio for the CSI 300 Pharmaceutical and Health Index stands at 31.3 times, with a valuation percentile of 49.3% since its inception in 2007 [7].

Core Viewpoint - The Hong Kong Stock Connect Pharmaceutical ETF (513200) experienced a decline of 1.97% on November 7, with a trading volume of 191 million yuan, indicating a downward trend in the pharmaceutical sector [1] Group 1: Fund Performance - The ETF's total shares increased by 4 million, bringing the latest total to 1.813 billion shares, with a notable increase of 38 million shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 2.057 billion yuan [1] - Since its inception on January 19, 2022, the ETF has returned 13.45%, while its return over the past month has been -13.15% [1] Group 2: Management and Benchmark - The ETF is managed by E Fund Management Co., Ltd., with Wu Chendong as the fund manager [1] - The performance benchmark for the ETF is the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index return rate, adjusted using the valuation exchange rate [1]

Group 1 - The pharmaceutical sector is experiencing a rebound with strong capital allocation intentions, as evidenced by the medical ETF (512010) receiving a net inflow of 400 million yuan over four consecutive trading days, and the Hang Seng Innovation Drug ETF (159316) attracting over 1.6 billion yuan in the past month [1] - The pharmaceutical and biotechnology sector reported a year-on-year net profit growth of 7.7% in Q3 2025, with a gross margin maintained at 31.4%, showing a clear trend of improvement [1] - Innovative drugs are leading the industry, with several companies achieving high growth in performance due to the commercialization of innovative drugs and the confirmation of upfront payments for business development overseas [1] Group 2 - Analysts believe that the pharmaceutical sector is poised for a valuation recovery in Q4, driven by multiple catalysts including performance recovery and policy support, alongside a loose overseas liquidity environment [1] - The medical ETF (512010) tracks the CSI 300 Healthcare Index, reflecting the overall performance of leading pharmaceutical stocks in the A-share market, while the Hang Seng Innovation Drug ETF (159316) focuses exclusively on innovative drug companies in the Hong Kong stock market [1] - Other related ETFs managed by E Fund include the E Fund Innovation Drug ETF (516080) and the Hong Kong Stock Connect Medical ETF (513200), providing investors with diverse options to invest in leading pharmaceutical companies in both A and H shares [1]