Core Insights - The company achieved a total profit of 1.843 million in 2025, with a return rate of 33.89% [1][14] - The company primarily operates three investment accounts: on-exchange ETF account, off-exchange fund account, and advisory portfolio account [1] On-Exchange ETF Account - The on-exchange ETF account reported a profit of 438,046.77, with a return rate of 39.01% for 2025 [4] - The account's core holdings include Hong Kong innovation drug ETF, Hong Kong technology ETF, and Hong Kong consumer ETF, focusing on the Hong Kong market [4][5] - The account has shown stability, with 9 out of 12 months being profitable, indicating a monthly win rate of 75% [4] Off-Exchange Fund Account - The off-exchange fund account has assets of 5.4 million, with a profit of 1.325 million and a return rate of 33.89% [3][8] - The account's main holdings are in resource and technology funds, with significant contributions from resource funds [9] - The account has also shown stability, with 8 out of 12 months being profitable, resulting in a monthly win rate of over 66% [9] Advisory Portfolio Account - The advisory portfolio account has assets exceeding 1.2 million, with a cumulative profit of around 80,000 [13] - The portfolio focuses on long-term investments, with holdings in various funds, including medical and consumer sectors [13] - The account's strategy includes maintaining a maximum position of 15% in any single sector to manage risk [12][13] Market Outlook for 2026 - The company plans to adopt a more defensive strategy in 2026 due to high valuations in the A-share market, while the Hong Kong market remains relatively reasonable [17][18] - The company aims to reduce its overall position to around 60% if the market continues to rise, focusing on undervalued sectors with potential [21] - Key sectors for 2026 include Hong Kong technology, defense industry, and innovative pharmaceuticals, which together represent 50% of the overall portfolio [26][27]

Group 1 - The core viewpoint of the article highlights the recent rebound in the Hong Kong stock market, with the Hang Seng Index rising by 0.75%, the Hang Seng Tech Index increasing by 1.12%, and the Hong Kong Stock Connect Internet Index up by 0.88% [1][16] - The improvement in external liquidity expectations is a significant factor, as U.S. inflation has unexpectedly slowed, strengthening market expectations for the Federal Reserve to lower interest rates next year, which is beneficial for offshore markets like Hong Kong [1][16] - Domestic capital has played a crucial role, with net inflows from southbound funds exceeding 1.4 trillion HKD this year, demonstrating the long-term commitment of mainland investors to Hong Kong assets [1][16] Group 2 - Market sentiment and valuation recovery are evident, as major indices in Hong Kong are now at historically low valuation levels, providing a significant margin of safety [1][16] - The policy environment remains accommodative, with recent economic meetings confirming that a moderately loose monetary policy will continue next year to promote stable economic growth, providing a macro-level confidence foundation for the market [1][16] - The latest report from CITIC Securities indicates that after a unilateral rise in September, the Hong Kong market has experienced fluctuations since October due to overseas macro expectations, with quality assets now entering a high cost-performance ratio zone [1][16] Group 3 - The article discusses various Hong Kong ETFs, including the Hong Kong Internet ETF, which tracks the CSI Hong Kong Internet Index and focuses on leading internet companies through the Stock Connect, benefiting from the core dividends of China's digital economy [3][18] - The Hong Kong Innovation Drug ETF, which tracks the Hang Seng Hong Kong Stock Connect Innovation Drug Select Index, has seen its shares reach a new high of 4.178 billion, reflecting long-term value recognition despite recent adjustments [7][20] - The Hong Kong Medical ETF is highlighted for its low valuation and high growth expectations, with a TTM price-to-earnings ratio of 30.44, which is significantly lower compared to A-shares and U.S. medical sectors, indicating a pricing advantage [12][25]

原油股继续下跌，能源ETF广发、能源ETF分别跌0.94%、0.76%。银行板块走低，中证银行ETF跌 0.7%。半导体板块走弱，芯片设备ETF、集成电路ETF分别跌0.6%和0.55%。 截至收盘，上证指数涨0.36%，深证成指涨0.66%，创业板指涨0.49%，北证50涨0.99%。全市场成 交额17392亿元，较上日成交额放量625亿元。板块题材上，零售、乳业、可控核聚变板块活跃，半导体 板块调整。 ETF方面，港股汽车股午后拉升，广发基金港股汽车ETF、华夏基金港股通汽车ETF和汇添富基金 港股汽车ETF涨超3%。旅游股表现活跃，华夏基金旅游ETF和富国基金旅游ETF分别涨3.08%、2.98%。 航空股延续近期涨势，华泰柏瑞基金航空航天ETF涨2.79%。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

12月19日，A股三大指数集体反弹，智能驾驶、车路云等概念表现强势，相关ETF集体大涨，截至 13:32，港股通汽车ETF（159323）涨幅2.75%，智能车ETF（159888）涨幅1.9%，汽车零部件ETF （562700）涨幅1.87%，相关概念股浙江世宝、索菱股份等涨停，豪恩汽电涨超14%，经纬恒润-W涨超 12%，云意电气涨超10%。 （文章来源：每日经济新闻） 消息面上，工信部15日公布我国首批L3级有条件自动驾驶车型准入许可，标志着我国L3级自动驾驶从 测试阶段迈入商业化应用的关键一步。 信达证券表示，法规逐步完善，L3与高阶智驾逐步落地。当前国内关于智能网联汽车的法规持续完 善，行业发展环境逐步规范化。同时自主品牌加快智驾技术研发，行业智驾渗透率持续提升。 ...

| 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 159323 | 港股通汽车ETF | 1.273 | 0.038 | 3.08% | | 520600 | 港股汽车ETF | 1.228 | 0.035 | 2.93% | | 159210 | 港股汽车ETF | 1.010 | 0.028 | 2.85% | | 520720 | 香港汽车ETF | 0.909 | 0.025 | 2.83% | | 159237 | 港股汽车ETF基金 | 1.050 | 0.028 | 2.74% | 有券商表示，随着智能化技术的加速落地，部分车企凭借领先的智能驾驶与智能座舱技术，正处于新品 周期与技术周期的共振阶段，有望推动销量持续增长。同时，政策对汽车消费的持续支持，以及新能源 汽车渗透率的不断提升，为整车企业提供了广阔的市场空间。 港股汽车概念股走高，地平线机器人-W涨超8%，小鹏汽车-W涨超7%，理想汽车-W涨超3%。 受盘面影响，港股汽车相关ETF涨约3%。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong stocks, particularly in the automotive and gold sectors, with XPeng Motors surging by 15% and driving the Hong Kong Stock Connect automotive ETF up by 2% [1] - XPeng Motors' new humanoid robot, IRON, has gained significant attention from both domestic and international users and investors, receiving praise from Elon Musk. Major financial institutions such as Morgan Stanley, Deutsche Bank, Citigroup, and others have issued reports strongly recommending XPeng Motors [1] - The spot price of gold has risen above $4,100 per ounce, with indications that the U.S. government shutdown may be coming to an end, which could improve market liquidity. A report from China Merchants Securities suggests focusing on elastic varieties in the context of declining U.S. dollar, low interest rates, and liquidity [1] Group 2 - The article mentions that gold is also driven by rising global geopolitical risks, increasing demand for safe-haven assets, and central bank purchases [1] - The Hong Kong automotive industry chain, including the Hong Kong Stock Connect automotive ETF (159323), has seen a rise of 2.08%, with XPeng Motors being the largest weighted stock at 15.27%, alongside other companies like BYD, Geely, Li Auto, and Leap Motor [1] - The gold investment tool, Hua Xia Gold ETF (518850), has increased by 1.7%, attracting capital for eight consecutive days, with a total net inflow of 2.275 billion yuan over the past 20 days, and a comprehensive fee rate of 0.2%, which is among the lowest in its category [1]

Group 1 - The Hong Kong stock market showed mixed performance with the Hang Seng Technology Index experiencing slight fluctuations, while major ETFs followed suit with varying results [1] - Several automakers reported strong sales figures for October, with companies like Leap Motor, Xpeng, NIO, and Xiaomi all exceeding 40,000 monthly deliveries, indicating a robust market during the peak sales season [1] - Guotai Junan Securities anticipates a strong sales surge in Q4, predicting that electric vehicle penetration rates will reach new highs, particularly benefiting companies with strong brand power in the mid-to-low-end market [1] Group 2 - A growing number of automakers, including Xpeng, Xiaomi, and others, are entering the humanoid robot sector, which is expected to open new growth opportunities for the automotive industry [2] - The investment strategy report from Open Source Securities highlights that automakers possess comprehensive advantages in the realm of intelligent driving and robotics, suggesting a convergence of these technologies [2] - The valuation framework for automakers is expected to shift from traditional metrics to a model more akin to technology companies, focusing on cash flow discounting and segment valuation [2] Group 3 - The Hong Kong Stock Connect Automotive ETF (159323) focuses on the new energy vehicle sector, featuring a leading proportion of passenger cars and covering emerging automakers, which may benefit from advancements in robotics technology [3] - The Hang Seng Technology Index ETF (513180) includes a diverse range of high-growth technology assets, providing investors with access to key Chinese tech companies without needing a Hong Kong Stock Connect account [3]

Group 1 - Chinese assets continue to rebound, with both A-shares and H-shares maintaining strong upward momentum, particularly driven by the surge in CPO optical module concepts [1] - The three major A-share indices collectively rose, with the ChiNext Index experiencing a significant increase of over 3% in the afternoon session [1] - The Hang Seng Technology Index also saw gains of over 2%, with active participation from tech, semiconductor, and automotive stocks [1] Group 2 - Major ETFs such as the Sci-Tech Innovation 50 ETF and the Hang Seng Technology Index ETF showed strong performance, with the Sci-Tech Innovation 50 ETF rising nearly 4% in the afternoon [1] - Longjiang Securities remains optimistic about the Chinese stock market, particularly in October, anticipating significant policy announcements and focusing on technology and value sectors [1] - Huachuang Securities highlights the deep adjustment in the Hang Seng Technology Index, suggesting that core companies like Tencent, Alibaba, and Meituan present attractive valuation opportunities for 2026 [2] Group 3 - The market's core focus for the fourth quarter is expected to shift from "water buffalo" to "fundamental bull," with key signals including APEC meeting progress and the Federal Reserve's interest rate cycle [2] - Structural beneficiaries include sectors related to chips, rare earths, and military, while cyclical stocks and the Hang Seng Technology sector are gaining increased investment value [2]

Group 1 - Chinese assets showed a comprehensive recovery on October 20, with A-shares' three major indices collectively rising, and the ChiNext index initially increasing over 3% before narrowing to around 1% in the afternoon [1] - In the concept sectors, cultivated diamonds and optical module CPOs led the gains, while AI computing hardware stocks rebounded, with "Yizhongtian" among the top performers [1] - The Hang Seng Technology Index surged nearly 4% in the morning and maintained over 2% gains in the afternoon, with tech stocks like NetEase, Alibaba, and Tencent rebounding [1] Group 2 - Huaxi Securities indicated that a repair market is expected to slowly unfold in late October, with potential consensus during upcoming economic discussions and the APEC summit, suggesting a possible re-emergence of "TACO" trades [2] - The current market environment reflects a shift in funds rather than a broad decline, with net inflows into financing and ETFs indicating sufficient micro liquidity in the stock market [2] - The construction of a "stabilizing market mechanism" and improvements in investor return systems are highlighted as key features of the current market cycle, supporting the notion of a "slow bull" market in A-shares [2]

Core Viewpoint - The Hong Kong automotive sector is experiencing a decline, with major companies like Xpeng Motors, Li Auto, and Great Wall Motors seeing significant drops in their stock prices, impacting related ETFs as well [1][2]. Group 1: Stock Performance - Xpeng Motors-W fell over 4%, while Li Auto-W dropped over 2%, and both Leap Motor and Great Wall Motors saw declines exceeding 3% [1]. - The Hong Kong automotive-related ETFs also experienced a downturn, with declines of over 2% across various funds [1]. Group 2: Market Outlook - Analysts suggest that the automotive market is entering a consumption peak season, with expectations for continued growth in exports [2]. - The sector is viewed as having long-term stable investment value, with recommendations to focus on leading companies and those with low exposure to the U.S. market [2]. - The automotive sector is anticipated to enter a phase characterized by high sales momentum, event catalysts, and industry trend resonance [2].