Core Viewpoint - The Hong Kong stock technology ETF (513020) has seen a rise of over 0.5% as of November 25, indicating a positive trend in the market despite macroeconomic uncertainties [1] Group 1: Market Trends - The report from China Merchants Hong Kong highlights that marginal benefits for Hong Kong stocks are accumulating, with the technology and non-ferrous metal sectors showing active performance [1] - The potential for a "preventive rate cut" by the Federal Reserve may provide liquidity support to the market [1] Group 2: Technology Sector Insights - The Hong Kong stock technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which focuses on technology-themed listed companies traded through the Stock Connect channel [1] - The index covers high-growth areas such as internet services, electronic manufacturing, communication equipment, and biotechnology, selecting 30 representative companies with technological leadership and continuous innovation capabilities [1] - Key evaluation metrics for the index include research and development investment intensity and revenue growth indicators, showcasing a diversified industrial layout characterized by "software and hardware synergy, new consumption scenarios, innovative drug development, and smart vehicle technology" [1]

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]

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 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]

Core Insights - The overseas Sora2's popularity and major companies accelerating their computing power layout continue to strengthen the leading role of the technology sector, highlighting the value of allocating Hong Kong stock technology-weighted assets [1] - Significant advancements in AI video model technology have notably lowered content production barriers, driving an increase in copyright protection demand and enhancing efficiency in advertising materials, short videos, mid-to-long videos, and gaming sectors [1] - Domestic self-developed video models are rapidly iterating, with Alibaba Cloud leveraging its "full-stack AI capabilities" in computing power, models, and applications to form a closed-loop advantage, while Tencent's mixed Yuan visual model leads domestically [1] - The gaming sector's third-quarter report shows high prosperity, and although the film industry performed flat during the National Day holiday, a clear supply turning point is evident, with quality content reserves expected to drive recovery [1] - The evolution of AI applications is ongoing, with three development stages comprising the reshaping of public cloud value, B-end SaaS empowerment, and C-end scenario implementation [1] Index and Fund Insights - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from technology-related industries among companies listed on the Hong Kong Stock Exchange, focusing on the top 30 constituents by market capitalization [1] - This index emphasizes TMT (Technology, Media, and Telecommunications) and internet sectors to reflect the overall performance of technology sector listed companies in the Hong Kong market, characterized by high technological content and growth potential [1]

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]

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]

Core Viewpoint - Hong Kong's technology stocks are experiencing a strong performance, supported by market confidence recovery and positive industry trends [1] Group 1: Market Performance - The overall Hong Kong stock market has shown limited pullback pressure, allowing for a recovery in market confidence [1] - The Hong Kong technology sector has seen a significant weekly increase, driven by the performance of internet platforms [1] Group 2: Investment Opportunities - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects securities from technology-related industries [1] - The index focuses on the top 30 companies by market capitalization in the TMT and internet sectors, reflecting the overall performance of technology stocks in the Hong Kong market [1] Group 3: Fund Options - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

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]

招商证券指出，9月以来港股市场表现强势，主要由内外部流动性改善驱动。美国就业数据弱于预期、 通胀温和，市场对美联储降息预期提升，美元指数和美债利率下行；港币汇率趋稳，HIBOR利率回 落；中报业绩期结束，互联网龙头担忧暂缓。结构上建议关注科技行业，短期利空出尽叠加AI叙事驱 动，关注港股科技板块。中期看，美联储若开启降息周期，中国香港地区作为离岸市场将受益于美元流 动性宽松环境。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数由中证指数有限公司编制，从港 股通范围内上市的科技行业公司中精选不超过50家优质企业作为成分股。重点覆盖【互联网+生物医药 +新能源车】等多个细分领域，旨在综合反映港股市场核心科技企业的整体表现。这些企业不仅在本土 市场占据优势，还在海外市场有较强的拓展能力。 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 ...