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C（015740），国泰中证港股通科技 ETF发起联接A（015739）。 中泰证券指出，港股科技板块近期表现相对占优，展望未来，以人工智能为代表的科技行业将持续受益 于技术进步和政策支持，AI科技板块具备较大成长空间。随着国内科技产业政策的持续出台，港股科 技类企业或将获得更多资金关注。南向资金对港股的边际定价能力增强，在低利率环境下将吸引更多资 金配置港股。中长期来看，港股的估值优势和产业转型升级趋势仍值得期待。 港股科技ETF（代码：513020）跟踪的是港股通科技指数（代码：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。 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 ...

Group 1 - The Hong Kong stock market is expected to benefit from the accelerated commercialization of AI and the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - The AI technology and new consumption sectors have significant growth potential, and southbound funds are enhancing their marginal pricing power in the Hong Kong stock market, particularly in a low-interest-rate environment [1] - The overall market sentiment is positive, with the IT sector showing substantial gains, driven by rising expectations of interest rate cuts from the Federal Reserve [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on leading companies in the technology sector available through the Stock Connect [1] - The index emphasizes market capitalization, R&D intensity, and revenue growth quality in its constituent stock selection, covering TMT (Media, Computer, Internet, Electronics) and automotive industries [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The core viewpoint is that the Hong Kong stock technology sector still holds long-term investment value, with leading technology companies possessing significant competitive advantages and deep moats [1] - The valuation advantage and upside potential of Hong Kong technology stocks are evident, with a substantial decrease in market congestion compared to the beginning of the year, indicating strong investment value [1] - The overall profitability (ROE) of the technology sector is stabilizing and recovering, with current valuations around 20 times PE, which is relatively at historical lows, suggesting significant room for valuation recovery [1] Group 2 - The Hong Kong Stock Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects no more than 50 quality companies from the technology sector listed under the Stock Connect program [1] - The index aims to comprehensively reflect the overall performance of securities of technology companies that can be invested through the Hong Kong Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Initiated Link A (015739) [1]

Group 1 - The overall valuation of the Hong Kong internet social services sector is currently low, indicating potential upward space [1] - With the rise in AI capital expenditure and increased support for technological innovation policies, leading companies in the technology sector have medium to long-term growth potential [1] - Recent market sentiment has declined significantly, but positive signals from the Political Bureau meeting and policy outlook for the second half of the year suggest that overall policies will remain stable, leading to a continuation of valuation recovery under structural policy guidance [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which primarily includes listed technology-related companies across nine Hang Seng secondary industries, reflecting the investment characteristics of the integration of technology and consumption [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The Hong Kong stock market has been active since early 2025, even leading global markets at one point, with an average daily trading volume increasing by approximately 80% compared to the same period last year [1] - Despite a weakening overall Chinese economic backdrop and ongoing external disturbances, a structural market rally has been observed, with sectors like AI, new consumption, and innovative pharmaceuticals experiencing multiple rounds of leadership [1] - The Hang Seng Technology Index's price-to-earnings ratio (PE TTM) remains at 21 times, indicating it is undervalued, with potential recovery in sectors such as e-commerce and local living services, supported by policy measures in the automotive sector [1] Group 2 - The Hang Seng Technology Index may see upward movement in the third quarter if earnings expectations are revised upward, combined with a recovery in market sentiment [1] - Investors are encouraged to consider the Hong Kong Technology ETF (513020), which tracks the Hong Kong Stock Connect Technology Index (931573), comprising up to 50 high-quality companies in the technology sector [1] - The index aims to reflect the overall performance of listed companies in the technology sector available through the Hong Kong Stock Connect, showcasing significant growth potential and market volatility characteristics [1]

Group 1 - The long-term outlook for China's technology industry indicates a continuous rise in the premium center, with significant excess returns for Hong Kong stocks in the technology sector over the past 20 years [1] - The technology sector in Hong Kong has shown high elasticity and sustainability during various market cycles, with each increase in technology premium closely linked to industrial transformations, typically occurring in approximately five-year cycles [1] - Core industries within the technology sector are entering a localization phase, with new productive industries such as artificial intelligence, humanoid robots, and low-altitude economy receiving policy support [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects up to 50 high-quality companies from the technology sector listed within the Stock Connect range [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The core viewpoint of the articles highlights a surge in technology company listings in the Hong Kong stock market since Q2 2025, reinforcing Hong Kong's position as a global technology capital hub [1] - Multiple technology sectors, including internet, new energy vehicles, and biomedicine, are seeing increased listings, indicating a robust interest from global investors [1] - The Hong Kong Stock Exchange is actively reforming its listing system to provide a "fast-track approval" process for eligible companies, further attracting international attention [1] Group 2 - Short-term pressure on the Hong Kong stock market is anticipated due to tariff expectations, particularly with potential actions from the Trump administration to bypass federal court rulings [1] - Despite short-term challenges, there is a relatively optimistic long-term outlook for the Hong Kong technology sector, supported by strong performance in AI upstream computing power and servers [1] - The Hang Seng Technology Index experienced a single-day increase of 2.46% due to a U.S. International Trade Court ruling, but later retraced gains due to tariff policy concerns, indicating market sensitivity to U.S.-China policies [1] Group 3 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which includes 30 large-cap technology companies with significant R&D investment and good revenue growth [1] - The index aims to reflect the overall performance of listed technology companies within the Hong Kong Stock Connect framework, focusing on high-tech industries such as information technology and telecommunications [1]

中信建投指出，港股市场在200年的发展中已形成完整且发达的金融体系，金融、地产、科技、消费等 行业占据较大权重。受益于全球重估中国资产及国家政策支持，港股市场正成为全球资本配置中国科技 资产的战略要地。伴随上市规则18A、18C及"科企专线"等政策优化，中国优质科技企业加速涌向港股 市场，推动港股进入中资科技时代。南向资金持续流入，2025年前四个月净流入规模已达去年全年的四 分之三，日均流入量为去年的2.5倍。基本面改善、政策红利及流动性支撑下，预计未来3年港股市场将 迎来快速发展，步入港股科技牛市时代。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数由国证指数公司发布，从港股通 范围内选取30只市值较大、研发投入高且营收增长良好的科技龙头股作为指数样本，涵盖信息技术等领 域，旨在反映港股通科技领域上市公司证券的整体表现。 消息面上，2025年5月27日至6月4日期间，港股市场迎来科技企业上市热潮，一批拥有核心技术及全球 领先优势的企业正密集涌向港交所，推动港股向全球科技资本枢纽转型。港交所通过18A、18C及"科企 专线"等制度优化，吸引新能源、AI等领域的优质科技企业上市， ...

Group 1 - The Hong Kong stock market is experiencing a surge in technology company listings, with a focus on core technology firms in sectors such as renewable energy and AI, transforming Hong Kong into a global technology capital hub [1] - As of May 29, 2025, 27 companies have listed on the Hong Kong stock market this year, raising a total of 77.123 billion HKD, with 5 technology companies having passed the hearing process and 155 currently under review [1] - The Hong Kong Stock Exchange has optimized its listing regulations, including the introduction of rules 18A, 18C, and the "Tech Company Special Line," to attract more high-quality technology firms to list [1][2] Group 2 - CITIC Securities notes that the Hong Kong stock market has developed a complete financial system, with significant weight in sectors such as finance, real estate, technology, and consumer goods, benefiting from global re-evaluation of Chinese assets and national policy support [2] - The introduction of the "Tech Company Special Line" in May 2025 facilitates the listing of specialized technology and biotech companies, allowing for confidential application submissions and reinforcing Hong Kong's position as a platform for emerging tech company listings [2] - Continuous inflow of southbound funds has been observed, with the proportion of actively managed equity funds allocated to Hong Kong stocks reaching a five-year high in the first quarter of 2025, indicating improved market liquidity [2]