11月24日，港股通科技30ETF（159636）涨1.78%，成交额10.01亿元。当日份额增加8700.00万份，最新 份额为265.58亿份，近20个交易日份额增加1.87亿份。最新资产净值计算值为362.25亿元。 港股通科技30ETF（159636）业绩比较基准为经汇率调整后的国证港股通科技指数收益率，管理人为工 银瑞信基金管理有限公司，基金经理为赵栩、刘伟琳，成立（2022-06-30）以来回报为36.40%，近一个 月回报为-7.82%。 来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

来源：新浪基金∞工作室 11月21日，港股通科技30ETF（159636）跌1.32%，成交额15.79亿元。当日份额增加1.07亿份，最新份 额为264.71亿份，近20个交易日份额增加2.79亿份。最新资产净值计算值为351.41亿元。 港股通科技30ETF（159636）业绩比较基准为经汇率调整后的国证港股通科技指数收益率，管理人为工 银瑞信基金管理有限公司，基金经理为赵栩、刘伟琳，成立（2022-06-30）以来回报为32.75%，近一个 月回报为-9.47%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Core Viewpoint - The article discusses how Huatai Fund, known for its active investment research, is leveraging its expertise to enhance index investment, positioning itself as a proactive player in a competitive market [2][3]. Group 1: Index Investment Growth - As of September, Huatai Fund's equity index fund scale exceeded 177 billion, with equity ETFs surpassing 100 billion, reaching 128.865 billion [1]. - The net inflow of Huatai's index business this year has reached 48.116 billion, indicating strong growth momentum [1]. Group 2: Active Selection Strategy - Huatai Fund emphasizes "active selection" in index investment, focusing on long-term sectors like consumption, pharmaceuticals, energy, and finance [3][4]. - The company aims to differentiate itself by not just replicating indices but by designing products that reflect deep market insights and strategic foresight [3][5]. Group 3: Product Design and Operation - The "smile curve" theory guides Huatai's focus on high-value product design and operation, ensuring each product serves a distinct purpose without overlapping risks [6][7]. - The company adopts a patient approach to nurturing products, as seen with the Consumer ETF, which grew from 7 billion to 22 billion despite market pressures [8]. Group 4: Solution-Oriented Approach - Huatai Fund aims to provide comprehensive index product solutions, driven by actual client needs rather than merely promoting its own products [11][12]. - The firm emphasizes in-house development of strategies to maintain control over its core capabilities, ensuring continuous improvement and adaptation to market conditions [12].

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]

Core Viewpoint - The Hong Kong stock market experienced a significant rebound, particularly in the technology sector, indicating a potential stabilization after a period of decline [1][3]. Group 1: Market Performance - The Hong Kong Technology 30 ETF (520980) showed a leading performance, suggesting strong momentum in hard technology stocks [2][6]. - The Hang Seng Technology Index remained relatively stable, while the broader Hong Kong Technology sector exhibited slower growth, indicating varying levels of investor confidence [2][6]. - The overall market sentiment appears to be improving, with a notable increase in ETF shares, reflecting market expectations for domestic technology [11][19]. Group 2: External Factors - External factors influencing foreign investment sentiment include high expectations for the overall market environment and technological breakthroughs, which have not materialized as anticipated [5][8]. - In October, foreign active funds saw a net outflow of $10 billion, while passive funds recorded an inflow of $32 billion, indicating a shift in investment strategy towards a more cautious approach [9][19]. Group 3: Future Expectations - There are three main expectations for the future: 1. Anticipation of domestic technology advancements, particularly in semiconductor manufacturing, which could drive market sentiment [13][15]. 2. Continued focus on technological breakthroughs, such as the development of new domestic chip standards [14][15]. 3. Upcoming Q3 earnings reports from leading companies like Tencent, which will be critical for reassessing the market's outlook on technology and AI sectors [15][19]. Group 4: Investment Strategy - The current market position is viewed as a potential mid-term bottom, suggesting that investors may find opportunities for low-cost entry [20][22]. - The Hong Kong Technology 30 ETF is positioned to focus on hard technology, including semiconductors and robotics, differentiating it from other indices that may be more influenced by foreign sentiment [20][22].

Group 1 - The Hong Kong stock market, particularly the technology sector, is experiencing a significant rebound driven by the wave of domestic substitution, with the Hong Kong Stock Connect Technology 30 ETF (520980) rising over 2% and achieving a trading volume exceeding 530 million yuan [1] - The Hang Seng Technology ETF (513260), which has the lowest management fee in its category, also increased by over 1.5%, with a trading volume surpassing 350 million yuan and a recent fund inflow of over 350 million yuan in the past 20 days [3] - The semiconductor sector is witnessing unexpected price increases, with SK Hynix raising the price of HBM4 supplied to NVIDIA by 50% compared to the previous generation [5] Group 2 - Major stocks in the Hong Kong technology sector are showing positive performance, with notable increases in share prices for companies like Hua Hong Semiconductor (over 6%), SMIC (over 5%), Alibaba (over 3%), and Tencent (over 2%) [5] - Recent data indicates that southbound funds have been flowing into leading Hong Kong technology stocks, with Xiaomi Group-W and Meituan-W among the top ten net purchases in the past week [7] - The Hong Kong technology sector is becoming a core carrier of the AI wave, with domestic AI application giants primarily listed in Hong Kong, enhancing their scarcity and global competitiveness [9] Group 3 - The valuation of the Hong Kong stock market is currently low compared to historical levels, particularly in the technology sector, providing significant potential for upward adjustment [10] - The market is expected to attract substantial incremental capital, with foreign capital showing signs of stabilization and domestic capital inflows projected to exceed 1.5 trillion yuan in the coming year [12] - The scarcity of quality assets in the Hong Kong market, particularly in internet, new consumption, and innovative pharmaceuticals, is expected to support the ongoing bullish trend [13]

Market Overview - The A-share market opened lower but rebounded, with the Shanghai Composite Index up 0.05% and the ChiNext Index up 0.17% by midday [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.1497 trillion yuan, a decrease of 81.4 billion yuan from the previous day [1] - Over 3,000 stocks in the market experienced gains [1] Sector Performance - Leading sectors included Hainan Free Trade Zone, electric grid equipment, airport transportation, tourism and hotels, and food and beverage, which saw significant gains [1] - Conversely, the semiconductor, quantum technology, and gaming sectors faced declines [1] ETF Movements - The electric grid equipment sector saw a surge, with ETFs such as Huaxia Electric Grid Equipment ETF, GF Solar ETF, and others rising by 4.62%, 3.35%, 3.09%, and 3.05% respectively [1] - Hainan Free Trade Zone and duty-free shops also performed well, with the Fortune Fund Tourism ETF and Huaxia Gold Tourism ETF increasing by 1.74% and 1.59% respectively [1] International Market Impact - The Japanese and South Korean stock markets experienced significant fluctuations, with the China-South Korea Semiconductor ETF, Nikkei 225 ETF, and Asia-Pacific Select ETF dropping by 3.65%, 3.35%, and 3.32% respectively [1] - The innovative drug sector declined, with the Science and Technology Innovation Drug ETF from Huitianfu falling by 2.26% [1] - Hong Kong technology stocks followed suit, with the Hong Kong Stock Connect Technology 30 ETF decreasing by 2% [1]

Core Insights - The Chinese ETF market has experienced explosive growth, becoming the largest ETF market in Asia, surpassing Japan, with an asset management scale of $640.6 billion as of July 2025 [1] - The total domestic ETF scale has exceeded 5.6 trillion yuan, with an increase of over 180 billion yuan within the year, indicating a rapid development phase [1] - Huatai-PineBridge Fund has transitioned from being known as a "stock-picking expert" to positioning itself as an "active chooser in the index investment space" [3][4] Group 1: Market Growth and Trends - As of October 21, 2025, the domestic ETF total scale has surpassed 5.6 trillion yuan, with a year-on-year increase of over 1.8 trillion yuan [1] - The rapid growth of ETFs is part of a broader trend towards index-based investment strategies, with Huatai-PineBridge Fund's innovative products gaining significant traction [1][3] Group 2: Strategic Positioning and Philosophy - The fund's strategy emphasizes the importance of product design and operation, adhering to a "smile curve" model where true competitiveness lies in the ends of the curve [2][5] - The company aims to provide tailored solutions for various investors by leveraging its active research capabilities and strategic judgment [2][4] Group 3: Product Development and Innovation - Huatai-PineBridge Fund's index business is built on long-term accumulation and deep observation, recognizing the blurring lines between active and passive investment [3][4] - The fund has successfully launched products like the Hong Kong Stock Connect Innovative Drug ETF, which grew from under 1 billion yuan to over 20 billion yuan [1][3] Group 4: Client Service and Differentiation - The fund is transitioning from merely selling products to providing comprehensive investment solutions tailored to different client needs [9][10] - For institutional clients, the focus is on deep research and customized services, while retail clients benefit from high responsiveness and product flexibility [10][11] Group 5: Future Outlook and Innovation - The company is optimistic about the future of the ETF market in China, highlighting significant potential for growth in ETF penetration rates [12][14] - Key areas of focus for future product innovation include Active ETFs and Covered Call ETFs, which align with the company's strengths and market demands [12][14]

Market Overview - The market has experienced increased volatility since October, particularly in the technology sector, with renewed interest in dividend assets due to heightened risk aversion stemming from escalating trade tensions [1] - The uncertainty from trade disputes may lead to a rotation of funds from crowded trades, resulting in fluctuations in high-valuation growth sectors and a rebound in undervalued sectors [1] Asset Allocation Strategy - In the current market context, focus on sectors with positive earnings forecasts such as semiconductor technology, battery, and non-ferrous metals during the third-quarter earnings reporting period [2] - From a funding perspective, main funds are flowing into AI technology sectors like electronics and communications, while southbound funds are notably directed towards dividend sectors like banking [2] Sector Performance Semiconductor Sector - The semiconductor sector is experiencing high growth, with a significant number of companies reporting strong earnings during the third-quarter disclosures [2] - Notable companies include Cambrian, which reported a net profit of 1.605 billion yuan, marking its first profitable quarter, and Haiguang Information, with a net profit of 1.961 billion yuan, up 28.56% year-on-year [2] Non-Ferrous Metals and Battery Sectors - The non-ferrous metals sector is showing signs of recovery, with expected profit growth of 50% by 2025, driven by various favorable factors including supply-side policies and global economic conditions [4] - The battery sector, previously affected by price wars, is expected to see a turnaround with a projected profit growth of 36% by 2025, supported by demand for energy storage and advancements in solid-state battery technology [7] AI and Technology Trends - The AI sector is catalyzing growth across various industries, with significant investments from major companies like Oracle and domestic tech giants increasing their AI capabilities [8] - The Hong Kong market is well-positioned to benefit from the AI narrative, with a complete domestic AI industry chain and major tech companies included in the Hong Kong Technology ETF [8] Funding Trends - Main funds are showing a "barbell" strategy, focusing on both technology sectors and undervalued dividend sectors like banking and consumer goods [12] - Recent data indicates significant net inflows into electronic and communication sectors, with banking also receiving attention as a defensive investment [12] Conclusion - The current market dynamics suggest a strategic focus on sectors with strong earnings potential and favorable growth forecasts, particularly in technology and dividend-paying sectors, as investors seek stability and returns in a volatile environment [1][2][4][7][12]

Group 1 - The core viewpoint is that the Hong Kong stock market, particularly the technology sector, is experiencing a bullish trend driven by the rise of AI and significant inflows of southbound capital [1][3] - The Hong Kong technology sector is seen as a core asset for domestic AI, benefiting directly from the ongoing development in the AI industry [1] - Morgan Stanley's chief China equity strategist suggests that further increases in Chinese asset allocations by global investors are likely, particularly in high-tech sectors such as AI, automation, and biotechnology [2] Group 2 - The Hong Kong stock market is expected to maintain a bullish pattern in Q4, with the technology sector benefiting from the AI narrative and potential improvements in market liquidity [3] - The recent adjustments in the market are viewed as normal corrections within a historical context, with positive signals such as progress in US-China negotiations and domestic policy support potentially alleviating market concerns [3] - The inflow of southbound capital is anticipated to continue, further supporting the upward trend in the Hong Kong stock market [3]