Core Viewpoint - The Hang Seng Tech Index has reached a nearly four-year high, attracting significant capital through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2]. Group 1: Market Performance - The Hang Seng Tech Index has shown robust growth, with major stocks like Alibaba and SMIC contributing to its rise [2]. - Year-to-date, the Hong Kong Internet ETF has surged by 53.66%, with its shares increasing from over 30 billion to approximately 90 billion [2]. - The Hang Seng Tech Index's components reported a revenue growth of 14% and a profit growth of 16% year-on-year in Q2, outperforming other sectors in Hong Kong [2][3]. Group 2: Investment Trends - The influx of foreign capital into the Hong Kong market is increasing, driven by the Federal Reserve's interest rate cuts, which are expected to continue [1][5]. - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 100 billion for three consecutive months from July to September [5][6]. - The valuation of the Hang Seng Tech Index components remains attractive, with P/E ratios at historical low percentiles, indicating no bubble despite rising global stock valuations [3][4]. Group 3: AI and Growth Potential - The application of AI technology is enhancing profitability for internet giants in advertising, cloud computing, and enterprise services, indicating a positive outlook for these companies [4][5]. - The growth logic for internet companies is shifting due to advancements in AI, suggesting a re-evaluation of their valuation based on new growth opportunities [5][6]. Group 4: Future Outlook - The combination of improved liquidity and upward industry trends is expected to benefit the Hong Kong tech sector, with strategic allocation becoming increasingly valuable [6]. - The anticipated decline in the US dollar and the easing of domestic liquidity constraints may further attract foreign investment into the Hong Kong market [6].

Core Viewpoint - The Hang Seng Technology Index has reached a nearly four-year high, attracting significant capital inflow through ETFs, despite being less popular compared to sectors like innovative drugs and computing power [1][2] Group 1: Market Performance - The Hang Seng Technology Index has shown robust growth, with individual stocks like Alibaba and SMIC contributing to its rise [2] - The Hong Kong Internet ETF has increased by 53.66% year-to-date, with its shares rising from over 30 billion to approximately 90 billion [2] - Eight ETFs focused on the Hong Kong technology sector have seen their shares increase by over 10 billion this year [1][2] Group 2: Fundamental Analysis - The Hang Seng Technology Index has become a "value" choice, with a year-on-year revenue growth of 14% and profit growth of 16% in Q2 [2] - Excluding the impact of the "takeout war," the net profit growth of the index's constituent stocks is 25%, indicating strong performance [2] - The valuation of major companies within the index, such as Tencent, Baidu, and Alibaba, remains reasonable compared to global standards, with P/E ratios around 20, 13, and 17-18 respectively [3] Group 3: AI and Growth Potential - The application of AI technology is expected to significantly enhance the profitability of internet giants in advertising, cloud computing, and enterprise services [3][5] - The growth logic of internet companies is being reshaped by AI advancements, opening new avenues for growth [5] Group 4: Liquidity and Investment Trends - The improvement in liquidity, driven by the Federal Reserve's interest rate cuts, is a key factor in the positive outlook for the Hang Seng Technology Index [6][7] - Southbound capital has consistently supported the Hong Kong market, with net purchases exceeding 1 trillion this year, marking a historical high [6] - The expectation of continued capital inflow into the Hong Kong market is bolstered by the Fed's easing monetary policy [6][7]

Market Overview - Investors face a dilemma of holding stocks or cash during the upcoming National Day holiday, as A-shares will be closed while overseas markets remain open [1] - Historical data indicates a "post-holiday effect" in the A-share market, with a higher probability of a "post-holiday opening red" [1][2] - Over the past decade, the Shanghai Composite Index has generally performed better after holidays compared to before, with post-holiday gains often being more sustained during significant market rallies [1] A-share Performance Data - The table shows the performance of the Shanghai Composite Index before and after the National Day holiday from 2015 to 2024, highlighting the percentage changes [2] - The probability of the index rising post-holiday is 70% for the first trading day and 60% for the first five trading days [2] Hong Kong Market Insights - The Hong Kong market exhibits a "mid-holiday effect," with a tendency to rise during the National Day holiday, although the first trading day after the holiday may be weaker [5] - The Hang Seng Technology Index shows a higher probability of rising post-holiday, especially when the market is in an upward trend [5][6] Sector Performance Expectations - In the A-share market, sectors such as computer, beauty care, environmental protection, pharmaceutical biology, and automotive are expected to show strong performance in the five trading days following the holiday [8] - For the Hong Kong market, all sectors except comprehensive finance have an upward probability of over 60%, with consumer, high-beta, and growth sectors performing relatively well during the holiday [8][9] Investment Strategies - The report suggests focusing on "hard technology" sectors, including technology, chips, computing power, robotics, and artificial intelligence, as they are expected to lead market trends [11][13] - The "anti-involution" theme is highlighted, particularly in the battery and non-ferrous metals sectors, which are anticipated to benefit from policy catalysts and demand [13] - The report also emphasizes the potential of innovative pharmaceuticals, particularly in the Hong Kong market, due to favorable liquidity conditions and low valuations [14] Broader Market Trends - The report indicates that broad-based ETFs are likely to capture market trends effectively, with financial sectors such as brokerage firms expected to lead the charge [11] - The consumer sector is also highlighted as a key area of interest, especially during the holiday season, with significant inflows into consumer-focused ETFs [14]

Group 1 - The Hong Kong technology sector has shown strong performance recently, with the Hong Kong Stock Connect Technology 30 ETF (159636) reaching a market size of 40.284 billion yuan as of September 25, 2023, and a year-to-date share growth rate of 236.95% [1] - The Hong Kong Stock Connect Technology 30 ETF closely tracks the National Index of Hong Kong Stock Connect Technology, which reflects the performance characteristics of leading companies in the technology sector, focusing on areas such as the internet, innovative pharmaceuticals, smart driving, and semiconductors [1] - The National Index of Hong Kong Stock Connect Technology has seen a return of 88.78% over the past year, outperforming similar indices such as the Hang Seng Technology Index (62.92%) and the Hang Seng Internet Technology Index (58.46%) [1] Group 2 - The recent rebound in the Hong Kong technology sector is attributed to accelerated domestic AI advancements, with expectations for further improvement in market sentiment as a new round of monetary easing by the Federal Reserve begins [2] - The management fee rate for the Hong Kong Stock Connect Technology 30 ETF is the lowest among its peers at 0.45%, which may help reduce long-term holding costs for investors [2] - The Hong Kong Stock Connect Technology 30 ETF is supported by off-exchange connection funds, facilitating easy access for external investors [2]

Core Viewpoint - The market showed strong enthusiasm for investment, with significant inflows into stock ETFs, particularly in sectors like AI and new energy, despite a slight decline in the Shanghai Composite Index [1][2]. Fund Flows - Over the past week, the total net inflow into stock ETFs reached over 286 billion yuan, with notable inflows on three consecutive days [1]. - On Friday alone, the total net inflow into stock ETFs was 71.24 billion yuan, with A-share ETFs contributing 38.42 billion yuan [2]. - Industry-themed ETFs, particularly those tracking the securities index and Hong Kong internet index, saw the highest net inflows, totaling 35.02 billion yuan and 31.71 billion yuan respectively [4]. ETF Performance - The securities ETF experienced a net inflow of nearly 48 billion yuan, while the broker ETF saw a net inflow of approximately 23 billion yuan [6]. - The top-performing ETFs included the securities ETF with a net inflow of 47.91 billion yuan and the Hong Kong internet ETF with 45.69 billion yuan [7]. - The robot ETF from E Fund had a net inflow of 4.2 billion yuan, indicating strong interest in the robotics sector [4][5]. Sector Insights - The AI and new energy sectors are driving market performance, with the ChiNext Index rising by 2.34% and the Sci-Tech 50 Index by 1.84% over the week [2]. - The human-shaped robot industry is expected to gain more attention as production schedules become clearer in the coming years [8]. Outflows - In contrast, several ETFs tracking the ChiNext 50 Index and convertible bond indices faced significant outflows, indicating profit-taking behavior among investors [9].

Core Viewpoint - The stock market showed strong inflows into ETFs, with a total net inflow exceeding 28.6 billion yuan over the past week, indicating a bullish sentiment among investors [2][4]. Fund Flows - The Shanghai Composite Index fluctuated around 3900 points, with significant inflows into stock ETFs over three consecutive days, totaling 286 billion yuan, except for a slight outflow on Tuesday [2][4]. - On Friday alone, the total net inflow into stock ETFs reached 71.24 billion yuan, with A-share ETFs contributing 38.42 billion yuan [4][6]. Sector Performance - Industry-themed ETFs and Hong Kong market ETFs led the inflows, with net inflows of 35.02 billion yuan and 31.71 billion yuan, respectively, while commodity ETFs experienced a net outflow of 9.03 billion yuan [6]. - The A500 index tracking ETF saw a significant single-day net inflow of 13.8 billion yuan on September 19, while the STAR 50 index ETF faced a net outflow of 15.46 billion yuan [7]. Large Fund Companies - Major fund companies like E Fund and Huaxia Fund reported continued net inflows into their ETFs, with E Fund's total ETF scale reaching 787.66 billion yuan, an increase of 187.01 billion yuan since 2025 [9]. - E Fund's Robot ETF and Hong Kong Technology ETF saw net inflows of 4.2 billion yuan and 3 billion yuan, respectively [9]. Specific ETF Performance - The Securities ETF attracted nearly 4.8 billion yuan in net inflows, while the Broker ETF saw inflows of approximately 2.3 billion yuan [11]. - The Hong Kong Internet ETF and the Hong Kong Technology 30 ETF also reported substantial inflows of 45.69 billion yuan and 18.43 billion yuan, respectively [13]. Outflows - In contrast, several ETFs tracking the STAR 50 index, convertible bond index, and CSI 500 index experienced significant outflows, indicating profit-taking behavior among investors [14].

来源：市场资讯 （来源：指能添富） $港股通科技30ETF(520980) $阿里巴巴-W(HK9988) $腾讯控股(HK0700) ...

来源：智通财经 今日（9.19），受美降息利好，港股科技反攻继续，100%纯度的港股通科技30ETF（520980）一度涨 2%，后冲高回落至0.4%，盘中成交额大幅放量至8亿元！资金面上，盘中持续溢价，目前溢价达 0.39%，显示买盘旺盛，值得注意的是，昨日净流入超9000万元，已连续7日获资金青睐，最新规模超 41亿元！ 点阵图指引年内还有50bps降息符合预期，中信证券预计美联储将在10月和12月的议息会议上分别再次 降息25bps。等到新任美联储主席的最终人选落地后，2026年利率路径才会更加清晰。（来源：中信证 券20250918《美联储预防式降息如期落地》） 截至13:27，恒生科技ETF基金（513260）标的指数成分股涨跌互现：商汤-W、华虹半导体涨超3%，阿 里巴巴-W、中芯国际微涨；小米集团、百度集团跌超1%，腾讯控股、美团微跌。 | 序号 | 代码 | 名称 | 涨跌幅 | 成交额 ▼ | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 9988 | 阿里巴巴-W | 0.44% | 126.08亿 | 8.59% | | 2 | 0 ...

Core Viewpoint - The $港股通科技30ETF (520980) has reached a new high with a scale exceeding 41 billion, focusing on the TMT industry and excluding sectors like pharmaceuticals, home appliances, and automobiles, making it a more "pure" technology investment option [1] Group 1: ETF Characteristics - The ETF supports T+0 trading and does not occupy QDII quotas, providing an efficient and convenient choice for investing in the Hong Kong technology sector [1] - The top ten constituent stocks account for 82% of the total weight, indicating a higher concentration of leading companies [1] Group 2: Market Positioning - Compared to other indices in the Hong Kong technology sector, this ETF is less affected by declines in the pharmaceutical sector [1] - The ETF is less impacted by the struggles of the food delivery sector compared to the Hong Kong internet sector, and it includes high-quality hardware such as domestic computing power [1] Group 3: AI Focus - The index has a higher proportion of AI-related stocks, aligning well with the current technology market trends [1] - The recent index adjustment has added Dianshi Robot-W to the top ten constituents, further enhancing its high-tech attributes [1]

Group 1 - The core viewpoint of the articles highlights the significant increase in institutional investment in Hong Kong-themed ETFs, particularly in technology and innovative pharmaceutical sectors, driven by favorable market conditions and valuation advantages [1][2][3][4] - As of June 30, 2025, institutional holdings in onshore ETFs reached 1.78 trillion units, with a notable increase of 231.76 billion units since the beginning of the year [1] - The Hong Kong stock market has seen a strong rebound, with the Hang Seng Index rising by 20% and the technology sector outperforming with a 28.38% increase in the first half of 2025 [2] Group 2 - The total institutional holdings in Hong Kong-themed ETFs increased by 62.24 billion units to 291.79 billion units, marking a growth of 27.12% [3] - The ICBC Credit Suisse Hong Kong Stock Connect Technology 30 ETF and the ICBC Credit Suisse Hong Kong Stock Connect Innovative Pharmaceutical ETF have seen substantial institutional inflows, indicating strong recognition of their investment value [1][4] - The ICBC Credit Suisse Hong Kong Stock Connect Technology 30 ETF has achieved a year-to-date return of 26.42%, significantly outperforming the Hang Seng Technology Index's return of 18.68% [4][10] Group 3 - The ICBC Credit Suisse Hong Kong Stock Connect series of ETFs has strategically focused on sectors such as technology, dividends, innovative pharmaceuticals, and automobiles, with a total increase of 14.4 billion units in institutional holdings in the first half of 2025 [4] - The management fee rates of ICBC Credit Suisse ETFs are among the lowest for similar index-tracking products, enhancing their attractiveness to long-term investors [5] - The company has established a comprehensive index family covering various categories, providing investors with a "one-stop index investment toolbox" [7] Group 4 - The company has built a competitive advantage in the ETF sector through a robust research and investment management system, ensuring product liquidity and continuous strategy innovation [6][7] - The future outlook for the Hong Kong market remains positive, with expectations of continued valuation recovery and profit growth, supported by the company's precise product layout and research capabilities [7]