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。 11月11日，港股通科技30ETF（520980）跌0.93%，成交额4.68亿元。当日份额增加300.00万份，最新份 额为44.48亿份，近20个交易日份额增加2.95亿份。最新资产净值计算值为52.31亿元。 港股通科技30ETF（520980）业绩比较基准为恒生港股通中国科技指数收益率(经估值汇率调整后)，管 理人为汇添富基金管理股份有限公司，基金经理为乐无穹，成立（2025-06-18）以来回报为17.60%，近 一个月回报为-7.80%。 ...

Core Viewpoint - The article highlights the rapid growth of China's ETF market, which has become the largest in Asia, surpassing Japan, with a total asset management scale reaching $640.6 billion by July 2025, and a significant increase of over $180 billion within the year [1][3]. Group 1: Strategic Transformation - The strategic shift of the company from a stock-picking expert to an active choice maker in index investment is based on long-term accumulation and deep observation [3][4]. - The company recognizes the blurring lines between active and passive investment, with leading overseas asset management institutions using indices as management tools [3][4]. - The launch of the index brand in November 2022 marked a critical strategic turning point, emphasizing the importance of "rule-based investment" in a high-quality development era [3][4]. Group 2: Product Design and Operation - The company focuses on the "smile curve" model, where the real competitive advantage lies in proactive product design and refined product operation [5][6]. - The company integrates deep fundamental research into index compilation, ensuring that products are not mere copies of existing indices but are optimized based on thorough analysis [5][7]. - The proactive strategy in product operation allows the company to dynamically allocate resources based on market trends, enhancing its competitive edge [8][10]. Group 3: Customer Service Strategy - The company aims to provide comprehensive index investment solutions rather than just individual products, tailoring services to meet diverse client needs [9][10]. - For institutional clients, the focus is on in-depth research and customized services, while retail clients benefit from high-efficiency responses and product flexibility [9][10]. - The exploration of an OCIO service model for smaller institutions represents an extension of the company's capabilities in institutional services [9][10]. Group 4: Future Outlook - The company is confident in the growth potential of the index investment market in China, emphasizing the need for proactive product layout and precise market positioning [12][13]. - Key areas of focus for future product innovation include Active ETFs and Covered Call ETFs, which align with the company's strengths and current market demands [12][13]. - The company aims to enhance its product matrix and service system to create sustainable long-term value for investors [12][13].

Core Viewpoint - The article discusses the significant shift towards index investing in the asset management industry over the past decade, highlighting how companies like Huatai Fund have adapted their strategies to thrive in this environment, positioning themselves as "active selectors" in the index investment space [1][2]. Group 1: Strategic Insights - Huatai Fund's strategy is driven by product development and strategic services, leveraging strong research capabilities to create forward-looking product systems that meet client needs [7]. - The firm emphasizes the importance of rule-based investment, where the lines between active and passive investing are increasingly blurred, necessitating a structured approach to investment [6][8]. - The "Zhineng Tianfu" brand represents Huatai's commitment to enhancing index investment through active research methodologies, aiming to provide long-term value to investors [7][8]. Group 2: Market Trends and Adaptation - The firm identifies three major shifts in ETF user demand: retail investors transitioning to index funds, increased institutional allocation to equity assets, and the rise of third-party platforms as key distribution channels [15]. - Huatai Fund has observed that the market's volatility and structural changes have made it more challenging to achieve excess returns through traditional active strategies, prompting a strategic pivot towards index products [4][5]. Group 3: Product Development and Innovation - The design and operation of ETF products are crucial, with Huatai Fund focusing on innovative product design and efficient operations to enhance investor experience and drive organic growth [11][12]. - The firm has successfully launched targeted ETFs, such as the Hong Kong Stock Connect Technology 30 ETF, which strategically excludes certain sectors to better meet investor needs [11][12]. - Continuous innovation in index products is a priority, with plans to explore new ETF types that align with domestic market trends and investor preferences [16]. Group 4: Client Engagement and Service - Huatai Fund emphasizes the importance of understanding client needs and providing tailored asset allocation solutions, ensuring high-quality service and engagement [9][15]. - The firm actively educates investors and maintains communication during market fluctuations to build confidence and support informed decision-making [18]. - A comprehensive approach to product lifecycle management is adopted, focusing on pre-launch precision, post-launch support, and maintaining product liquidity and efficiency [17].

Group 1: Federal Reserve Rate Cut - The Federal Reserve has cut interest rates by 25 basis points, marking its first rate cut in nine months since December of the previous year [1] - This rate cut is viewed as a "preventive rate cut" aimed at stimulating economic activity and supporting the job market while mitigating the risk of a hard landing for the U.S. economy [1][2] - Analysts note that the Fed's decision reflects a balance between addressing employment concerns and managing inflation, with employment risks taking precedence over inflation worries [1] Group 2: Impact on Asset Classes - The rate cut is expected to lower financing costs and enhance liquidity, leading to a depreciation of the U.S. dollar, which could benefit commodities like gold and copper [1] - Emerging markets, particularly A-shares, are anticipated to strengthen as a result of the rate cut [1] - Long-term interest rates are likely to decline, benefiting growth sectors and interest-sensitive industries such as technology stocks in Hong Kong and the STAR Market [1] Group 3: Commodity Market Outlook - The rate cut is expected to improve macroeconomic growth expectations, leading to a potential rebound in industrial commodities [2][4] - Precious metals like gold are projected to experience price resilience due to their anti-inflation properties, despite a short-term price correction following the rate cut [5] - Industrial metals such as copper and aluminum are expected to show strong performance due to their financial attributes being enhanced in a depreciating dollar environment [5] Group 4: Investment Trends in the Metal Sector - The market is seeing significant inflows into the Nonferrous 50 ETF (159652), driven by expectations of a bullish trend in the nonferrous metal sector due to overseas inflation [3] - The demand for nonferrous metals is anticipated to rise as economic growth expectations improve, further pushing up prices [4] - Despite a short-term pullback in the Nonferrous 50 ETF following the rate cut, there remains strong investor confidence in the long-term value of the sector, with substantial net subscriptions recorded [5][9] Group 5: Hong Kong Market Response - The Hong Kong stock market is expected to benefit from the Fed's rate cut, with historical data showing positive short-term effects on the market following previous rate cuts [10] - Growth sectors such as technology, consumer discretionary, and pharmaceuticals are likely to see positive impacts in the short term, with potential for foreign capital inflows if synchronized monetary easing occurs [10] - The Hong Kong Technology 30 ETF (520980) has attracted significant investment, reflecting strong market interest in top technology assets amid the AI wave [11][13]

港股通科技30ETF（520980）业绩比较基准为恒生港股通中国科技指数收益率(经估值汇率调整后)，管 理人为汇添富基金管理股份有限公司，基金经理为乐无穹，成立（2025-06-18）以来回报为26.26%，近 一个月回报为11.41%。 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 9月17日，港股通科技30ETF（520980）涨4.10%，成交额5.87亿元。当日份额增加500.00万份，最新份 额为32.49亿份，近20个交易日份额增加5.42亿份。最新资产净值计算值为41.03亿元。 ...

今日（8.6）港股震荡回暖，恒生指数、恒生科技指数双双翻红，科技属性100%的港股通科技30ETF（520980）涨近1%，盘中成交额已超1.56亿元。资金面 上，近20日狂揽超12亿元，最新规模近25亿元创上市新高！ 今日南向资金再度涌入，截至14:38，南向资金净买入额已超72亿元。据业内机构统计，8月5日，南向资金成交净买入234.26亿港元，单日净买入金额创4月 10日以来新高。截至8月5日，今年内南向资金累计净买入金额达8843.82亿港元，大幅超过去年全年净买入额。 国泰海通证券指出，国内人工智能受到多重利好催化。过去一个月人工智能政策密集出台，上海新政推出10亿元专项补贴券直击AI应用落地难的产业痛 点，高层审议通过"人工智能+"行动深入AI产业发展，互联网信息办公室就芯片安全问题与海外厂商对话，国产大模型及AI agent发展落地将持续加速。 中银证券表示，7月28日，上海高层发布《上海市进一步扩大人工智能应用的若干措施》，旨在加快实施"人工智能+"行动，降低创新创业成本，进一步扩大 人工智能应用。该机构认为，本轮政策实现了"人才、资本、空间、生态"的全要素打包，有望扩大上海市在国内算力、行业 ...

今日（8.4），港股探底回升，恒生指数、恒生科技指数纷纷止跌翻红，走势强劲。科技属性100%的港股通科技30ETF（520980）涨1.19%，成 交额轻松突破3.5亿元。资金面上，港股通科技30ETF（520980）上一交易日大举揽金超2亿元，已连续15日获资金净流入，合计"吸金"超13亿 元！截至8月1日，最新规模超22亿元创上市新高，同指数规模领先！ 来源：方正证券研究所 方正证券认为，港股市场在回调后有望继续迎来趋势性上涨行情，结构上建议关注当前估值处于历史较低位的科技类指数。驱动本轮港股走强的 因素并未出现反转，我国经济基本面韧性强，且当前处于盈利下行周期尾声阶段，叠加一系列政策利好出台，市场风险偏好显著改善。此外南下 资金仍在持续加速流入港股市场，流动性环境整体较为友好，后续有望进一步流入，推动港股行情向好前进。 港股通科技30ETF（520980）标的指数多数飘红：优必选涨超10%，华虹半导体涨超8%，联想集团涨超5%，腾讯控股、小米集团、快手、中芯 国际涨超2%，美图公司涨超1%。 | 序号 | 代码 | 名称 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the articles highlights the ongoing investment opportunities in the Hong Kong technology sector, particularly through the Hang Seng Technology ETF and the Hong Kong Stock Connect Technology 30 ETF, which are seen as undervalued with potential for recovery and growth [4][5][19] - The Hang Seng Technology ETF (513260) has a PE-TTM of approximately 20 times, which is 9% lower than the historical average since July 27, 2020, indicating a high potential for valuation recovery [5] - The Hong Kong Stock Connect Technology 30 ETF (520980) has a PE-TTM of about 21 times, positioned at the 17th percentile over the past decade, suggesting a lower valuation level and higher safety margin [5] Group 2 - Recent data shows that the top ten technology-related stocks in the Hong Kong market have a PE-TTM of 27.34 times and a PS-TTM of 6.24 times, indicating a theoretical upside of 54.7% and 100.55% compared to their U.S. counterparts [6] - Southbound capital has significantly supported liquidity in the Hong Kong market, with over 730 billion HKD flowing into the technology sector in the first half of 2025, marking a record high for net purchases [10] - The Hang Seng Technology ETF and the Hong Kong Stock Connect Technology 30 ETF have seen significant net purchases from southbound funds, with net buying amounts reaching 52 billion HKD for SMIC, 12 billion HKD for Meituan, and 10 billion HKD for XPeng Motors [15] Group 3 - Recent policies have increasingly supported the development of technology companies in Hong Kong, focusing on key areas such as chips and software, with the 2025 work report emphasizing "new productive forces" as a priority for economic development [16] - Analysts predict that the EPS of the Hang Seng Technology Index will rise annually from 320 HKD in 2025 to 459 HKD in 2027, indicating a potential "valuation recovery" and "earnings growth" scenario [16] - The Hang Seng Technology ETF (513260) is noted for having the lowest management fee in the market at 0.15%, making it an attractive option for investors looking to enter the Hong Kong technology sector [19]

Group 1: Xiaomi's Product Launch and Market Response - Xiaomi's first SUV model, YU7, was launched with a starting price of 253,500 CNY, which is 10,000 CNY cheaper than Tesla's Model Y [1][4] - The YU7 received over 200,000 pre-orders within 3 minutes and surpassed 289,000 pre-orders within an hour, exceeding market expectations [4] - The YU7 features a range of configurations and advanced technology, including a 700 TOPS Nvidia THOR chip and a 1,000万Clips version for assisted driving [4] Group 2: Xiaomi's AI Glasses - Xiaomi's AI glasses were launched with a starting price of 1,999 CNY and weigh only 40g, featuring a color-changing function and support for third-party apps [5][6] - The glasses are designed to enhance Xiaomi's "smart home" ecosystem, allowing users to control smart devices [6] - The initial release of the color-changing version sold out quickly, indicating strong market interest [6] Group 3: Market Trends and ETF Performance - The Hang Seng Technology ETF (513260) saw a nearly 1% increase, with Xiaomi's ADR rising over 10% following the product announcements [1][3] - The upcoming launch of the Hong Kong Stock Connect Technology 30 ETF (520980) is expected to attract significant investment, with a 53% increase in its index over the past year [3] - The top six weighted stocks in the ETF include major players like Kuaishou, Xiaomi, Tencent, and Alibaba, indicating a strong focus on technology [3]