来源：智通财经 今日（1.6），港股科技再度猛攻，100%纯度的港股通科技30ETF（520980）涨近2%，盘中成交额近2 亿元！资金面上，近10日有6日获净流入，累计"吸金"超1.7亿元！ 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）亦涨近2%，盘中成交额已超2亿元。资金面 上，近20日有12日获资金青睐，累计净流入超2.7亿元，基金最新融资余额超1.4亿元，最新规模达74.53 亿元！ 消息面上，高盛发布最新研报《中国2026年展望：探索新动能》称，2026年中国实际GDP增速高于市场 共识预测，建议高配A股和港股，预计2026年和2027年中国股市将每年上涨15%至20%。 港股科技热门股中，快手-W涨超3%，美团-W、腾讯控股涨超2%，中芯国际、比亚迪股份涨超1%。 | 序号 | 代码 | 名称 | 估算权重 ▼ | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 0981 | 中芯国际 | 8.63% | 1.90% | 29.52亿 | | S | 3690 | 美团-W | 8.55% | 2.09% | 19 ...

今日（12.19），受海外消息影响港股科技反弹，100%纯度的港股通科技30ETF（520980）涨1.59%，盘中成交额再度放量，超2.4亿元！资金已连续5日净 流入，累计"吸金"超1.8亿元！ 同类唯一15BP最低档管理费的恒生科技ETF基金（513260）亦放量涨超1%，早盘半日成交额已超2.4亿元。资金面上，恒生科技ETF基金（513260）已连续 36个交易日获资金青睐，累计净流入超6.3亿元，最新规模70.66亿元，基金最新融资余额超1.6亿元！ | | | | | 00 | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票简称 | 漫画 Y | 排名 | | 1 | 1810.HK | 小米集团-W | 79.72 | 1 | | 2 | 3690.HK | 美团-W | 59.92 | 2 | | 3 | 2423.HK | 圆壳-W | 16.44 | 3 | | ব | 6869.HK | 长飞光纤光缆 | 11.04 | ব | | 5 | 1288.HK | 农业银行 | 9.55 | 5 | | 6 | 2318.HK | 中国平安 | ...

Core Viewpoint - The Hong Kong Stock Connect Technology 30 ETF (520980) experienced a decline of 0.93% on November 11, with a trading volume of 468 million yuan [1] Fund Performance - The ETF's share increased by 3 million shares on the same day, bringing the total shares to 4.448 billion, with a total increase of 29.5 million shares over the last 20 trading days [1] - The latest net asset value of the ETF is calculated at 5.231 billion yuan [1] - The performance benchmark for the ETF is the Hang Seng Stock Connect China Technology Index return (adjusted for valuation exchange rates) [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1] - Since its establishment on June 18, 2025, the ETF has returned 17.60%, while the return over the past month is -7.80% [1]

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]

Core Viewpoint - The Hong Kong Stock Connect Technology 30 ETF (520980) experienced a significant increase in both share price and trading volume, indicating strong investor interest in the technology sector [1] Group 1: Fund Performance - On September 17, the Hong Kong Stock Connect Technology 30 ETF (520980) rose by 4.10% with a trading volume of 587 million yuan [1] - The fund's shares increased by 5 million, bringing the total shares to 3.249 billion, with a total increase of 54.2 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 4.103 billion yuan [1] Group 2: Benchmark and Management - The performance benchmark for the Hong Kong Stock Connect Technology 30 ETF is the Hang Seng Hong Kong Stock Connect China Technology Index, adjusted for valuation exchange rates [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1] - Since its inception on June 18, 2025, the fund has returned 26.26%, with a one-month return of 11.41% [1]

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, with both the Hang Seng Index and the Hang Seng Tech Index turning positive, driven by significant inflows into the Hong Kong Stock Connect Technology 30 ETF (520980) [1][3] Market Performance - The Hong Kong Stock Connect Technology 30 ETF (520980) saw a nearly 1% increase, with trading volume exceeding 1.56 billion yuan, and has attracted over 1.2 billion yuan in the last 20 days, reaching a new high of nearly 2.5 billion yuan [1][3] - Major component stocks of the ETF mostly showed positive performance, with BYD Electronics rising over 7%, SMIC and UBTECH increasing over 2%, and Tencent Holdings up over 1% [3] Fund Inflows - Southbound capital inflows have surged, with net purchases exceeding 7.2 billion yuan as of 14:38, and a record net purchase of 23.426 billion HKD on August 5, marking the highest since April 10 [4] - Cumulatively, southbound capital net purchases have reached 884.382 billion HKD this year, significantly surpassing the total for the previous year [4] AI Industry Insights - The domestic artificial intelligence sector is benefiting from multiple favorable policies, including a 1 billion yuan special subsidy in Shanghai aimed at addressing challenges in AI application [5] - Recent policies are expected to enhance Shanghai's competitive edge in computing power and industry models, providing a template for other cities to transition from policy-driven to demand-driven AI development [5] Investment Strategy - The Hong Kong Stock Connect Technology 30 ETF (520980) focuses on the TMT sector, excluding pharmaceuticals, home appliances, and automobiles, making it a more concentrated investment in technology [5] - The ETF supports T+0 trading and does not occupy QDII quotas, making it an efficient choice for investors looking to engage in the Hong Kong tech sector [5]

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, with the Hang Seng Index and Hang Seng Tech Index showing strong performance, particularly in the technology sector, which is attracting significant capital inflow [1][8]. Group 1: Market Performance - The Hong Kong stock market saw a recovery today, with both the Hang Seng Index and Hang Seng Tech Index turning positive after a period of decline [1]. - The Hong Kong Stock Connect Technology 30 ETF (520980) rose by 1.19%, with trading volume exceeding 350 million yuan, marking a significant capital inflow of over 2 billion yuan in the previous trading day [1]. - The Technology 30 ETF has recorded a net inflow of over 1.3 billion yuan over the past 15 days, reaching a new high in total assets of over 2.2 billion yuan as of August 1 [1]. Group 2: Sector Performance - The majority of the underlying indices for the Hong Kong Stock Connect Technology 30 ETF showed positive performance, with notable gains from companies such as UBTECH (over 10%), Hua Hong Semiconductor (over 8%), and Lenovo Group (over 5%) [3]. - The ETF's top ten constituent stocks account for a significant portion of its weight, with leading companies like Tencent Holdings and Xiaomi Group also showing positive movements [4]. Group 3: Investment Insights - According to a report from Founder Securities, the current valuation of the Hang Seng Tech Index is at a historical low, with a PE ratio of 21.5, placing it in the 19.5% percentile since 2016 [4]. - The cumulative inflow of southbound funds into the Hong Kong market has reached 808.3 billion yuan by the end of July, significantly surpassing levels from previous years [5]. - The overall liquidity environment is favorable, with expectations for continued inflows, which could further enhance the performance of the Hong Kong stock market [8].

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]