消息面上，国务院近日印发《关于深入实施"人工智能+"行动的意见》，推动人工智能与经济社会各行 业各领域广泛深度融合。意见提出，支持人工智能芯片攻坚创新与使能软件生态培育，加快超大规模智 算集群技术突破和工程落地。优化国家智算资源布局，完善全国一体化算力网。 华泰证券观点认为，8月以来，港股涨幅较A股明显落后，背后或更多来自流动性的差异，关注美联储 转鸽后港股潜在补涨机会。浙商证券指出，恒生科技指数本轮行情中表现明显落后，除了"外卖大战"影 响盈利预期之外，港元汇率持续处于弱势导致香港金管局持续抽水或也是重要原因。当前香港银行间流 动性已基本回归正常水平，且港元汇率已经显著升值，未来流动性进一步边际紧缩的空间或有限。因 此，港股未来或存在补涨空间。 天风证券指出，半导体、国产算力及自主可控等领域仍将是未来的长期趋势。在中美围绕AI算力芯片 的贸易政策持续存在不确定性的背景下，预计国内大模型开发企业与互联网平台将逐步提高国产芯片的 采购与使用规模。相应的国产芯片供应商及其配套产业链企业有望迎来发展机遇。 规模方面，港股通科技ETF近1周规模增长3.12亿元，实现显著增长，新增规模位居可比基金第一。份 额方面，港股 ...

Group 1: Industry Trends and Developments - The global economy is undergoing a restructuring phase, creating new opportunities in capital markets, particularly in index investment [1] - The ETF market is entering a "super allocation era," with significant growth in transaction volume and acceptance among new generation investors [2] - The innovation drug sector is transitioning from a "valuation lowland" to an "innovation highland," with potential for a 20% annual profit growth over the next decade [4] Group 2: Investment Strategies and Opportunities - Investment strategies should focus on identifying opportunities in industries recovering from intense competition, rather than chasing hot sectors [7] - A "core + satellite" investment structure is recommended, using broad-based indices as a foundation while incorporating high-growth sectors for balanced risk and return [6] - The low-altitude economy is emerging as a new growth point for the military-civilian integration of the aerospace industry, supported by favorable policies [5] Group 3: Sector-Specific Insights - The robotics industry is accelerating due to the smart wave and supportive policies, with investment opportunities linked to order fulfillment and domestic substitution [4] - The renewable energy sector is characterized by a "full-chain collaboration" approach, optimizing the supply chain and creating new demand for materials like copper [6] - The ETF market is seeing a shift towards more differentiated strategies, including factor-based and fixed-income enhanced ETFs, indicating a diversification of investment approaches [3][2]

Market Overview - The Hong Kong stock market opened higher on August 25, with the Hang Seng Index at 25,685 points, up 1.37%, and the Hang Seng Tech Index at 5,761 points, up 2.01% [1]. Company Highlights - Dongfeng Group's shares surged nearly 70% after the announcement that its subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting. The total acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and equity consideration of HKD 4.17 [3]. - Bluestar's shares fell over 15% after releasing its interim performance report, which showed revenue of CNY 1.338 billion, a 27.9% increase from CNY 1.046 billion in the same period of 2024. The gross profit was CNY 647 million, up 16.9%, and the pre-tax profit was CNY 336 million, a significant improvement from a loss of CNY 203 million in 2024 [3]. Sector Performance - Technology stocks experienced a broad increase, with Baidu, JD.com, and Alibaba rising over 2%, while Bilibili and Kuaishou also saw gains of 2%. Tencent Holdings increased by over 1%. AI-related stocks were strong, with WanGuo Data rising over 4% [3]. - The cross-border ETFs, including the China-Korea Semiconductor ETF and various Hong Kong technology ETFs, rose over 2%. Other ETFs, such as the Hong Kong Securities ETF and the Hang Seng Consumer ETF, increased by over 1% [4].

Core Viewpoint - The Hong Kong stock market continues its strong performance, with the Hang Seng Index rising by 2.58%, driven by positive market sentiment and significant inflows into various ETFs managed by GF Fund [1]. Group 1: Market Performance - The Hong Kong stock market's strong performance is reflected in the gains of nine ETFs under GF Fund, with the Hong Kong Innovative Drug ETF (513120) rising over 4.26%, and several other ETFs, including the China Concept Internet ETF (159605) and the Hang Seng Technology ETF Leader (513380), also showing gains exceeding 3% [1]. - The AH premium index has dropped to around 125%, nearing historical lows, which is attributed to continuous inflows from southbound funds and the attractiveness of high-dividend assets in the Hong Kong market [1]. Group 2: Investment Strategies - Huatai Securities' Hong Kong stock strategy team recommends focusing on sectors with improving sentiment and low valuations, particularly emphasizing technology stocks [2]. - The team suggests increasing allocations to internet e-commerce leaders ahead of the mid-August reporting period for overseas Chinese stocks, particularly those with good valuation and improving sentiment [2]. Group 3: ETF Product Overview - GF Fund's range of nine Hong Kong ETFs covers key sectors such as technology, innovative drugs, non-bank financials, and new consumption, catering to investors' needs for capturing market trends [3]. - The Hong Kong Innovative Drug ETF (513120) is the largest in the market, with a scale exceeding 18 billion, and has delivered over 100% returns this year [2]. - The Hong Kong Non-Bank ETF (513750) has also seen significant inflows, with a scale surpassing 13.7 billion, allowing for efficient investment in quality non-bank assets [2].

截至2025年8月13日 10:07，港股通科技ETF(159262)上涨2.01%，成分股FIT HON TENG涨近8%，瑞声 科技、高伟电子涨超4%，哔哩哔哩-W、舜宇光学科技等跟涨。拉长时间看，截至2025年8月12日，港 股通科技ETF近1月累计上涨8.21%，涨幅排名可比基金第一。 近期，国产芯片和下游应用回暖反弹，相关标的指数应声上涨。Wind数据显示，恒生港股通科技主题 指数(HSSCITI)盘中上涨1.77%，相较于同类标的恒生互联网科技业、恒生科技、港股通互联网、港股 通科技等指数，超额收益明显。 流动性方面，港股通科技ETF盘中换手4.9%，成交1.60亿元。拉长时间看，截至8月12日，港股通科技 ETF近1年日均成交2.92亿元。规模方面，港股通科技ETF最新规模达29.73亿元，创成立以来新高，位 居可比基金第一。份额方面，港股通科技ETF最新份额达27.31亿份，创成立以来新高，位居可比基金 第一。 从资金净流入方面来看，港股通科技ETF近3天获得连续资金净流入，最高单日获得2.73亿元净流入， 合计"吸金"3.06亿元。 港股通科技ETF紧密跟踪恒生港股通科技主题指数，恒生港股通 ...

2025年8月7日港股创新药大跌，截至13:08，港股通科技ETF(159262)盘中深V反转上涨0.53%， 冲击4连 涨；盘中涨幅相比同类含医药的品种跑出超额收益。成分股英诺赛科领涨、高伟电子涨超10%，FIT HON TENG涨近7%，黑芝麻智能、舜宇光学科技等跟涨。 港股通科技ETF紧密跟踪恒生港股通科技主题指数，恒生港股通科技主题指数（「HSSCITI」）旨在反 映能通过港股通买卖，业务与科技主题相关的香港上市公司之表现。指数剔除了医药、汽车和家电，聚 焦TMT行业，科技属性更加纯正。 流动性方面，港股通科技ETF盘中换手6.11%，成交1.69亿元。拉长时间看，截至8月6日，港股通科技 ETF近1月日均成交2.99亿元。 规模方面，港股通科技ETF最新规模达27.45亿元，创成立以来新高。份额方面，港股通科技ETF近2周 份额增长5.62亿份，实现显著增长。资金流入方面，拉长时间看，港股通科技ETF近10个交易日内有7 日资金净流入，合计"吸金"7.61亿元。 数据显示，截至2025年8月6日，恒生港股通科技主题指数(HSSCITI)前十大权重股分别为快手- W(01024)、中芯国际(00981 ...

展望后市，多家机构发布报告称，7月底召开的中央政治局会议重点分析研究经济形势和经济工作，将对A股市场产生较为重要的影响。 人民财讯7月30日电，7月29日股票ETF市场整体表现活跃，港股相关ETF"吸金"明显，净买入达68亿元；沪深300指数、科创50指数、上证180指数 等宽基ETF净流出靠前。 | 序号 | 证券简称 | 资金流向 (亿元) | 份额变化 (亿亿) | 最新规模 | 7月29日 涨跌幅 | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | | | | | | (亿元) | (%) | | | 1 | 香港证券ETF | 17.50 | 7.49 | 230.29 | 0.69 | 易方达基金 | | 2 | 港股通互联网ETF | 11.93 | 12.89 | 603.58 | -0.85 | 富国基金 | | 3 | 港股通非银ETF | 6.49 | 3.82 | 123.40 | 0.00 | 广发基金 | | 4 | 恒生科技ETF | 5.40 | 7.27 | 285.54 | -0.80 | 华泰柏瑞基金 | | ട | ...

Core Viewpoint - The launch of the first batch of 10 Sci-Tech Bond ETFs on July 10, 2025, has significantly reshaped the bond ETF market landscape, with total assets nearing 100 billion yuan by July 21, 2025 [1][8]. Group 1: Market Dynamics - The bond ETF market has undergone a supply-side transformation, expanding from 21 bond ETFs before 2025 to 39 by July 22, 2025, including 21 credit bond ETFs [1][10]. - The liquidity of bond ETFs is critical, with 7 of the newly launched products showing an average turnover rate exceeding 100% [8][9]. - The rapid inflow of funds into the Sci-Tech Bond ETFs raises concerns about potential price volatility due to trading congestion [9]. Group 2: Comparison with Other Products - As of July 22, 2025, there are 314 passive bond funds in the market, primarily focused on government and interbank certificates, indicating a gap in areas like comprehensive bonds, green bonds, and central enterprise themes for bond ETFs [11][12]. - The overseas bond ETF market features innovative categories such as high-yield bond ETFs and multi-asset ETFs, which are yet to be developed in the domestic market [11]. Group 3: Growth and Competition - The overall scale of passive products reached 5.79 trillion yuan by the end of June 2025, with bond ETFs experiencing a remarkable quarterly growth rate of 76.2% [3][16]. - The concentration of passive products has slightly increased, with the CR5 rising from 47.9% in Q1 2025 to 48.3% in Q2 2025, indicating a trend towards greater market concentration among leading fund managers [42].

Group 1 - Since July, multiple technology-themed funds have ended their fundraising early, indicating a growing enthusiasm for subscriptions and a shift towards technology sectors [1] - The early closure of funds reflects a preference for growth assets and highlights the technology innovation sector as a core direction for medium to long-term capital allocation [1] - In July, the China Ocean Fund announced the early closure of its technology innovation mixed fund, marking it as the seventh technology-related fund to end fundraising early this month [1] Group 2 - Experts attribute the "lightning fundraising" phenomenon to several driving factors, including significant policy support and industry trends that enhance long-term confidence in hard technology sectors [2] - Many technology-themed funds have preset fundraising caps, which, in the context of high subscription enthusiasm and rapid capital inflow, leads to early achievement of target sizes [2] - The valuation attractiveness of technology stocks has improved after prior adjustments, prompting some fund companies to accelerate their investment through early fundraising closures [2] Group 3 - The liquidity environment has been improving, with the People's Bank of China releasing liquidity through significant reverse repurchase operations [3] - Regulatory support for the funding environment and changes in macro fundamentals are expected to enhance investor risk appetite [3] - The technology innovation sector is seen as having significant investment value, particularly in rapidly growing areas like artificial intelligence and advancements in biomedicine [3]

Core Viewpoint - The Hong Kong Stock Connect Technology ETF (159262) is experiencing a positive trend, driven by leading stocks such as Kuaishou-W, with a focus on the technology sector amidst favorable market conditions [1][2]. Group 1: ETF Performance - As of July 14, 2025, the Hong Kong Stock Connect Technology ETF (159262) has achieved three consecutive days of gains, with Kuaishou-W leading the charge [1]. - The ETF's trading volume reached 98.9 million yuan, with a turnover rate of 7.5% [1]. - The ETF's latest scale stands at 1.307 billion yuan [1]. Group 2: Index Performance - The Hang Seng Stock Connect Technology Index (HSSCITI) has shown resilience, outperforming similar indices such as the Hang Seng Internet and Technology indices [1]. - The HSSCITI's current price-to-earnings ratio (PE-TTM) is 21.18, indicating it is at a historical low, being below 96.99% of the time over the past year [1]. Group 3: Top Holdings - As of July 11, 2025, the top ten weighted stocks in the HSSCITI account for 74.91% of the index, with Kuaishou-W, SMIC, Xiaomi Group-W, Tencent Holdings, and Alibaba-W being the most significant contributors [2]. - Notably, the combined weight of AI leaders Xiaomi, Alibaba, and Tencent exceeds 30%, highlighting a concentration of technology leaders within the index [2]. Group 4: Market Outlook - The current phase of the Hong Kong technology sector is characterized by a convergence of "valuation trough" and "industrial transformation," with supportive policies and funding enhancing the investment landscape [2]. - Institutions anticipate a gradual increase in earnings per share (EPS) for the Hang Seng Technology Index from 2025 to 2027, suggesting a potential "valuation recovery" and "earnings growth" scenario [2].