【相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101） 聚焦互联网龙头——恒生互联网ETF（513330） 11月24日，共42只港股获公司回购，9只个股回购金额超千万港元。其中，腾讯控股、中远海控、中集 集团回购金额最大，分别获公司回购6.36亿港元、4035.0万港元、3594.67万港元。 港股市场国庆假期后回调，虽面临短期冲击，但机构普遍认为，中长期驱动行情的核心逻辑未发生改 变，慢牛趋势下的阶段性调整，反而为投资者提供了逢低布局的机会。 从机构观点来看，多方机构对港股科技板块后市持乐观态度。招商证券表示，短期市场波动可能加剧， 但长期向上趋势不变，AI仍是港股市场的核心主线，而港股互联网板块有望成为这一主线中最受益的 方向。 国泰海通证券聚焦四季度行情，提出"基本面预期回暖+资金面持续改善"的双重支撑逻辑，认为四季度 港股或有望再创新高：一方面，互联网行业叙事已转向"AI赋能"，叠加相关政策持续加码，港股科技板 块的基本面预期将逐步回暖；另一方面，外资超预期回流叠加南向资金持续流入，为港股市场注入了充 足的增量资金。从结构上看，受益于AI产业周期的港股科技标的，将成为年末行情的核心 ...

11月24日，恒生指数午盘上扬1.42%，恒生科技指数攀升1.65%，恒生中国企业指数走强1.22%，市场半 日成交额为1305.88亿港元。 科技板块方面，蔚来-SW上扬3.77%，腾讯音乐-SW走强3.54%，网易-S劲升5.67%，快手-W上扬 5.16%，阿里巴巴-W攀升4.13%。快手-W公司于11月21日回购75万股，近30日累计回购165万股，累计 回购金额1.06亿港元。 招商证券认为，港股短期震荡为主，上行斜率或放缓。短期宏观政策和产业面暂无更多利好消息，资金 进攻意愿较弱。但物价数据超预期，有利于市场阶段性反弹。港股科技短期上涨动能有限，仍需观察科 技互联网财报。中长期AI科技还是主线之一，当前位置具有吸引力。 聚焦互联网龙头——恒生互联网ETF(513330)。 中金公司（601995）认为，从中长期维度，在当前二元结构愈发割裂的大环境和中国资产重估的小周期 中，港股因此独特的卡位优势，反而可以借机强化资金和资产的交汇点。不论是越来越多A股和中国优 质资产赴港上市，还是南向资金持续涌入，以及从更大宏观维度作为离岸人民币和离岸金库的支点，这 一点对港股市场长期是大有裨益的。 【相关ETF】 ...

Group 1 - The core viewpoint is that the Hong Kong stock technology sector has become a key target for capital due to its high growth potential, amidst the backdrop of "excess liquidity" and "asset scarcity" in the domestic market [1] - In 2025, southbound capital is expected to reach a record inflow of nearly 1.3 trillion HKD, with a significant increase in the technology sector's share, making it a central focus for domestic investors in Hong Kong stocks [1] - The influx of funds is strongly supported by a loose liquidity environment, with the one-year fixed deposit rate in China dropping to a historical low of 0.95%, leading to a noticeable trend of "activating" deposits among the 150 trillion CNY of household savings [1] Group 2 - The M1 year-on-year growth rate rose to 7.2% in September, with 1.3 trillion CNY of household demand deposits shifting towards the capital market during July and August [1] - Amid the global trend of "de-dollarization," the allocation of funds from Asia-Pacific (excluding Japan) to the Chinese market has rapidly increased to near benchmark levels, creating a synergy between foreign and domestic capital that continues to drive the valuation recovery of the Hong Kong stock technology sector [1] - With the continuation of the loose liquidity pattern, the capital premium for the technology sector is expected to further expand [1] Group 3 - Recently, there has been a significant inflow of ETF funds into core AI assets in Hong Kong stocks, with the Hang Seng Internet ETF (513330) seeing a net inflow of 2.4 billion CNY in just one week, indicating strong confidence from large investors in the Hong Kong technology sector [1]

11月20日，恒生指数高开0.65%，恒生科技指数涨0.7%，港股通科技ETF基金（159101）开盘涨逾1%， 百度集团、华虹涨逾3%；小鹏汽车、理想汽车、蔚来股价走弱。 【相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101）； 聚焦AI应用端龙头——恒生互联网ETF（513330）。 从中长期维度看，在当前二元结构愈发割裂的大环境和中国资产重估的小周期中，港股因此独特的卡位 优势，可以借机强化资金和资产的交汇点。不论是越来越多A股和中国优质资产赴港上市，还是南向资 金持续涌入，以及从更大宏观维度作为离岸人民币和离岸金库的支点，这一点对港股市场长期是大有裨 益的。 招商证券认为，港股虽短期震荡，上行斜率放缓。但物价数据超预期，有利于市场阶段性反弹。中长期 AI科技还是主线之一，当前位置具有吸引力。 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is attracting foreign investment due to its low valuation compared to historical averages and growth potential amid global market volatility [1][1]. Group 1: Market Performance - On November 19, the Hang Seng Index opened up by 0.09%, while the Hang Seng Tech Index rose by 0.37% [1]. - Baidu Group saw an increase of over 2%, and XPeng Motors rose nearly 2%, while Xiaomi Group experienced a decline of nearly 2% [1]. Group 2: Investment Trends - According to a Morgan Stanley report, despite significant gains in the MSCI Hong Kong Index this year, its valuation remains below the ten-year average, making it one of the cheapest stock markets in the Asia-Pacific region, excluding ASEAN [1]. - As of the end of September, passive funds have cumulatively flowed into the Chinese stock market amounting to $18 billion this year [1]. Group 3: Sector Focus - The technology sector in Hong Kong has become a focal point for foreign investment, with institutions viewing it as having both valuation safety margins and industry growth potential [1]. - Analysts suggest that with the stabilization of the local economy, recovery of the IPO market, and improvement in global liquidity due to the Federal Reserve's interest rate cuts, the tech sector in Hong Kong is likely to continue gaining revaluation momentum [1]. Group 4: Future Outlook - Morgan Stanley anticipates that the upward trend in the Hong Kong tech sector will extend until 2026, providing long-term investment opportunities for investors [1].

Core Viewpoint - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index down 0.80%, the Hang Seng Tech Index down 1.19%, and the Hang Seng China Enterprises Index down 0.79%. However, the technology sector remains a key focus driven by AI developments, with potential benefits from improved US-China relations and a reduction in profit expectation disturbances from the internet delivery platform subsidy wars [1]. Group 1: Market Performance - The Hong Kong stock market's half-day trading volume reached HKD 118.468 billion [1]. - Notable declines in the technology sector include Xiaopeng Motors down 2.99%, Baidu Group down 2.82%, and Bilibili down 2.68% [1]. - Conversely, Hua Hong Semiconductor rose by 1.75% and SMIC increased by 0.41% [1]. Group 2: Industry Insights - The AI-driven narrative in the Hong Kong stock market is expected to gradually reflect in domestic markets, enhancing risk appetite due to stabilizing US-China relations [1]. - The leading technology companies in Hong Kong are positioned to benefit from the AI industry transformation, with an upward trend in the AI industry cycle further confirming their relative advantages [1]. Group 3: Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [2]. - The Hang Seng Internet ETF (513330) focuses on leading internet companies [2].

Group 1 - The core logic driving the Hong Kong stock market remains unchanged despite short-term shocks, providing investors with opportunities to buy on dips [1][2] - Institutions are optimistic about the future of the Hong Kong technology sector, particularly major internet companies like Alibaba and Tencent [1][2] - Goldman Sachs has raised its capital expenditure forecast and target price for Tencent, citing its unique WeChat ecosystem and global gaming assets, while also highlighting Alibaba's potential in international cloud business despite short-term profit fluctuations [1][2] Group 2 - Domestic brokerages are also positive, with招商证券 indicating that while short-term market volatility may increase, the long-term upward trend remains intact, with AI as the core theme for the Hong Kong market [2] - 国泰海通证券 emphasizes a dual support logic of "improving fundamentals and continuous funding" for the fourth quarter, suggesting that the Hong Kong stock market may reach new highs [2] - The influx of foreign capital and continuous southbound fund inflows are expected to inject substantial incremental funds into the market, benefiting technology stocks related to the AI industry cycle [2] Group 3 - Relevant ETFs include the Hong Kong Stock Connect Technology ETF (159101), which covers the entire technology industry chain, and the Hang Seng Internet ETF (513330), which focuses on internet leaders [3]

Core Viewpoint - The Hong Kong stock market is experiencing volatility, presenting long-term investment opportunities despite short-term fluctuations [1] Market Performance - The Hang Seng Index fell by 0.58%, the Hang Seng Tech Index decreased by 0.77%, and the Hang Seng China Enterprises Index dropped by 0.64% during the midday session, with a trading volume of HKD 127.08 billion [1] - Notable declines in the tech sector include Tencent Music down 12.11%, Kingdee International down 2.37%, and JD Group down 2.17%. Conversely, Hua Hong rose by 1.48% and Baidu Group increased by 0.95% [1] Company Insights - Tencent Music reported a net profit of HKD 2.15 billion for Q3, a year-on-year increase of 36%, although the growth rate of paid users has slowed [1] - Goldman Sachs highlighted Tencent's unique advantage in "AI technology fully empowering business lines," raising its capital expenditure expectations and target price [1] - Alibaba is facing short-term profit pressure, but there are indications of a profitability turning point for Taobao and Tmall, along with growth potential in international cloud services, suggesting that stock price corrections present buying opportunities [1] Industry Trends - AI remains a clear main theme in the Hong Kong stock market, with the internet sector expected to continue benefiting [1] - Guotai Junan Securities anticipates that the Hong Kong stock market may reach new highs in Q4, driven by the deepening narrative of "AI empowerment" and policy support, alongside foreign capital inflows and sustained southbound fund investments [1]

Group 1 - The Hong Kong stock technology sector is undergoing a profound evolution, moving beyond the traditional "internet platform" label to represent China's "new quality productivity" and core asset pool [1] - The Guotai Junan Hong Kong Stock Connect Technology Index reflects this transformation with a diversified composition that includes not only traditional internet giants but also emerging sectors [1] - The index covers key frontier areas such as software services, smart electric vehicles, advanced hardware manufacturing, biotechnology, and semiconductors, showcasing a comprehensive picture of China's technological innovation and industrial upgrading [1] Group 2 - The Hong Kong Stock Connect Technology ETF (159101) closely tracks the Guotai Junan Hong Kong Stock Connect Technology Index, selecting 30 large-cap technology leaders with high R&D investment [2] - The top ten weighted stocks in the ETF account for nearly 80%, focusing on both internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene [2]

在全球人工智能竞赛加速的背景下，中国科技股正以其独特的"高成长+高股息"优势，成为国际资本争 相布局的标的。多家外资机构指出，中国AI产业仍处于发展早期，在算力基建、算法创新、应用落地 等环节具备广阔的追赶空间。 值得关注的是，与传统的成长股不同，当前一批中国科技龙头企业展现出稳健的现金流与股东回报能 力。安本投资数据显示，不少科技企业股息率超过3%，派息比例接近85%，与欧美市场水平相当。这 种"成长潜力与股息收益并存"的特征，在全球低利率环境中显得尤为珍贵。 11月12日，港股三大指数高开，恒生指数涨0.22%报26754.93点，恒生科技指数涨0.26%，恒生中国企业 指数涨0.3%。医药股、科技股表现较为活跃。 科技板块来看，小鹏汽车-W上涨2.1%，京东健康上涨1.7%，携程集团-S上涨1.4%。跌幅方面，蔚来- SW下挫4.1%，阿里巴巴-W下跌2.1%。 港股科技汇聚国产AI核心资产，涵盖算力、模型、软件应用和硬件终端等全产业链的龙头企业，已成 为中国资产重估的先锋，并有望在后续AI加速渗透中持续受益。 【相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101） 聚焦互联网龙头—— ...