随着政策支持力度加大和技术突破加速，中国科技企业成长路径更加清晰，发展势能充沛。在此背景 下，聚集众多科技龙头企业的港股科技资产，正持续吸引投资者关注。Wind数据显示，截至2025年11 月14日，华夏基金8月推出的ETF新品——港股通科技ETF基金(159101)获众多投资者踊跃参与，最新规 模已达22.83亿元。近期，为进一步便利投资者分享科技红利，华夏基金计划于11月27日正式发行港股 通科技ETF联接基金(025805)，为场外投资者开启低门槛布局港股科技资产的便捷通道。 值得一提的是，该产品此前已正式入选"中信优品"。"中信优品"是由中信金控财富委资产配置委员会甄 选推出的财富管理产品品牌，"中信优品"聚焦做好金融"五篇大文章"，致力服务实体经济和人民群众的 财产保值增值需求。 据了解，中信金控财富委资产配置委员会自2022年成立以来，不断发挥中信金控旗下全牌照金融子公司 的渠道和资源，凝聚了众多产品优选和资产配置专家，秉承科学的资产配置理念，从全市场中联合"选 择好公司、选择好管理人、选择好产品"，将"长期主义"贯穿于产品的发掘、销售和售后陪伴全流程， 建立了入围标准严苛、研究体系赋能、动态跟踪 ...

Core Viewpoint - The Hong Kong technology sector is entering a critical phase of value reassessment, driven by a surge in domestic generative AI user adoption, with over 90% of users preferring local models, benefiting local tech companies significantly [1] Group 1: Market Dynamics - The leading technology companies in Hong Kong are not only users of AI technology but also core builders of the industry chain, covering high-growth areas such as software and hardware, new energy vehicles, and innovative pharmaceuticals [1] - The Guozheng Hong Kong Stock Connect Technology Index has a significantly lower price-to-earnings ratio compared to the A-share ChiNext Index, with a horizontal discount exceeding 40%, and the vertical AH share premium index continues to converge [1] Group 2: Investment Opportunities - The influx of southbound capital resonates with global capital, driving the valuation recovery of the sector. In the fourth quarter, the Hong Kong technology sector presents both growth potential and valuation advantages, making it an ideal choice for investing in "new quality productivity" [1] - For ordinary investors, direct individual stock investments may have high thresholds and risks; therefore, investing through related ETFs is recommended. The Hong Kong Stock Connect Technology ETF (159101) closely tracks the Guozheng Hong Kong Stock Connect Technology Index, selecting 30 large-cap stocks with high R&D investment, with the top ten weighted stocks accounting for 7%, covering both internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene, thus comprehensively covering popular sectors of "software and hardware + new consumption + innovative pharmaceuticals + new energy vehicles" [1]

Group 1 - The core point of the article highlights that southbound funds have achieved a net purchase of over 1.3 trillion HKD this year, with cumulative net inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [1][14]. - The technology sector remains a key area for capital inflows in the Hong Kong stock market, with the Hang Seng Technology Index ETF rising by 30.4% this year and the Hong Kong Stock Connect Technology ETF gaining 44.19% [2][4]. - Despite the market being in a correction phase, multiple positive signals, including domestic economic plans and easing international relations, are expected to inject new momentum into the Hong Kong market [4][30]. Group 2 - The Hang Seng Technology Index has corrected over 10% from its peak this year, but the current macro environment is less uncertain compared to previous months, suggesting a lower probability of extreme corrections [6][8]. - Analysts predict that major internet companies will maintain revenue growth rates between 10% and 15%, with ongoing cost reduction strategies improving profit margins [9][10]. - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF's PE ratio at 23.09, significantly lower than the Nasdaq's 42.5 [11][12]. Group 3 - The inflow of long-term capital, primarily from insurance and public funds, is expected to continue, with projections of an additional 1.54 trillion HKD in southbound funds by the end of next year [17][18]. - The sustained inflow of these long-term funds is improving market structure and pushing the Hong Kong stock market towards a fundamental-driven valuation [18][20]. - Foreign capital has shown a net inflow trend since 2025, particularly in the technology sector, indicating a strong interest in core assets [19][20]. Group 4 - The rise of AI technology has made core AI assets highly sought after globally, with major tech companies in Hong Kong becoming essential market players [22][24]. - These tech giants are capable of achieving high-quality revenue and profit growth, supported by strong competitive advantages and robust ecosystems [25][28]. - The article emphasizes that Hong Kong's tech giants are well-positioned in the AI revolution, possessing the necessary data and capital to drive innovation and growth [26][27]. Group 5 - Despite recent market volatility, the direction of AI industry development remains unchanged, with positive factors influencing technology company valuations [30][31]. - Investors are encouraged to focus on market changes to capture turning points and new opportunities, particularly in core AI technology companies and related ETFs [31][32]. - The Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF are highlighted as key investment vehicles, with significant assets under management and a focus on leading tech firms [32][33].

Core Insights - The net inflow of southbound funds has exceeded 1.3 trillion HKD this year, with cumulative inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [1][15] - The technology sector remains a key focus for capital inflows, with the Hang Seng Technology Index ETF rising by 30.4% and the Hong Kong Stock Connect Technology ETF gaining 44.19% this year [1][3] Market Dynamics - Despite being in an adjustment phase, multiple positive signals are emerging, including domestic economic plans, improved international relations, and continued inflows of southbound funds, which are injecting new momentum into the Hong Kong stock market [3][19] - The recent correction in the Hang Seng Technology Index, which has dropped over 10% from its peak, is viewed as a normal adjustment rather than a sign of severe market instability [5][9] Earnings Outlook - Major internet companies are expected to maintain revenue growth rates between 10% and 15%, with ongoing cost-reduction strategies likely to improve profit margins [10][11] - The upcoming Q3 earnings reports are crucial; positive results could lead to a rebound in market sentiment and stock prices [9][13] Valuation Metrics - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF trading at a PE (TTM) of 23.09, significantly lower than the Nasdaq Index's 42.5 [14][15] - Southbound funds, primarily from insurance and public funds, have contributed over 60% of the net inflow this year, indicating a strong preference for technology growth and high dividend yield stocks [18][19] Investment Focus - The rise of AI technology has made core AI assets highly sought after, with major tech companies in Hong Kong becoming essential market players due to their strong fundamentals and competitive advantages [23][25] - The Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF are positioned to attract continued investor interest, focusing on leading tech firms and their growth potential in the AI sector [30][31]

Group 1 - The core viewpoint of the article highlights that southbound capital has achieved a record net inflow of over 1.3 trillion HKD this year, with cumulative net inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [2][19]. - The technology sector remains a key focus for capital inflows in the Hong Kong stock market, with the Hang Seng Technology Index ETF (513180) rising by 30.4% and the Hong Kong Stock Connect Technology ETF (159101) increasing by 44.19% this year [3]. - Despite the market being in an adjustment phase, multiple positive signals, including domestic planning, improved international relations, and continued inflows of southbound capital, are providing new momentum for the Hong Kong stock market [5]. Group 2 - The Hang Seng Technology Index has seen a significant correction of over 10% from its year-to-date high, but the current macro environment is less uncertain compared to previous months, suggesting a lower probability of extreme corrections [6][10]. - Analysts from major investment banks predict that the overall revenue growth rate for leading internet companies will remain in the range of 10%-15%, with improvements in adjusted net profit margins and free cash flow due to ongoing cost reduction strategies [11]. - The article emphasizes that if upcoming earnings reports exceed expectations, it could significantly boost market confidence and lead to a rebound in stock prices [14]. Group 3 - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF (513180) trading at a PE (TTM) of 23.09, which is at the 30.75% historical percentile since its inception [16]. - Compared to global technology indices, the valuations of the Hang Seng Technology and Hong Kong Stock Connect Technology ETFs are significantly lower than that of the Nasdaq Index, which stands at approximately 42.5 [17]. - The article notes that long-term stable foreign capital inflows have been significant, with predictions of an additional 1.54 trillion HKD in southbound long-term capital by the end of next year, indicating a strong future demand for quality assets in the Hong Kong market [24]. Group 4 - The rise of AI technology has made core AI assets highly sought after globally, with major technology companies in Hong Kong becoming central to this trend [28][32]. - These technology giants are positioned favorably in the AI revolution, possessing vast amounts of high-quality data and significant capital expenditure capabilities necessary for training large models [33]. - The article concludes that the core AI technology companies in Hong Kong represent the most dynamic and innovative segment of the Chinese economy, capable of attracting global capital and driving the future performance of the Hong Kong stock market [34].

Group 1 - The core viewpoint highlights that Chinese tech stocks are becoming attractive to international capital due to their unique combination of high growth and high dividend yields in the context of the accelerating global AI competition [1] - Several foreign institutions point out that China's AI industry is still in its early development stage, with significant room for growth in areas such as computing infrastructure, algorithm innovation, and application implementation [1] - Unlike traditional growth stocks, a number of leading Chinese tech companies are demonstrating robust cash flow and shareholder return capabilities, with many tech firms showing dividend yields exceeding 3% and payout ratios close to 85%, comparable to developed market levels [1] - The characteristic of "growth potential combined with dividend income" is particularly valuable in the current low-interest-rate environment [1] - The Hong Kong stock market's tech sector, which includes core domestic AI assets across the entire industry chain, is becoming a pioneer in the revaluation of Chinese assets and is expected to continue benefiting from the accelerated penetration of AI [1] - Institutions like Lipper suggest that as the AI industry chain expands from hardware to application, investors should focus on investment opportunities in related fields [1] Group 2 - The Hong Kong stock market offers technology-related ETFs that cover the entire industry chain, such as the Hong Kong Stock Connect Technology ETF (159101) [2] - There is a focus on internet leaders through the Hang Seng Internet ETF (513330) [2]

Core Insights - The Hong Kong technology sector is experiencing short-term adjustments, but its long-term upward trend remains intact, presenting strategic investment opportunities for investors [1] - The AH share premium index has significantly decreased from a high of 40% at the beginning of the year to around 20%, indicating a narrowing discount of H-shares relative to A-shares, which reflects a value re-evaluation process [1] - The favorable environment for the Hong Kong technology sector is characterized by global macroeconomic support and continuous inflow of domestic and international capital [1] - Despite market volatility, the overall trend for the sector is expected to continue with a pattern of "downside support and upside potential," making market pullbacks potential buying opportunities for investors [1] - Investors are encouraged to remain rational, ignore short-term noise, and focus on long-term industry development trends to seize opportunities arising from China's economic transformation and technological revolution [1] Related ETFs - The Hong Kong Technology ETF (159101) covers the entire technology industry chain [2] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [2]

Core Viewpoint - The short-term performance of the Hong Kong stock market will be affected by trade frictions, which may suppress investor risk appetite and lead to market volatility. However, in the long term, the expansion of capital expenditure by global tech giants will result in a continuous emergence of new products, positively impacting the AI industry chain [1]. Group 1: Market Outlook - Trade frictions are expected to create disturbances in the short-term performance of the Hong Kong stock market [1]. - The uncertainty surrounding the duration of the U.S. federal government "shutdown" and the escalation of China-U.S. trade tensions may increase market risk aversion [1]. Group 2: Investment Opportunities - AI-related stocks in the Hong Kong market are deemed to have high attention value due to the long-term positive trends in the tech sector [1]. - Precious metals and other safe-haven assets may see opportunities as market risk aversion rises [1]. Group 3: Relevant ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1]. - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1].

Core Viewpoint - Dongwu Securities expresses a non-pessimistic outlook on the long-term trajectory of the Hong Kong stock market, supported by three main factors [1] Group 1: Monetary Policy and Market Support - The global interest rate cut cycle continues, and the monetary easing environment will provide foundational support for the stock market, indicating potential for overall upward movement [1] Group 2: AI Industry Trends - The trend of the AI industry is irreversible, with China's AI sector accelerating, which will directly benefit leading technology companies in the Hong Kong stock market, suggesting further upside potential [1] Group 3: Economic Improvement - Economic fundamentals are expected to improve, with projections indicating that both the overall economic conditions and corporate profitability will see further enhancement in the first quarter of next year [1] Group 4: Market Preferences and Capital Flows - The market preference in Hong Kong is gradually aligning with that of the A-share market, with overseas capital from Chinese enterprises and individuals becoming a major inflow force into the Hong Kong market, alongside a potentially sustained weak US dollar environment, indicating further upward space for the Hong Kong stock market [1] Group 5: Relevant ETFs - Coverage of the entire technology industry chain is provided by the Hong Kong Stock Connect Technology ETF (159101) [1] - Focus on leading internet companies is represented by the Hang Seng Internet ETF (513330) [1]

Core Viewpoint - The Federal Reserve's interest rate cuts are likely to lead to a global reallocation of funds, benefiting Chinese assets amid a backdrop of restructuring in the global monetary system, characterized by a depreciation of the dollar and a reversal of innovative narratives [1] Group 1: Impact of Federal Reserve's Actions - Interest rate cuts by the Federal Reserve are expected to enhance global liquidity, potentially putting downward pressure on the dollar's exchange rate, which may further facilitate global fund reallocation [1] - Proper policy responses could allow Chinese assets to benefit from the dual dividends of accelerated fragmentation and diversification of the global monetary system [1] Group 2: Opportunities in Chinese Assets - Fragmentation is likely to accelerate the repatriation of funds to China, while diversification may drive a rebalancing of global funds, with some capital possibly flowing into Chinese capital markets [1] - In the context of renminbi appreciation and reinforced by the Fed's rate cuts, there is optimism for a "catch-up" rally in Hong Kong stocks, shifting focus from "takeout narratives" to "AI narratives" [1] Group 3: Investment Products - The Hong Kong stock market technology sector is highlighted, particularly ETFs that cover the entire technology supply chain and focus on leading internet companies [1]