Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a strong rebound driven by the AI wave and supportive monetary policies, positioning it as a key area for investment opportunities in the context of China's economic transformation [1]. Market Performance - The Hang Seng Index rose by 0.59%, the Hang Seng Tech Index increased by 1.22%, and the Hang Seng China Enterprises Index climbed by 0.46% during the midday session, with a total market turnover of HKD 122.93 billion [1]. - Notable stock performances included Hua Hong Semiconductor up by 11.59%, ASMPT up by 7.87%, and SMIC up by 5.54% [1]. Industry Trends - The global technology cycle is currently led by AI, which is rapidly penetrating various economic and social sectors [1]. - China is in a transitional phase of economic development, focusing on technological innovation to drive new productivity and upgrade industrial structures, with the technology sector being a key area of policy support [1]. Investment Opportunities - The Hong Kong technology sector encompasses core domestic AI assets across the entire industry chain, including computing power, models, software applications, and hardware terminals, making it a pioneer in the revaluation of Chinese assets [1]. - The easing of interest rates is expected to enhance market liquidity, potentially directing international capital towards higher-risk assets, with Hong Kong stocks likely to benefit from this influx [1]. - Foreign investment is increasingly favoring the technology and internet sectors, which represent China's new economic drivers, as well as the large financial sector supported by the national credit system [1]. - The current valuation of the Hong Kong technology sector is relatively low historically, which may enhance its attractiveness to foreign investors, especially given its inclusion of core AI assets [1]. 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].

机构一致看好港股科技互联网板块中长期表现。国泰海通证券认为，短期扰动不改变中期趋势，在产业 周期向上和增量资金入市推动下，四季度港股牛市格局有望延续。国元国际指出，港股预计将保持韧 性，短期波动反而提供更佳入场时机。华福证券建议重点关注汇集AI核心资产的港股科技板块，把握 结构性机会。 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）。 多重利好因素共同推动港股科技互联网板块配置价值提升。宏观经济层面，前三季度GDP同比增长 5.2%，高质量发展取得积极成效，为市场营造良好环境。国际关系方面，中美经贸对话取得进展，双 方同意举行新一轮磋商，有助于缓解贸易紧张局势。 资金面信号尤为积极，南向资金呈现"越跌越买"特征。上周港股大幅回调期间，南向资金逆势净流入 450.89亿港元，创近五周最高水平；年内累计净流入规模已超1.1万亿元，充分体现对港股的配置热情。 【港股科技相关ETF】 ...

Core Viewpoint - The article highlights the ongoing technological competition driven by AI, particularly focusing on the developments in the Hong Kong stock market and the increasing interest from capital in the tech sector, which is seen as a key area for investment opportunities [2][3][10]. Group 1: Technological Developments - OpenAI's 2025 Developer Conference showcased various tools and models, indicating a strong push against major tech companies like Apple and Google [2]. - Chinese companies are demonstrating global leadership in innovation, particularly in AI, which is attracting significant capital to the Hong Kong tech sector [2][3]. - The Hang Seng Technology Index ETF (513180) has seen its scale increase to 44.391 billion yuan, a rise of 214.16 billion yuan since the beginning of the year [2]. Group 2: Market Dynamics - The Hong Kong stock market has experienced a significant increase in IPO financing, reaching 192.051 billion HKD, a year-on-year growth of 233.57% [4]. - Southbound capital has seen a net inflow exceeding 1.21 trillion HKD this year, indicating strong investor interest [4][5]. - The valuation of Hong Kong tech stocks remains attractive compared to their US counterparts, with the Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF trading at P/E ratios of 25.49 and 22.85, respectively [8]. Group 3: Investment Opportunities - The article emphasizes the potential for investment in AI applications, smart driving, and innovative pharmaceuticals, with Chinese companies leading in these sectors [13]. - The Hong Kong tech sector is positioned as a valuable entry point for global capital seeking to invest in China's core assets [6][10]. - The ongoing revaluation of Hong Kong stocks is driven by strong performance in the tech and consumer sectors, which now account for a significant portion of the market [11][12]. Group 4: Future Outlook - The article suggests that the Hong Kong tech sector is on the verge of a new growth phase, supported by favorable macroeconomic conditions and a shift in global capital flows [15][16]. - The potential for a new narrative to catalyze further investment in the tech sector is highlighted, with specific ETFs gaining popularity among investors [17]. - The Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF are expected to benefit from the ongoing trends in AI and smart driving, positioning them for long-term growth [18].

Economic Overview - The domestic economic fundamentals are showing positive signs, with GDP growth of 5.2% year-on-year in the first three quarters, indicating a stable and progressive economic operation [1] - The external environment is also improving, as trade tensions have eased following a video call between the economic leaders of China and the U.S., agreeing to a new round of consultations [1] Capital Flows - Southbound capital continues to favor the Hong Kong stock market, with a net inflow of 450.89 billion HKD last week, marking a five-week high; the cumulative net inflow this year has surpassed 1.1 trillion HKD, reflecting strong confidence from mainland investors [1] Market Outlook - Analysts suggest that with the backdrop of RMB appreciation and strengthened expectations for U.S. Federal Reserve rate cuts, a "catch-up" rally in Hong Kong stocks is anticipated [1] - The technology sector in Hong Kong, identified as a core asset for AI, is highlighted as having significant investment value, according to Huafu Securities [1] - Despite recent volatility, the upward industrial cycle and influx of new capital are expected to support a bullish market trend for Hong Kong stocks in the fourth quarter, with technology remaining a key focus [1]

从全球科技周期来看，我们正处在AI引领的新一轮科技浪潮中，AI正加速渗透至经济和社会的各个层 面。 第三是估值体系的重塑升级。2024年以来，南下资金涌入推动港股估值持续修复，但仍未达到高估状 态，相比2018年初和2021年初的高位仍有较大提升空间。 近期港股市场波动中显现长期布局机遇。多家机构指出，尽管短期可能面临震荡，但驱动行情的中长期 核心逻辑依然稳固。短期调整为投资者提供了难得的逢低入场机会。 【港股科技相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101）； 从国内经济发展阶段来看，我国正处在新旧动能转换期，通过科技创新引领新质生产力发展，是推动产 业结构升级的关键，科技产业仍将是政策重点支持的领域。 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。 从更宏观的视角看，港股市场正在经历深刻的价值重估过程，这一过程主要由三大动能驱动。 首先是产业格局的蝶变重生。港股市场结构已发生根本性变化，科技和消费产业市值合计占据半壁江 山，彻底改变了以往金融地产主导的格局。这种转变不仅提升了市场 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is showing significant investment value due to a combination of policy benefits, technological breakthroughs, and improved liquidity, with the Hang Seng Index rising by 2.41% to 25,854.98 points and the Hang Seng Technology Index increasing by 3.21% [1] Market Performance - The half-day trading volume in the Hong Kong market reached HKD 1,454.20 million [1] - Notable stock performances include: - Li Auto rising over 7% - Alibaba-W increasing by 4.99% - Hua Hong Semiconductor up by 4.62% - SMIC rising by 4.27% [1] Investment Opportunities - The Hong Kong technology sector is characterized by leading companies in artificial intelligence, biomedicine, semiconductor chips, and new energy vehicles, indicating a strong competitive edge [1] - The potential for performance improvement and value reassessment in the technology sector is supported by the onset of a Federal Reserve rate cut cycle and continuous inflow of southbound capital [1] ETF Investment Strategy - For ordinary investors, investing directly in individual stocks may be challenging and risky; thus, participating through related ETFs is recommended [1] - The Hong Kong Stock Connect Technology ETF (159101) closely tracks the CSI Hong Kong Stock Connect Technology Index, selecting 30 high market capitalization and high R&D investment technology leaders, with the top ten weighted stocks accounting for 77% [1] - The ETF covers major players like Tencent and Alibaba, as well as emerging forces like Li Auto and BeiGene, spanning popular sectors such as "software and hardware + new consumption + innovative drugs + new energy vehicles" [1]

Core Viewpoint - Short-term adjustments in the Hong Kong stock market do not alter the upward trend, with a solid bottom for downside protection. Following the Federal Reserve's interest rate cuts, global capital is expected to flow into the stock market, benefiting the Hong Kong market, particularly the technology growth sector [1]. Group 1: Market Dynamics - The current upward momentum in the Hong Kong stock market is driven by favorable industrial factors, necessitating ongoing attention to prosperous sectors and global industrial chain resonance [1]. - Investors are awaiting more fundamental signals, with the upcoming Fourth Plenary Session's "14th Five-Year Plan" expected to influence market risk appetite [1]. Group 2: Technology Sector Insights - Despite potential disruptions from leading U.S. technology firms affecting the trading rhythm of AI technology in Hong Kong, the acceleration of China's AI progress suggests that Hong Kong's technology leaders still have room for recovery [1]. - Relevant ETFs in the Hong Kong market include the Hong Kong Stock Connect Technology ETF (159101), which covers the entire technology industry chain, and the Hang Seng Internet ETF (513330), focusing on leading internet companies [1].

Group 1 - The global uncertainty is increasing, leading to a rise in demand for scarce and certain assets, with gold prices surpassing $4,000 per ounce [1] - The Hong Kong stock market's non-ferrous sector is leading gains, reflecting heightened risk aversion [1] - Many countries are planning to increase defense spending, which is expected to boost demand for capital goods [1] Group 2 - The US dollar continues to weaken, accelerating capital flow into emerging markets [1] - Hong Kong, as an offshore RMB center, is positioned to become a core platform for international capital diversification due to its connection with Chinese capital and low correlation with US stocks [1] Group 3 - Although there is a short-term adjustment in the Hong Kong stock market, the upward trend remains intact with a solid bottom [1] - Following the Federal Reserve's interest rate cuts, global capital is expected to flow further into the stock market, with Hong Kong stocks likely to rise in tandem, particularly benefiting the technology growth sector [1] Group 4 - The current upward momentum in the Hong Kong stock market is driven by favorable industry conditions, necessitating ongoing attention to the prosperous sectors and global industrial chain resonance [1] - Investors are awaiting more fundamental signals, with the upcoming Fourth Plenary Session's "14th Five-Year Plan" expected to influence market risk appetite [1] Group 5 - Despite potential disruptions from US tech giants affecting the trading rhythm of AI technology in Hong Kong, the acceleration of China's AI progress suggests that Hong Kong's tech leaders still have room for recovery [1]

Group 1 - The Hang Seng Index rose by 1.21%, the Hang Seng Tech Index increased by 1.18%, and the Hang Seng China Enterprises Index strengthened by 1.11% during the midday session, with a market turnover of HKD 158.605 billion [1] - The Hong Kong Stock Connect Tech ETF (159101) saw a gain of over 1% and attracted HKD 256 million in the last two days, indicating strong market confidence in the Hong Kong tech sector [1] - Key stocks in the tech sector, such as JD Health, Bilibili-W, and Alibaba-W, experienced significant increases of 3.47%, 3.19%, and 2.89% respectively [1] Group 2 - The easing of interest rates is expected to enhance market liquidity, potentially directing international capital towards higher-risk assets, with Hong Kong stocks likely to benefit from overseas liquidity inflows [1] - Foreign capital shows a preference for the tech internet sector, which represents China's new economic drivers, as well as the large financial sector supported by the national credit system [1] - The current valuation of the Hong Kong tech sector is relatively low historically and includes core assets in AI, which may continuously attract foreign investment [1] Group 3 - OpenAI and DeepSeek's new models have further boosted capital expenditure expectations, with China's AI narrative continuing to evolve [2] - The National Index of Hong Kong Stock Connect Tech Index has increased by 45% year-to-date, with a nearly 20% rise since August, driven by the resurgence of AI trends in trading [2] - The strong rebound in the Hong Kong tech sector is expected to lead a new round of asset revaluation, indicating significant mid-term allocation value [2]

Core Viewpoint - The article discusses the potential benefits for Chinese assets, particularly in the context of the Federal Reserve's interest rate cuts and the restructuring of the global monetary system, which may lead to a reallocation of global funds towards China [1] Group 1: Market Performance - On October 15, the Hang Seng Index opened up by 1.08%, and the Hang Seng Tech Index rose by 1.31% [1] - Tech stocks showed signs of stabilization, with ASMPT increasing by over 3% [1] - The Hong Kong Stock Connect Tech ETF (159101) and the Hang Seng Internet ETF (513330) both opened with gains exceeding 1% [1] Group 2: Global Monetary Dynamics - The Federal Reserve's interest rate cuts typically lead to a release of global liquidity, which may benefit Chinese assets, especially amid the current backdrop of global monetary system restructuring [1] - The combination of a depreciating dollar and a reversal in innovative narratives reflects a potential core driver for the current market trends [1] - If managed properly, Chinese assets could benefit from the dual dividends of accelerated fragmentation and diversification of the global monetary system [1] Group 3: Investment Focus - The article expresses optimism regarding the "catch-up" rally in Hong Kong stocks, shifting focus from "takeout narratives" to "AI narratives" [1] - Attention is drawn to the Hong Kong tech and internet sectors, which are seen as gathering core AI assets [1] - The Hong Kong Stock Connect Tech ETF (159101) covers the entire tech industry chain, while the Hang Seng Internet ETF (513330) focuses on leading internet companies [1]