10月以来，港股市场调整较多，港股通科技ETF基金（159101）、恒生互联网ETF（513330）、恒生科 技指数ETF（513180）二级市场价格也跌幅较多，距离10月初高点回撤-18%左右。 华夏基金投资者回报研究中心王波认为，港股科技板块近期持续超预期走弱，原因较为复杂：一方面， 美联储鹰派降息后美债利率回升引发投资者对流动性的担忧，另一方面，海外AI科技动能松动，同时 年底资金资金获利了结及南下资金放缓，当前A股市场处于震荡调整期，12月港股解禁较多等等。 客观来说，港股科技叠加科技股及离岸市场等双重属性，导致长期历史波动率较高，投资具备难度。但 调整也带来低位介入机会。 截止目前，港股科技调整幅度再度接近2024年以来历次回调的经验值范围，整体估值相对较低，AI叙 事主导的科技股风险有所释放。 王波认为，港股科技进一步下行风险有限，即将步入2026年，在性价比吸引下，南向资金有望重回流 入，1月初港股解禁高峰结束，叠加1月最新美联储会议纪要出炉，投资者对海外流动性的担忧从悲观定 价回归等，港股科技有望逐渐企稳，当前可把握低位布局机会。 港股成长风格相关ETF： 恒生科技指数ETF（513180.S ...

Core Viewpoint - The Hong Kong stock market has emerged as a "dark horse" leading global markets, with significant recovery since 2025, driven by valuation advantages, improved asset quality, continuous capital inflow, and market ecosystem reshaping [2][4]. Valuation and Investment Appeal - The Hong Kong stock market offers a notable valuation discount, with a current PE_TTM of 11.99, the lowest among major global indices, providing a substantial safety margin for future growth [4][6]. - The market has become a key observation point for China's new economic development, encompassing a complete AI industry chain and attracting high-quality A-share companies to list in Hong Kong [5][6]. Capital Inflow and Market Dynamics - Continuous inflow of "southbound funds" has redefined the pricing logic of the Hong Kong stock market, with net purchases reaching 1.38 trillion HKD by December 2, 2025, accounting for over 20% of trading volume [7][9]. - Long-term institutional investors, including insurance and public funds, now represent over 40% of southbound capital, enhancing market stability and investment value [9][10]. Market Activity and New Listings - The Hong Kong stock market has seen an average daily trading volume exceeding 200 billion HKD, doubling from the previous year, with 91 IPOs raising a total of 2590.65 million HKD [5][6]. - The new stock market has shown strong performance, with only 9 out of 48 new stocks declining on their debut, indicating robust investor confidence [5][6]. Future Outlook and Investment Strategies - The market is entering a value re-evaluation phase, with expectations of a second round of valuation recovery and performance resurgence in 2026, particularly in technology, healthcare, resources, consumer staples, and sectors benefiting from RMB appreciation [13][11]. - Index-based investment is highlighted as an efficient way for investors to participate in the Hong Kong market, with a diverse range of ETFs available to meet varying investor needs [11][12].

Group 1 - The overall market sentiment in November is characterized by a growth recovery rebound, with a warming trend in the news environment, including increased probabilities of a Federal Reserve rate cut and a delegation of Chinese entrepreneurs visiting the U.S. [1] - Major financial institutions such as JPMorgan, UBS, and Fidelity International are optimistic about the A-share market for the upcoming year [1] - The ETF investment opportunities are currently limited due to minimal changes in the industrial sector, but long-term outlook remains positive despite potential short-term pullbacks [1] Group 2 - The Hong Kong technology sector, including ETFs like the Hong Kong Technology ETF (159101) and the Hang Seng Technology Index ETF (513180), has seen significant adjustments, making it increasingly attractive for investment [1] - Anticipation for AI applications in leading tech companies is high, with expectations for a resurgence of capital inflow from southbound funds at the beginning of the year [1] - The robotics and fintech sectors are currently facing short-term challenges, but the fundamentals remain strong, with the robotics industry entering a more certain phase of capacity preparation and order fulfillment [2] Group 3 - The overall market is expected to remain in a state of fluctuation, with slow recovery speeds and limited sustainability in sector rotations due to a lack of incremental logic [3] - The gaming sector, while benefiting from AI applications, has not demonstrated sustained momentum as interest wanes [3] - Market trading volumes are low, indicating a lack of upward momentum driven by new catalysts, reinforcing the expectation of continued market oscillation [3]

Group 1 - The Hong Kong technology sector is experiencing a decline, with the Hong Kong Stock Connect Technology ETF (159101) dropping over 2%, and major holdings like JD Health, Kingsoft Biotech, Innovent Biologics, Hua Hong Semiconductor, SMIC, and WuXi Biologics seeing significant losses [1] - The U.S. released the delayed September non-farm payroll report, showing an unemployment rate that exceeded expectations, contributing to short-term pressure on the Hong Kong market [1] - The Federal Reserve's meeting minutes indicate significant disagreement among officials regarding whether to continue interest rate cuts in December, impacting market sentiment [1] Group 2 - Kuaishou's AI video model has upgraded to Turbo 2.5, positioning it among the global leaders, with a B-end commercialization package set to launch, indicating substantial future monetization potential [1] - Despite short-term fluctuations, the long-term growth logic for the Hong Kong technology sector remains clear, supported by valuation recovery and ongoing policy empowerment [1] - The Hong Kong Stock Connect Technology ETF (159101) has seen a net inflow of funds for four consecutive days, accumulating 206 million yuan, with a latest scale of 2.398 billion yuan as of November 20 [1]

Group 1 - The core viewpoint is that the Hong Kong stock market in the fourth quarter presents both opportunities and challenges, with the technology sector becoming a key focus for aggressive investment due to the dual concepts of AI and "new productive forces" [1] - On the demand side, the user base for generative AI in China has experienced explosive growth, with local tech companies capturing the majority of market benefits [1] - On the supply side, leading technology firms in Hong Kong are evolving from mere application providers to builders of the industrial chain, covering various sectors including software and hardware, new energy vehicles, and innovative pharmaceuticals [1] Group 2 - In terms of capital flow, southbound funds have continued to flow in, with a net purchase amount exceeding 1.3 trillion HKD this year, leading to an increasing pricing power of domestic capital [2] - Valuation-wise, the technology sector is significantly undervalued compared to A-shares, and combined with the Federal Reserve's interest rate cut cycle and the resilience of the domestic economy, the Hong Kong technology sector is expected to achieve excess returns in the fourth quarter [2] - For ordinary investors, direct investment in individual stocks poses high barriers and risks, thus it is suggested to consider participating through related ETFs. The Hong Kong Stock Connect Technology ETF (159101) closely tracks the National Index of Hong Kong Stock Connect Technology, selecting 30 large-cap, high R&D investment tech leaders, 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 + hardware + new consumption + new energy vehicles" [2]

Core Insights - The net inflow of southbound capital into Hong Kong stocks has reached 12,600 billion HKD this year, marking the fastest inflow since the launch of the Stock Connect, significantly surpassing the total inflow for the entire previous year [1] - Since the end of May, there has been a sustained high rate of inflow, with an average daily net inflow of 6.1 billion HKD by the end of September [1] - September recorded a net purchase of 188.5 billion HKD, making it the month with the highest net inflow this year, second only to January 2021 in historical terms [1] - In October, the net inflow exceeded 92 billion HKD [1] Industry Impact - The reduction in tariffs has alleviated significant uncertainties, aiding in stabilizing trade relations and improving external circulation, which in turn enhances market risk appetite [1] - The direct tax rate reduction benefits cross-border e-commerce, while trade improvements lead to macroeconomic recovery and increased consumer demand, positively impacting internet advertising and domestic e-commerce [1] Related 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 Insights - The Hang Seng Index opened up 0.3% and the Hang Seng Tech Index rose 0.36%, with strong performance in lithium batteries and photovoltaic concepts, while innovative drugs, new energy vehicles, and robotics showed weakness [1] - Since the beginning of 2024, the Hong Kong stock tech sector has exhibited a "leading stocks driving the market" trend, becoming one of the most prominent themes in the market [1] - Foreign institutions, including JPMorgan and Aberdeen Investment, have expressed a bullish outlook on Chinese assets, highlighting the growth potential of the tech industry and the valuation advantages of the Hong Kong market [1] Industry Summary - The tech sector in Hong Kong is experiencing a positive cycle of "rising prices - capital inflow - performance," attracting more funds and expanding investment opportunities across the entire sector [1] - Foreign institutions expect the tech-driven market rally in Hong Kong to continue, with a focus on two types of opportunities: leading companies in high-end manufacturing such as AI and semiconductors, and growth companies with reasonable valuations and competitive advantages [1] - The dual drivers of "technological innovation + valuation recovery" are anticipated to continue generating excess returns for investors in the Hong Kong tech sector [1] Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire tech industry chain [2] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [2]

Core Viewpoint - The configuration value of the Hong Kong technology sector continues to stand out in the fourth quarter due to the resonance of internal and external factors [1] External Factors - The Federal Reserve has initiated a preventive interest rate cut cycle, historically indicating that such cycles often provide significant elasticity for cyclical stocks, with the technology sector being a primary beneficiary as a growth asset [1] - Global liquidity easing and domestic industrial upgrades further enhance the growth potential of the Hong Kong technology sector, which is expected to experience a robust market in the fourth quarter [1] Internal Factors - China's economy has demonstrated unexpected resilience, with a GDP growth rate of 5.3% in the first half of the year, supported by new productivity cultivation achievements, providing a solid fundamental backing for the technology sector [1] Market Valuation - According to a Morgan Stanley report, despite a significant year-to-date increase in the MSCI Hong Kong Index, its valuation remains below the ten-year average, making it one of the cheapest stock markets in the Asia-Pacific region, excluding ASEAN [1] - This valuation advantage has attracted continuous foreign capital inflow, with passive funds accumulating a total of $18 billion into the Chinese stock market by the end of September [1] Investment Perspective - Foreign institutions generally view the Hong Kong technology sector as having both valuation safety margins and industry growth potential, making it an indispensable part of global asset allocation amid increasing market volatility [1] Related ETFs - Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - Hang Seng Internet ETF (513330) focuses on leading internet companies [1]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing short-term adjustments but maintains a long-term upward trend, presenting strategic investment opportunities for investors. Group 1: Market Performance - On November 6, the Hang Seng Index opened up by 0.49%, and the Hang Seng Tech Index rose by 0.63% [1] - Stocks related to power grid equipment, charging piles, and energy storage continue to perform strongly, with companies like Hua Hong Semiconductor and SMIC rising over 2% [1] Group 2: Monetary Policy Impact - The Federal Reserve's initiation of a rate-cutting cycle is driving global capital reallocation, making the Hong Kong stock market an important destination for excess liquidity due to its offshore characteristics and undervaluation [2] - The technology sector, being sensitive to interest rates, is expected to attract significant capital [2] Group 3: AI and Industry Transformation - AI technology is undergoing comprehensive breakthroughs from hardware self-research to commercial applications, significantly restructuring the fundamentals of Hong Kong tech companies [3] - The surge in cloud services and model demand validates the commercial potential, providing a new narrative for sustained growth in the sector [3] Group 4: Valuation and Investment Appeal - The convergence of southbound funds and foreign capital is focusing on Hong Kong technology stocks, which are significantly undervalued compared to major global tech indices [4] - The unique risk-reward ratio, supported by AI growth expectations and the rate-cutting environment, highlights the investment value in this sector [4] Group 5: Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [5] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [5]

Core Insights - Hong Kong technology stocks are positioned to benefit directly from the Federal Reserve's interest rate cut cycle, which is occurring in a unique "benign easing" environment characterized by rising corporate profits and stable global economic growth [1] - A Morgan Stanley report indicates that foreign capital inflows into the Chinese stock market rebounded to $4.6 billion in September 2024, marking a nearly one-year high, closely linked to improved global liquidity expectations [1] - Institutions such as Fidelity International and Schroders maintain a positive outlook on Chinese technology stocks, believing that ample liquidity within the Chinese system will further drive capital allocation towards the technology growth sector [1] Industry Analysis - The current interest rate decline enhances the attractiveness of Hong Kong technology stocks due to their high growth potential and valuation elasticity, making them appealing to global capital [1] - The trend of global capital seeking diversified investment opportunities is expected to continue supporting incremental capital flows into Hong Kong technology stocks [1] Related ETFs - Focus on internet leaders: Hang Seng Internet ETF (513330) [2] - Coverage of the entire technology supply chain: Hong Kong Stock Connect Technology ETF Fund (159101) [2]