Core Insights - The technology sector has become a significant component of the A-share market, accounting for over 25% of the total market capitalization [1] - Public funds are increasingly focusing on technology investments, particularly in areas like artificial intelligence (AI), humanoid robots, and innovative pharmaceuticals, indicating a shift in investment strategies and methodologies [1][3] - The rise of technology investments is attributed to China's long-term economic transformation, emphasis on technological innovation, and the capital market's role in supporting the real economy [3] Investment Trends - Over 90% of newly listed companies in recent years are technology-related or have high technological content, with the number of technology companies in the top 50 by market capitalization increasing from 18 to 24 since the end of the 13th Five-Year Plan [1] - The market is witnessing a transformation in investment philosophy, with long-term capital, including insurance and pension funds, reassessing the long-term value of technology assets [3][4] - Fund managers are adapting to the complexities of technology investments, which require a shift from traditional linear thinking to a more systemic approach [1][5] Research and Methodology - The investment approach for technology sectors necessitates a deeper understanding of industry logic and performance expectations, with a focus on proactive positioning and foresight [6][7] - Fund companies are enhancing their research capabilities by building specialized teams and adopting innovative methodologies to address the unique challenges of technology investments [7][8] - The need for interdisciplinary knowledge is emphasized, with fund managers requiring a blend of financial acumen and technical expertise to navigate the technology landscape effectively [6][7] Product Strategies - Fund companies are diversifying their product offerings in technology investments, balancing between active equity products and passive index funds to capture various market opportunities [8][9] - The focus on technology themes aligns with national strategic development directions, leading to the creation of specialized funds targeting sectors like AI, semiconductors, and renewable energy [8][9] - The outlook for technology investments remains optimistic, with expectations of strong performance in sectors such as AI, semiconductors, and biomedicine [9]

港股科技板块具备显著的长期成长潜力，其核心竞争力主要体现在两大维度。一方面，持续的高研 发投入构筑了坚实的技术壁垒。Wind数据显示，截至2024年12月31日，港股通科技指数在近三年的研 发费用占营业收入比例均超7%，显著高于恒生科技、中证科技指数同期水平。高研发投入不断转化为 实际产出，有助于推动企业经营质量持续提升，使港股通科技指数成为真正具备内生增长动能的优质标 的组合。另一方面，港股科技企业凭借优秀的商业模式构筑了增长护城河。在创新药、智能汽车、互联 网等优势领域，这些企业正加速推进全球化布局，通过产品出海和模式创新不断拓展市场边界。这 种"技术创新+全球化"的双轮驱动模式，正在为港股企业构建长期可持续的增长动能，有望为投资者带 来持续的价值回报。 当前，港股科技板块仍处于"估值洼地"，或迎来较好的布局时点。Wind数据显示，截至6月30日， 港股通科技指数的PE为21.46倍，处于近五年4.98%分位，具备显著的修复空间。随着近期美联储降息预 期升温，全球流动性环境逐步改善，叠加中国经济复苏预期增强，港股科技板块的估值压制因素有望逐 步缓解，估值修复进程或将进一步加速。港股通科技ETF富国（认购代 ...