美国11月核心CPI同比上涨2.6%，低于市场预期的3%。美国11月非农就业人口增加6.4万人，高于市场预期 的5万人；但失业率却意外升至4.6%，创下2021年9月以来的新高。美联储官员表示，随着就业市场趋弱且 通胀受控，美联储仍有较大降息空间。 资金层面，南向重回流入，一周流入162.7亿港元，前一周流出34.4亿港元。 外资方面，EPFR口径下，截至上周三，主动外资流出6.4亿美元，前一周流出2.2亿美元；被动外资则加速 流入，一周流入港股34.3亿美元，前一周为流入9亿美元。 银河证券指出，日央行靴子落地，美联储估计也会稍微偏宽松预期，外部风险呈收窄趋势，港股有望震荡 上行。配置方面，或可关注：（1）科技板块仍是中长期投资主线，经历前期调整后估值回落，在多重利 好因素提振下，有望反弹回升。（2）消费板块有望获得较大力度政策支持，且当前估值处于相对低位， 后续需关注政策落地力度及消费数据改善情况。 港股通科技ETF招商（159125）跟踪国证港股通科技指数，从港股通范围内精选30家市值领先、研发投入 高、营收增长快的科技企业作为成份股，涵盖腾讯控股、阿里巴巴、小米集团、美团、中芯国际、比亚迪 股份等细分 ...

Core Viewpoint - The appointment of Wang Ying as the new chairman of China Merchants Fund marks a significant leadership change, with expectations for new strategic directions and enhanced collaboration with the parent company, China Merchants Bank [1][4][7]. Group 1: Leadership Changes - Wang Ying will assume the role of chairman of China Merchants Fund starting November 27, 2023, while also serving as the vice president of China Merchants Bank [1][2]. - The previous chairman, Wang Xiaoqing, stepped down on September 24, 2023, with the general manager, Zhong Wenyue, temporarily taking over the role until Wang Ying's appointment [4][5]. - Zhong Wenyue will officially cease to act as chairman on November 27, 2025, after returning to the fund in May 2025 [4][5]. Group 2: Company Performance and Strategy - As of the latest data, China Merchants Fund has a total asset size of 957.37 billion yuan, with non-monetary management assets amounting to 570.7 billion yuan [6]. - The new leadership aims to leverage their extensive experience within the China Merchants Bank system to drive the fund's development and enhance strategic collaboration with its parent company [7]. - The fund plans to focus on three key areas: deep research sharing, quality asset organization and product creation, and innovation as a testing ground, to strengthen strategic alignment with its shareholders [7]. Group 3: Recent Developments and Market Position - Since Zhong Wenyue's return, China Merchants Fund has successfully launched several new funds, including the招商均衡优选基金, which raised over 5 billion yuan in just one day [8]. - The fund has also been active in the ETF market, with multiple index funds achieving significant fundraising milestones in recent months [8]. - A recent memorandum of cooperation was signed with a New Zealand fund company to enhance cross-border investment product development, indicating a push towards internationalization [8]. Group 4: Industry Context - The year has seen significant turnover in leadership across the public fund industry, with over 20 fund companies changing general managers and more than 30 changing chairpersons, reflecting a trend of banks consolidating control over their fund management subsidiaries [9][10].

Core Viewpoint - Chinese concept stocks experienced a collective surge, with the Nasdaq China Golden Dragon Index rising by 2.82% on November 24, 2023, driven by expectations of a potential interest rate cut by the Federal Reserve in December [1] Group 1: Market Performance - Major Chinese stocks saw significant gains: Baidu increased by over 7%, Bilibili by over 6%, Alibaba by over 5%, NetEase by over 4%, and NIO by over 3% [1] - The probability of a 25 basis point rate cut by the Federal Reserve in December rose to 82.9%, a substantial increase from previous forecasts [1] Group 2: Industry Outlook - CITIC Securities indicated that with macroeconomic improvements, Hong Kong stocks are expected to transition from "earnings recovery" to "revenue expansion," creating a sustainable upward trend in both revenue and profit [1] - The Hong Kong stock market is poised to benefit from the outflow of liquidity from domestic and international markets, alongside the ongoing AI narrative, as more high-quality leading A-share companies list in Hong Kong [1] Group 3: Index and ETF Information - The National Index Hong Kong Stock Connect Technology Index selects 30 leading technology companies based on market capitalization, R&D investment, and revenue growth, including Tencent, Alibaba, Xiaomi, Meituan, SMIC, and BYD [5][8] - The index requires constituent stocks to have a compound revenue growth rate exceeding 10% over the past two years or an R&D expense ratio above 5%, balancing scale and growth potential [5] - The latest valuation of the Hong Kong Technology Index is 22.92 times PE, positioned at the 15th percentile since its inception [12] Group 4: Key Constituents - The top five constituents of the Hong Kong Stock Connect Technology Index include Alibaba (18.03%), Tencent (15.27%), Xiaomi (11.83%), Meituan (9.10%), and SMIC (6.80%) [9] - The index has a high concentration, with the top five stocks accounting for over 61% and the top ten nearly 80% of the total weight [7] Group 5: Future Market Sentiment - Huatai Securities noted that the sentiment in the Hong Kong stock market remains pessimistic, indicating a balanced risk profile, suggesting that investors may gradually build positions [20] - CITIC Securities anticipates that the "money-making effect" in the Chinese stock market will continue, with domestic investors likely to increase their allocation to Hong Kong stocks due to current underexposure [20]

Group 1 - The core viewpoint of the news highlights a significant rebound in Hong Kong stocks, particularly in the technology sector, driven by multiple factors including the U.S. "Genesis Project" aimed at transforming scientific research through AI [2] - The Hang Seng Index and Hang Seng Tech Index opened strongly, with notable gains in tech stocks such as Bilibili, Xiaomi, and ZTE [1][2] - Goldman Sachs' chief China equity strategist indicates that the rise in Chinese stocks led by AI is not a bubble, suggesting that tech companies have room to enhance valuations and profits through AI applications [2] Group 2 - The Hang Seng Index and Hang Seng Tech Index experienced declines of 7.58% and 19.26% respectively from October 3 to November 21, indicating a potential for recovery [3] - The valuation of the Hong Kong Stock Connect Technology ETF is at a price-to-earnings ratio of 23.55, which is considered attractive compared to global tech indices like the Nasdaq and ChiNext [3] - Historical performance shows that the Hong Kong Stock Connect Technology Index has outperformed other indices significantly, with a cumulative increase of 164.61% since early 2017, suggesting strong potential for future gains [3]

Group 1: ETF Performance - The top-performing ETFs include the Photovoltaic ETF Leader (560980) with a gain of 5.59%, followed by the Grid Equipment ETF (159326) at 5.31% and the Innovation New Energy ETF (588830) at 5.18% [1] - Other notable gainers are the E Fund Photovoltaic ETF (562970) at 5.11% and the Photovoltaic ETF Fund (516180) at 4.99% [1] Group 2: Photovoltaic Sector Insights - The improvement in Q3 profitability for the photovoltaic sector is driven by two main factors: stabilization of the photovoltaic industry chain prices and a reduction in inventory impairment losses [2] - The overall gross margin level has increased, particularly in the silicon material segment, indicating a positive trend in profitability [2] - Future demand in the photovoltaic market remains under pressure, especially with the implementation of Document No. 136, which may affect pricing and profitability levels [2] Group 3: ETF Declines - The worst-performing ETFs include the Asia-Pacific Select ETF (159687) with a decline of 3.56%, followed by the Sino-Korean Semiconductor ETF (213310) at 3.13% [3] - Other notable declines are seen in the Dividend Low Volatility ETF (260890) at 2.94% and the Nikkei 225 ETF (213880) at 2.43% [3] Group 4: ETF Trading Activity - The Short-term Bond ETF (511360) recorded the highest trading volume at 29.218 billion yuan, followed by the Yinhua Daily ETF (511880) at 15.899 billion yuan [4] - The turnover rate for the Government Bond ETF (511580) was the highest at 341%, indicating significant trading activity [4] Group 5: New ETF Offerings - The E Fund A500 Dividend Low Volatility ETF (563510) will begin fundraising, tracking the CSI A500 Dividend Low Volatility Index [5] - The Hong Kong Stock Connect Technology ETF (159125) will be listed, focusing on major technology companies like Alibaba and Tencent, appealing to investors optimistic about the long-term growth of the Hong Kong tech sector [5]

Core Viewpoint - The launch of the China Securities Hong Kong Stock Connect Technology ETF (code: 159125) aims to closely track the China Securities Hong Kong Stock Connect Technology Index, which includes leading technology companies in the Hong Kong market with core competitiveness [1] Group 1: Index Composition and Focus - The China Securities Hong Kong Stock Connect Technology Index selects 30 leading technology companies based on market capitalization, R&D investment, and revenue growth, focusing on "hard technology" and "new economy" sectors [2] - The index requires constituent stocks to have a compound revenue growth rate exceeding 10% over the past two years or an R&D expense ratio above 5%, ensuring a balance between scale and growth potential [2] - As of September 30, the index's sector weightings include 43% in consumer discretionary, 42% in information technology, and 12% in healthcare, with the top ten constituents accounting for 79% of the index [2] Group 2: Performance Metrics - The China Securities Hong Kong Stock Connect Technology Index has shown strong long-term performance, with a cumulative return of 209.77% and an annualized return of 14.03% since 2017, outperforming similar indices [3] - The index exhibits high elasticity, with an annualized volatility of 33.78%, indicating relatively high fluctuations [4] Group 3: Valuation and Market Trends - As of September 30, the index's price-to-earnings ratio stands at 26.45, positioned at the 39th percentile since inception, suggesting a favorable valuation compared to global tech indices like NASDAQ and ChiNext [6] - Hong Kong's technology companies have become significant players in stock buybacks, with a total buyback amount of 136.7 billion HKD in the first nine months of the year, indicating strong institutional confidence in long-term opportunities [8] - The influx of mainland capital into the Hong Kong market has reached a record high of 1.17 trillion HKD in net inflows this year, with technology stocks being a primary focus for investment [8]