12月16日，港股科技股集体下跌，截至发稿，恒生科技指数跌超2%，优必选跌超5%，商汤-W、小鹏汽 车-W、金山云跌4%，阿里巴巴跌超3%，小米集团、腾讯控股、比亚迪股份、中芯国际等跌幅居前。港 股通科技ETF（159125）跌2.74%。 当地时间12月10日，美联储宣布降息25个基点，将联邦基金利率目标区间下调至3.50%-3.75%。 银河证券指出，本周日本央行加息或引发全球资本回流。但美联储12月降息可以部分抵消日本加息带来 的资金收紧效应。总体上，港股市场流动性环境维持宽松。国内方面，会议定调明年经济工作，强调要 继续实施更加积极的财政政策和适度宽松的货币政策。展望未来，流动性宽松环境叠加政策利好影响 下，港股有望震荡上行。 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 亚迪股份等细分领域龙头，助力高效率把握港股科技板块投资机遇。 国证港股通科技指数从港股通范围内筛选出30家市 值领先、研发投入高、营收增长快的科技龙头企业。 根据编制方案,成份股需满足近 ...

12月12日，港股科技股集体走强，截至早盘收盘，商汤-W、地平线机器人涨超4%，小米集团-W、理想 汽车-W、中兴通讯等涨超2%，小米集团-W、阿里巴巴-W涨超1%。港股通科技ETF招商（159125）早 盘收涨1.41%，盘中一度涨超1.7%。 消息面上，据证券时报，自11月以来，港股市场正在掀起新一轮回购潮，龙头科技公司回购活跃，引领 本轮港股回购潮。根据Wind数据统计，11月，港股市场上市公司累计回购股份数量突破7亿股，较前期 出现显著增长。自11月以来，港股市场回购金额居前两位的公司主要被腾讯控股和小米集团两家龙头科 技公司"霸榜"。 从规模上看，此轮腾讯控股单日回购股份数量每个交易日均超过100万股，单日回购金额均超过6.3亿港 元，明显高于上一轮回购期间日均约80万股、约5.5亿港元的水平。11月下旬至今，小米集团回购金额 合计已超29亿港元，超过其2025年以来回购总金额的一半，表明小米集团近期回购力度明显增强。 中银国际指出，面对日益复杂严峻的外部环境，2026年宏观政策将持续发力、适时加力。当前港股市场 估值水平仍具有吸引力。重点投资机会方面，壮大实体经济、推动科技创新、发展新质生产力和扩 ...

港股科技股集体走强，商汤-W、地平线机器人涨超4%，小米集团-W、理想汽车-W、中兴通讯、美团- W等涨超2%，阿里巴巴-W涨1.59%。港股通科技ETF招商（159125）涨1.74%。 历史数据表明，在经历充分调整后，港股通科技指数往往展现出更强的弹性与爆发力。自2017年初至 2025年三季度末，港股通科技累计上涨209.77%，大幅跑赢港股通互联网同期25.03%涨幅。同时，在此 前的3轮周期性行情中，港股通科技指数的阶段涨幅均优于港股通互联网指数。 港股市场回购活跃度持续攀升。Wind数据显示，11月港股上市公司合计回购股份数量突破7亿股，较此 前数月显著放量。8月10月月度回购数量分别为2.6亿股、5.3亿股和5.3亿股。进入12月，回购活跃态势 得以延续，截至12月11日，本月累计回购数量已超过3.5亿股。 龙头公司回购力度尤为显著。腾讯控股在时隔一个月后，于11月18日重启回购，并保持每日回购节奏， 截至12月11日，区间累计回购114.43亿港元，年内累计回购金额724亿港元。 中银国际指出，面对日益复杂严峻的外部环境，2026年宏观政策将持续发力、适时加力。当前港股市场 估值水平仍具有吸引 ...

港股科技股集体走强，商汤-W、地平线机器人涨超4%，小米集团-W、理想汽车-W、中兴通讯、美团- W等涨超2%，阿里巴巴-W涨1.59%。港股通科技ETF招商（159125）涨1.74%。 港股市场回购活跃度持续攀升。Wind数据显示，11月港股上市公司合计回购股份数量突破7亿股，较此 前数月显著放量。8月10月月度回购数量分别为2.6亿股、5.3亿股和5.3亿股。进入12月，回购活跃态势 得以延续，截至12月11日，本月累计回购数量已超过3.5亿股。 历史数据表明，在经历充分调整后，港股通科技指数往往展现出更强的弹性与爆发力。自2017年初至 2025年三季度末，港股通科技累计上涨209.77%，大幅跑赢港股通互联网同期25.03%涨幅。同时，在此 前的3轮周期性行情中，港股通科技指数的阶段涨幅均优于港股通互联网指数。 中银国际指出，面对日益复杂严峻的外部环境，2026年宏观政策将持续发力、适时加力。当前港股市场 估值水平仍具有吸引力。重点投资机会方面，壮大实体经济、推动科技创新、发展新质生产力和扩大内 需等领域或是关键方向，尤其是科技创新以及新质生产力相关板块可能是未来几年主线之一。 建银国际认为，尽管港 ...

Group 1 - The core viewpoint of the news highlights a significant rise in Hong Kong's stock market, particularly in technology stocks, following the announcement of the "Genesis Plan" by the U.S. government to leverage artificial intelligence for scientific research [1] - The Hang Seng Index and Hang Seng Tech Index opened strongly, with notable gains in companies like Bilibili, Xiaomi, and ZTE, indicating a positive market sentiment towards tech stocks [1] - The Nasdaq Golden Dragon Index, which tracks Chinese tech stocks, rose by 2.82%, with major players like Baidu and Alibaba experiencing substantial increases in their stock prices [1] Group 2 - There is a strong expectation for interest rate cuts by the Federal Reserve, with a probability of 82.9% for a 25 basis point cut in December, which could influence market dynamics positively [2] - Historical data shows that the Hang Seng Index and Hang Seng Tech Index have experienced significant declines recently, with average maximum drawdowns of approximately 17% and 21% respectively during past market corrections [2][3] - The current valuation of the Hong Kong Stock Connect Technology ETF is at a price-to-earnings ratio of 23.55, which is at a historically low level, suggesting potential for recovery [3] Group 3 - The Hong Kong Stock Connect Technology Index has shown greater elasticity compared to similar indices, with a remarkable increase of 170% from February to September 2024, outperforming other indices [4]

Core Viewpoint - The recent performance of the Hong Kong stock market, particularly in the technology sector, has been influenced by tightening U.S. dollar liquidity and concerns over AI market dynamics, leading to a mixed outlook for future investments [3][5]. Group 1: Market Performance - On November 24, the Hong Kong Stock Connect Technology ETF (159125) saw a sharp increase of 1.86%, with major constituents like Li Auto rising over 6%, and Kuaishou-W and Alibaba-W both increasing by more than 4% [1]. - The Hang Seng Index has experienced significant fluctuations, with historical data indicating an average maximum decline of approximately 17% during major pullbacks, typically lasting around 53 trading days [6]. Group 2: Economic Indicators - Recent U.S. economic data, including a non-farm payroll increase of 119,000 in September, has been mixed, with an unemployment rate rising to 4.4%, impacting the Federal Reserve's interest rate decisions [3]. - The market's expectation for a 25 basis point rate cut in December has decreased to 40%, reflecting a cautious approach from the Federal Reserve amid tight dollar liquidity [4][5]. Group 3: Investment Sentiment - According to Huatai Securities, the Hong Kong sentiment index stood at 35.8 as of November 21, indicating a pessimistic outlook but suggesting that the market may be entering a phase for potential accumulation by left-side investors [7]. - The Hong Kong market is seen as having unique investment opportunities, particularly in AI-related assets, which are expected to align with ongoing industrial trends and support future market performance [9]. Group 4: Sector Analysis - The Hong Kong Stock Connect Technology ETF tracks the Guozheng Hong Kong Stock Connect Technology Index, selecting 30 leading companies with high market capitalization and rapid revenue growth, including Tencent, Alibaba, and BYD [9].

Group 1 - Hong Kong stocks opened lower but quickly rebounded, with the Hong Kong Stock Connect Technology ETF showing strong performance, led by companies like Hua Hong Semiconductor, Meituan, Bilibili, and SMIC [1] - Recent financial reports from several Hong Kong technology companies for Q3 2025 indicate a robust growth trend, with notable performance in revenue, profit, and user engagement metrics [3] Group 2 - Tencent Holdings reported Q3 revenue of 192.9 billion yuan, a 15% year-on-year increase, and a net profit of 63.1 billion yuan, up 19% [5] - JD Group achieved Q3 revenue of 299.1 billion yuan, a 14.9% increase, with retail revenue reaching 250.6 billion yuan, up 11.4% [5] - SMIC's Q3 revenue was 17.162 billion yuan, a 9.9% increase, with a net profit of 1.52 billion yuan, up 3.1% [5] - Bilibili reported Q3 revenue of 7.69 billion yuan, a 5% increase, with adjusted net profit soaring 233% to 786 million yuan [6] Group 3 - The Hong Kong Stock Connect Technology Index has risen over 87% since the beginning of 2024, indicating strong market performance [7] - Analysts believe AI will continue to drive revenue growth for internet giants, with domestic companies expected to increase capital expenditures significantly starting mid-2024 [8] - Market sentiment is expected to improve, benefiting Hong Kong technology stocks, especially with potential foreign capital inflows and the Fed's possible interest rate cuts [8]

Core Insights - The rapid iteration of the global AI industry and the acceleration of domestic production processes are enhancing the development momentum of Chinese technology companies [1] - The launch of the Hong Kong Stock Connect Technology ETF (159125) on November 6 aims to facilitate efficient investment in leading Hong Kong technology firms with core competitiveness [1] Group 1: Index Composition and Performance - The Guozhen 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 has shown strong performance, with a cumulative return of 183.62% since 2017, significantly outperforming the Hong Kong Internet Index's 14.02% increase during the same period [3][5] - The index's volatility is relatively high, making it suitable for investors with a strong risk tolerance [3] Group 2: Market Trends and Investment Flows - Southbound capital has seen a record net inflow of nearly 1.3 trillion HKD in 2023, primarily directed towards consumer discretionary, healthcare, and technology sectors [6] - Foreign capital has notably flowed into software services and hardware equipment, indicating recognition of the AI industry's trends [6] - The valuation of the Guozhen Hong Kong Stock Connect Technology Index stands at a price-to-earnings ratio of 25.25, which is significantly lower than that of major global technology indices, suggesting potential for growth [6]

Core Viewpoint - The launch of the Hong Kong Stock Connect Technology ETF (159125) on November 6 aims to facilitate efficient investment in leading technology companies in Hong Kong, tracking the National Index of Hong Kong Stock Connect Technology [1] Group 1: ETF Overview - The ETF closely follows the National Index of Hong Kong Stock Connect Technology, which includes 30 leading technology companies with a market capitalization focus [1] - Sample companies must have a compound annual growth rate (CAGR) of over 10% in revenue over the past two years or R&D expenses exceeding 5% of revenue in the past year, balancing scale and growth [1] Group 2: Index Performance - The National Index of Hong Kong Stock Connect Technology has shown a cumulative return of 183.62% since 2017, significantly outperforming the Hong Kong Stock Connect Internet Index, which returned 14.02% in the same period [2] - The index's performance over the last five years includes returns of 108.59% in 2020, -19.53% in 2021, -26.24% in 2022, -19.36% in 2023, and 30.94% in 2024 [4][8] Group 3: Industry Focus - The index emphasizes "hard technology" and "new economy" sectors, with a strong focus on electronics, media, and retail, particularly in semiconductors and consumer electronics [2] - Emerging fields such as humanoid robots, smart electric vehicles, and online life services are included, providing diverse coverage of the AI industry chain [2] Group 4: Market Trends - Southbound capital has significantly increased in the Hong Kong market, with a net inflow of over 1.27 trillion HKD this year, marking a historical high [4] - Foreign capital has primarily flowed into software services and hardware equipment, indicating recognition of trends in the AI industry [4] Group 5: Valuation Metrics - As of November 4, the National Index of Hong Kong Stock Connect Technology has a price-to-earnings (P/E) ratio of 25.25, which is below global peers like the Nasdaq (42x) and ChiNext (40x) [5]