Core Viewpoint - The Hong Kong stock market continues to show strong performance, driven by the AI industry trend and significant inflows of capital from the southbound funds, indicating a potential shift in investor sentiment towards technology stocks [1][3]. Group 1: Market Performance - As of January 5, the Hong Kong stock market has seen a substantial increase, with southbound funds recording a net inflow exceeding 7.8 billion yuan, potentially marking the highest single-day net inflow since December 17 of the previous year [1]. - The Hong Kong Stock Connect Technology ETF (159101.SZ) listed in A-shares has risen over 4% [1]. Group 2: AI Industry Influence - The strong performance of Hong Kong technology stocks is primarily driven by trends in the AI industry, with companies like Kuaishou experiencing a significant increase in revenue, doubling their daily revenue on January 3 compared to December 25 [3]. - Baidu's AI chip subsidiary, Kunlun, has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, further indicating the growth potential in the AI sector [3]. Group 3: Currency and Investment Sentiment - The strengthening of the Renminbi, with the offshore rate surpassing 6.97, has enhanced the attractiveness of Hong Kong stocks to overseas investors [3]. - A major fund has significantly increased its holdings in SMIC, boosting confidence in technology stocks [3]. Group 4: Future Outlook - The technology sector in Hong Kong remains relatively undervalued, and the recent surge in stock prices may help reverse negative investor sentiment [3]. - The ongoing expansion narrative of AI applications is expected to benefit Hong Kong technology stocks, presenting opportunities for investment amidst market volatility [3].

中国AI核心资产：恒生科技指数ETF（513180） 高弹性特征突出：港股通科技ETF（159101） 聚焦创新药产业：恒生医药ETF（159892） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 12月23日，人民币对美元中间价调升49个基点，报7.0523，创2024年9月30日以来最高。前一交易日中 间价报7.0572，在岸人民币16:30收盘价报7.0382，夜盘收报7.0368。 随着全球无风险利率的下行和人民币汇率的上涨，港股资产在全球的定价有望抬升；在南向资金加速入 场、外资回流的背景下，相对充裕的流动性也将支撑港股表现。 以高盛首席中国股票策略师刘劲津为首的分析师团队预计，2026年中国股票将延续涨势。中国股市周期 正从"预期驱动"转向"盈利驱动"，盈利兑现与估值温和扩张将成为推动回报的核心动力。 相关ETF： ...

12月6日，美国公布延期的9月核心PCE（个人消费支出）通胀数据，PCE同比增长2.8%，为近5个月低 点，再度强化了降息概率。据CME预测数据，当前降息25个基点的概率升至88%。 建银国际表示，尽管港股估值修复已基本到位，但港股投资逻辑已由传统的估值修复转变为基于新质生 产力和高质量发展的估值重估，2026年估值和盈利均有温和扩张或改善的空间。 12月8日早盘，恒生科技指数小幅高开0.08%，恒生科技指数ETF（513180）、港股通科技ETF （159101）微涨；具体来看，受昆仑芯独立上市评估消息影响，百度集团开盘涨3.29%；地平线机器 人、小鹏汽车、华虹等小幅高开。 ...

Core Insights - Foreign capital is increasingly optimistic about Chinese assets, with significant net inflows into A-shares and H-shares observed this year [2][4] - The valuation of A-shares and H-shares is considered reasonable, with expected P/E ratios of approximately 11 times and 14 times, respectively, indicating that Chinese assets remain relatively cheap compared to historical highs [2] Market Sentiment - Multiple foreign financial institutions have expressed positive expectations for the Chinese stock market, noting that the current valuations are still below previous bull market peaks [2] - As of mid-year, foreign investors held A-shares worth 3.07 trillion yuan, reflecting a strong interest in the market driven by economic recovery and improving corporate profitability [2] Investment Strategies - Foreign investors are not only purchasing stocks but are also increasingly using ETFs for their investments in Chinese assets, with significant growth in the number of ETFs held by major foreign institutions [3] - Barclays increased its ETF holdings from 135 to 200, with a notable investment in the Huaxia Hang Seng Internet Technology ETF valued at 1.19 billion yuan [3] Sector Focus - There is a strong emphasis on technology sectors, with foreign capital focusing on internet leaders in Hong Kong and innovation-driven companies in A-shares [3] - The preference for ETFs is attributed to their high transparency, liquidity, and suitability for large capital allocations, aligning with the investment logic of seeking long-term growth industries [3] Structural Changes - The interest from foreign capital is seen as a structural change rather than a short-term phenomenon, with the internationalization of the renminbi providing additional incentives for increased investment in China [4]

Core Viewpoint - The Hong Kong stock market's technology sector is showing increasing investment value due to a combination of policy benefits, technological innovations, and improved liquidity, with potential for performance enhancement and value reassessment as the Federal Reserve enters a rate-cutting phase and southbound capital continues to flow in [1] Group 1: Market Dynamics - The proportion of Hong Kong Stock Connect holdings has significantly increased to 16.85%, making Hong Kong attractive due to its valuation advantages and scarce assets amid high valuations in certain A-share assets [1] - The market is shifting focus from traditional core assets like liquor and new energy to high-growth sectors such as Hong Kong technology, semiconductors, and AI-driven industries [1] Group 2: Investment Opportunities - The Hong Kong Stock Connect Technology ETF (159101) has been launched, focusing on hard technology and including sectors like electronics, media, and biomedicine, with a minimal number of constituent stocks compared to similar indices, emphasizing leading technology companies in Hong Kong and China's innovation leaders [1] - Investors can leverage this ETF to capitalize on the rapid development opportunities within the industry [1]