港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 65.79%，近一个月回报为-2.00%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月9日，港股通非银ETF（513750）涨0.00%，成交额12.00亿元。当日份额减少900.00万份，最新份额 为119.63亿份，近20个交易日份额增加8650.00万份。最新资产净值计算值为198.38亿元。 来源：新浪基金∞工作室 ...

来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月22日，港股通非银ETF（513750）跌0.68%，成交额19.07亿元。当日份额减少8250.00万份，最新份 额为124.43亿份，近20个交易日份额增加11.30亿份。最新资产净值计算值为200.44亿元。 港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 61.06%，近一个月回报为-9.16%。 ...

港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 72.30%，近一个月回报为4.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 9月11日，港股通非银ETF（513750）涨0.40%，成交额12.53亿元。当日份额增加7300.00万份，最新份 额为125.15亿份，近20个交易日份额增加33.56亿份。最新资产净值计算值为215.67亿元。 ...

Group 1 - Recent market fluctuations have led to significant capital inflows into undervalued sectors such as non-bank financials, batteries, and innovative pharmaceuticals, with leading products attracting substantial investment [1] - On September 8, the Battery ETF (159755) saw a net inflow of over 1.4 billion yuan, ranking first in the market, with a total size reaching 9.3 billion yuan; similarly, the Hong Kong Innovative Pharmaceutical ETF (513120) had a net inflow exceeding 1.1 billion yuan, with a total size surpassing 22 billion yuan [1] - On September 9, the non-bank sector attracted significant capital, with the Hong Kong Stock Connect Non-Bank ETF (513750) receiving a net inflow of 921 million yuan, bringing its total size to a historical high of 21.4 billion yuan, with cumulative net inflows exceeding 19 billion yuan this year [1] Group 2 - Looking ahead, the market's fundamental signals are becoming clearer, with expectations of monetary and fiscal expansion in Europe and the U.S. in September, alongside China's "anti-involution" and clearer consumption pathways [2] - Three key investment directions are highlighted: first, physical assets benefiting from domestic operational improvements and overseas interest rate cuts, including non-ferrous metals (copper, aluminum, gold) and capital goods (lithium batteries, wind power equipment, engineering machinery, heavy trucks, photovoltaics) [2] - Second, opportunities are expected to emerge in domestic demand-related sectors such as food and beverages, tourism, and scenic spots following profit recovery [2] - Third, the long-term asset side of insurance is anticipated to benefit from a rebound in capital returns, with a focus on investment opportunities in the non-bank sector, particularly in insurance and brokerage firms [2]

Group 1 - The Hong Kong non-bank financial sector has seen significant activity this year, with continuous capital inflow into "scarce varieties" [1] - The Hong Kong Non-Bank ETF (513750) has rapidly increased in scale, surpassing 20 billion yuan, with net inflows exceeding 17.1 billion yuan this year, indicating strong recognition of the sector's investment value [1][2] - The ETF has achieved a one-year increase of 98.56% and over 52% year-to-date, making it one of the top performers among cross-border ETFs [1] Group 2 - The Hong Kong Non-Bank ETF tracks the CSI Hong Kong Non-Bank Financial Theme Index, focusing on insurance, securities, and the Hong Kong Stock Exchange, with weights of 64.5%, 15.2%, and 13.3% respectively [2] - The ETF is the only one in the market tracking this index, providing significant scarcity and investment value, with a current P/E ratio of 10.7, below the ten-year average [2] Group 3 - The non-bank financial sector is benefiting from multiple favorable factors, with institutions optimistic about its future performance [3] - The insurance sector is experiencing relief from interest margin pressure due to rate cuts, while the brokerage sector benefits from record margin financing, and the Hong Kong Stock Exchange is expected to improve liquidity with new IPO regulations [3] - China Ping An's recent acquisitions of shares in China Pacific Insurance and China Life Insurance signal a positive trend in the insurance sector, reflecting long-term capital recognition of high dividend attributes and asset improvement [3] Group 4 - The Hong Kong Non-Bank ETF (513750) has become an important tool for capturing opportunities in the non-bank sector, with investors able to access it through linked funds [3]

Group 1 - The core viewpoint of the article highlights the contrasting performance between the A-share market, which is experiencing a strong bull run led by the chip industry, and the relatively subdued performance of the Hong Kong stock market, raising questions about the value of holding Hong Kong stocks [1][2] - Despite the lackluster performance of the Hong Kong market, there has been a significant increase in the scale of Hong Kong ETFs, which surged from 297.4 billion yuan at the beginning of the year to 565.5 billion yuan by August 20, indicating a strong recognition of value by smart capital [1][2] - The article suggests that the current market conditions present structural opportunities in the Hong Kong stock market, particularly in sectors like innovative pharmaceuticals and non-bank financials, rather than a general overvaluation [2][4] Group 2 - The innovative pharmaceutical sector has seen substantial growth, with the Hong Kong innovative pharmaceutical ETF (513120) doubling in value this year and reaching a scale of over 20 billion yuan, indicating strong investor interest [5][14] - The logic behind the growth in innovative pharmaceuticals is driven by the impending expiration of patents for many drugs from multinational pharmaceutical companies, creating a demand for new and undervalued drug pipelines [6][11] - Southbound funds have emerged as significant buyers in the innovative pharmaceutical sector, contributing to the bullish sentiment and increasing the ETF's scale from 8 billion yuan to 20.7 billion yuan this year [12][14] Group 3 - The non-bank financial sector has also attracted attention, with the Hong Kong non-bank financial ETF (513750) rising over 50% year-to-date, supported by increased trading activity from southbound funds and retail investors [16][19] - The article outlines three main reasons for the increased attractiveness of non-bank financials: higher trading frequency from southbound funds, improved liquidity in the market, and favorable policies for insurance capital to expand equity investments [18][19] - The non-bank financial ETF has seen its scale increase to 18.7 billion yuan, reflecting strong institutional interest and a favorable market environment [19] Group 4 - The technology sector, particularly the Hang Seng Technology Index, has faced short-term challenges but is expected to recover as market concerns dissipate, with potential for upward price movement [22][23] - Investors are encouraged to consider the Hang Seng Technology ETF (513380) for exposure to this sector, which has shown resilience despite recent underperformance [23] - For those concerned about competition affecting the technology index, the Hong Kong Technology ETF (159262) offers a more focused investment option, with a scale exceeding 3.2 billion yuan [25] Group 5 - The article emphasizes the importance of selecting the right ETFs in the current bull market, highlighting various options such as the Hong Kong Dividend ETF (520900) and thematic ETFs focused on new energy vehicles and consumer sectors [28] - The diverse range of ETFs available allows investors to tailor their strategies according to their risk preferences and market outlook, with a focus on high liquidity and substantial market capitalization [28]

Group 1 - The Hong Kong non-bank financial sector has shown strong performance due to multiple favorable news catalysts, with the China Securities Hong Kong Stock Connect Non-Bank Financial Theme Index continuing to rise [1] - The Guangfa Fund's Hong Kong Stock Connect Non-Bank ETF (513750) has achieved a remarkable one-year return of 100.65%, effectively doubling its performance [1] - As of August 15, the latest scale of the Hong Kong Stock Connect Non-Bank ETF exceeded 17.1 billion yuan, growing over 20 times since the beginning of the year, making it an efficient tool for capital allocation in the non-bank sector [1] Group 2 - The Hong Kong Innovative Drug ETF (513120) has a year-to-date return exceeding 108% and is the largest innovative drug ETF in the market, with a scale surpassing 19.4 billion yuan [2] - The ETF tracks the China Securities Hong Kong Innovative Drug Index, with over 90% of its component stocks in leading innovative drug companies, indicating strong sector fundamentals [2] - Institutions are optimistic about a structural market trend, with signs of a marginal recovery in consumer and investment willingness among residents, and a significant increase in margin trading balances reflecting rising risk appetite [2]

Group 1 - China Ping An has increased its stake in China Pacific Insurance (CPIC) H-shares, acquiring 1.74 million shares at an average price of HKD 32.07 per share, totaling HKD 55.83 million, raising its holding to 5.04% of CPIC's total H-share capital, triggering a stake increase notification [1] - This marks the first instance of a major insurance company cross-holding in the sector since China Life's stake increase in CPIC in 2019, indicating a recognition of the long-term value of high-dividend financial assets by insurance capital [1] - The current dividend yield advantage of domestic insurance companies in the Hong Kong stock market is significant, with companies like New China Life, Sunshine Insurance, and Ping An H-shares all exceeding a 5% dividend yield [1] Group 2 - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) tracks the CSI Hong Kong Stock Connect Non-Bank Financial Index, focusing on insurance (64.5% weight), securities (15.2%), and the Hong Kong Stock Exchange (13.3%) [2] - The top three holdings, including China Ping An, AIA Group, and the Hong Kong Stock Exchange, each have a weight exceeding 13%, with the top ten stocks accounting for 78.19% of the index [2] - As of August 13, the index's price-to-earnings ratio (TTM) stands at 10.3 times, below the five-year average, indicating good valuation attractiveness [2] Group 3 - The ETF supports T+0 trading and is not subject to QDII quota restrictions, providing an efficient way for investors to access non-bank financial assets in Hong Kong [2] - Multiple favorable factors are converging for the non-bank financial sector, including a reduction in preset interest rates alleviating pressure on insurance margins, record-high margin financing driving interest income growth for brokerages, and improved liquidity from new IPO regulations benefiting the Hong Kong Stock Exchange [2] - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) is seen as a crucial tool for capturing industry opportunities due to its scarcity, high elasticity, and convenient trading mechanism [2]

Core Viewpoint - The market risk appetite is increasing, leading to a rapid influx of leveraged funds, with the margin balance in the Shanghai and Shenzhen markets surpassing 2 trillion yuan for the first time in ten years, indicating potential bullish trends in the non-bank financial sector [1][2] Group 1: Market Data and Trends - As of August 8, the margin balance reached 20,131.30 billion yuan, a 1.68% increase from the previous week, accounting for 2.30% of the A-share circulating market value [1] - The only ETF tracking the CSI Hong Kong Stock Connect Non-Bank Financial Index, the Hong Kong Stock Connect Non-Bank ETF (513750), has seen a year-to-date increase of 40.67%, with its scale surpassing 13 billion yuan, reflecting a growth of over 15 times this year [1] Group 2: Product Structure and Characteristics - The Hong Kong Stock Connect Non-Bank ETF (513750) has a unique structure, with 64.5% of its weight focused on leading insurance companies like China Ping An and AIA, 15.2% allocated to top brokerages, and 13.3% covering the Hong Kong Stock Exchange [1] - The top ten holdings of the ETF account for 78.19% of its total weight, with significant individual weights exceeding 13% for China Ping An, AIA, and the Hong Kong Stock Exchange, indicating a strong leader effect [1] Group 3: Investment Opportunities - The non-bank financial sector is currently experiencing multiple favorable conditions, with the insurance sector benefiting from policy-driven interest rate reductions and the record high margin scale positively impacting brokerage income [2] - The Hong Kong Stock Connect Non-Bank ETF (513750) is positioned as an efficient tool for investors to access leading non-bank financial stocks without QDII quota restrictions, supporting T+0 trading [2]

来源：新浪基金∞工作室 8月11日，港股通非银ETF（513750）涨0.00%，成交额10.99亿元。当日份额增加9850.00万份，最新份 额为80.13亿份，近20个交易日份额增加33.77亿份。最新资产净值计算值为131.84亿元。 港股通非银ETF（513750）业绩比较基准为同期中证港股通非银行金融主题指数收益率(使用估值汇率 折算)，管理人为广发基金管理有限公司，基金经理为罗国庆、曹世宇，成立（2023-11-10）以来回报为 64.50%，近一个月回报为5.52%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...