来源：Y趣理说 港股昨日下午进入圣诞假期，暂停交易。但是内地ETF正常交易，我们看到部分港股ETF出现了较高的 溢价。同时部分场外买联接基金的投资者就发现，ETF联接的涨幅似乎跟不上场内ETF，究竟是怎么回 事？ 为什么ETF联接和ETF的涨跌会有差异？ ETF有净值和交易价格两个价格指标，而ETF联接的净值确认依据ETF的净值，所以ETF联接基金的涨 跌幅以ETF的净值涨跌幅为基准，而非ETF交易价格的涨跌。 当市场情绪高涨，ETF的交易价格很有可能会大于IOPV，这时候，ETF的价格涨幅就会高于净值的涨 幅，自然也会高于ETF联接基金的净值涨幅。 其次，又因为ETF联接对指数是间接跟踪，仓位限制和资金申赎也会导致ETF联接和ETF的涨跌幅差 异，具体来看： 仓位限制：作为场外基金，ETF联接需要留有部分现金来应对投资者的赎回，所以仓位一般不会超过 95%，就造成了ETF联接与ETF表现的差异； 资金申赎：当行情火热时，当日申购联接基金的资金可能没办法立即投入到ETF中，而联接基金的净值 又会因为份额的增加被分摊，涨幅就可能跟不上标的ETF。 跨境ETF联接是否更为特殊？ 整体而言，ETF联接基金和ETF的 ...

第一，900块买入摩王和沐曦，这辈子还有没有机会回本？ 这个事，是我一直在思考的一个问题，作为今年最火的两个新股，摩王的最高价到过940块，沐曦到过895块，但是，看下面的走势图。 下图， 摩王 ，截至今天中午收盘，从最高点回撤33个点。 下图， 沐曦 ，则高位回撤32个点。 今天A股继续上演下午冲高的剧本，wind全A突破6400点，创年内的第四高点，距离收盘价新高，也就0.5%的距离了——话句话说，在涨个一丢 丢，A股将会以新高结束2025年，简单聊聊市场里的三个热点。 大家圣诞节快乐哈，知道大伙儿今晚都有活动，提前写一点。 那么，大家觉得， 在高位冲进去的勇士们，还有没有回本的机会？ 从个人的视角来看，我看好AI带来的产业革命，因为它有明确的应用场景，具备旺盛的长期生命力；我也看好GPU市场的国产替代，在份额提升 的过程中，国内企业分到的蛋糕越来越多，这也是确定性的趋势。 但是，有一个问题，两家企业，是否有足够的护城河？作为仅仅成立5年不到的两家企业，3-5年后，会不会出现更强的后浪，抢占更大的份额？ 这个我判断不准。 大家投个票吧， 我们以5年为限，破前高的几率有多大。 ...... 第二，白银LOF ...

有分析认为，投资者应关注二级市场交易价格溢价风险，如果高溢价买入，可能面临重大损失。 消息面上，因圣诞节假期，港股于12月24日（周三）下午起休市，12月25日（周四）及12月26日（周 五）暂停交易，12月29日（周一）恢复正常交易。 | 代码 | 类型 | 名称 | 现价 | 涨跌 | 涨跌幅 | 流折率 | | --- | --- | --- | --- | --- | --- | --- | | 159712 | 跨 | 港股通50ETF T+0 | 1.426 | 0.130 | 10.03% | 10.39% | | 159788 | 跨 | 港股通100ETF T+0 | 1.467 | 0.111 | 8.19% | 9.22% | | 159312 | 監 | 恒生ETF港股通 T+0 | 1.347 | 0.094 | 7.50% | 7.59% | | 159318 | 跨 | 恒生港股通ETF T+0 | 1.480 | 0.089 | 6.40% | 6.41% | | 513990 | 跨 | 港股通ETF T+O | 1.266 | 0.058 | 4.80% | 4.57% | ...

第一场圆桌论坛的嘉宾恒生投资-ETF销售主管凌子敬，前沿资产(香港)有限公司-COO、Head of Marketing Cindy Li ，时和家办-董事长、总裁陈东，大道资本(香港)-创始人、董事会主席李攀，中信证 券国际-基金服务董事秦亮亮，以及主持人Ogier-Partner David Lin，围绕《范式转移:重构地缘政治雷达 下的全球资本配置新算法》进行了讨论和分享。近年，港股通作为内地与香港资本市场的关键纽带成效 显著，截至今年 11 月累计净流入超 5.3 万亿港元。港股 ETF 是重要增长引擎，规模从年初 2900 亿港元 扩张至 7100 亿港元，增幅达 2.4 倍。受益于 2024 年纳入门槛降低、免征印花税等优势，23 只港股通 ETF 占香港 ETF 市场超 70% 份额，成为机构与量化资金的核心配置工具。 与此同时，华人资本出海步入新阶段，从代工出口转向品牌化运营，离岸资产配置需求激增。香港凭借 法治环境与市场深度，过去三年新增200余家单一家族办公室，在稳健收益、行业修复及新经济布局上 凸显优势。 来自前沿资产的Cindy Li在会上表示："量化基金，尤其是量化多头，确实会成为当 ...

Group 1: Market Overview - Recent adjustments in technology stocks have led to a relatively volatile market, with trading activity cooling down and retail investors showing net outflows [2][4] - Private equity funds have shown a strong willingness to allocate capital, with the number of registered funds increasing to 286 last week, marking a rebound [2] - Public funds have also shown signs of a trend reversal in their positions since mid-October [2] Group 2: Fixed Income Insights - In the first week of November, both new and second-hand housing transactions have declined, with new home sales at seasonal lows, indicating a need for price improvement [4][5] - Industrial freight volumes have slightly decreased, but production rates remain strong, with most sectors showing year-on-year increases [4] - The real estate sector is advised to focus on high-grade state-owned enterprise bonds for investment, given the current market conditions [5] Group 3: Technology and AI Developments - The 2026 Investment Summit highlighted a new acceleration in global computing power construction, driven by expanding inference demand and innovative financing models [6][7] - The AI industry is entering a new paradigm, with synthetic data breaking training data ceilings and commercial applications scaling up [7] Group 4: Machinery and Equipment - In October 2025, excavator sales reached 18,100 units, a year-on-year increase of 7.8%, but growth has slowed compared to September [8] - Domestic demand is expected to recover, supported by rapid growth in second-hand excavator exports [8] Group 5: Renewable Energy and Storage - The State Council's white paper emphasizes the importance of new energy storage in achieving carbon neutrality goals, highlighting three key areas for investment: new energy + storage, grid upgrades, and traditional power sources [11] Group 6: Communication Sector - The communication sector showed steady growth in Q3 2025, with revenue and net profit increasing by 5.2% and 12.3% year-on-year, respectively [14] - Future growth is expected to be driven by increased investment in AI computing power and the expansion of telecommunications operators [14] Group 7: Environmental Testing Industry - The third-party testing and inspection industry is anticipated to see a performance growth inflection point in Q4 2025, driven by policy support and emerging demand [16] - Key companies to focus on include Su Shi Testing and Huace Testing, which are expected to show clear performance rebounds [16] Group 8: Company-Specific Insights - Kaisa Biotech has been initiated with a "Buy" rating, targeting a price of 64.90 yuan, benefiting from its leading position in the biomanufacturing sector [19][16] - Hualu Hengsheng is expected to see improved market conditions for oxalic acid and caprolactam, maintaining a "Buy" rating [18]

Group 1 - The core announcement is about the adjustment of the Hong Kong Stock Connect ETF list by the Shenzhen Stock Exchange, effective from November 10, 2025 [1] - The ETFs added to the list include ICBC South China (03167), Southern Hang Seng Biotechnology (03174), China Merchants Hang Seng Technology (03423), Southern Hong Kong Stock Connect (03432), Southern East-West Select (03441), and Southern Hong Kong-US Technology (03442) [1]

Core Points - The Hong Kong Stock Connect ETF list will undergo adjustments, effective from November 10, 2025 [1] Group 1 - The adjustment of the ETF list under the Stock Connect program indicates a strategic shift in investment opportunities for investors in the Hong Kong market [1]

Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]

Group 1 - The core viewpoint of the articles indicates a significant inflow of funds into Hong Kong stock ETFs, with a net inflow exceeding 155 billion yuan over the past week, contrasting with a net outflow of over 105 billion yuan from stock ETFs in general [1][5] - On August 1, the A-share market saw multiple major indices decline, with the Shanghai Composite Index falling by 0.37% to close at 3559.95 points, and the Shenzhen Component Index down by 0.17% to 10991.32 points [2] - The ETF market showed a divergence in fund flows, with Hong Kong market ETFs leading in net inflows at 36.09 billion yuan, while broad-based ETFs experienced a net outflow of 27.23 billion yuan [3] Group 2 - Specific ETFs such as the E Fund Hong Kong Securities ETF, the Fuguo Hong Kong Internet ETF, and the Huatai-PB Hang Seng Technology ETF saw substantial net inflows of 38.56 billion yuan, 34.48 billion yuan, and 30.68 billion yuan respectively over the past week [5] - The China technology sector is expected to benefit from AI advancements, with capital expenditure growth and the accumulation of scarce assets in the Hong Kong tech sector likely to accelerate performance [5] - In the bond ETF sector, the E Fund Sci-Tech Bond ETF recorded a net inflow of over 41 billion yuan, while the Bosera Convertible Bond ETF and the Southern Sci-Tech Bond ETF saw net inflows of over 34 billion yuan and 28 billion yuan respectively [5]

Core Viewpoint - The article highlights a significant inflow of funds into Hong Kong Stock Connect ETFs, with a net inflow exceeding 15.5 billion yuan in the past week, contrasting with a net outflow of over 10.5 billion yuan from stock ETFs in the same period [2][7]. Fund Flow Summary - In the past week, stock ETFs (including cross-border ETFs) experienced a net outflow of over 10.5 billion yuan, with a single-day outflow exceeding 10 billion yuan on one occasion [2][5]. - Conversely, Hong Kong Stock Connect ETFs were the main beneficiaries, attracting over 15.5 billion yuan in net inflows, with several ETFs leading the market in inflow amounts [2][8]. - The recent five trading days saw over 9.4 billion yuan flowing into ETFs tracking the Hang Seng Technology Index and over 3.8 billion yuan into ETFs related to Hong Kong securities [5]. Specific ETF Performance - Major fund companies reported continued net inflows in several ETFs, including: - E Fund's Gold ETF with a net inflow of 360 million yuan - E Fund's A500 ETF with a net inflow of 340 million yuan - Hong Kong Securities ETF with a net inflow of 190 million yuan [6]. - The top three ETFs by net inflow in the past week were: - E Fund's Hong Kong Securities ETF with 3.856 billion yuan - Fortune's Hong Kong Stock Connect Internet ETF with 3.448 billion yuan - Huatai-PB's Hang Seng Technology ETF with 3.068 billion yuan [8][9]. Market Trends - The article notes a divergence in fund flows, with Hong Kong market ETFs seeing significant inflows while broad-based ETFs experienced outflows, particularly in the case of the CSI 300 ETF and the ChiNext ETF [12]. - The article also mentions that the current market dynamics may favor the technology sector in Hong Kong, particularly in light of AI developments, which could enhance performance and attract further investment [9][10].