Core Viewpoint - The Hong Kong stock market showed a rebound after a sluggish start, driven by Alibaba's stock performance, which rose over 5% during the day, indicating a potential recovery in the tech sector [1][3]. Group 1: Alibaba's AI Strategy - Alibaba has secretly launched the "Qianwen" project, aiming to develop a personal AI assistant app to compete with ChatGPT, marking a significant shift towards consumer-facing AI applications [3]. - This initiative follows Alibaba's earlier announcement of a 380 billion yuan investment in AI infrastructure, indicating a dual-driven strategy focusing on both B2B and B2C markets [3]. - The global AI industry is experiencing a boom, with major internet companies increasing their investments in computing power, algorithms, and data, which may lead to a revaluation of their stocks [3]. Group 2: Market Performance and Expectations - The Hong Kong stock market's overall valuation remains low, particularly in the tech sector, providing ample room for further upward movement [4]. - The internet sector is seeing significant inflows, with the Hong Kong Internet ETF (513770) attracting 742 million yuan over the past ten days, reflecting strong investor confidence [4]. - Tencent is expected to report a 13% increase in both revenue and net profit for the upcoming quarter, while Alibaba is projected to achieve a 30.1% year-on-year revenue growth [3][4]. Group 3: Valuation Metrics - The current price-to-earnings (PE) ratio for the Hong Kong Internet ETF is 24.44, significantly lower than that of the NASDAQ and ChiNext indices, suggesting a favorable valuation environment for investors [6]. - The Hong Kong Internet Index has outperformed the Hang Seng Tech Index this year, indicating a strong recovery and resilience in the internet sector [6].

11月13日，港股走势再度转向低迷，恒生科技指数半日跌涨0.77%。科网龙头多数回调，腾讯控股跌 0.91%，阿里巴巴-W、小米集团-W、美团-W、快手-W跌逾1%。 重仓互联网龙头的港股互联网ETF（513770）场内价格现跌1.03%，向下逼近半年线，盘中高频溢价， 显示买盘资金承接意愿较强。 | 分时 · 综合屏 F9 前震权 超级叠加 画线 工具 @ 2 >> 513770SHI潜版互联网ETFI 2025/11/13 收0.577 幅 | | | 1 57 / -0.006 -1.03% | | | 港股互联网ETF O | | | --- | --- | --- | --- | --- | --- | --- | --- | | MAS 0.5791 MA10 0.5831 MA20 0.5901 MA60 0.6051 MA120 0.5 V = 2 | | | | | | 513770 | | | 0.670 | | | SSE CNY 13:11:08 交易中 | | | | 里豆(万元) | | 0.661 | 0.660 | 净值进势 | 华军中证港股通互联网ET | | 近5日净湿入 ...

今日（11月12日）A股三大指数震荡整理，沪指险守4000点关口，沪深两市全天成交额1.95万亿元，环 比小幅缩量486亿元。 市场盘整之际，权重股护盘稳指数，A股"18罗汉"（市值排在前18的个股）一度集体拉升，农业银行再 涨3.49%续创历史新高，总市值突破3万亿元，成为A股市值最大的公司。银行有望凭借稳健+高股息属 性再次受到市场青睐，双百亿顶流银行ETF（512800）日线稳步3连阳，彰显超强防御性，近5日获资金 净流入超7亿元。 科技方面，或由于科技投资权威巨头软银集团清仓英伟达，A股科技自主可控方向随市回调，不过晨星 公司提示，软银只是把资金用于投资其他与AI相关的公司（即，将重心转向OpenAI）。无惧行情波 动，资金坚定抄底AI自主可控，重点布局国产AI产业链的科创人工智能ETF（589520）近5日累计吸金 2995万元。 港股方面，美联储持续降息的背景下，港股流动性显著提升，叠加当前处于估值洼地，南向资金持续大 举加仓！截至11月11日，年内南向资金净流入规模超过1.3万亿港元，刷新2014年港股通开通以来年度 新高，大幅超过2024年全年净买入额。 港股布局时刻？"创新药一哥"百济神州股 ...

11月12日，港股活跃表现，恒生中国（香港上市）30指数维持高位整理，盘面上，部分科技股活跃，石 油、银行等高股息品种走强，红利风格与成长风格共振。 主流ETF方面，兼具港股"科技+红利"双轮驱动的香港大盘30ETF（520560）表现稳健，盘中单边涨超 1%，同时成交显著放量，半日成交额超4300万元，接近昨日全天量级。 技术面来看，当前香港大盘30ETF一举站上所有短期均线，量价配合良好，构成高概率的短线看涨信 号，可视为多头启动的初步确认，后续若连续两日站稳均线且量能维持高位，则反弹空间有望进一步打 开。 成份股方面，百济神州或受业绩驱动涨超7%，农夫山泉涨3%创阶段新高，小米集团-W、工商银行、农 业银行等紧随其后，另一方面，阿里巴巴-W、泡泡玛特现调整跌2%。 | 序号 | 44.05 | 名称 | 估算权重 | 涨跌幅 | | --- | --- | --- | --- | --- | | 1 | 6160 | 百济神州 | 2.01% | 7.29% | | 2 | 2628 | 中国人寿 | 1.76% | 4.23% | | 3 | 1109 | 华润置地 | 0.85% | 4.25% | ...

本周起，腾讯、阿里巴巴、小米集团、美团等互联网龙头的最新一期财报陆续披露，为港股科技带来新 催化。 图：互联网龙头陆续公告披露计划 | 본음 | 44685 | 名称 | 拟披露日期 | | --- | --- | --- | --- | | - | 0700.HK | 腾讯控股 | 2025-11-13 | | 2 | 9626.HK | 咳唾咳唾-W | 2025-11-13 | | 3 | 1810.HK | 小米集团-W | 2025-11-18 | | ব | 1024.HK | 快手-W | 2025-11-19 | 今日港股全天走强，恒指、恒科指涨逾1%，互联网龙头涨势突出，腾讯控股、阿里巴巴-W、快手-W均 涨超2%。重仓互联网龙头的港股互联网ETF（513770）场内价格一度涨逾2%，收涨1.93%，向上收复5 日线，全天成交额6.36亿元。 分析指出，历经9月放量上涨、10月震荡回调，进入11月，伴随着的互联网龙头财报密集出炉，港股科 技有望重回基本面驱动。 华源证券表示，预计港股互联网龙头的平台优势将体现在业绩基本面韧性之中，同时其AI底层技术的 研发和投入、AI应用产品的落地和执行仍然 ...

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, with the Hang Seng China (Hong Kong-listed) 30 Index showing upward momentum, indicating a potential end to the recent downtrend and the beginning of a short-term rally [1][3]. Market Performance - The Hong Kong stock market saw key indices rise, with the Hong Kong Large Cap 30 ETF (520560) increasing by 1.54% and trading volume exceeding 26 million [1]. - Among the constituent stocks, Pop Mart surged by 8%, while Tencent, BYD, and Li Auto all rose over 2% [3]. Sector Insights - The number of fintech companies in Hong Kong has increased by 10% year-on-year, surpassing 1,200, with the government planning to relax capital investor entry requirements and explore financial tokenization [3]. - The energy and financial sectors are expected to continue acting as stabilizers in the market amid the interplay between China's fundamentals and overseas liquidity [3]. Investment Strategy - The Hong Kong Large Cap 30 ETF is highlighted as a strategic investment option, offering exposure to core assets while mitigating individual stock selection risks [4]. - The ETF employs a "technology + dividend" strategy, balancing offensive and defensive positions, and is characterized by low valuation metrics, making it a cost-effective investment choice [4]. Index Composition - The top holdings in the Hang Seng China (Hong Kong-listed) 30 Index include Alibaba (18.37%), Tencent (15.68%), and Xiaomi (8.63%), with a total market capitalization of approximately 320.83 billion [5].

Group 1 - The first Hong Kong ETF focused on "hard" technology, specifically semiconductor chips, electronics, and computer software, is set to launch on October 27 [1][2] - The Hong Kong Automotive 50 ETF, which focuses on leading car manufacturers, is expected to be launched soon [1][2] - The Hong Kong Internet ETF is designed to invest in major internet giants in the region [1][2] Group 2 - The Hong Kong Innovation Drug ETF is 100% focused on innovative pharmaceuticals [1][3] - The Hong Kong Large Cap 30 ETF combines technology and dividend strategies [1][3] - The Hong Kong Dividend ETF offers high dividend yields with low volatility [1][3] Group 3 - The Hong Kong Small Cap LOF targets small and mid-cap assets [1][3] - The Value Fund LOF focuses on A+H shares with dividend characteristics [1][3] - The new consumption wave driven by Generation Z is highlighted through the Huabao CSI Shanghai-Hong Kong-Shenzhen New Consumption Index [1][3]

Core Viewpoint - The Hong Kong stock market showed signs of recovery on October 24, driven primarily by the strong performance of the information technology sector, while the new energy vehicle sector lagged behind [1]. Group 1: Market Performance - The Hong Kong 30 ETF (520560) demonstrated stable performance, closing up 0.51% and successfully surpassing the five-day moving average, indicating strong buying power in the market [1]. - Semiconductor Manufacturing International Corporation (SMIC) surged by 8%, leading the gains among constituent stocks, followed by Lenovo Group, Alibaba-W, and Kuaishou-W, each rising over 2% [2]. Group 2: Fund Flows - The Hong Kong 30 ETF has attracted significant capital attention, with an average daily trading volume exceeding 31 million yuan since its listing on October 13, and a net inflow of nearly 30 million yuan over the past ten trading days [2]. Group 3: Future Outlook - Guotai Junan Securities anticipates a potential major style shift in the Hong Kong stock market in the fourth quarter, with low-position growth sectors like Hang Seng Technology likely to outperform [4]. - CITIC Securities believes that the resumption of the Federal Reserve's interest rate cut cycle will benefit the Hong Kong stock market, particularly the technology sector, which is expected to see valuation expansion due to the ongoing growth in the global AI computing power industry [4]. Group 4: ETF Characteristics - The Hong Kong 30 ETF closely tracks the Hang Seng China (Hong Kong-listed) 30 Index, featuring a "barbell strategy" that combines high-growth technology and high-dividend stocks, focusing on leading companies across various sectors [5]. - The ETF's top ten holdings account for over 73% of its weight, indicating a high concentration and strong capacity for accommodating large trades with lower impact costs [5].

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, with the first Hong Kong large-cap 30 ETF (520560) declining by 1.22%, primarily due to weakness in major tech stocks like Alibaba, Tencent, and Xiaomi [1] Group 1: Market Performance - The Hong Kong large-cap 30 ETF (520560) is showing signs of active buying despite the overall market weakness, indicating investor interest in picking up shares at lower prices [1] - The market is expected to see a turning point in the economic cycle as supply and demand dynamics improve, with a potential influx of southbound and foreign capital driving long-term upward trends in Hong Kong stocks [2] Group 2: Sector Analysis - The concentration of industries in the Hong Kong stock market is high, with new economy sectors such as consumption, telecommunications, healthcare, and technology gaining a larger share [2] - The current valuation of Hong Kong stocks is significantly lower than that of major global markets, characterized by low price-to-book (PB) and price-to-earnings (PE) ratios, suggesting a systemic discount compared to A-shares [2] Group 3: ETF Composition - The Hong Kong large-cap 30 ETF (520560) closely tracks the Hang Seng China (Hong Kong-listed) 30 Index, which consists of 30 constituent stocks, employing a "technology + dividend" strategy [2] - The top ten holdings in the index account for over 74% of the total weight, indicating a high concentration and strong capacity to absorb large trades with lower impact costs [2][3] - The total market capitalization of the index's constituent stocks is approximately 320,825 million [3]

Market Overview - Technology stocks rebounded significantly, with the ChiNext Index rising by 1.98% and the Shenzhen Component Index increasing by 0.98% [1] - The Shanghai Composite Index also saw a rise of 0.63%, while trading volume in A-shares dropped to 1.75 trillion yuan, the lowest since August 8 [1] - The market is experiencing a "see-saw" effect between banking and technology sectors, with the top bank ETF achieving a record high in fund size, surpassing 20 billion yuan [1] Defense and Military Sector - Indonesia confirmed its procurement plan for the J-10 fighter jet, boosting confidence in the defense and military sector [2] - China Aviation Securities predicts a continued recovery in the third-quarter reports for the defense and military sector [2] - The defense and military ETF has attracted over 73 million yuan in inflows over six consecutive days, indicating strong interest from investors [1][2] AI and Technology Hardware - The demand for 1.6T optical modules has been revised upwards, leading to a strong performance in the optical module market [6][8] - The AI sector is experiencing a resurgence, with significant gains in related stocks, including a nearly 8% increase in Zhongji Xuchuang [6] - The leading AI ETF saw a trading volume increase of over 70%, reflecting heightened investor interest [1][6] Hong Kong Market Dynamics - The Hong Kong market saw a collective rebound, with the Hang Seng Index and Hang Seng Tech Index rising by 2.42% and 3%, respectively [1][4] - The Hong Kong Large Cap 30 ETF, which tracks the Hang Seng China (Hong Kong-listed) 30 Index, has been attracting significant capital inflows since its launch [4][11] - The ETF's strategy combines high-growth technology stocks with high-dividend yield stocks, appealing to a broad range of investors [4][16] Investment Sentiment - There is a notable increase in foreign capital inflows into Chinese technology stocks, with significant purchases from prominent investment firms [14][22] - The overall sentiment in the Hong Kong market remains optimistic, driven by AI advancements and favorable macroeconomic conditions [21][22] - Analysts suggest focusing on sectors with high earnings growth and low valuations, such as consumer discretionary and public utilities [15]