伴随着美联储降息预期的升温，前期压制港股表现的流动性因素有望得到缓解；并且在龙头财报业绩和 Al发展细节的支撑下，Al泡沫论的担忧有望消减，往后看科技成长或仍是市场的发展主线之一。恒生科 技ETF（513130）是市场上较受投资者认可的港股科技板块配置工具之一，根据最新的基金2025年中期 报告，截至报告期末其持有人户数超22万户。另外恒生科技ETF（513130）还具有规模较大、流动性较 优、支持场内T+0等多重优势，同时产品年管理费为0.2%，有望助力投资者低成本布局港股科技类资 产。场外投资者可关注其场外联接基金（A类015310、C类015311）。（费率数据来源：产品法律文 件，截至2025/11/25） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 消息面上，2025年11月25日，某互联网龙头企业发布2026财年第二财季（2025年第三季度）财报，财报 显示，集团收入约2478亿元，剔除已出售业务影响，收入同比增长15%，超越市场预期。其 中"AI+云"业务保持强劲增长，当季云智能集团收入398.2亿元，同比增长34%，AI相关产品收入连续9 个季度实现三位数同比增长 ...

Core Viewpoint - The Hong Kong stock market is entering a critical phase for the disclosure of Q3 earnings, with several leading technology companies set to announce their results, focusing on AI technology development and application [1] Group 1: Market Trends - The Hang Seng Technology ETF (513130) has seen a net inflow of 2.131 billion yuan from November 3 to November 7, making it the only ETF in the Hong Kong technology sector to exceed 2 billion yuan in net inflows during this period [1] - The latest scale of the Hang Seng Technology ETF (513130) has surpassed 42.573 billion yuan, with a total of 5.5189 billion shares [1] Group 2: Investment Insights - Huatai Securities indicates that while external disturbances may affect domestic investor sentiment, the sentiment in the Hong Kong market may have already been sufficiently released, suggesting a mid-term value in the technology sector [1] - The Hang Seng Technology Index, closely tracked by the Hang Seng Technology ETF (513130), includes 30 leading companies in the technology sector, with a current P/E ratio of 22.69, which is significantly lower than the Nasdaq's 41.46 and the Sci-Tech 50's 161.34, indicating a potential undervaluation [1] Group 3: Future Catalysts - As Q3 earnings reports from Hong Kong technology leaders are gradually disclosed, the development direction and execution progress of AI narratives are expected to be further confirmed, potentially leading to more catalytic events in the technology sector [1] - The Hang Seng Technology ETF (513130) is recognized as a key tool for investors looking to allocate resources in Hong Kong's technology sector, with over 220,000 account holders as of the latest mid-year report [1]

Group 1 - The Hong Kong stock market experienced a decline, particularly in the technology sector, with the Hang Seng Tech ETF (513130) recording a trading volume of 6.271 billion HKD and a turnover rate of 15.88% as of 14:21 on October 17, 2025 [1] - Despite the volatile international situation since October 2025, there has been a significant net inflow of southbound funds, amounting to 38.786 billion HKD for the week of October 13-16, 2025, with technology stocks being a key focus for investment [1] - Year-to-date, the net inflow of southbound funds has exceeded 1.2 trillion HKD, setting a new annual record and providing strong momentum for the Hong Kong stock market [1] Group 2 - A leading global semiconductor foundry reported better-than-expected revenue and net profit for Q3 2025, raising its full-year capital expenditure target, which has boosted market optimism regarding the surge in demand for AI chips [1] - Domestic technology companies are actively investing in hard technology and AI, with a reported 380 billion HKD investment in AI infrastructure and a deep collaboration with Nvidia in the Physical AI sector [2] - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes various sectors such as internet platforms, software development, and semiconductor design, positioning it well to capture opportunities in the AI industry [2] Group 3 - The Hang Seng Tech ETF (513130) is recognized as a preferred investment tool for the Hong Kong technology sector, with over 220,000 account holders as of the latest mid-year report [3] - The ETF offers advantages such as large scale, good liquidity, T+0 trading support, and low fees, making it a valuable instrument for investors looking to allocate to core technology assets in Hong Kong [3]

Core Insights - The Hong Kong stock market is experiencing a decline, particularly in the technology sector, with the Hang Seng Tech ETF showing significant trading volume and turnover [1] - Despite market volatility, there has been a substantial net inflow of southbound funds, particularly into technology stocks, indicating strong investor interest [1] - The global semiconductor leader's recent financial report exceeded market expectations, boosting optimism regarding the demand for AI chips [1][2] Group 1: Market Performance - The Hang Seng Tech ETF (513130) recorded a trading volume of 6.271 billion HKD and a turnover rate of 15.88% as of 14:21 [1] - Southbound funds have seen a net inflow of 38.786 billion HKD during the week of October 13-16, 2025, with technology stocks being a primary focus [1] - Year-to-date, southbound funds have exceeded 1.2 trillion HKD, setting a new annual record for the Hong Kong stock market [1] Group 2: AI and Technology Sector Developments - Domestic technology companies are actively investing in AI infrastructure, with a reported 380 billion HKD commitment to AI projects [2] - Collaboration between local firms and global chip leaders like NVIDIA aims to advance the physical AI sector [2] - The Hang Seng Tech Index, which includes various sectors of the AI industry, has a current P/E ratio of 22.88, indicating potential for valuation recovery [2] Group 3: Investment Tools - The Hang Seng Tech ETF (513130) is recognized as a key investment tool for the Hong Kong technology sector, with over 220,000 account holders as of the latest mid-year report [3] - The ETF offers advantages such as large scale, good liquidity, and low fees, making it an attractive option for investors [3] - Investors can also consider the offshore linked funds (A class 015310, C class 015311) for additional exposure [3]

Group 1 - The recent market news strengthens expectations for a Federal Reserve interest rate cut, with Chairman Powell signaling a potential halt to balance sheet reduction and highlighting worsening labor market conditions [1] - The Federal Reserve's Beige Book indicates a stable overall labor market in the U.S., but with weak demand, further boosting rate cut expectations [1] - The offshore Hong Kong stock market, particularly the technology sector, is expected to benefit significantly from continued global liquidity [1] Group 2 - The Hang Seng Tech ETF (513130) has seen substantial inflows, with over 15.6 billion yuan invested in October 2025, indicating strong market interest [2] - The ETF's total shares have surpassed 50.36 billion, reaching a record high since its inception, reflecting robust demand [2] - The Hang Seng Tech Index, closely tracked by the ETF, represents a significant portion of the Hong Kong tech sector, including 30 leading companies across various industries [2] Group 3 - Long-term forecasts suggest that improvements in supply-demand dynamics may lead to a turning point in the Chinese economic cycle, with capital expenditure and R&D in the tech sector becoming new growth engines [2] - The combination of U.S. rate cuts and supportive policies in China is expected to attract continued inflows from southbound and foreign investors into Hong Kong stocks [2] - The Hang Seng Tech ETF offers advantages such as large scale, good liquidity, and low fees, making it a key tool for investors looking to capitalize on the recovery of the Hong Kong tech sector [2]

Group 1 - The Hong Kong technology sector is experiencing active performance, with the Hang Seng Technology Index reaching a new intraday high of 6000 points since April this year [1] - There is a strong expectation for a 25 basis point interest rate cut by the Federal Reserve, which is likely to benefit the interest-sensitive Hong Kong technology sector [1] - The Hang Seng Technology ETF (513130) has seen significant trading volume, with daily turnover exceeding 5 billion yuan from September 9 to September 12, and a net inflow of 1.186 billion yuan in September, reaching a historical high of 39.2 billion yuan [1] Group 2 - The Hang Seng Technology ETF closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong internet and manufacturing companies, covering various sectors such as internet, media, software, automotive, and chips [2] - There has been a cumulative increase of 93.882 billion Hong Kong dollars in southbound capital since September, with internet companies being a key focus for investment [2] - The current price-to-earnings ratio of the Hang Seng Technology Index is 23.12 times, which is in the lower range of the past five years, indicating potential investment value [2]

9月15日，港股科技板块开盘高开高走表现活跃，Wind数据显示，恒生科技指数早盘突破6000点刷新今 年4月以来盘中新高。消息面上，美联储将于当地时间9月17日召开议息会议，基于前期公布的一系列数 据表现出经济走势疲软的背景，市场对于降息25个基点的预期较强。离岸特性突出的港股备受关注，其 中利率敏感性较高的港股科技板块有望深度受益。受此逻辑强化，恒生科技ETF（513130）上周有所放 量，近4个交易日（2025/9/9-2025/9/12）全天成交额均超55亿元，近10个交易日资金净流入额累计达 11.86亿元，最新规模达392.11亿元，创历史新高。（指数历史涨跌幅情况不代表未来表现，不构成对基 金业绩表现的保证，请投资者关注指数波动风险） 此外港股科技板块产业层面同样传来利好消息。据 The Information 援引四位直接知情人士的话报导， 两大港股互联网龙头企业或已开始采用内部自主设计的芯片训练AI 大模型，取代了部分英伟达芯片， 我国芯片自主可控进程又迈进一步。此外海外科技巨头发布2026财年Q1业绩，其中云基础设施营收增 长显著，在海外映射作用下对国内AI产业链相关标的有望产生进一步催化。 ...

Group 1 - The core viewpoint of the articles highlights the significant underperformance of major companies in the takeaway industry, leading to pressure on the Hong Kong tech sector, despite increased market investment activity [1][2] - The Hang Seng Tech ETF (513130) experienced a net inflow of 1.028 billion yuan on August 28, 2025, with a total of 1.794 billion yuan accumulated over three days, pushing its scale to a historical high of 35.887 billion yuan [1] - The average daily trading volume of the Hang Seng Tech ETF over the last five trading days reached 7.670 billion yuan, significantly higher than the average of 3.9 billion yuan in July, indicating strong market interest [1][2] Group 2 - The overall adjustment in the Hong Kong tech sector is primarily driven by the performance disruptions in the takeaway business, with current stock prices likely reflecting this negative factor [2] - The Hang Seng Tech Index, closely tracked by the Hang Seng Tech ETF, is diversified with a weight of only 39.67% in its top five constituent stocks, which may help mitigate individual stock volatility risks [2] - As of August 28, 2025, the price-to-earnings ratio of the Hang Seng Tech Index stands at 21.89, which is at a relatively low percentile of 23.77% over the past five years, suggesting potential for valuation recovery [2]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, has shown flat performance due to rising Hibor rates, but recent dovish signals from the Federal Reserve and stabilizing Hibor rates may lead to a marginal improvement in liquidity, supporting a potential rebound in the market [1] Group 1: Market Conditions - The Hong Kong stock market has been affected by tightening liquidity due to rapidly rising Hibor rates, but recent developments suggest a possible easing of this narrative [1] - The release of the "Artificial Intelligence +" action plan by the State Council on August 26, 2025, is expected to create more opportunities for the AI industry [1] Group 2: ETF Performance - The Hang Seng Technology ETF (513130) has seen significant volume growth, with a recent scale of 35.189 billion, supporting T+0 trading [1] - As of August 27, 2025, the average daily trading volume of the Hang Seng Technology ETF reached 4.957 billion, a notable increase from 3.922 billion in July [1] - The ETF's year-to-date scale and share growth have exceeded 10 billion [1] Group 3: Index Composition - The Hang Seng Technology Index, closely tracked by the ETF, includes a diverse range of sectors, mitigating individual stock volatility risks while capturing broad opportunities in the AI industry [1] - The top five constituent stocks of the Hang Seng Technology Index account for only 38.90% of its weight, indicating a relatively diversified index [1] Group 4: Valuation and Fund Flows - As of August 27, 2025, the price-to-earnings ratio of the Hang Seng Technology Index is 22.30, which is at a mid-low percentile level compared to the past five years [1] - Southbound capital has maintained a net inflow exceeding 10 billion HKD in the last two trading days, providing solid support for the Hong Kong stock market [1] - The combination of easing liquidity expectations in both the Hong Kong and overseas markets, along with accelerated commercialization of the AI industry, is likely to improve the fundamentals of the index [1]

Group 1 - The Hong Kong stock technology sector is currently in a state of consolidation, but strong interim report performances have not diminished market enthusiasm for investments in this sector, with the latest size of the Hang Seng Technology ETF (513130) reaching 33.365 billion yuan and an average daily trading volume of 4.838 billion yuan [1][2] - The Hang Seng Technology ETF (513130) has seen continuous net inflows for four consecutive trading days, with a total of 1.699 billion yuan attracted in the last four days, indicating strong investor interest [1] - The Hang Seng Technology Index's current price-to-earnings ratio is 21.55, which is at a relatively low percentile compared to the past five years, suggesting potential investment opportunities amid the current market pullback [2] Group 2 - Major components of the Hang Seng Technology Index include Tencent Holdings, Alibaba-W, NetEase-S, Xiaomi Group-W, and SMIC, showcasing a mix of strong R&D capabilities in both soft and hard technology sectors [2] - The Hang Seng Technology ETF (513130) supports T+0 trading and has superior liquidity, making it a viable tool for investors looking to capitalize on the new development dividends in the Hong Kong technology sector [2]