3月5日，沪深两市震荡，港股高开。港股整体表现亮眼。截至9点50分，香港科技ETF(159747.SZ)涨2.23%，美团-W涨4.96%。
国信证券认为，香港科技ETF的核心投资逻辑在于三重周期共振下的估值扩张机遇。首先，全球AI创新加速，中国科技企业深度参与大模型开发与应用（如小米SU7智能驾驶、大模型商业化），恒生科技指数中互联网巨头聚集，受益于AI赋能与全球需求增长。其次，海外技术限制倒逼半导体国产替代提速，ASIC及存储产业链本土化机遇凸显，推动科技板块估值修复。再者，宏观政策周期向好，国内经济回暖及海外流动性改善预期增强，叠加科技行业库存周期见底回升，三重动力共振下港股科技龙头盈利与估值弹性俱佳。建议关注香港科技ETF，把握AI创新+国产替代+流动性驱动的结构性行情。
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