<p>投资者对香港科技指数的失望情绪日益加剧，因为该基准的长期下滑与最近在香港上市的几家中国人工智能公司的股价飙升形成了鲜明对比。恒生科技指数——曾被视为中国的纳斯达克的香港上市科技公司指标——在最近几个月承压，随着中国人工智能股票的普遍上涨，该指数的糟糕表现引起了更多的关注。一位用户在香港证券及期货事务监察委员会最近在社交媒体平台 RedNote（也称为小红书）上的帖子下评论道：“请拯救恒生科技”，该评论获得了近 6000 个赞。分析师表示，该指数错过了人工智能的繁荣，因为它没有与时俱进。它仍然由科技巨头、电动车制造商、电商平台和外卖公司主导，其资格规则迄今为止阻止了新兴人工智能参与者的加入，如 MiniMax Group 和智谱（也称为 Zhipu AI），这两家公司自在香港上市以来均取得了巨大的收益。根据恒生指数公司（由恒生银行运营）的数据，该指数包括 30 家在香港上市的最大科技公司，这些公司被分类为工业、非必需消费品、医疗保健、金融和信息技术。根据恒生指数公司在 3 月发布的报告，其前 10 大成分股按权重排序为比亚迪、美团、小米、腾讯控股、网易、阿里巴巴集团、华虹半导体、京东、快手和百度。阿里巴巴拥有《南华早报》。截至 4 月 30 日，自 2020 年 7 月推出以来，恒生科技指数已下跌超过 30%，自 2021 年峰值以来下跌近 56%。自 2025 年底以来，跌幅尤其陡峭，基准自 2026 年初以来下跌超过 11%。这种下滑不仅反映了市场情绪，还反映了香港科技基准构建方式的结构性问题，以及全球资本如何定价中国科技资产，分析师表示。光大证券国际的证券策略师 Kenny Ng Lai-yin 表示：“香港的科技股滞后主要是由于结构性问题。” 虽然美国科技基准在与人工智能相关的公司中权重更高，但腾讯和阿里巴巴等公司从不同来源获得收益，如电商和金融服务，而 “人工智能尚未转化为爆炸性增长”，他补充道。因此，指数重磅股的收益增长与纯粹的人工智能公司相比仍然相对温和，后者的扩张速度更快。东亚银行的高级投资策略师 Jason Chan 表示，该指数的构成也使其暴露于价格竞争、消费疲软和中国多个行业的产能过剩之中。“收益前景一直受到压力，” Chan 表示，并补充说，该指数的共识收益预测今年已下调约 20%，预计全年每股收益将下降。该指数缺乏对上游半导体公司和纯人工智能模型开发者的足够曝光，进一步导致其相对于全球同行的表现不佳，同时，由于对中国政策不确定性和地缘政治紧张局势（包括美国对科技行业的限制）的担忧，估值也受到限制。他补充道。今年迄今为止，香港表现最佳的首次公开募股均为目前不在该指数中的中国人工智能公司：智谱和 MiniMax。这两家大型语言模型（LLM）开发者的股价自今年早些时候上市以来分别飙升超过 700% 和 380%，突显了投资者对人工智能投资的强烈需求。摩根士丹利的分析师 Gary Yu 在 4 月 27 日的一份报告中表示：“我们相信，人工智能和 LLM 公司将成为香港股市更大的驱动力，重塑指数构成、表现、流动性和资金流动。” 该银行预计智谱和 MiniMax 将在 6 月的审查后被纳入该指数，合计权重为 5% 至 7%，报告称。如果智谱和 MiniMax 从上市日期起就被纳入该指数，恒生科技指数的年初至今损失将从 12.6% 缩小至 7.6%。他们的即将纳入预计还将根据大约 250 亿美元跟踪该指数的资产，触发 125 亿至 175 亿美元的被动流入，分析师表示。今年迄今为止，香港的融资已达到 1390 亿港元（177.4 亿美元），约为 2025 年总额的一半，其中信息技术占筹资的 39%，摩根士丹利的报告显示。</p>

00100

智谱

2 倍做多阿里巴巴 ETF - KraneShares

2 倍做多 BABA ETF - GraniteShares

<p>投资者的挫败感正在上升，因为香港的科技指数持续下滑，这与中国人工智能股票的激增形成了鲜明对比。恒生科技指数自 2020 年 7 月推出以来已下跌超过 30%，主要是由于结构性问题和缺乏人工智能的代表性。分析师指出，腾讯和阿里巴巴等指数重磅股并未从人工智能热潮中受益，导致盈利增长乏力。即将加入的人工智能公司智谱和 MINIMAX 可能会重塑该指数，并吸引大量投资流入，进而改善其表现</p>

<p>Investor frustration is growing with Hong Kong’s technology index, as the benchmark’s prolonged slide contrasts sharply with the soaring share prices of several Chinese AI firms that recently went public in the city. The Hang Seng Tech Index – a gauge of Hong Kong-listed tech companies that was once seen as China’s answer to the Nasdaq – has come under pressure in recent months, and the index’s poor performance has drawn even more scrutiny amid the wider surge in Chinese artificial intelligence stocks. “Please save Hang Seng Tech,” one user commented on a recent post by the Securities and Futures Commission of Hong Kong on the social media platform RedNote, also known as Xiaohongshu, drawing nearly 6,000 likes. The index is missing out on the AI boom because it has not moved with the times, analysts said. It remains dominated by tech conglomerates, electric vehicle makers, e-commerce platforms and food delivery companies, as its eligibility rules have so far barred the inclusion of new AI players like MiniMax Group and Knowledge Atlas – also known as Zhipu AI – which have both made enormous gains since listing in Hong Kong. The index includes the 30 largest technology companies listed in Hong Kong, which are classified under industrials, consumer discretionary, healthcare, financials and information technology, according to the Hang Seng Indexes Company, an index compiler run by the Hang Seng Bank. Its top 10 constituents by weighting are BYD, Meituan, Xiaomi, Tencent Holdings, NetEase, Alibaba Group Holding, SMIC, JD.com, Kuaishou and Baidu, according to a report by Hang Seng Indexes released in March. Alibaba owns the South China Morning Post. Hang Seng Tech had fallen more than 30 per cent since its launch in July 2020 and nearly 56 per cent from its 2021 peak as of April 30. The decline has been especially steep since late 2025, with the benchmark down more than 11 per cent since the start of 2026. The slump reflects not just market sentiment, but also structural issues in how Hong Kong’s tech benchmark is constructed and how global capital is pricing Chinese tech assets, according to analysts. “Hong Kong’s tech stocks are lagging mainly due to structural issues,” said Kenny Ng Lai-yin, a securities strategist at Everbright Securities International. While US tech benchmarks have a higher weighting in AI-related names, companies like Tencent and Alibaba derive their earnings from different sources, such as e-commerce and financial services, where “AI has yet to translate into explosive growth”, he added. As a result, earnings growth among the index’s heavyweights has remained relatively muted compared with pure-play AI firms, which are seeing much faster expansion, according to Ng. Jason Chan, senior investment strategist at Bank of East Asia, said the index’s composition had also left it exposed to the price competition, weak consumption and industrial overcapacity affecting several sectors in China. “The earnings outlook has been under pressure,” Chan said, adding that consensus earnings forecasts for the index had been cut by about 20 per cent this year, with full-year earnings per share expected to decline. The index lacks sufficient exposure to upstream semiconductor names and pure AI model developers, further contributing to its underperformance relative to global peers, while valuations have also been capped by concerns over policy uncertainty in China and geopolitical tensions, including US restrictions on the tech sector, he added. Hong Kong’s top-performing initial public offerings of the year so far are both Chinese AI companies that are not currently part of the index: Zhipu AI and MiniMax. The stock prices of the two large language model (LLM) developers have surged by more than 700 per cent and 380 per cent, respectively, since their debuts earlier this year, underscoring investors’ strong appetite for AI plays. “We believe AI and LLM names will become a much bigger driver of Hong Kong equity markets, reshaping index composition, performance, liquidity and fund flows,” Morgan Stanley analysts led by Gary Yu said in a report on April 27. The bank expects both Zhipu AI and MiniMax to be added to the index following the June review, with a combined weighting of 5 to 7 per cent, according to the report. If Zhipu AI and MiniMax had been included in the index from their listing dates, the Hang Seng Tech Index’s year-to-date loss would have narrowed from 12.6 per cent to 7.6 per cent, it added. Their coming inclusion is also expected to trigger passive inflows of US$1.25 billion to US$1.75 billion, based on roughly US$25 billion in assets tracking the index, the analysts said. Fundraising in the city has reached HK$139 billion (US$17.74 billion) so far this year, about half of 2025’s total, with information technology accounting for 39 per cent of proceeds, Morgan Stanley’s report showed.</p>
<div class="lb-trans"><p>投资者对香港科技指数的失望情绪日益加剧，因为该基准的长期下滑与最近在香港上市的几家中国人工智能公司的股价飙升形成了鲜明对比。恒生科技指数——曾被视为中国的纳斯达克的香港上市科技公司指标——在最近几个月承压，随着中国人工智能股票的普遍上涨，该指数的糟糕表现引起了更多的关注。一位用户在香港证券及期货事务监察委员会最近在社交媒体平台 RedNote（也称为小红书）上的帖子下评论道：“请拯救恒生科技”，该评论获得了近 6000 个赞。分析师表示，该指数错过了人工智能的繁荣，因为它没有与时俱进。它仍然由科技巨头、电动车制造商、电商平台和外卖公司主导，其资格规则迄今为止阻止了新兴人工智能参与者的加入，如 MiniMax Group 和智谱（也称为 Zhipu AI），这两家公司自在香港上市以来均取得了巨大的收益。根据恒生指数公司（由恒生银行运营）的数据，该指数包括 30 家在香港上市的最大科技公司，这些公司被分类为工业、非必需消费品、医疗保健、金融和信息技术。根据恒生指数公司在 3 月发布的报告，其前 10 大成分股按权重排序为比亚迪、美团、小米、腾讯控股、网易、阿里巴巴集团、华虹半导体、京东、快手和百度。阿里巴巴拥有《南华早报》。截至 4 月 30 日，自 2020 年 7 月推出以来，恒生科技指数已下跌超过 30%，自 2021 年峰值以来下跌近 56%。自 2025 年底以来，跌幅尤其陡峭，基准自 2026 年初以来下跌超过 11%。这种下滑不仅反映了市场情绪，还反映了香港科技基准构建方式的结构性问题，以及全球资本如何定价中国科技资产，分析师表示。光大证券国际的证券策略师 Kenny Ng Lai-yin 表示：“香港的科技股滞后主要是由于结构性问题。” 虽然美国科技基准在与人工智能相关的公司中权重更高，但腾讯和阿里巴巴等公司从不同来源获得收益，如电商和金融服务，而 “人工智能尚未转化为爆炸性增长”，他补充道。因此，指数重磅股的收益增长与纯粹的人工智能公司相比仍然相对温和，后者的扩张速度更快。东亚银行的高级投资策略师 Jason Chan 表示，该指数的构成也使其暴露于价格竞争、消费疲软和中国多个行业的产能过剩之中。“收益前景一直受到压力，” Chan 表示，并补充说，该指数的共识收益预测今年已下调约 20%，预计全年每股收益将下降。该指数缺乏对上游半导体公司和纯人工智能模型开发者的足够曝光，进一步导致其相对于全球同行的表现不佳，同时，由于对中国政策不确定性和地缘政治紧张局势（包括美国对科技行业的限制）的担忧，估值也受到限制。他补充道。今年迄今为止，香港表现最佳的首次公开募股均为目前不在该指数中的中国人工智能公司：智谱和 MiniMax。这两家大型语言模型（LLM）开发者的股价自今年早些时候上市以来分别飙升超过 700% 和 380%，突显了投资者对人工智能投资的强烈需求。摩根士丹利的分析师 Gary Yu 在 4 月 27 日的一份报告中表示：“我们相信，人工智能和 LLM 公司将成为香港股市更大的驱动力，重塑指数构成、表现、流动性和资金流动。” 该银行预计智谱和 MiniMax 将在 6 月的审查后被纳入该指数，合计权重为 5% 至 7%，报告称。如果智谱和 MiniMax 从上市日期起就被纳入该指数，恒生科技指数的年初至今损失将从 12.6% 缩小至 7.6%。他们的即将纳入预计还将根据大约 250 亿美元跟踪该指数的资产，触发 125 亿至 175 亿美元的被动流入，分析师表示。今年迄今为止，香港的融资已达到 1390 亿港元（177.4 亿美元），约为 2025 年总额的一半，其中信息技术占筹资的 39%，摩根士丹利的报告显示。</p>
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Chinese AI stocks are surging. So why is Hong Kong’s tech index still falling?

南华早报

MINIMAX-W

腾讯控股(ADS)

阿里巴巴-W

阿里巴巴

腾讯控股(ADR)

腾讯控股

中国的人工智能股票正在上涨。那么为什么香港的科技指数仍然在下跌呢？