直线拉升！港股科技率先突破“关税大跌”压力位

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a strong rebound driven by significant capital inflows and valuation recovery, with expectations for continued growth in May [5][7]. Group 1: Market Performance - The Hong Kong Technology Index saw a substantial increase, breaking through previous resistance levels, indicating strong momentum [2][4]. - The Hang Seng Technology Index's price-to-book ratio is currently around 18%, which is historically low, suggesting that the sector is undervalued [5]. - The Hong Kong stock market has attracted nearly 200 billion HKD in southbound capital in April alone, totaling over 600 billion HKD this year, which is approximately three times the amount from the same period last year [5]. Group 2: Capital Inflows - The Hong Kong Monetary Authority sold 60.54 billion HKD to maintain the currency peg, marking the first activation of the strong-side convertibility since October 2020, driven by increased demand for HKD related to stock investments [5]. - The banking system's surplus is expected to rise to 91.31 billion HKD by May 7, following significant liquidity injections by the Monetary Authority [5]. Group 3: Sector Analysis - The technology sector, particularly companies like Xiaomi, is showing innovation and growth potential, with Xiaomi's new AI model outperforming competitors [7]. - The Hong Kong Technology 50 ETF includes major players like Tencent and Alibaba, as well as smaller companies, providing a diversified investment opportunity across technology, consumer, pharmaceuticals, and new energy vehicles [7]. - The healthcare and new energy vehicle sectors are expected to perform well in May, potentially outperforming the broader technology index due to their higher inclusion in the Hong Kong Technology Index [6].