港股医药+科技走强，为什么这个指数表现最好？

Group 1 - Hong Kong stocks showed strong performance today, particularly in the pharmaceutical sector, with 3SBio rising by 36%, leading the sector's gains [1] - Other pharmaceutical stocks such as Innovent Biologics and JD Health increased by over 4%, while WuXi AppTec and BeiGene rose by over 2% [1] - Technology stocks also performed well, with Xiaomi up nearly 4%, and other companies like Alibaba, BYD, and JD following suit [1] Group 2 - The Hong Kong Technology Index outperformed the Hang Seng Technology Index due to a more comprehensive exposure to innovative drugs and new energy vehicles [2][3] - The Hong Kong Technology Index has a 10% higher allocation in pharmaceutical and 4% in automotive sectors compared to the Hang Seng Technology Index, contributing to its superior performance [2] - Since the beginning of 2025, the Hong Kong Technology Index has shown significant rebounds, particularly in innovative drugs and new energy vehicles, leading to a better year-to-date performance compared to the Hang Seng Technology Index [3] Group 3 - The Chinese government has prioritized "innovative drugs" as a key development direction, benefiting sectors covered by the Hong Kong Technology Index, including pharmaceuticals, new energy vehicles, and semiconductors [5] - The commercialization of domestic AI models is accelerating growth in the internet and smart automotive sectors, with Xiaomi's SU7 Ultra model expected to exceed delivery expectations in 2025 [5] - The Hong Kong Technology 50 ETF has seen a 283% increase in shares this year, reflecting strong capital inflow and interest in leading Hong Kong stocks [5][6] Group 4 - The current liquidity environment is favorable, with the Federal Reserve entering a rate-cutting phase, making Hong Kong stocks particularly sensitive to these changes [6] - The valuation of the Hong Kong Technology Index is low, at a historical percentile of 24%, attracting continuous net inflows from southbound funds [6]