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长城基金雷俊：产业与政策共振 港股科技板块或迎长期配置机遇
Xin Lang Ji Jin·2025-06-10 01:18

Core Viewpoint - The value of Chinese technology assets is becoming increasingly robust under the dual drivers of the global technology wave and AI industry transformation, presenting new investment opportunities in the Hong Kong technology sector [1] Group 1: Market Performance - The Hang Seng Technology Index has shown a year-to-date increase of 16.15% as of June 3, outperforming major global indices [1] - The index is characterized by high elasticity and low valuation, making it a strong tool for investing in the Hong Kong technology sector [1] Group 2: Industry Trends - The AI wave is accelerating technological breakthroughs across the AI industry chain, enhancing performance expectations for Hong Kong technology companies [1] - Major domestic internet companies are increasing their R&D investments, which are becoming core drivers of performance growth [1] Group 3: Policy Support - The "self-reliance in technology" policy is being reinforced amid intensified Sino-U.S. tech competition, with increasing support for domestic technology companies [2] - New policies are gradually transforming into fundamental improvement drivers for Hong Kong technology companies [2] Group 4: Index Characteristics - The Hang Seng Technology Index consists of 30 major Hong Kong-listed technology companies, reflecting the innovation trends in the sector [3] - The index includes a mix of "soft technology" and "hard technology" sectors, with 26 of its constituent companies not listed on the A-share market, creating a significant differentiation [3] Group 5: Valuation Insights - As of June 3, the Hang Seng Technology Index is valued at 20.43 times earnings, which is at a historical low of 9.49% over the past five years, significantly lower than the ChiNext Index (30.39 times) and the Nasdaq Index (40.17 times) [4] - The current phase is seen as a transition from "valuation repair to performance-driven" growth, with historical trends indicating that technology-driven market rallies tend to have prolonged sustainability [4]