机构称本轮谈判为恒生科技带来了明显利好！当前指数估值低位蓄势待发

Group 1 - The Hong Kong stock market opened lower on June 19, with major technology stocks experiencing slight declines, while brain-machine concept stocks continued to retreat. Oil and gas equipment stocks, gold stocks, and most airline and Chinese brokerage stocks also fell, whereas stablecoin stocks surged [1] - The Hang Seng Technology Index ETF (513180) saw a nearly 1% drop at one point, with leading stocks including Hua Hong Semiconductor, Horizon Robotics, and BYD Electronics, while Tongcheng Travel, Trip.com Group, JD Group, and Meituan faced declines [1] - According to Zhongtai Securities, the recent negotiations have signaled a gradual easing of export controls, benefiting the rare earth industry, the Hang Seng Technology sector, and the AI midstream and export chains [1] Group 2 - The overall valuation level of the Hong Kong stock market is considered relatively reasonable, with the technology sector's valuation at a historically low level. As of June 18, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was only 19.96 times, which is below 91% of the time since the index was launched on July 27, 2020 [2] - With the backdrop of domestic economic recovery, AI performance catalysts, and more quality companies listing in Hong Kong, there is potential for valuation improvement in the second half of the year [2] Group 3 - The focus is on the resonance between hard technology and new consumption in the Hong Kong stock market [3] - The Hong Kong Consumption ETF (513230) packages e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [5] - The Hang Seng Technology Index ETF (513180) includes core AI assets from China, encompassing technology leaders that are relatively scarce compared to A-shares [5]