从拥挤度看港股向上空间，机构称恒生科技指数向上弹性充足

Group 1 - The Hong Kong stock market indices opened high but experienced a decline, with the Hang Seng Tech Index dropping nearly 1% [1] - Key stocks leading the decline included Kingsoft, Alibaba, Xiaomi, Alibaba Health, Meituan, and Kuaishou, while Sunny Optical, SMIC, and Xpeng Motors led the gains [1] - According to CMB International, the current market conditions suggest that the Hong Kong stock market is poised for a breakout from its sideways trend, pending key catalysts [1] Group 2 - The congestion level of the Hong Kong stock market has returned to historical averages, indicating that the Hang Seng Index, particularly the Hang Seng Tech Index, still has ample upward potential [1] - As of June 30, the valuation of the Hang Seng Tech Index ETF (513180) was at a relatively low level, with a P/E ratio of 20.10, which is below 91% of the time since the index was launched [2] - Positive sentiment and ample liquidity are crucial for the next phase of growth in the Hong Kong tech sector, awaiting thematic catalysts related to technology narratives [2]