“股王”腾讯点燃看多热情，如何拥抱“高纯度”港股通科技组合？

Core Viewpoint - The Hong Kong technology stocks are experiencing a significant revaluation, driven by strong earnings reports, particularly from Tencent, which has led to increased target prices from over 20 Wall Street analysts [1][2]. Group 1: Market Performance and Analyst Predictions - Following Tencent's earnings report, at least 16 brokerage firms predict that its stock price may surpass historical highs, with Goldman Sachs raising its target price from 658 HKD to 701 HKD and adjusting revenue and earnings forecasts for 2025 to 2027 upwards by 1% to 6% [1]. - The "Hong Kong Stock Connect Technology ETF Fund" (code: 159101) has gained investor attention since its issuance began on August 18, aiming to closely track the "National Index Hong Kong Stock Connect Technology Index" [1][2]. Group 2: Financial Indicators and Market Sentiment - Recent financial indicators suggest a recovery in the revenue growth rate of the Hong Kong technology sector, stabilizing around 15%, with profit growth turning positive and frequently exceeding expectations [2][8]. - The valuation metrics for the Hong Kong technology sector indicate a price-to-earnings ratio of 24.41 and a price-to-sales ratio of 2.92, which are at 27.27% and 45.02% percentile points since the index's inception, respectively [2]. Group 3: Investment Trends and Foreign Capital Inflows - Foreign capital is increasingly attracted to Hong Kong technology stocks, with a notable net inflow of approximately 27 billion USD (about 194 billion RMB) into the Chinese stock market in July, indicating a strong trend of returning investment [8][10]. - The southbound capital flow has also provided substantial support to the Hong Kong technology sector, with a record net purchase of approximately 358.76 billion HKD on August 15, surpassing the total net inflow for the previous year [8]. Group 4: Future Growth Drivers - The upcoming release of new games and advancements in AI technology are expected to drive Tencent's growth, with the anticipated mobile game "Valorant Mobile" set to launch soon [1][2]. - The potential for further liquidity improvements from the Federal Reserve's anticipated interest rate cuts is expected to benefit the Hong Kong technology sector, enhancing its market resilience [10][11]. Group 5: ETF Fund Performance - The "Hong Kong Stock Connect Technology ETF Fund" aims to track the "National Index Hong Kong Stock Connect Technology Index," which has shown a cumulative return of 159.9% since 2017, outperforming other indices [11][12]. - The top holdings in the index include major companies such as Tencent, Alibaba, and BYD, with a significant allocation to innovative pharmaceutical sectors, which has contributed to the index's strong performance [14][15].