从算力到应用：港股“科技七巨头”如何接棒AI浪潮第三阶段？

Group 1 - The core viewpoint is that the Hong Kong technology sector presents significant valuation attractiveness, characterized by low valuations, high growth potential, and policy catalysts, making it an ideal choice for medium to long-term capital allocation [2][5] - The Hang Seng Technology Index's dynamic PE is approximately 25.8 times, which is about 20% lower than the Nasdaq 100 Index, and the valuation gap between leading tech companies in China and the US is between 10-20 times [5] - The overall PE of the Hang Seng Index is 10.2 times, lower than the S&P 500 (22.3 times) and Nikkei 225 (18.6 times), highlighting the valuation advantage of the technology sector [5] Group 2 - The current PE of the Hang Seng Technology Index is at the 8th percentile of the past five years, significantly below the historical median, especially after the internet sector has fully digested valuation bubbles during the 2023-2024 adjustment [5] - Leading companies like Alibaba and Baidu are transitioning their valuation focus from "consumer stocks" to "technology growth stocks," although their stock prices have not yet fully reflected the potential of technological upgrades [5] Group 3 - Factors driving the sector include improved earnings expectations, with companies like Tencent and Lenovo exceeding forecasts, and accelerated AI commercialization potentially opening new growth avenues [4][5] - The domestic economy is experiencing a mild recovery supported by policies favoring the digital economy and normalized regulation of platform economies, leading to marginal improvements in the fundamentals of tech companies [5] - Continuous inflow of southbound funds, with a cumulative net purchase exceeding 300 billion HKD in 2025, enhances the pricing power of Hong Kong stocks [5] Group 4 - The current valuation levels imply a high margin of safety, and if subsequent earnings growth materializes, the sector may experience a "Davis Double" effect [6] - Recommended investment targets include the Hang Seng Technology ETF (07188.hk), technology index funds under the Stock Connect, and leading companies in AI computing (SMIC), platform economy (Tencent, Alibaba), and hard technology (05188.hk) [6]