港股科技板块后市怎么看？四大核心逻辑支撑

Group 1 - The current Hong Kong stock technology sector is undergoing a critical phase of expectation reshaping and value reassessment, with strong performance in the first half of the year driven by breakthroughs in AI technology and overall revaluation of Chinese assets [1] - Recent market fluctuations reflect concerns over short-term profit pressures, such as price wars in e-commerce and new energy vehicles, as well as worries about the domestic economic recovery and geopolitical disturbances [1] - The adjustment period has created better investment opportunities, with the Hong Kong Stock Connect Technology Index PE valuation at 24.9 times as of August 15, indicating a significant drop compared to the first quarter of this year, providing a good margin of safety and investment value [1] Group 2 - Profit expectations are likely to bottom out and improve, supported by strengthened regulatory signals against "involution," which may alleviate profit margin pressures, and accelerated commercialization of AI in various sectors [1] - There has been a record net inflow of over HKD 930 billion into Hong Kong stocks this year, particularly in technology leaders, indicating strong demand for allocation in this sector [1] Group 3 - Marginal improvement in overseas liquidity is anticipated, with a significant probability of interest rate cuts by the Federal Reserve in September, which would benefit emerging market equity assets, especially technology growth stocks [2] - Hong Kong's position as a global financial center is strengthening, with IPO financing leading globally, suggesting continued international capital inflow into the Hong Kong market [3] - The performance of overseas technology leaders in Q2 supports the ongoing logic of AI expansion, with strong growth in token usage and computing power demand, indicating that concerns over the collapse of the technology narrative may be overstated [3]