外资对中国资产关注度升温，受益于AI周期的港股科技或具相对优势

Group 1 - The core finding indicates that overseas top funds held Chinese stocks worth $295.8 billion at the end of Q2, reflecting a quarter-on-quarter increase of $5.45 billion, while the proportion of these holdings in their total portfolio decreased by 0.11 percentage points to 1.33% [1][11] - The Hong Kong Technology 50 ETF has seen a continuous inflow of funds, totaling 230 million yuan over 19 consecutive days, suggesting strong investor interest in technology stocks [1] - Three positive catalysts are expected to drive the Hong Kong stock market higher in the second half of the year, including technological breakthroughs in AI, potential foreign capital inflows due to the Federal Reserve's interest rate cuts, and the continued attractiveness of Hong Kong's scarce assets to southbound capital [1][14] Group 2 - The Hong Kong Technology Index, which the Hong Kong Technology 50 ETF tracks, has a high concentration of core technology assets, covering the top ten technology giants with a weight of 70% [2] - The index includes major companies such as Tencent, Alibaba, and Xiaomi, reflecting a diverse range of sectors including internet, electric vehicles, and semiconductors [5][6] - As of August 22, 2025, the latest valuation of the Hong Kong Technology Index stands at a PE ratio of 22.67, which is at the 10% historical percentile, indicating potential undervaluation [8][10]