恒生科技指数ETF（513180）震荡回调，机构：公募基金上半年配置风格转向港股科技

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index dropping nearly 1%, while the A-share market followed suit with the largest ETF tracking the Hang Seng Tech Index also experiencing fluctuations [1] - Public fund reports for mid-2025 indicate a significant increase in the proportion of Hong Kong Stock Connect holdings to 16.85%, making it the top allocation direction for active equity funds, reflecting a preference for Hong Kong stocks due to their valuation advantages amid high valuations in A-shares [1] - Market style is shifting from traditional core assets like liquor and new energy to high-growth sectors in Hong Kong, particularly technology, semiconductors, and AI-driven industries [1] Group 2 - Tactical recommendations suggest seizing rebound opportunities following index corrections, as factors constraining the Hong Kong market are showing signs of marginal improvement, including anticipated interest rate cuts by the Federal Reserve [2] - The liquidity situation in the Hong Kong market is improving, with the Monetary Authority halting net fund withdrawals and the most volatile phase of exchange rate fluctuations likely coming to an end [2] - The AH share premium has risen to 127.5%, restoring the valuation advantage of Hong Kong stocks, while concerns over earnings have subsided following the release of mid-year reports [2] - Southbound capital has net purchased over 100 billion HKD this year, primarily flowing into core AI assets in Hong Kong, with Alibaba seeing continuous net buying for eight consecutive days [2] - The Hang Seng Tech Index ETF includes 30 leading Hong Kong tech companies, focusing on the AI industry chain, with major players like Alibaba, Tencent, Xiaomi, Meituan, and BYD potentially becoming the "seven giants" of Chinese tech stocks [2]