港股周观点 | 港股科技仍在布局区

Group 1 - The core viewpoint is that the Hong Kong stock market, particularly the technology sector, is experiencing a rebound due to advancements in AI and a favorable economic environment, with the Hang Seng Technology Index rising nearly 20% since July [1][2][3] - The Hang Seng Technology dynamic PE has recovered to above 21 times, reaching the average level since 2020, indicating a potential for further valuation improvement [1][2] - The positive sentiment in the market is supported by the Federal Reserve's new round of monetary easing, improved US-China relations, and advancements in the internet and technology sectors [1][2][3] Group 2 - The Federal Reserve has lowered interest rates by 25 basis points, with expectations of further cuts in October and December, which is anticipated to support global liquidity and stock market performance [2][3] - The internal economic environment in China is stable, with increased capital expenditure and R&D spending among technology companies, reflecting a return to innovation [3][4] - The implied equity risk premium (ERP) is expected to decline further due to a stable internal and external environment, with the current implied ERP for the Hang Seng Technology Index at 1.5%, still below the 2021 average [3][4] Group 3 - Foreign capital inflow into Chinese stocks has reached $1.86 billion, marking the highest weekly inflow since November of the previous year, indicating renewed interest from international investors [4] - The sentiment index for Hong Kong stocks has improved from 28.0 to 43.3, suggesting a recovery in market sentiment, although it remains slightly below neutral [4] - The technology sector remains underweighted by southbound funds, with a current allocation of 2.7%, slightly improved from 3.0% in early July, indicating potential for further investment [4]