金秋黑马？三大理由或支撑港股科技行情再创新高

Core Viewpoint - The Hong Kong stock market has shown a "bright start - mid-term adjustment - autumn recovery" trend in 2023, driven by AI advancements and new consumption trends, with the technology sector being a key driver of growth [1] Industry Perspective - The AI industry is accelerating under dual support from industry and policy, with major tech leaders in Hong Kong set to benefit significantly. Alibaba announced an upgrade to its AI system and a partnership with NVIDIA, which will enhance AI infrastructure investments [2] - The implementation of policies promoting AI in transportation and logistics will further support the commercialization of AI applications [2] Financial Perspective - Foreign capital has shown signs of recovery since May 2023, with expectations of continued inflows if the Federal Reserve maintains a dovish stance and U.S.-China trade relations stabilize. Domestic capital has also been strong, with over 1 trillion yuan flowing into Hong Kong stocks this year [3] - Institutional funds are expected to provide ongoing support for the Hong Kong market, particularly in AI-related internet assets, due to a low-interest-rate environment and enhanced dividend regulations [3] Valuation Assessment - The Hong Kong technology sector shows significant potential for valuation recovery, with estimates suggesting a possible 15% increase in the Hang Seng Technology Index if valuations return to average levels, and over 30% if they reach historical averages [4] - The technology sector remains the main focus of the market, with leading companies across the AI value chain poised to benefit from the ongoing AI transformation [4] Related ETFs - The Hong Kong Technology ETF (159101) tracks major tech companies and covers a wide range of sectors, making it a valuable tool for investors looking to gain exposure to leading Chinese tech firms [5] - The Hang Seng Internet ETF (513330) focuses on internet platform economies and includes major players like Alibaba and Tencent, providing a dual focus on new consumption and technology [5]