恒生科技早盘下挫，机构：继续战略性看多科技主线，利用震荡耐心抄底恒生科技

Core Viewpoint - The Hong Kong stock market is experiencing a collective decline, with the Hang Seng Technology Index dropping over 2%, while certain stocks like Kingsoft are seeing significant gains, indicating a mixed market sentiment [1][2]. Group 1: Market Performance - The Hang Seng Technology Index ETF (513180) is following the index's downward trend, with major stocks like Bilibili, Sunny Optical Technology, Lenovo, NIO, BYD Electronics, and Xpeng Motors leading the decline [1]. - Kingsoft has shown a remarkable increase of nearly 15%, contrasting with the overall market downturn [1]. Group 2: Investment Outlook - Industrial research from Industrial Securities suggests a strategic bullish outlook on the technology sector, anticipating a potential TACO (Trade Agreement and Cooperation) before the APEC meeting, which could positively influence market sentiment [1]. - The report emphasizes the potential for a "Davis Double" effect, where the long-term profit growth expectations for leading internet companies in the AI sector could be revised upwards, leading to valuation increases [1]. Group 3: AI Investment and Valuation - The fundamental outlook for the Hong Kong stock market indicates that AI capital investment and infrastructure development are entering an accelerated phase, with clearer AI strategies emerging among leading internet companies [2]. - The profitability expectations and valuations of the Hang Seng Technology Index constituents are expected to rise, driven by the acceleration of AI investments and applications in China [2]. - The price-to-earnings ratio (P/E) for the Hang Seng Technology Index ETF (513180) is currently at 23.82, which is approximately 34.04% below its historical average, indicating a relative undervaluation and potential for upward momentum [2].