港股三大指数集体下跌，金山办公逆势走强，大涨超16%

Core Viewpoint - The Hong Kong stock market experienced a collective decline, with significant fluctuations in the Hang Seng Tech Index, reflecting a downturn in tech stocks and gold shares [1] Group 1: Market Performance - The Hang Seng Tech Index ETF (513180) fell over 2%, with major holdings like Bilibili, Sunny Optical Technology, Kuaishou, and Lenovo Group leading the decline [1] - A few companies, such as Kingsoft and Huahong Semiconductor, saw gains, with Kingsoft's stock rising over 16% at one point [1] Group 2: Company Insights - Citic Securities noted that Kingsoft Office's WPS software reported a revenue of 542 million yuan for the first half of 2025, a year-on-year decrease of 2.08%, but an improvement from a 21% decline in Q1 [1] - The company is actively participating in government and enterprise tenders for domestic office software, with expectations for continued improvement in the second half of the year as funding for domestic innovation gradually materializes [1] Group 3: Valuation Metrics - As of October 10, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 23.82 times, which is approximately 34.04% below the historical average since the index's inception, indicating it remains in a relatively undervalued range [1] - The characteristics of high elasticity and high growth suggest that the index has greater upward momentum potential [1]