短期波动现良机！机构力挺港股科技：估值洼地+AI红利双击

Core Viewpoint - The Hong Kong stock market's technology sector is experiencing a favorable investment window due to improvements in the macroeconomic environment and the release of industry dividends [1] Macroeconomic Environment - The GDP of China grew by 5.2% year-on-year in the first three quarters, providing a stable development environment for the technology and internet industry [1] - The resumption of Sino-US trade negotiations has alleviated uncertainties in cross-border business [1] Capital and Valuation - Southbound funds recorded a net inflow of 45.089 billion HKD last week, maintaining a net buying trend for 22 consecutive weeks, with over 1.1 trillion HKD of incremental funds this year solidifying the liquidity foundation of the sector [1] - The Hang Seng Technology Index is currently valued at 22.13 times earnings, which is 24.11% below its historical average since the index was launched, indicating a significant margin of safety as it is lower than 75% of the time periods [1] Investment Opportunities - Institutions believe that short-term volatility presents entry opportunities, with Guoyuan International stating that the long-term resilience of the Hong Kong stock market remains unchanged, and short-term adjustments provide favorable timing for quality allocations [1] - Caitong Securities highlights that the sector is in the early stages of a resonance between macro liquidity recovery and the AI technology cycle, with leading companies like Tencent and AI computing power industry chain targets being worthy of attention [1] - The acceleration of AI commercialization is expected to drive corporate profit realization, combined with expectations of foreign capital inflow during the Federal Reserve's interest rate cut cycle, making the valuation recovery and earnings growth in the Hong Kong technology sector promising [1] Related ETFs - Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - Hang Seng Internet ETF (513330) focuses on leading internet companies [1]