南向资金持续加码，港股科技互联网板块凸显中长期价值

Core Viewpoint - The Hong Kong stock market's technology and internet sector is experiencing an increase in allocation value driven by multiple favorable factors, including macroeconomic growth, international relations improvements, and positive capital flow signals [1] Macroeconomic Factors - The GDP growth for the first three quarters is 5.2% year-on-year, indicating positive outcomes in high-quality development and creating a favorable market environment [1] - Progress in Sino-U.S. economic and trade dialogues has been made, with both sides agreeing to hold new rounds of consultations, which may help ease trade tensions [1] Capital Flow Signals - Southbound capital shows a "buy on dips" characteristic, with a net inflow of 450.89 billion HKD during the recent market correction, marking the highest level in nearly five weeks [1] - The cumulative net inflow for the year has exceeded 1.1 trillion HKD, reflecting strong enthusiasm for allocation in Hong Kong stocks [1] Institutional Outlook - Institutions are optimistic about the long-term performance of the Hong Kong technology and internet sector. Cathay Pacific Securities believes that short-term disturbances will not alter the mid-term trend, and the bull market in Hong Kong stocks is expected to continue in the fourth quarter due to an upward industry cycle and new capital entering the market [1] - Guoyuan International anticipates that the Hong Kong stock market will maintain resilience, with short-term volatility providing better entry opportunities [1] - Huafu Securities recommends focusing on Hong Kong technology stocks that concentrate on AI core assets to seize structural opportunities [1] Relevant 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]