较A股创业板折价40%，港股科技板块凸显配置价值

Core Viewpoint - The valuation attractiveness of the Hong Kong technology sector is particularly prominent, exhibiting significant "valuation pit" characteristics [1] Valuation Comparison - As of October 27, the price-to-earnings (P/E) ratio of the Hong Kong Stock Connect Technology Index is approximately 26.58 times, compared to 43.99 times for the mainland ChiNext Index, indicating a valuation discount of about 40% for the Hong Kong technology sector [1] - The valuation levels of Hong Kong technology-related indices are also significantly lower than those of the US S&P 500 and Nasdaq indices, with the Nasdaq experiencing high valuations driven by the AI boom [1] Market Trends - The AH share premium index, which measures the price difference between A-shares and H-shares, has decreased from about 40% at the beginning of the year to the current range of 20%, indicating that the value of Hong Kong stocks is being rediscovered and revalued by the market [1] - This convergence trend suggests that the Hong Kong technology sector is at a critical stage of value reassessment, presenting a good opportunity for rational long-term investors to strategically allocate resources in this evident "valuation pit" [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]