Core Viewpoint - The interview with Sheng Jin from Huiri Group highlights the unique advantages and investment value of Hong Kong technology stocks compared to U.S. tech stocks, particularly in the context of the current investment landscape. Group 1: Investment Highlights of Hong Kong Technology Stocks - Significant valuation discount: As of October 2025, the Hang Seng Technology Index has a PE ratio of 23, which is at the 30-40% historical percentile, while the Nasdaq Index has a PE ratio of 37, at the 90% historical percentile, indicating a relative valuation advantage for Hong Kong tech stocks. Additionally, the PEG ratio for the Hang Seng Technology Index is 0.5, compared to 1.6 for the Nasdaq, suggesting that the growth potential of Hong Kong tech stocks is significantly underestimated [2]. - Continuous policy dividends: The introduction of China's "new quality productivity" strategy provides unprecedented development opportunities for Hong Kong tech companies. Specific measures such as an increase in the R&D expense deduction ratio to 150%, a 500 billion yuan investment in computing infrastructure, and AI industry support policies directly benefit the development of related enterprises [2]. - Improving fundamentals: Data shows that the profitability of Hong Kong tech companies is significantly improving, with the ROE of the Hang Seng Technology Index rising from 7.9% in 2023 to 13.5% by the second quarter of 2025. The gradual application of AI technology, overseas expansion of new energy vehicle companies, and technological breakthroughs in semiconductor firms are strong drivers for performance growth [2]. Group 2: Market Dynamics and Sector Composition - Strong capital inflow: Southbound capital has become a crucial support for the Hong Kong stock market, with a cumulative net purchase exceeding 1.21 trillion HKD by 2025, of which over 210 billion HKD is in the technology sector. Additionally, the anticipated interest rate cuts by the Federal Reserve create a favorable macro environment for foreign capital inflow [3]. - Balanced industry layout: The Hong Kong technology sector covers multiple key areas, including the internet, semiconductors, and new energy vehicles, forming a diversified industrial ecosystem. This balanced layout allows investors to share in the structural dividends of China's economic growth while effectively diversifying risks associated with a single industry [3].
惠理集团盛今：港股科技股相较于美股科技股有五大优势