超万亿南向资金“撑腰”港股科技板块，四季度机遇与挑战并存

Core Insights - As of October 2025, domestic investors' net purchases through the Hong Kong Stock Connect exceeded HKD 1.26 trillion, setting a historical record and indicating strong confidence in Hong Kong's tech assets [1] - The global capital is reallocating towards Chinese assets driven by the AI cycle, presenting both opportunities and challenges in the Hong Kong stock market for Q4 [1] - Despite short-term adjustments, the Hong Kong stock market is on a volatile upward trend, with a solid bottom [1] Market Dynamics - Following the Federal Reserve's interest rate cuts, global funds are expected to flow more into stock markets, potentially benefiting Hong Kong stocks, particularly in the tech growth sector [1] - The Hong Kong tech sector encompasses cutting-edge fields such as AI, new consumption, and innovative pharmaceuticals, representing a concentration of "new productive forces" [1] - The valuation of the CSI Hong Kong Stock Connect Technology Index is over 40% discounted compared to the A-share ChiNext Index, indicating a safety margin [1] Investment Focus - The current upward momentum in Hong Kong stocks is primarily driven by positive industrial news, with a continued focus on prosperous sectors and global industrial chain resonance [1] - Dongwu Securities maintains a positive outlook on AI technology, noting that while US tech giants may influence the trading rhythm of Hong Kong's AI tech, the acceleration of China's AI progress offers recovery potential for Hong Kong tech leaders [1] ETFs in Focus - Hong Kong Stock Connect Technology ETF (159101) covers the entire tech industry chain [2] - Hang Seng Internet ETF (513330) focuses on leading internet companies [2]