Ge Long Hui·2025-11-06 06:09Group 1 - The market has experienced a significant style switch since November, with brokerages suggesting a focus on technology, consumer, and core asset sectors as the year-end approaches in a bullish environment [1] - As of October 31, the Hang Seng Technology PE-TTM stands at 22.9 times, which is at the 29th percentile historically, indicating that Hong Kong stocks are not highly valued [1] - Cumulative southbound capital inflow since 2025 has exceeded 1.1 trillion yuan, primarily driven by institutional forces such as public funds and insurance capital, with expectations for net inflows to surpass 1.5 trillion yuan next year [1] Group 2 - In Q3, actively managed equity funds increased their positions in the technology sector while reducing exposure to blue-chip sectors like banking, indicating a shift in institutional behavior [1] - The technology growth narrative is believed to remain intact, with Hong Kong's technology, consumer, and core assets being viewed as scarce opportunities [1] - The AI industry trend is accelerating, with the fundamentals of the Hang Seng Technology index appearing favorable [1] Group 3 - The "Magnificent 7" tech giants, including Apple, Google, Amazon, Microsoft, Meta, Tesla, and Nvidia, are recognized for their robust growth and innovation, establishing them as core assets in the US tech sector [1] - Companies like Xiaomi, Lenovo, BYD, SMIC, Alibaba, Tencent, and Meituan are highlighted for their potential benefits from AI and market opportunities in the coming years [1]