恒生科技指数ETF（513180）近20日“吸金”超56亿，指数估值再度回到历史低位

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend, particularly in the technology sector, with significant inflows into the Hang Seng Technology Index ETF, indicating strong investor interest and potential for valuation recovery [1][2]. Group 1: Market Performance - On November 6, the three major indices in Hong Kong opened high and continued to rise, with the Hang Seng Technology Index increasing by nearly 2% in the afternoon [1]. - The technology stocks, non-ferrous metals sector, and semiconductor sector showed strong performance, with major Chinese brokerage stocks also rising [1]. Group 2: Investment Trends - Financial institutions like Caitong Securities and China Merchants Securities highlight that the Hang Seng Technology Index still offers value, with low valuations compared to historical levels, suggesting potential benefits from foreign capital inflows [1][2]. - Southbound capital, primarily from long-term funds such as insurance and public offerings, has significantly contributed to net inflows into Hong Kong stocks, with expectations of an additional HKD 1.54 trillion in new capital by the end of 2026 [1]. Group 3: ETF Performance - The Hang Seng Technology Index ETF (513180) has become highly sought after, attracting approximately HKD 920 million in net inflows on November 5 alone, and a total of HKD 5.656 billion over the past 20 trading days [2]. - As of November 5, the ETF's underlying index had a price-to-earnings ratio (P/E) of 22.52, placing it in the lower 26.5% of its historical valuation range, indicating it is undervalued compared to over 73% of its historical data [2].