Xin Lang Cai Jing·2025-11-06 06:44Group 1 - The Hong Kong stock market, particularly the technology sector, is experiencing a significant rebound driven by the wave of domestic substitution, with the Hong Kong Stock Connect Technology 30 ETF (520980) rising over 2% and achieving a trading volume exceeding 530 million yuan [1] - The Hang Seng Technology ETF (513260), which has the lowest management fee in its category, also increased by over 1.5%, with a trading volume surpassing 350 million yuan and a recent fund inflow of over 350 million yuan in the past 20 days [3] - The semiconductor sector is witnessing unexpected price increases, with SK Hynix raising the price of HBM4 supplied to NVIDIA by 50% compared to the previous generation [5] Group 2 - Major stocks in the Hong Kong technology sector are showing positive performance, with notable increases in share prices for companies like Hua Hong Semiconductor (over 6%), SMIC (over 5%), Alibaba (over 3%), and Tencent (over 2%) [5] - Recent data indicates that southbound funds have been flowing into leading Hong Kong technology stocks, with Xiaomi Group-W and Meituan-W among the top ten net purchases in the past week [7] - The Hong Kong technology sector is becoming a core carrier of the AI wave, with domestic AI application giants primarily listed in Hong Kong, enhancing their scarcity and global competitiveness [9] Group 3 - The valuation of the Hong Kong stock market is currently low compared to historical levels, particularly in the technology sector, providing significant potential for upward adjustment [10] - The market is expected to attract substantial incremental capital, with foreign capital showing signs of stabilization and domestic capital inflows projected to exceed 1.5 trillion yuan in the coming year [12] - The scarcity of quality assets in the Hong Kong market, particularly in internet, new consumption, and innovative pharmaceuticals, is expected to support the ongoing bullish trend [13]