机构：预计至2026年底，南向长线资金仍有1.54万亿港元的新增空间

Group 1 - The Hong Kong stock market showed strong performance on November 6, with the Hang Seng Technology Index rising over 2% in the afternoon, driven by gains in tech stocks, non-ferrous metals, and semiconductor sectors [1] - Southbound capital continued to actively invest in the Hong Kong market, with a net purchase amount of 10.373 billion HKD on November 5, bringing the total for the month to 25.677 billion HKD, and a cumulative net purchase of 1,285.694 billion HKD for the year [1] - According to Guotai Junan's recent report, under a neutral assumption, active public funds are expected to see an inflow of 200 billion HKD next year, with passive public funds also expected to bring in 200 billion HKD, and insurance and private equity funds projected to contribute 400 billion HKD and 300 billion HKD respectively [1] Group 2 - China Merchants Securities forecasts that by the end of 2026, there will be an additional 1.54 trillion HKD of long-term southbound capital, potentially bringing a total of approximately 11 trillion HKD in the next five years [2] - The Hang Seng Technology Index ETF (513180) is currently valued at a P/E ratio of 22.52, which is in the historical low valuation range, being below 73% of its historical valuation periods [2] - The technology sector in Hong Kong is expected to benefit from current trends in AI, with potential foreign capital inflows exceeding expectations due to the backdrop of Federal Reserve interest rate cuts and continued accumulation of southbound funds [2]