超5万亿！史诗级买入

Core Insights - The net inflow of southbound funds has exceeded 1.3 trillion HKD this year, with cumulative inflows surpassing 5 trillion HKD since the launch of the Stock Connect program [1][15] - The technology sector remains a key focus for capital inflows, with the Hang Seng Technology Index ETF rising by 30.4% and the Hong Kong Stock Connect Technology ETF gaining 44.19% this year [1][3] Market Dynamics - Despite being in an adjustment phase, multiple positive signals are emerging, including domestic economic plans, improved international relations, and continued inflows of southbound funds, which are injecting new momentum into the Hong Kong stock market [3][19] - The recent correction in the Hang Seng Technology Index, which has dropped over 10% from its peak, is viewed as a normal adjustment rather than a sign of severe market instability [5][9] Earnings Outlook - Major internet companies are expected to maintain revenue growth rates between 10% and 15%, with ongoing cost-reduction strategies likely to improve profit margins [10][11] - The upcoming Q3 earnings reports are crucial; positive results could lead to a rebound in market sentiment and stock prices [9][13] Valuation Metrics - The valuation of the Hong Kong technology sector remains attractive, with the Hang Seng Technology Index ETF trading at a PE (TTM) of 23.09, significantly lower than the Nasdaq Index's 42.5 [14][15] - Southbound funds, primarily from insurance and public funds, have contributed over 60% of the net inflow this year, indicating a strong preference for technology growth and high dividend yield stocks [18][19] Investment Focus - The rise of AI technology has made core AI assets highly sought after, with major tech companies in Hong Kong becoming essential market players due to their strong fundamentals and competitive advantages [23][25] - The Hang Seng Technology Index ETF and the Hong Kong Stock Connect Technology ETF are positioned to attract continued investor interest, focusing on leading tech firms and their growth potential in the AI sector [30][31]