金融科技板块创本轮调整新低，自高点回撤超17%，跌到位了吗？

Core Viewpoint - The financial technology sector is experiencing a downturn, with the China Securities Financial Technology Theme Index dropping over 1% on November 12, marking a new low in the current adjustment phase [1][3]. Group 1: Market Performance - Internet brokerage stocks are leading the decline, with Dazhihui hitting a limit down and closing down over 8%, while Tonghuashun fell by 4% and Guiding Chen dropped over 2% [1]. - In contrast, financial IT stocks showed resilience, with Hengyin Technology closing up over 7%, and several other stocks like Gaoweida and Guao Technology also seeing gains [1]. - The popular ETF, the 100 billion financial technology ETF (159851), fell below its six-month moving average, with a daily trading volume exceeding 400 million and a net subscription of 55 million shares on the same day [1][4]. Group 2: Technical Analysis - The financial technology index has retreated over 17% since its historical high on August 25, indicating it may be at the bottom of the current adjustment phase [3]. - The next key support level is anticipated to be the annual line, as the sector continues to explore lower levels after losing the six-month line [3]. Group 3: Investment Insights - The investment value of the financial technology sector is influenced by two main factors: internet brokerages and financial IT [3]. - The non-bank financial sector is expected to benefit from the ongoing "slow bull" market, with potential for continued profit and valuation increases during the capital market upcycle [3]. - Internet brokerages are seen as having unique Alpha growth potential due to successful transformations and support from policy, improved funding conditions, and industry dynamics [3][4]. Group 4: Financial IT Sector - The financial IT sector is experiencing high demand driven by the development of digital currencies and increased market activity, particularly in cross-border payments and internet finance [4]. - Financial technology companies are positioned to benefit from heightened market activity and advancements in AI within the financial sector, presenting new growth opportunities [4]. Group 5: ETF and Fund Recommendations - It is recommended to focus on the financial technology ETF (159851) and its associated funds, which cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications [4]. - As of October 31, the financial technology ETF (159851) has a scale exceeding 10 billion, with an average daily trading volume of 500 million, leading in scale and liquidity among similar ETFs [4].