机构：回调幅度较大的恒生科技已回落至关键均线支撑区域

Group 1 - The Hong Kong stock market faced pressure on November 17, with all three major indices declining, and the Hang Seng Tech Index falling over 1% in the afternoon [1] - The largest ETF in the same sector, the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with only a few stocks like Tencent Music rising, while companies like Ctrip, Horizon Robotics, Lenovo, Baidu, and Xpeng led the declines [1] - Haitong International noted that multiple disruptive factors continued to suppress the performance of the tech sector, although the current short-term valuation of the tech sector is overheated, the AI bubble is not yet a concern [1] Group 2 - As of November 14, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 22.47 times, lower than other major global tech indices, indicating that it is in a historically undervalued range [2] - The index's valuation is at approximately the 25.98 percentile since its inception, meaning it is lower than 74% of the historical time, highlighting its cost-effectiveness [2] - The high elasticity and growth characteristics of the Hang Seng Tech Index suggest it has greater upward momentum, making it an attractive option for investors without a Hong Kong Stock Connect account to access core Chinese AI assets [2]