恒生科技指数高开涨0.37%，外资一致看好长期配置价值

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is attracting foreign investment due to its low valuation compared to historical averages and growth potential amid global market volatility [1][1]. Group 1: Market Performance - On November 19, the Hang Seng Index opened up by 0.09%, while the Hang Seng Tech Index rose by 0.37% [1]. - Baidu Group saw an increase of over 2%, and XPeng Motors rose nearly 2%, while Xiaomi Group experienced a decline of nearly 2% [1]. Group 2: Investment Trends - According to a Morgan Stanley report, despite significant gains in the MSCI Hong Kong Index this year, its valuation remains below the ten-year average, making it one of the cheapest stock markets in the Asia-Pacific region, excluding ASEAN [1]. - As of the end of September, passive funds have cumulatively flowed into the Chinese stock market amounting to $18 billion this year [1]. Group 3: Sector Focus - The technology sector in Hong Kong has become a focal point for foreign investment, with institutions viewing it as having both valuation safety margins and industry growth potential [1]. - Analysts suggest that with the stabilization of the local economy, recovery of the IPO market, and improvement in global liquidity due to the Federal Reserve's interest rate cuts, the tech sector in Hong Kong is likely to continue gaining revaluation momentum [1]. Group 4: Future Outlook - Morgan Stanley anticipates that the upward trend in the Hong Kong tech sector will extend until 2026, providing long-term investment opportunities for investors [1].