较近期高点回撤超15%，恒生科技长期逻辑不改，当前性价比凸显

Group 1 - The Hang Seng Technology Index experienced a decline of over 1% on November 20, with significant fluctuations in the largest A-share counterpart, the Hang Seng Technology Index ETF (513180), which followed the index's downward trend [1] - The Hang Seng Technology Index reached a recent high of 6715.46 on October 2, but has since undergone a correction of over 15% in less than two months, including a "four consecutive days of decline" in the last four trading days [1] - Concerns regarding the "AI bubble" and the cooling of the Federal Reserve's interest rate cut expectations have contributed to the pullback in the Hong Kong technology sector [1] Group 2 - Multiple institutions remain optimistic about the medium to long-term prospects of the Hong Kong technology and internet sector, with Cathay Pacific Securities believing that the AI wave will be a key theme for 2026 [1] - Shenyin Wanguo pointed out that AI is becoming a significant driving force in the Hong Kong internet industry, leading to accelerated growth in cloud revenue, with AI cloud products showing higher profit margins compared to traditional cloud products [2] - As of November 19, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was 21.74 times, lower than other major global technology indices, indicating that the index is currently undervalued and presents a compelling investment opportunity [2]