恒生科技估值低于历史上近八成时间，机构：港股26年将迎第二轮估值修复，把握科技等行业

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Technology Index dropping over 1% on November 20, 2023, despite some leading stocks like Midea Group and Baidu Group performing well [1] - Southbound capital has been consistently net buying Hong Kong stocks for four consecutive trading days, indicating a potential shift in investment patterns towards Hong Kong equities [1] - The liquidity impact from the Federal Reserve's diminishing rate cut expectations may affect the Hong Kong market, which has a high proportion of foreign capital [1] Group 2 - The Hong Kong stock market is expected to benefit from the continuous inflow of liquidity from both domestic and international markets, particularly in the AI sector and technology industry [2] - The latest valuation of the Hang Seng Technology Index ETF is 21.74 times P/E, which is lower than other major global technology indices, indicating a significant valuation discount [2] - The Hang Seng Technology Index is currently in a historically undervalued range, suggesting a strong potential for upward momentum due to its high elasticity and growth characteristics [2]