结构调整积蓄动能，关注恒生科技ETF易方达（513010）、港股通互联网ETF（513040）配置价值

Core Viewpoint - Recent fluctuations in global stock indices, including the Hong Kong market, are influenced by changes in overseas macro expectations and cautious sentiment towards global risk assets, with a focus on the technology sector entering a phase of emotional digestion [1] Group 1: Market Trends - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) have seen net inflows of 1.22 billion and 360 million respectively over the past five trading days [1] - The current market volatility is attributed to seasonal rebalancing of funds and rational calibration of macro expectations as the year-end approaches [1] Group 2: Future Outlook - As several core technology companies in Hong Kong are set to disclose their earnings next week, market focus is expected to shift from emotional speculation to industrial fundamentals and profit quality [1] - Earnings verification is anticipated to stabilize the market, with the valuation advantages of the technology sector becoming more apparent after digesting short-term uncertainties [1] Group 3: Index and Valuation - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes listed in Hong Kong, covering high-growth sectors such as the internet and AI [1] - Both the Hang Seng Technology Index and the China Securities Hong Kong Stock Connect Internet Index have rolling price-to-earnings ratios below 23 times, positioned at the 21% and 14% percentiles since their inception [1]