互联网行业迎系统性修复，关注港股科技ETF(513020)

Core Viewpoint - The Hong Kong stock market experienced a significant rebound on November 24, with the Hang Seng Index rising by 1.97% to close at 25,716.50 points, and the Hang Seng Tech Index increasing by 2.78% to 5,545.56 points. This rebound follows a period of deep correction in the tech sector due to concerns over high valuations in AI and a strong US dollar, influenced by hawkish signals from the Federal Reserve [1]. Market Analysis - The short-term outlook for the Hong Kong stock market remains uncertain, with ongoing fluctuations expected due to mixed signals regarding interest rate cuts and the reassessment of AI risks. The market is advised to await the upcoming Federal Reserve and domestic policy meetings in December for potential improvements in risk appetite [1]. - From a mid-term perspective, the AI industry cycle is not yet complete, and the technology sector remains a key focus. The scarcity of tech assets in the Hong Kong market continues to be attractive, with valuations still considered low compared to global standards [1]. - Despite the recent market pullback, there was a net inflow of HKD 38.6 billion from southbound funds, indicating resilience in mid-term allocations to Hong Kong stocks. This suggests that investors are still interested in key internet and smart manufacturing leaders, providing a potential opportunity for strategic investments [1]. Investment Recommendations - It is recommended to gradually allocate investments into Hong Kong tech ETFs (513020), particularly focusing on internet and smart manufacturing leaders that have seen significant net buying from southbound funds [1].