流动性红利加持，港股科技成资金配置首选

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market's technology sector is becoming a primary target for capital due to its high growth potential, amidst a backdrop of "excess liquidity" and "asset allocation scarcity" in the domestic market [1] - By 2025, southbound capital is expected to reach a record inflow of over 1.3 trillion HKD, with a significant increase in the technology sector's share, making it a core focus for domestic investors in Hong Kong stocks [1] - The influx of funds is strongly supported by a loose liquidity environment, as the one-year fixed deposit rate in China has dropped to a historical low of 0.95%, leading to a noticeable trend of "activating" deposits among the 150 trillion CNY in household savings [1] Group 2 - The M1 money supply growth rate rose to 7.2% year-on-year in September, with 1.3 trillion CNY in household demand deposits shifting towards the capital market during July and August [1] - Amid the global trend of "de-dollarization," funds from the Asia-Pacific region, excluding Japan, are rapidly increasing their allocation to the Chinese market, approaching a benchmark level, which is driving the valuation recovery of the Hong Kong technology sector [1] - With the continuation of a loose liquidity framework, the premium for funds in the technology sector is expected to further expand [1]