关注港股科技ETF（513020）投资机遇，流动性改善或促重估机会

Core Viewpoint - The recent pullback in Hong Kong's technology sector presents a revaluation opportunity as liquidity conditions improve, with a focus on domestic technological development in China [1] Group 1: Market Overview - Hong Kong's technology companies are primarily concentrated in domestic computing power, models, and applications, with their prospects closely tied to China's technological advancements [1] - The technology sector's performance is expected to differ from the ongoing development cycle in the U.S. since 2023 [1] Group 2: Long-term Themes - The "14th Five-Year Plan" supports the theme of technological self-sufficiency as a medium to long-term focus for the industry [1] - Despite short-term market volatility, the technology sector in Hong Kong is poised for revaluation potential following improvements in liquidity [1] Group 3: Investment Products - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which encompasses core assets in "Internet + Semiconductors + Innovative Pharmaceuticals + New Energy Vehicles" [1] - The Hong Kong Stock Connect Technology Index has a higher allocation in new energy vehicles, innovative pharmaceuticals, and semiconductors compared to the Hang Seng Technology Index [1] Group 4: Performance Metrics - From the base date at the end of 2014 to October 2025, the cumulative return of the Hong Kong Stock Connect Technology Index is 256.46%, significantly outperforming the Hang Seng Technology Index, which stands at 96.94%, by nearly 160% [1] - The Hong Kong Stock Connect Technology Index has consistently outperformed other indices, including the Hang Seng Internet Technology Index and the Hang Seng Healthcare Index [1]