港股科技，怎么投？

Core Viewpoint - The Hang Seng Technology Index has experienced a correction, dropping 19.26% since October, but has shown signs of recovery recently with a PE ratio of 23.63x as of December 1, 2025 [1][8]. Summary of Key Points Reasons for Adjustment in Hong Kong Technology Sector - The divergence in expectations regarding the Federal Reserve's interest rate cuts has led to a decline in the probability of a rate cut in December, impacting the liquidity-sensitive growth sector, particularly Hong Kong technology stocks [1][3]. - The ongoing "AI bubble" discussions have heightened concerns over industry valuations, further exacerbating the adjustment in the Hong Kong technology sector [3]. - Geopolitical tensions have increased the geopolitical risk index, coupled with a year-end style shift where more funds are focusing on dividend assets, making Hong Kong technology stocks victims of market risk aversion [3]. Long-term Outlook for Hong Kong Technology - The expectation for a renewed strength in the Federal Reserve's rate cut predictions has risen, with the probability of a December rate cut increasing to 87.4%, which is likely to benefit Hong Kong technology stocks significantly [6][7]. - There is a clear expectation of performance improvement, supported by the release of new models and the latest financial reports, with Alibaba's cloud revenue showing a strong year-on-year growth of 34% and AI-related product revenue achieving triple-digit growth for nine consecutive quarters [6][8]. - Long-term industrial upgrades are seen as irreversible, highlighting the significant long-term allocation value of Hong Kong technology stocks as they represent important new economy enterprises [6][8]. Valuation Perspective - The PE ratio of the Hang Seng Hong Kong Stock Connect Technology Index stands at 26.12x, which is lower than other major global technology indices, indicating substantial upside potential in valuations [8]. Investment Strategy for Hong Kong Technology - The two main indices for Hong Kong technology stocks are the Hang Seng Technology Index and the Hang Seng Hong Kong Stock Connect Technology Theme Index, with the latter having a higher purity in technology by excluding sectors like pharmaceuticals [10]. - The Hang Seng Technology Index is more diversified, covering internet, new energy vehicles, and semiconductors, providing a more balanced sector distribution [10]. - Investment products such as the HuaAn Hang Seng Hong Kong Stock Connect Technology ETF and its related funds are recommended for exposure to Hong Kong technology, especially during the Federal Reserve's rate cut cycle, although dollar-cost averaging may be more suitable for ordinary investors due to current volatility [11].