震荡磨底，港股ETF可以左侧布局了吗？

Core Viewpoint - The Hong Kong stock market is currently experiencing a significant left-side layout opportunity due to the release of multiple negative factors that previously suppressed the market, with valuations remaining low or reasonable, and marginal positive factors accumulating for medium to long-term recovery [1][3]. Valuation and Market Position - The Hong Kong stock market is viewed as a "global valuation pit," with major indices showing improved safety margins after adjustments. The Hang Seng Index, despite a significant rebound from its 2024 low, still presents attractive valuations compared to other major markets [1]. - The technology sector's valuation is at historical lows, with the Hong Kong Internet PE-TTM at 25.44 times, which is 58.45% of its historical average, indicating it is cheaper than nearly 40% of the past decade [1][3]. Drivers for Left-Side Layout - Negative factors that previously pressured the market, such as uncertainties in US-China relations and concerns over the internet industry's profitability, have been largely released. The market is nearing a "bad news fully priced in" state, suggesting limited downside [3]. - Positive factors are accumulating, including potential boosts from future industrial policies and breakthroughs in AI technology, which could provide new growth logic for leading companies. Historical data shows that Hong Kong tech assets perform well after interest rate cuts by the Federal Reserve [3]. Capital Flow and Buybacks - There are signs of improvement in capital flow, with significant inflows from southbound capital, totaling 1.39 trillion this year, and a total market value of 6.27 trillion. Notable buybacks from companies like Tencent and Xiaomi indicate recognition of their own value [3][4]. - In the past month, Tencent and Xiaomi executed substantial buybacks of 7 billion and 2 billion HKD, respectively, reflecting confidence in their stock valuations [4][5]. Future Market Outlook - The market is expected to transition from valuation recovery to profit growth by 2026, with a focus on sectors like the internet and pharmaceuticals, where earnings expectations remain stable [6]. - Leading internet companies are shifting from cash-burning models to AI-driven commercial growth, with significant progress noted in companies like Tencent and Alibaba [6]. - High-quality value stocks in finance and consumer sectors, characterized by low valuations and improving cycles, align with the "left-side layout true value" strategy [6]. Investment Products and Strategies - The Hong Kong stock index product line is comprehensive, covering various attractive investment directions, including large-cap indices and thematic ETFs focused on technology and healthcare [8][9]. - Investors are encouraged to consider a gradual accumulation strategy during market fluctuations, as the current environment offers a high cost-performance ratio for long-term value-focused investors [11].