情绪指标低位+盈利驱动，港股迎反弹！机构：科技或仍是主线

Group 1 - The core viewpoint of the news highlights the strong performance of Hong Kong technology stocks, with notable gains from companies like SenseTime, Horizon Robotics, Xiaomi, Li Auto, ZTE, and Meituan, indicating a positive market sentiment in the tech sector [1] - The repurchase activity among Hong Kong-listed companies has significantly increased, with over 700 million shares repurchased in November alone, showing a marked increase compared to previous months [1] - Tencent Holdings resumed its share buyback on November 18, accumulating a total buyback amount of HKD 11.443 billion since then, while Xiaomi has also shown a strong buyback commitment, reflecting enhanced confidence in their stock [1] Group 2 - The Hong Kong Stock Connect Technology ETF tracks a technology index with a current P/E ratio of 25.90, which has expanded by 8% since the beginning of the year, indicating that the index's rise is primarily driven by earnings rather than valuation expansion [2] - Historical data suggests that after significant adjustments, the Hong Kong Stock Connect Technology Index tends to exhibit stronger resilience and explosive growth, having increased by 209.77% from early 2017 to the third quarter of 2025, outperforming the Hong Kong Internet Index [2] - According to China International Capital Corporation, the current valuation levels in the Hong Kong market remain attractive, with key investment opportunities identified in sectors such as technology innovation and new productive forces, which are expected to be major themes in the coming years [4]