港股回购潮涌，腾讯、小米百亿增持，科技股集体走强！港股通科技ETF招商（159125）涨1.74%

Group 1 - The Hong Kong stock market has seen a strong performance in technology stocks, with notable gains from companies such as SenseTime, Horizon Robotics, Xiaomi, Li Auto, ZTE, and Meituan, indicating a positive market sentiment [1] - The repurchase activity among Hong Kong-listed companies has significantly increased, with over 700 million shares repurchased in November, marking a substantial rise compared to previous months [1] - Tencent Holdings resumed its share buyback on November 18, accumulating a total repurchase amount of HKD 11.443 billion since then, while Xiaomi has also increased its buyback efforts, reflecting a strong commitment to shareholder value [1] Group 2 - The Hong Kong Stock Connect Technology ETF has a trailing twelve months price-to-earnings 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] - Historically, after significant adjustments, the Hong Kong Stock Connect Technology Index has shown stronger resilience and explosive potential, with a cumulative increase of 209.77% from early 2017 to the third quarter of 2025, outperforming the Hong Kong Internet Index [2] Group 3 - China International Capital Corporation suggests that macro policies will continue to be proactive in 2026, with the current valuation levels in the Hong Kong market remaining attractive for investment [4] - Key investment opportunities are identified in areas such as strengthening the real economy, promoting technological innovation, and expanding domestic demand, particularly in sectors related to technological innovation and new productive forces [4] - CCB International believes that while the valuation recovery in Hong Kong stocks is largely complete, the investment logic has shifted towards a revaluation based on new productive forces and high-quality development, with moderate expansion expected in both valuation and earnings in 2026 [4]