龙头科技公司引领本轮港股回购潮，科技股集体走强！港股通科技ETF招商（159125）盘中涨超1.7%

Group 1 - The core viewpoint of the news highlights a significant rally in Hong Kong tech stocks, with major companies like SenseTime and Horizon Robotics seeing gains of over 4%, while Xiaomi and Li Auto increased by over 2% [1] - Since November, there has been a notable surge in share buybacks in the Hong Kong market, particularly among leading tech companies, with over 700 million shares repurchased, indicating a strong recovery trend [1] - Tencent Holdings has been particularly active, repurchasing over 1 million shares daily, with daily buyback amounts exceeding 630 million HKD, which is significantly higher than previous buyback periods [1] Group 2 - The Hong Kong stock market sentiment indicators remain low, suggesting that the market is in a positioning phase, with pessimistic expectations largely released, indicating limited downside risk [2] - Historical data shows that the Hong Kong tech sector has outperformed the Hong Kong internet sector, with a cumulative increase of 209.77% from early 2017 to Q3 2025, compared to 25.03% for the internet sector [2] - The valuation of the Hong Kong tech ETF is at a PE ratio of 25.90, which is lower than both the A-share ChiNext index and the US Nasdaq index, indicating a relatively attractive valuation compared to global tech indices [2]