路博迈集团温演道：港股科技正在成为全球投资者布局中国科技资产的关键入口

Group 1 - The core viewpoint is that Hong Kong's technology sector is becoming a key entry point for global investors to allocate Chinese technology assets, with significant mid-to-long term investment value and strategic importance reflected in three dimensions [1] Group 2 - There is an increasing demand from global investors to diversify their technology exposure, as the global portfolio is highly concentrated in large-cap US technology stocks. Allocating to Chinese technology via Hong Kong can introduce differentiated growth cycles and reduce the risks associated with a single market [1] - Hong Kong offers a clearer regulatory framework and higher execution certainty, providing a more sustainable allocation path for overseas investors. Continuous inflow of southbound capital has significantly enhanced market depth and pricing efficiency, leading to a more stable valuation system [1] Group 3 - The "return of Chinese concept stocks + IPO increment" is resonating, leading to a rapid expansion of the technology stock pool in Hong Kong. Currently, there are about 180 Chinese concept stocks in the US, with over 40 in technology and internet sectors, and there is a sufficient reserve for their return [1] - The Hong Kong Stock Exchange's "Tech Company Special Line," set to launch in May 2025, will improve listing efficiency, with the IPO amount in the first half of 2025 expected to be the highest globally, accounting for one-fourth of global financing [1] Group 4 - Hong Kong's technology sector is considered a global value champion, with a significant margin of safety in valuations. The current TTM price-to-earnings ratio for Hong Kong technology is approximately 20-25 times, which is much lower than A-shares at 50-70 times and US stocks at 35-45 times [2] - With the approaching decline in interest rates and the technological revolution led by AI, Hong Kong's technology sector is expected to regain market attention and attract more capital inflow [2]