港股市场为何超预期走弱？机构：下一个流动性拐点或在1月

Group 1 - The Hong Kong stock market has experienced significant adjustments since October, with major technology ETFs like the Hong Kong Stock Connect Technology ETF (159101), Hang Seng Internet ETF (513330), and Hang Seng Technology Index ETF (513180) seeing declines of approximately 18% from their early October highs [1] - The recent underperformance of the Hong Kong technology sector is attributed to multiple factors, including rising concerns over liquidity due to the Federal Reserve's hawkish stance and the subsequent rebound in U.S. Treasury yields, as well as a slowdown in overseas AI technology momentum and profit-taking ahead of year-end [1] - The current adjustment in the Hong Kong technology sector is approaching historical average ranges for corrections since 2024, indicating relatively low overall valuations and a release of risks associated with AI-driven technology stocks [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) is the largest ETF tracking the Hang Seng Technology Index [2] - The Hang Seng Internet ETF (513330.SH) focuses on internet giants and has the highest number of holders among Hong Kong ETFs [2] - The Hong Kong Stock Connect Technology ETF (159101.SZ) covers a wide range of Hong Kong technology sub-sectors, including popular concepts such as AI applications, innovative pharmaceuticals, robotics, and smart vehicles [2]