港股科技ETF（513020）飘红，市场关注流动性改善与AI主线
Mei Ri Jing Ji Xin Wen·2025-12-26 03:19

Group 1 - The core viewpoint is that the Hong Kong stock technology sector will experience a "rise first, then retreat, and oscillate within a range" pattern in 2026, with AI technology and internet hardware being the main growth drivers throughout the year [1] - Technological innovation is reshaping the growth structure of Hong Kong stocks, with accelerated capital investment in AI and a concentrated construction period for infrastructure [1] - Major internet companies are clarifying their AI strategies, with Alibaba committing an additional "380 billion yuan over three years" for AI infrastructure, which corresponds to a compound annual growth rate of approximately 26% for cloud business energy consumption [1] - The domestic AI industry chain is expected to benefit comprehensively as major companies increase investments and supply of Nvidia's H200 improves, leading to innovation in downstream applications that will feed back into upstream computing power [1] - The internet sector is returning to an upward trend after the "bad news is fully priced in," with attractive valuations and reduced competitive pressure due to regulatory easing [1] - Despite short-term global risk sentiment disturbances, Hong Kong stock valuations have reflected these expectations, and with the Federal Reserve's interest rate cuts, the Hang Seng Technology Index is at an extremely low level, indicating a gradually emerging allocation window [1] Group 2 - The Hong Kong Stock Connect Technology Index is overweight in sectors such as new energy vehicles, innovative pharmaceuticals, and semiconductors compared to the Hang Seng Technology Index [2] - From the base date at the end of 2014 to the end of October 2025, the cumulative return of the Hong Kong Stock Connect Technology Index is 256.46%, outperforming the Hang Seng Technology Index by nearly 160% [2] - The Hong Kong Stock Connect Technology Index has consistently outperformed similar indices, including the Hang Seng Internet Technology Index and the Hang Seng Healthcare Index [2]