2026一开门！大佬们就忙着加仓

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a strong start to 2026, driven by factors such as the appreciation of the Renminbi, increased capital inflows, and favorable policies [1][2][14]. Group 1: Market Performance - On the first trading day of 2026, the Hang Seng Technology Index rose over 4% [1]. - The A-share market also saw a positive start, with the Shanghai Composite Index returning to 4000 points after 34 trading days [2]. - ETFs focused on Hong Kong stocks, such as the E Fund Internet ETF and the E Fund Hang Seng Technology ETF, saw significant gains of 4.64% and 3.6% respectively [3]. Group 2: Currency Impact - The Renminbi has strengthened against the US dollar, breaking the "7" psychological barrier, indicating a shift in market confidence towards the Chinese economy [7][8]. - This appreciation enhances the intrinsic value of Chinese companies listed in Hong Kong, as their revenues and profits are primarily in Renminbi [9][10]. - A stronger Renminbi reduces foreign investors' currency hedging costs, making Hong Kong stocks more attractive, especially in the technology sector [11]. Group 3: Capital Inflows - In 2025, net inflows from mainland investors through the Hong Kong Stock Connect exceeded 1.4 trillion HKD, a 73.89% increase from 2024 [14]. - Both domestic and foreign capital are converging, providing solid support for the market, characterized by "foreign capital replenishment + domestic capital support" [15]. Group 4: Sector Preferences - Capital is primarily flowing into large-cap and technology leaders, with significant investments in sectors such as finance, technology, pharmaceuticals, and consumer goods [18]. - Major stocks attracting net purchases include Alibaba, Meituan, Tencent, and Xiaomi [18]. - Passive funds have also seen substantial inflows, with the E Fund Hang Seng Technology ETF attracting 19.047 billion HKD and the E Fund Internet ETF attracting 8.645 billion HKD in 2025 [21]. Group 5: Valuation and Technical Analysis - As of January 4, 2026, the dynamic P/E ratio of the Hang Seng Technology Index was 22.57, below its historical average of 31.32, indicating a valuation discount compared to the Nasdaq [28][29]. - The current valuation gap between Hong Kong technology stocks and their counterparts in other emerging markets is significant, suggesting potential for upward correction [29]. - The market has completed a medium-term adjustment, providing a foundation for a rebound, supported by favorable currency movements [26]. Group 6: Future Outlook - The strengthening of the Hong Kong technology sector is attributed to multiple factors, including currency appreciation, capital inflows, supportive policies, technical corrections, and attractive valuations [31]. - The current market phase is seen as a transition from "value recovery" to "value growth," presenting opportunities for long-term investors [32].