核心股东不减持+回购护航，佑驾创新(2431.HK)解禁后领跑港股科技估值修复

Group 1 - The Hong Kong technology sector is expected to remain a focal point for institutional investors as it enters 2026, despite lagging behind global markets since October last year [1] - The Hang Seng Index currently has a price-to-earnings ratio of around 11 times, while the Hang Seng Technology Index has seen a decline from approximately 26 times in October 2025, indicating relatively "cheap" valuations [1] - The recent adjustments in the Hong Kong technology sector are primarily attributed to market liquidity disturbances rather than fundamental changes in the sector [2] Group 2 - The peak of the "unlocking tide" has intensified adjustment pressures, with significant stocks like Yujia Innovation and Yujian experiencing high percentages of unlocked shares, approximately 71.34% and 64.27% respectively [2] - Following the unlocking, stocks like Yujia Innovation saw price increases, indicating that the market has absorbed the pressure from the unlocking events [3] - Major shareholders of Yujia Innovation have expressed a commitment to long-term investment, with announcements of shareholding extensions and stock repurchases, signaling confidence in the company's future [3][4] Group 3 - Yujia Innovation is positioned in a high-growth trajectory, with a projected compound annual growth rate of over 50% in revenue from 2022 to 2024, and a revenue of 346 million yuan in the first half of 2025, reflecting a year-on-year growth of 46.1% [7][8] - The company has secured new projects with 18 new clients, expanding its customer base and enhancing its revenue growth potential [8] - Yujia Innovation's product offerings in intelligent driving and cabin solutions align with the growing demand for AI-driven technologies, reinforcing its position as a key player in the market [8][13] Group 4 - The Hong Kong technology sector is anticipated to experience a rebound, with the first quarter of 2026 presenting opportunities for left-side positioning in quality tech assets [10] - The easing of liquidity pressures from the unlocking tide is expected to facilitate a recovery in the sector, supported by favorable macroeconomic conditions and policies promoting technological innovation [10] - Yujia Innovation's unique positioning as a leading player in the autonomous logistics sector enhances its value proposition within the Hong Kong technology landscape [10][11]