港股科技板块有望迎来“戴维斯三击”，持续关注港股通互联网ETF易方达（513040）等产品配置价值

Core Viewpoint - The Hong Kong technology sector continues to adjust, with the CSI Hong Kong Internet Index and the Hang Seng Technology Index experiencing declines, while related ETFs have seen significant inflows [1] Group 1: Market Performance - As of 10:55 AM on January 20, the CSI Hong Kong Internet Index fell by 0.4% and the Hang Seng Technology Index dropped by 0.8% [1] - Over the past 10 trading days, the E Fund Hong Kong Internet ETF (513040) and the E Fund Hang Seng Technology ETF (513010) have recorded net inflows exceeding 1 billion yuan each [1] Group 2: Index Composition and Valuation - The CSI Hong Kong Internet Index consists of 30 stocks related to internet businesses within the Hong Kong Stock Connect, with a high proportion of AI applications [1] - The Hang Seng Technology Index includes the 30 largest stocks related to technology themes listed in Hong Kong, focusing on sectors such as semiconductors, robotics, software, internet, and intelligent driving [1] - Both indices have a rolling price-to-earnings (PE) ratio of around 25 times, positioned at the 33rd and 36th percentiles since their inception [1] Group 3: Future Outlook - Western Securities forecasts that by 2026, the Hong Kong technology sector may experience a "Davis Triple Play," potentially becoming one of the most elastic investment directions [1] - The current valuation of the Hong Kong technology sector is lower than that of the A-share market, with the relative PE valuation nearing historical lower limits, indicating limited downside and potential for upside [1] - In the medium to long term, capital expenditure is expected to shift from upstream computing infrastructure to downstream AI applications, suggesting that the elasticity of AI application markets may significantly exceed that of computing infrastructure [1]