震荡中的港股，在等待什么机会？

Core Viewpoint - The Hong Kong stock market is experiencing fluctuations after a period of growth, leading investors to question whether this is a signal of a market end or an opportunity for re-entry. Current market conditions suggest that the pullback may not be a terminal point but rather a wait for several key opportunities to become clearer [1] Group 1: Valuation and Market Position - Despite a previous rally that has repaired valuations, the Hong Kong stock market remains at historically low levels compared to major overseas technology indices. As of January 21, 2026, the price-to-earnings ratio (PE-TTM) of the Hong Kong technology sector is significantly lower than that of the Nasdaq, indicating a medium to long-term safety margin and allocation value. The pullback may provide a more suitable entry point for investors [2] Group 2: AI and Technological Advancements - The recent advancements in the AI sector, particularly with domestic large model companies listing in Hong Kong, are providing sustained momentum for the technology sector. For instance, the "Qianwen App" achieved over 100 million monthly active users within two months of launch, and AI motion control technologies are generating significant interest overseas. This indicates that the commercialization of AI technology is accelerating, and while short-term market sentiment may fluctuate, the logic of value reassessment driven by AI remains unchanged [3] Group 3: Sectoral Support and Opportunities - Beyond AI, several industries within the Hong Kong market exhibit strong support: - New Consumption: Leading companies in trendy toys, tea drinks, and jewelry are expected to drive value reassessment due to explosive performance and emotional premium - Innovative Pharmaceuticals: Chinese innovative pharmaceutical companies are accelerating their international expansion, with large orders expected to improve profitability - New Energy: Policies aimed at reducing competition are gradually being implemented, which may optimize the supply-demand landscape in the industry - Technology: The expansion of computing power demand and the acceleration of large model commercialization are creating abundant opportunities across the industry chain [4] Group 4: Signals to Watch - The current pullback in the Hong Kong stock market is, to some extent, waiting for the confirmation of the following signals: - AI application performance realization: Whether the technology can truly translate into corporate profits - Overseas liquidity and risk appetite: The willingness of global funds to allocate to emerging markets - Corporate earnings recovery rhythm: Particularly whether first-quarter earnings can support valuations [5] Group 5: Investor Strategy - For ordinary investors, it is advisable not to be overly pessimistic during the pullback. Gradual accumulation in the low valuation range may be beneficial. Additionally, a long-term perspective is essential, as the Hong Kong market is characterized by significant volatility, requiring patience to seize structural market opportunities [6]