AI催化+流动性向好，南向资金逆势“扫货”，低估值恒生科技指数上周净流入超113亿元，恒生科技ETF广发(513380)连续6天净流入

Group 1 - The Hong Kong stock market is experiencing a mixed trend, with the Hang Seng Index opening at 26,982.49 points, up 1.6%, and the Hang Seng Tech Index rising by 1.9% [1] - Notable stock performances include Hua Hong Semiconductor surging over 4%, Tencent Music, Xpeng Motors, Baidu, and Bilibili each increasing by over 3%, while SMIC and Alibaba rose nearly 3% [1] - Southbound funds have been actively buying, with net purchases exceeding HKD 100 billion for three consecutive trading days, totaling over HKD 500 billion [1] Group 2 - Recent market adjustments in Hong Kong are attributed to increased risk aversion due to the hawkish stance of Fed nominee Walsh, rather than fundamental policy changes [2] - Analysts suggest focusing on companies with strong competitive advantages and healthy cash flows, particularly those positioned favorably in the AI technology wave, for long-term investments [2] - The valuation of the Hang Seng Index is currently at a low point, with a PE ratio of 12 times, while the Hang Seng Tech Index has a PE of 25 times, at the 19.1% historical percentile [1][2] Group 3 - The latest scale of the Hang Seng Tech ETF is HKD 12.622 billion, with a record high of 19.877 billion shares [3] - The ETF has seen continuous net inflows over the past six days, with a peak single-day inflow of HKD 274 million, totaling HKD 738 million [3] - The ETF tracks a low valuation for the Hang Seng Tech Index, with a PB ratio of 2.89 times, below the index's valuation for over 88.26% of the past year [3]