港股周观点：寒潮暂退，恒科何时企稳？-20260209

Group 1 - The report indicates that the Hong Kong stock market experienced its worst weekly performance since November 2025, with the Hang Seng Technology Index falling by 6.5% and the Hang Seng Index down by 3.0% due to concerns over global tech stock capital expenditure and changes in tax cost expectations in China [1][2] - The report highlights that despite a significant inflow of southbound funds amounting to 56 billion HKD, the overall trading volume decreased, indicating a prevailing cautious sentiment in the market [1][2] - The report notes that the inflow of funds into ETFs targeting the Hong Kong market accelerated, reaching a total scale of 423.24 billion HKD, with a net inflow of 46.7 billion HKD into Hong Kong Stock Connect ETFs [2] Group 2 - The report emphasizes that the short-term challenges for the Hong Kong stock market are not yet fully resolved, and ongoing observation of overseas risks and domestic AI developments is necessary [2][4] - It is suggested that if domestic AI developments exceed expectations around the Chinese New Year, the Hong Kong stock market may experience a rally alongside the A-share market [2][4] - The report warns that the high volatility risks for the Hang Seng Technology Index remain, and a defensive strategy is recommended in the short term while monitoring potential offensive opportunities [4]