券商中国·2025-09-02 23:15Core Viewpoint - The Hong Kong stock market is experiencing a significant influx of capital, particularly in the technology sector, which is leading to a revaluation of Chinese assets globally. Southbound funds have recorded a net purchase exceeding 10,000 billion HKD this year, marking a historical high [1][4]. Group 1: Performance of Technology Giants - Alibaba reported a revenue of 247.65 billion CNY for Q1 of fiscal year 2026, showing a year-on-year growth of 2%. Notably, Alibaba Cloud's revenue surged by 26% to 33.40 billion CNY, marking the highest growth rate in nearly three years [2]. - Tencent's Q2 revenue reached 184.5 billion CNY, reflecting a 15% year-on-year increase, driven by strong performance in gaming and advertising [3]. - JD.com reported a robust Q2 performance with revenue hitting 356.6 billion CNY, a year-on-year growth of 22.4%, exceeding expectations [3]. Group 2: Capital Inflow and Market Dynamics - In the first half of the year, southbound funds saw a net inflow of over 687 billion HKD into the Hong Kong stock market, with a record single-day inflow of 35.88 billion HKD on August 15 [4]. - The total buyback amount by Hong Kong-listed companies surpassed 100 billion HKD, with technology and finance sectors leading the buyback activities [4]. Group 3: Drivers of Revaluation in Hong Kong Stocks - The structural transformation of the Hong Kong market is evident, with technology and consumer sectors now accounting for a significant portion of market capitalization, moving away from the previous dominance of finance and real estate [5]. - Global capital reallocation is favoring Chinese assets as a safe haven, with the Hong Kong market poised to benefit from increased foreign investment [6]. - The valuation framework for Hong Kong stocks is being reshaped, with the Hang Seng Index's PE ratio rising from approximately 7.5 to 11.5, indicating potential for further appreciation compared to historical highs [6]. Group 4: Investment Opportunities in Technology ETFs - The Hong Kong Stock Connect Technology ETF (159101) focuses on 30 leading technology companies with high market capitalization and R&D investment, providing a concentrated investment opportunity in the sector [1][8]. - The ETF's selection criteria emphasize companies with a compound revenue growth rate exceeding 10% over the past two years or R&D expenditure exceeding 5%, ensuring a focus on innovation and growth potential [8]. - The ETF's composition includes major players like Tencent, Alibaba, and Xiaomi, which collectively represent a significant portion of the index, enhancing its attractiveness to investors [9].