国泰海通｜基金评价：恒生港股通科技主题指数投资价值分析

Core Viewpoint - The article emphasizes the transformation of traditional internet giants in the AI era, highlighting the benefits of the Hang Seng Hong Kong Stock Connect Technology Theme Index due to industry trends, capital inflows, and potential for price revaluation [1][2]. Group 1: AI Transformation of Internet Giants - Internet giants have accumulated vast user data, technological infrastructure, and industrial ecosystems, laying the foundation for AI development [1]. - The evolution path in the AI era includes a shift in technological focus, penetration of AI capabilities across the business chain, upgrading business models to expand technology-driven growth, and increasing capital expenditures and R&D investments [1]. Group 2: Core Value Analysis of Hong Kong Stock Technology Sector - The global AI computing industry chain is experiencing continuous growth, with the Hong Kong technology sector benefiting directly from the AI industry wave [1]. - Significant inflows of southbound capital are focusing on the AI industry chain, providing ample liquidity support for the Hong Kong technology sector [1]. - The current valuation of the Hang Seng Hong Kong Stock Connect Technology Theme Index is around the 70th percentile historically, indicating room for upward movement [1]. Group 3: Comparison of Mainstream Hong Kong Stock Connect Technology Indices - The Hang Seng Hong Kong Stock Connect Technology Theme Index leads in medium to long-term returns compared to other Hong Kong technology indices, exhibiting high earnings elasticity and a high-risk, high-reward profile [2]. - The index shows strong performance during market hotspots, with superior risk-adjusted returns [2]. - The concentration of industry distribution among constituent stocks is higher compared to other similar indices, with the top five constituent stocks holding a significant cumulative weight [2]. Group 4: Investment Value Analysis of the Hang Seng Hong Kong Stock Connect Technology Theme Index - The constituent stocks of the index are characterized by a clear technology focus, concentrating on leading hard technology companies [3]. - The index exhibits a concentrated weight distribution, reflecting a significant large-cap style [3].