从折价到高光：港股科技板块，AI时代的中国资产“黄金坑”

Core Viewpoint - The article emphasizes that the Hong Kong technology sector is becoming a focal point for global smart capital, driven by the ongoing technological competition between China and the U.S. and the influx of southbound funds into the market [1][4][19]. Group 1: Market Dynamics - Southbound funds have seen a net inflow of nearly 1.35 trillion HKD this year, with the Hang Seng Technology Index ETF and the Hang Seng Internet ETF reaching approximately 46 billion and 34 billion HKD in scale, respectively [1][9]. - The Hang Seng Index and Hang Seng Technology Index have recorded year-to-date gains of 51.52% and 48.95%, respectively, indicating a strong recovery in valuations [4][9]. - In September, foreign capital saw a net inflow of 4.6 billion USD into the Chinese stock market, marking a one-year high, with passive funds accumulating over 18 billion USD this year [5][6]. Group 2: Valuation and Investment Opportunities - The latest valuations for the mentioned ETFs have dropped to the 21-22 times range, presenting a unique "value pit" in the global technology landscape [2][14]. - The Hang Seng Technology Index ETF and Hang Seng Internet ETF have valuations of 21.84 times and 21.55 times, respectively, indicating that around 80% of the time, these indices have historically traded at higher valuations [13][14]. - The article highlights that the current market conditions, including improving fundamentals and favorable policies, have created a conducive environment for valuation recovery in the Hong Kong technology sector [14][15]. Group 3: Sectoral Trends - The article notes that the AI wave is rapidly evolving, with Chinese companies capturing nearly 80% of the domestic AI cloud service market, positioning them as key players in the AI revolution [10][11]. - The automotive sector has seen a tenfold increase in export scale since 2020, with significant growth potential in overseas markets, while smart driving technologies are on the verge of explosive growth [10][11]. - Chinese companies in the innovative pharmaceutical sector are building unique advantages in complex drug development, with expectations of increasing global market share [10][11]. Group 4: Institutional Perspectives - Major international asset management firms have expressed bullish sentiments towards Hong Kong stocks, with Morgan Stanley reporting a significant increase in foreign capital inflows and a favorable outlook for the MSCI Hong Kong Index [6][7]. - The consensus among institutions reflects a recognition of the fundamental strengths of the Chinese economy, with a focus on technology companies as a "growth blue ocean" for foreign investments [7][8].