港股科技板块现“黄金坑”！资金借道ETF大举抄底

Group 1 - The core viewpoint of the article is that the Hong Kong technology sector is experiencing a rare "golden opportunity" for investment as the Hang Seng Technology Index has seen a decline of over 10% since October 2025, prompting market funds to start accumulating positions, indicating a "buy the dip" trend [3][4]. - The phenomenon of increasing investments is attributed to the growing valuation advantages of the Hong Kong technology sector and substantial improvements in the fundamentals of companies within this sector [4][5]. - The Hang Seng Technology Index's price-to-earnings ratio has fallen to around 25 times, which is at a historical low point, suggesting that the index has been valued higher approximately 80% of the time in its history, making it a significant value opportunity in the global technology landscape [5][8]. Group 2 - The article highlights that since November, various indices have experienced declines, with the Hang Seng Technology Index dropping by 5.6%, which emphasizes the valuation attractiveness of the Hong Kong technology sector and presents a rare entry opportunity for value investors [8][9]. - The recovery of the Hong Kong technology sector's value is supported not only by valuation repair but also by improvements in company fundamentals, particularly driven by the wave of artificial intelligence that is instigating profound industrial changes [10][11]. - Major players in the AI cloud service market, including three major internet companies in Hong Kong, hold nearly 80% of the domestic market share, positioning them favorably in the commercialization of AI technology [11][12]. Group 3 - The article discusses the significant investment opportunities presented by technology-focused ETFs in the Hong Kong market, particularly as the sector continues to adjust and leading companies engage in substantial buybacks [16][29]. - Specific ETFs worth noting include the Jiashi Hong Kong Technology ETF, which closely tracks the Hang Seng Hong Kong Technology Theme Index, and the Tianhong Hong Kong Technology ETF, which focuses on 30 representative technology leaders across various high-growth sectors [18][19]. - The Tianhong Hong Kong Technology ETF has a recent scale of 820 million yuan and a share count of 850 million, with its tracked index's price-to-earnings ratio at 29.6 times, indicating a low valuation compared to historical levels [22][24]. Group 4 - For investors with a long-term outlook on China's technology development, the article suggests considering the aforementioned Hong Kong technology ETFs as core holdings, utilizing a dollar-cost averaging strategy to mitigate short-term volatility risks [29][30]. - The article anticipates that starting in December, the liquidity environment may improve marginally, providing further revaluation opportunities for the Hong Kong technology sector, and recommends a balanced allocation strategy [30][32]. - The transformation of companies like Xiaomi from hardware manufacturers to technology service providers is expected to drive industry chain collaboration and solidify market share for Chinese brands [32].