Market Overview - The Hong Kong stock market experienced overall fluctuations and corrections this week, with southbound funds accumulating a net purchase of over 45 billion HKD [1] - The CSI Hong Kong Stock Connect Consumer Theme Index fell by 3.5%, the CSI Hong Kong Stock Connect Healthcare Comprehensive Index decreased by 5.7%, the CSI Hong Kong Stock Connect Internet Index dropped by 7.6%, the Hang Seng Hong Kong Stock Connect New Economy Index declined by 7.8%, and the Hang Seng Technology Index fell by 8% [1][3] ETF Inflows - Recent data indicates a significant inflow into related ETFs, with the Hang Seng Technology ETF (513010) attracting over 2.5 billion HKD in nine consecutive trading days [1] - The inflow into ETFs reflects a growing interest from investors in technology and new economy sectors despite the overall market downturn [1] Index Performance - The performance of various indices over the past month shows a decline, with the Hang Seng New Economy Index down by 8.8%, the Hang Seng Technology Index down by 8.1%, and the CSI Hong Kong Stock Connect Healthcare Comprehensive Index down by 9.7% [8] - Year-to-date performance indicates a strong recovery for some indices, with the CSI Hong Kong Stock Connect Healthcare Comprehensive Index up by 78.9% and the Hang Seng New Economy Index up by 35.2% [8] Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng New Economy Index at 24.8x, Hang Seng Technology Index at 22.9x, and CSI Hong Kong Stock Connect Healthcare Comprehensive Index at 30.0x [3][7] - The rolling P/E ratio percentiles indicate that the Hang Seng New Economy Index is at a 55.3% percentile, suggesting it is relatively expensive compared to historical levels, while the Hang Seng Technology Index is at 28.8%, indicating it is relatively cheaper [3][11]