Group 1 - The core viewpoint is that Hong Kong stocks are expected to outperform A-shares in terms of earnings growth due to a more technology-oriented industry structure and lower sensitivity to price fluctuations [1] - In 2024, Hong Kong's net profit attributable to shareholders is projected to grow by 10.2% year-on-year, significantly higher than A-shares' decline of 3%. Excluding financials, Hong Kong's growth rate is 11.7%, while A-shares (non-financial) are at -13% [1] - Hong Kong's valuation is more attractive, with the Hang Seng Index trading at a PE ratio of 10.6, compared to 19.3 for the Wind All A Index. The technology sector's PE of 20 is also notably lower than the ChiNext Index's 31 [1] Group 2 - Foreign capital is accelerating its allocation to Hong Kong stocks due to low valuations, improving earnings, and advantages from regulatory openness, with an average daily net inflow of southbound funds reaching 6.1 billion yuan, up from 3 billion yuan last year [1] - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 high-quality companies from the TMT sector listed within the Stock Connect range, aiming to reflect the overall performance of technology companies available for investment through the Stock Connect [1]