Core Viewpoint - The Hong Kong stock market's technology sector is characterized by "valuation-driven + leading companies leading the way," becoming the core engine of a structural bull market, with the Hang Seng Technology Index showing a 30% increase primarily driven by risk premium [1] Group 1: Valuation and Performance - The current price-to-earnings ratio of the technology sector is at a near 10-year low, indicating a significant valuation advantage compared to similar companies in the US stock market [1] - Leading companies, particularly Tencent and Alibaba, have significantly contributed to the index's performance, with these two giants accounting for over 45% of the index's increase [1] Group 2: Contribution of Leading Companies - If the top 20 leading stocks are included, their contribution to the index rises to over 70% [1] - Tencent's AI service revenue has seen a year-on-year growth of 120%, while Alibaba's AI-related business maintains a triple-digit growth rate [1] Group 3: Investment Environment - In an environment characterized by "abundant funds + asset scarcity," technology leaders with brand barriers and technological advantages are becoming rare high-return assets, attracting continuous capital focus [1]