值得关注的是，近日外资出现积极回流趋势。截至9月19日当周，在美国上市交易的KraneShares CSI中国互联网 ETF（KWEB）实现连续第六周资金流入，创下2月以来的最长连续流入期。 此外，根据EPFR数据，截至9月17日，外资净流入境外中资股18.6亿美元，创去年11月以来单周新高。 中信建投观点指出，随美联储降息，港美利差明显缩小下，短期再次触及弱方保证概率不高，流动性紧张有所缓 解。同时外资不断上调港股市场及中国资产，外资有望持续流入。南向资金方面，或是受A股进入整理期，风险 有所上升，自八月份南向资金整体流入开始加速。内外资有望持续流入港股。正处A股整理期，港股优势凸显， 可重点关注港股核心成长板块，特别是互联网、创新药、新消费和科技板块。 估值层面看，港股科技资产具备性价比。截至9月22日，港股科技指数估值24.56倍PE-TTM，处于15%历史分位 数。 横向对比全球主要市场科技指数，港股科技指数估值显著低于纳斯达克指数（43.41x）、创业板指 （43.65x），在全球科技资产中性价比显著。 港股盘中下挫，蔚来-SW跌超7%，百度集团跌超6%，中兴通讯、京东集团-SW、鸿腾精密、比亚迪股 ...

Group 1 - Hong Kong stocks experienced a decline, with notable drops in companies such as NIO-SW (over 7%), Baidu Group (over 6%), and others like ZTE Corporation, JD Group-SW, and BYD Company (over 4%) [1] - The Hong Kong Technology 50 ETF (159750) fell by 2.17% with a trading volume of 116 million, while net inflow exceeded 50 million during the session, marking over 200 million in net inflows over the past seven trading days [1] - The Hong Kong Technology 50 ETF has been included in margin trading, with a net margin buy of 1.03 million in the previous trading day, and a monthly margin of 43.92 million, setting a new record since its listing [1] Group 2 - There is a notable trend of foreign capital returning, with the KraneShares CSI China Internet ETF (KWEB) seeing its sixth consecutive week of inflows, the longest streak since February [3] - According to EPFR data, foreign net inflows into offshore Chinese stocks reached 1.86 billion, the highest weekly figure since November of the previous year [3] Group 3 - CITIC Securities suggests that with the Federal Reserve's interest rate cuts, the Hong Kong-US interest rate differential has narrowed, reducing the likelihood of a weak-side guarantee, and liquidity tightness is easing [4] - Foreign capital is expected to continue flowing into the Hong Kong market and Chinese assets, with a focus on core growth sectors such as internet, innovative pharmaceuticals, new consumption, and technology [4] - The valuation of Hong Kong technology assets is considered attractive, significantly lower than that of major global technology indices like NASDAQ (43.41x) and ChiNext (43.65x) [4] Group 4 - Changjiang Securities is optimistic about three directions for Hong Kong stocks: AI technology and new consumption have significant growth potential, continued inflow of southbound funds is enhancing marginal pricing power, and the transmission from broad monetary policy to broad credit could support further market growth [6] - The Hong Kong Technology 50 ETF tracks the Hong Kong Technology Index and is the only index covering the "Top Ten Chinese Technology Stocks," outperforming the Hang Seng Technology Index [6]