恒生科技还有多大上行空间

Summary of the Conference Call on Hang Seng Technology Index Industry Overview - The Hang Seng Technology Index is currently undervalued compared to international mainstream indices and A-share innovation indices, indicating significant potential for valuation recovery [1][2][3] - The current Price-to-Earnings (PE) ratio is 23.7 times, with a historical average of approximately 33 times, suggesting a potential upside of about 38% [1][2][4] Key Points and Arguments - The top ten constituent stocks of the Hang Seng Technology Index account for about 70% of its weight, with major internet companies like Alibaba, Tencent, and Meituan having valuations at historical lows [1][2][3] - If these leading stocks recover to the average valuation level of the constituents, it is expected to drive the Hang Seng Technology Index up by approximately 15% [2][3][4] - The anticipated interest rate cuts by the Federal Reserve and the continuous inflow of southbound funds are expected to provide additional support for the Hong Kong stock market [1][5] - The AI application cycle is seen as a major growth driver for Hong Kong internet companies, which are positioned as pioneers in AI applications, benefiting from the accelerated development of the AI industry [1][5][6] Additional Important Insights - The Hang Seng Technology Index has shown a significant increase of over 15% since September, reaching new highs for the current bull market in 2024 [5] - The overall market environment, including the expected foreign capital inflow and improved asset allocation due to the Federal Reserve's actions, is favorable for the continued rise of the Hong Kong stock market [5][6] - The potential for a "double boost" in profitability and valuation for the Hang Seng Technology sector is supported by the recovery of leading internet companies and the favorable macroeconomic conditions [6][7]