From a foreign investment perspective on Hengke, is the Hong Kong stock technology sector about to reverse?

Ask AI · What key signals can be tracked during the valuation repair window?

Is Hong Kong stock technology about to reverse? Jumping to the conclusion of a “full reversal” right now may be premature; however, after a sustained adjustment, the valuation attractiveness, allocation value, and market attention for Hong Kong stock technology have all been increasing, and it has already returned to the observation range of many funds.

Recently, discussions around Hong Kong stock technology have clearly heated up: Why did it fall earlier this time? How should the current position be viewed? If you want to seize opportunities in Hong Kong stock technology, what tools should you pay attention to? In the podcast “Investing Is Not Boring,” Jingqun Longcheng Fund Manager Zhang Xiaonan, along with Jingqun Longcheng’s Hong Kong stock technology ETF manager Jin Huang (513980), and Zheng Zhendong, Senior Fund Manager for Jingqun Asia Pacific and Head of the Research Team, provided relatively systematic interpretations of these market concerns.

Why is the market still paying attention to Hong Kong stock technology?

On one hand, the market is re-evaluating the impact of AI on internet platform traffic entry points and profit models. The past advantages of platform companies like Tencent and Alibaba lay in their entry points and ecosystems; but with the rapid development of large models, AI applications, and Agents, the market has begun to reassess the traffic landscape over the next 3 to 5 years. On the other hand, after a round of correction, the valuations of Hong Kong stock technology have returned to a more attractive range—this is also an important reason why Hong Kong stock technology has regained attention.

Why does Hong Kong stock technology exhibit greater volatility?

The capital structure of the Hong Kong stock market is more complex: it includes southbound funds, offshore Chinese and foreign long-term capital, as well as trading-oriented funds. Different types of capital price liquidity, geopolitical risks, and fundamentals differently. Therefore, once external conditions fluctuate, Hong Kong stock technology tends to react faster and experience larger swings. This is also why, despite obvious short-term volatility, the elasticity of valuation repair is often greater.

What should Hong Kong stock technology focus on now?

Rather than obsessing over whether a reversal will happen immediately in the short term, it is more worthwhile to focus on three signals: first, whether valuations of Hong Kong stock technology have already returned to an attractive range; second, whether profit expectations for platform companies have begun to recover; third, whether market willingness to allocate to Hong Kong stock technology has increased. From this perspective, Hong Kong stock technology is more like being in a “valuation repair window,” rather than a situation where long-term logic has been broken.

If you want to position in Hong Kong stock technology, what tools should you consider?

If you only want to bet on a specific sub-sector, such as internet or a single technology theme, you can focus on narrower industry indices; but if you want a more comprehensive grasp of Hong Kong stock technology opportunities, it’s better to look at broader, more representative technology index tools, such as Jingqun’s Hong Kong stock technology ETF (513980, OTC connection A: 016495, OTC connection C: 016496). Because Hong Kong stock technology is not driven by a single main trend; sectors like internet, innovative medicine, and new energy vehicles may rotate to outperform at different times.

For investors more accustomed to on-exchange trading, Jingqun’s Hong Kong stock technology ETF (513980) is a good choice; for those preferring off-exchange subscription and redemption, its linked funds—Jingqun Changcheng CSI Hong Kong Stock Connect Technology ETF Link A (016495) / C (016496)—are also options. Notably, the management fee for these linked funds is 0.50%, with a custody fee of 0.10%, both lower than the average for products tracking the same index, offering a clear cost advantage.

For investors focused on long-term opportunities in China’s tech assets and who prefer not to switch sectors repeatedly, these tools provide a more efficient way to observe and participate in the overall Hong Kong stock technology market. Taking Jingqun’s Hong Kong stock technology ETF (513980) as an example, such products are better suited as tools to track overall Hong Kong stock technology opportunities rather than betting on a single short-term hot spot.

Overall, the core signals conveyed by the guests are quite consistent: Hong Kong stock technology may still experience short-term fluctuations, but after adjustments, valuation attractiveness and allocation value are improving. For investors aiming to grasp the overall opportunities in Hong Kong stock technology, the next focus should be on changes in valuation, earnings expectations, and market risk appetite, rather than just short-term gains or losses. In this process, broader and more representative technology index tools, such as Jingqun’s Hong Kong stock technology ETF (513980, OTC connection A: 016495, OTC connection C: 016496), are more likely to remain in the market’s sustained attention.

The above content is for reference only and does not constitute investment advice. The market carries risks; please invest cautiously.