A：Hong Kong stocks are not without value at present, but the value has not been fully recognized by funds. In terms of valuation, the PE of the Hang Seng Index and Hang Seng Technology are more than ten times and about 20 times, respectively, compared to the U.S. stock CSI All Index (about 20 times) and the CRE Board (about 50 times), the valuation of Hong Kong stocks is not high. The problem is more that market sentiment and capital pricing are not positive enough.

A：There are several main reasons: first, the structure of liquidity is different, and Hong Kong stocks are more vulnerable to overseas funds, US dollar interest rates and global risk appetite; second, there are differences in market structure, A- shares have more choices on the high-boom track, while Hong Kong stocks focus on finance, real estate and the Internet; third, the pace of profit repair in the technology sector is uneven, resulting in a lack of smooth valuation repair trend.

A：The capital side of Hong Kong stocks may no longer be a simple foreign capital inflow and outflow to determine the market trend, but entered a stage of marginal improvement of foreign capital, domestic capital gradually take over and passive capital influence is increasing. Although there is an outflow of foreign capital, passive capital is flowing in, domestic and foreign shareholding institutions are clearly differentiated, and the pricing power of Hong Kong stocks is slowly undergoing a domestic transformation.

A：The breaking points of the capital side include: first, whether the outflow of foreign capital can slow down, the current trend has stabilized. If these directions improve, the trading trend will shift from trading reversal to holding trend.

A：The return of Chinese stocks has not only increased quality assets, but also changed the DNA of the Hong Kong stock market. With the return of more Chinese stocks, Hong Kong stocks will be more like the stronghold of China's new economy, the average daily turnover is expected to increase significantly, the secondary market activity, investor attention and technology asset density will increase, Hong Kong stocks will also continue to rise, and enhance the global allocation function.

A：The advantage of Hong Kong stocks is that the system is more flexible and open, financing is more convenient, and the investor structure is diversified. In particular, the 18C chapter of the Hong Kong Stock Exchange reduces the market value and financial requirements of the company, is more suitable for the early financing needs of hard technology companies, while allowing the use of confidential forms to submit applications to protect trade secrets, all of which make Hong Kong stocks more attractive to hard technology companies.

A：Hong Kong stocks have both defensive and offensive attributes in their asset allocation as a whole. However, as a safe haven in the traditional sense, Hong Kong stocks may not fully meet the requirements of low volatility, stable earnings and less exposed to external liquidity shocks. However, Hong Kong stocks bring together a large number of China's most representative technology leaders, especially in the market risk appetite repair, interest rate expectations to improve and strengthen the logic of the technology industry, Hong Kong stocks will be the first to react and more flexible, is a highly resilient offensive asset.

A：Hong Kong stock technology is significantly affected by US dollar interest rates, overseas sentiment and geopolitical risks, and has a relatively high proportion of overseas, so it is difficult to become a traditional safe-haven asset like US bonds or gold when risk appetite declines. However, the Hong Kong stock technology sector brings together the leaders of China's new economy and platform economy, and once global capital is optimistic about the Chinese market or domestic fundamentals are repaired, Hong Kong stock technology will have the greatest upward flexibility.

A：The future needs to pay attention to the Fed's policy attitude, southbound capital flows and the landing of domestic industrial policies. Federal Reserve policy affects the liquidity of Hong Kong stocks and global risk appetite, if its attitude is hard, it may depress the valuation of Hong Kong stocks technology, southbound capital inflow is an important high-frequency indicator to support Hong Kong stocks technology, domestic industrial policies such as AI, semiconductors, innovative drugs and other directions, the company's profitability and industry prosperity have an important impact.

A：Hong Kong stock technology has expanded from a single Internet industry to a complete new economic collection covering information technology, electronic parts, online retail payment services and other fields. In addition to Internet platforms and software services, it also includes consumer electronics, smart terminals, information technology equipment, semiconductors and hardware chains, and even extends to innovative medicine and biotechnology, showing the characteristics of a diversified pool of technology assets.

A：The Chapter 18C system allows companies with strong technical barriers, strong research and development capabilities, and a clear commercialization path to go public earlier, which allows investors to access high-quality technology companies earlier and thus enjoy greater growth flexibility. Institutional dividends will eventually be translated into medium-and long-term investment value of Hong Kong technology through the listing of high-quality technology companies to increase supply, index content, capital attention and improved valuation and liquidity.

A：The earnings performance of the Hang Seng Hong Kong Stock Connect Technology Index over the past few years has been attractive. At present, PE is about more than 20 times, PB is about twice as much, and it is at a point of about 30% to 40% since its establishment. It is not particularly expensive and is at a low point. Compared to similar technology assets in the U.S. stock market, some of the top technology stocks in the Hong Kong stock market still have room for valuation upside. Therefore, from the cost-effective point of view, the index is suitable for the pursuit of high technology purity and preference for leading configuration more concentrated investors, but need to pay attention to the high volatility of Hong Kong stocks may lead to short-term volatility, so the investment needs to grasp the rhythm and stand in the medium-term perspective to consider.

A：The advantage of high concentration of leading is that it can more quickly reflect the market sentiment repair, Hong Kong stock technology index in the market, leading stocks are often the first to be sought after by funds, thus driving the performance of the index. However, high concentration also means that risk is more concentrated in a few large stocks, and the negative effects can be amplified if a core track encounters policy disruptions or earnings fall short of expectations. In order to balance the risks, on the one hand, the index contains different tracks such as hardware semiconductors, etc., which have a certain degree of dispersion; on the other hand, investors can allocate at the portfolio level, not only investing funds in the field of science and technology, but also matching dividends, broad-based or defensive assets to retain the sharpness of the rebound while avoiding excessive volatility in the overall portfolio.

A：We do not recommend that clients put all their funds into a single track and individual stocks, but rather advocate allocation in conjunction with their own risk appetite, such as adopting a dumbbell strategy, allocating technology in equity assets, and matching high-dividend assets in Hong Kong stocks, which can effectively reduce the volatility of the portfolio.

A：This configuration may take a long time to see results and cannot meet short-term revenue requirements, but it is more beneficial in the long run. For most ordinary investors in the live broadcast room, due to the lack of professionalism, time and risk tolerance, it is recommended to invest scientifically and rationally to avoid blindly pursuing overnight wealth.

A：Over the five full years from 2021 to 2025, the Hang Seng Hong Kong Stock Connect Technology Index has outperformed the Hang Seng Technology Index and has a higher Sharpe ratio, suggesting that the index performs better in terms of return and risk control. The Hang Seng Hong Kong Stock Connect Technology Index wins by evenly capturing the more effective part of Hong Kong stock technology, with a more balanced industry distribution, not limited to the Internet industry, but also focusing on hard technology and other growth directions. It not only maintains the flexibility of technological growth, but also avoids excessive exposure to less liquid small tickets, achieving better growth and leading weight balance.

A：R & D investment is an important factor in the formation of future profits, but it is not automatically equal to profit. The key is whether R & D investment can form a commercial closed loop and translate into product orders, market share and cash flow. Taking innovative drugs as an example, after a long period of high R & D and high investment, it has begun to enter the harvest period, and its performance has been recognized by the market.

A：The adjusted valuation of the Hong Kong stock technology sector is relatively low, some industries have shown signs of capital and business climate recovery, and the market's attention to China's technology assets has increased. The industries with better business climate in the future include the Internet and platform economy, information technology equipment and hardware intelligence, AI terminal chains, innovative drugs and high-research and development medicine.

A：Institutional funds continue to add code Hong Kong stock technology shows that its valuation has room to repair, industry trends improve, and southbound capital and policy environment in the marginal allocation of Hong Kong stock technology is more friendly.

A：Ordinary investors should not blindly pursue popular stocks at any time, but should pay attention to the main direction of institutional investment, such as Internet leaders, semiconductors, innovative drugs and AR mapping assets. If you are not good at stock selection, it is better to participate through ETFs or index-based instruments, as institutions focus on the core leaders of the entire sector rather than individual stocks.

A：Boshi's newly issued Hong Kong stock ETF is a better choice. It has the following unique conveniences: first, it can save the difficulty of stock selection, especially for the rapid changes in the Hong Kong stock technology track; second, it has a T 0 trading mechanism with good liquidity and flexible operation; third, the current market has sufficient supply and high acceptance of ETF for Hong Kong stock exchange, and the capital threshold is low. It only needs A- share account to buy and sell, the ability to obtain a basket of exposures to Hong Kong stock technology core assets with a lower research threshold.

A：Investors should buy in batches rather than one-time booha, especially when the market is back and sentiment is weak to gradually establish positions, in order to adapt to the characteristics of high volatility in Hong Kong stocks, and improve the fault tolerance rate. The allocation ratio should be determined according to personal risk tolerance. Those with low risk preference are advised to participate in a small proportion and mainly use ETF to build positions in batches through bargain hunting; those with medium risk preference can be used as growth bottom positions and allocated with other assets; those with high risk preference can appropriately increase flexible position allocation, but they still need to retain defensive assets.

A：The operation strategy can be bought and held or fixed investment, while grid trading works better in volatile markets, and you can set a stop-loss line above and below the current price to solve the problem of buying and selling timing. However, the use of any strategy must be combined with the market environment and personal risk tolerance, and to ensure that the position is controlled within a reasonable range, not blindly chasing high or heavy single varieties.

A：The main risks of Hong Kong stock technology include: 1) overseas liquidity risks, such as the lower-than-expected interest rate cut by the Federal Reserve or the sharp rise in US bond interest rates, resulting in valuation pressure; 2) geopolitical and policy risks, Hong Kong stocks as an offshore market are sensitive to the external environment; 3) the risk that the profit expectation does not meet the expectation, it is necessary to track the financial report to avoid the market returning to short-term trading. 4) Market structure risk, theme overheating may lead to a collective pullback of heavyweights. In terms of risk control, investors should diversify risk, control mood swings, and balance trend rhythm and risk control with multi-asset allocation and correct investment objectives.