南向資金持續流入 舜宇光學、聯想等港股科技股領升
4月10日早盤，港股三大指數集體高開，恒生指數升3.42%，報20953.12點，恒生科技指數升4.35%。開盤後，恒生科技指數升幅持續擴大，一度升超6%。主流ETF方面，恒生科技指數ETF(513180)跟隨指數強勢向上，舜宇光學科技、聯想集團、比亞迪電子、快手等持倉股升幅居前。近日大量資金積極"掃貨"港股科技板塊，恒生科技指數ETF(513180)近5日獲資金淨流入約42.7億元。
中信證券發佈研報稱，伴隨Windows 10停止更新與AI PC的發展，全球PC市場有望在2025H2迎來複蘇。聯想集團(00992.HK)或受益於北美數據中心持續投入及國內阿里等廠商的積極擴張，規模效應不斷促進下，ISG業務有望兑現更多利潤。此外公司供應鏈管理等層面的突出能力，全球工廠的佈局，預計公司PC與服務器業務受到關税的影響可控。中長期來看，端側AI應用的普及有望有望使得PC廠商在AI應用和AI生態層面具有更高的參與度，聯想有望依託硬件基礎向軟件和應用層面拓展，實現更優的商業模式、打開新的增長曲線。該行看好公司的投資價值，給予目標價13港元/股，維持"買入"評級。
今年以來，南向資金加速流入港股市場。截至發稿，南向資金今日盤中已淨買入港股近60億港元，此前南向資金已連續13個交易日維持淨買入。4月9日，南向資金淨買入港股超355億港元，不僅延續了近期強勁流入的態勢，又一次創造了有史以來日度淨買入額的新高。華泰證券認為，中期視角下港股相對收益空間仍存，原因是：1)基本面上，國內3月PMI連續兩個月擴張、地產尋底跡象初現、政策逆週期調節存加碼預期；2)港股結構上，科技+金融主導的上市公司特徵使其企業盈利對關税敏感度相對較低；3)資金面上，南向資金持續流入為港股提供資金支撐。
估值方面，經過一個多月的調整之後，恒生科技指數再度回到了歷史低估區間。截至4月9日收盤，恒生科技指數的市盈率(PETTM)僅19.49倍，處於指數自2020年7月27日發佈以來7.35%的估值分位數，即指數當前估值低於指數發佈以來92%以上的時間，屬於歷史低估區間。中金認為，當前"中國資產重估"進程仍在延續，市場波動中需更關注內生增長動能與政策催化共振。在全球經濟敍事切換的十字路口，中國市場的相對韌性與估值優勢，正為長期投資者創造戰略配置窗口。
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