恒生科技指数回撤超27% 机构称产业转型期错配带来布局窗口

环球网资讯03-08

来源：环球网【环球网财经综合报道】2026年初，港股科技板块持续处于震荡整理格局。自去年10月高点至今，恒生科技指数最大回撤已超过27%。面对这一轮历时近五个月的调整，市场情绪趋于谨慎。综合多方机构观点来看，本轮调整并非行业基本面趋势性逆转，而是产业转型期的认知错配、海外流动性预期波动以及业绩空窗期情绪放大三者共振的结果。截至当前，板块已呈现出“估值处于历史中低区间、产业趋势清晰、盈利逐步兑现”的...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2617724669?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-08 11:29","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2617724669","market":"us","top_or_hot":-1,"title":"恒生科技指数回撤超27% 机构称产业转型期错配带来布局窗口","media":"环球网资讯","content":"<div>\n<p>来源：环球网【环球网财经综合报道】2026年初，港股科技板块持续处于震荡整理格局。自去年10月高点至今，恒生科技指数最大回撤已超过27%。面对这一轮历时近五个月的调整，市场情绪趋于谨慎。综合多方机构观点来看，本轮调整并非行业基本面趋势性逆转，而是产业转型期的认知错配、海外流动性预期波动以及业绩空窗期情绪放大三者共振的结果。截至当前，板块已呈现出“估值处于历史中低区间、产业趋势清晰、盈利逐步兑现”的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260308113130a6ae459d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>恒生科技指数回撤超27% 机构称产业转型期错配带来布局窗口</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n恒生科技指数回撤超27% 机构称产业转型期错配带来布局窗口\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-08 11:29 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260308113130a6ae459d&s=b><strong>环球网资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：环球网【环球网财经综合报道】2026年初，港股科技板块持续处于震荡整理格局。自去年10月高点至今，恒生科技指数最大回撤已超过27%。面对这一轮历时近五个月的调整，市场情绪趋于谨慎。综合多方机构观点来看，本轮调整并非行业基本面趋势性逆转，而是产业转型期的认知错配、海外流动性预期波动以及业绩空窗期情绪放大三者共振的结果。截至当前，板块已呈现出“估值处于历史中低区间、产业趋势清晰、盈利逐步兑现”的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260308113130a6ae459d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4543","symbol_name":"AI","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260308113130a6ae459d&s=b","article_id":"2617724669","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260308113130a6ae459d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2617724669","pubTimestamp":1772940549,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"自去年10月高点至今，恒生科技指数最大回撤已超过27%。综合多方机构观点来看，本轮调整并非行业基本面趋势性逆转，而是产业转型期的认知错配、海外流动性预期波动以及业绩空窗期情绪放大三者共振的结果。机构普遍认为，尽管短期存在扰动，但由AI与云业务驱动的产业升级正成为板块价值修复的核心主线。当前，恒生科技指数成分股覆盖了从芯片、算力、云平台到应用终端的AI全产业链。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4543":"AI","AI":"C3.ai, Inc.","BK4551":"寇图资本持仓","LU3187612489.SGD":"TEMPLETON EUROPEAN INSIGHTS \"A\" (SGDHDG) ACC","HSTECH":"恒生科技指数","LU1829250122.USD":"高盛欧洲核心股票组合Acc","BK4587":"ChatGPT概念","BK4588":"碎股","AIYY":"YIELDMAX AI OPTION INCOME STRATEGY ETF","LU1863844665.USD":"TEMPLETON EUROLAND \"A\" (USD) ACC A","BK4118":"综合性资本市场","BK4585":"ETF&股票定投概念","BK4528":"SaaS概念","HSI":"恒生指数","BK4534":"瑞士信贷持仓","BK4023":"应用软件","LU1863844749.USD":"TEMPLETON EUROLAND \"A\" (USD) INC","IE0034235071.USD":"PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY \"A\" (USD) ACC"},"translate_title":"Hang Seng Technology Index pullback/retracement exceeds 27% institutions say that mismatch in industrial transition period brings layout window","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AI":0.81,"HSTECH":1.97,"AIYY":0.6,"HSI":1.97},"content_text":"来源：环球网【环球网财经综合报道】2026年初，港股科技板块持续处于震荡整理格局。自去年10月高点至今，恒生科技指数最大回撤已超过27%。面对这一轮历时近五个月的调整，市场情绪趋于谨慎。综合多方机构观点来看，本轮调整并非行业基本面趋势性逆转，而是产业转型期的认知错配、海外流动性预期波动以及业绩空窗期情绪放大三者共振的结果。截至当前，板块已呈现出“估值处于历史中低区间、产业趋势清晰、盈利逐步兑现”的组合特征。三重压力叠加，板块估值被动压缩。针对近期市场疲弱，中金公司分析指出，本轮调整源于市场对流动性收紧的担忧、港股特色结构吸引力暂时下降以及宏观基本面偏弱的共同作用。具体而言，海外层面，美联储领导层更迭预期引发美债收益率波动，对流动性敏感的离岸市场形成估值压制。产业层面，市场对AI资本开支节奏与回报周期的担忧传导至港股，部分龙头股因投入加大而短期承压。资金层面，在业绩空窗期，关于补贴、竞争的消息被情绪放大，加剧股价波动。尽管短期走势疲弱，多家主流机构并未扭转对港股科技的中长期看法。瑞银（UBS） 近期明确表达看涨立场。该行分析师认为，中国科技行业将在2026年受益于资本支出增加和人工智能能力的进步。瑞银指出，中国科技巨头目前的资本支出仅为美国同行的几分之一，且强劲的盈利、有吸引力的估值和AI的进步有望在2026年带来回报。该机构已在投资组合中增持了腾讯、哔哩哔哩、美团等多家中国科技公司权重。长城基金国际业务部副总经理曲少杰则认为，本轮调整超20%属于中短期结构性调整，而非长期趋势走弱。“国内优质科技互联网公司核心竞争力与护城河仍在，未来AI大发展和科技互联网公司收益的逻辑是相对乐观的。”他强调，当前恒生科技估值处于历史偏低水平，相较美股、日韩科技股更具优势。AI与云业务成为价值修复核心。机构普遍认为，尽管短期存在扰动，但由AI与云业务驱动的产业升级正成为板块价值修复的核心主线。从产业节奏看，海外经验显示“AI Capex投入—云收入兑现”的传导周期约为两年，国内自2024年下半年启动的投入周期，有望在2026年进入业绩兑现的关键阶段。此外，国内大模型凭借性价比优势已在海外市场取得突破，为算力需求和云厂商打开新空间。当前，恒生科技指数成分股覆盖了从芯片、算力、云平台到应用终端的AI全产业链。对于具备中长期视角的投资者而言，短期的迷雾过后，科技创新的浪潮有望引领板块回归价值中枢。（水手）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2617724669","isCrawlerRequest":true}