港股开盘 | 恒指低开0.25% 恒生科技指数跌0.68%

Group 1 - The Hang Seng Index opened down 0.25%, while the Hang Seng Tech Index fell by 0.68%. Li Ning and WH Group saw gains of over 1% [1] Group 2 - Galaxy Securities indicates that uncertainties in US-China trade negotiations may keep market risk appetite low in the short term. The overall valuation of Hong Kong stocks is at a historically high level, suggesting potential wide fluctuations in the market [2] - In terms of sector allocation, it is recommended to focus on safe-haven assets like precious metals due to rising market risk aversion, as well as dividend assets that have seen lower gains recently. Attention is also drawn to sectors highlighted in the upcoming 20th Central Committee meeting and the "14th Five-Year Plan" [2] - China’s economy is expected to reach a turning point, with technology investments translating into profit growth. The anticipated easing of monetary policy in the US may enhance foreign capital inflows, supporting a slow bull market for Hong Kong stocks [2] Group 3 - Cathay Securities believes that short-term volatility will not alter the bullish outlook for Hong Kong stocks in Q4, particularly for the Hang Seng Tech Index. The narrative around AI is expected to benefit internet giants in Hong Kong, highlighting the structural advantages of Hong Kong assets [3] - The return of foreign capital is likely to exceed expectations due to the Federal Reserve's potential interest rate cuts, with southbound capital inflows expected to continue supporting the upward trend of Hong Kong stocks [3] - Insurance funds are anticipated to become significant incremental capital in the stock market, with a focus on dividend stocks due to their low volatility and high dividend characteristics, especially in the current low long-term interest rate environment [3]