恒指上扬0.58%，能源业领涨，四季度港股市场机遇与挑战并存

Core Viewpoint - The Hong Kong stock market presents both opportunities and challenges in the fourth quarter, with the technology sector emerging as a key area for aggressive allocation due to the dual concepts of AI and "new productivity" [1] Market Performance - The Hang Seng Index rose by 0.58% to 26,057.13 points, while the Hang Seng Technology Index slightly declined by 0.24%. The Hang Seng China Enterprises Index increased by 0.68%. The market's half-day trading volume reached HKD 132.1 billion [1] Technology Sector Insights - In the technology sector, XPeng Motors-W saw an increase of 3.84%, and NIO-SW rose by 2.93%. Conversely, Hua Hong Semiconductor fell by 4.39%, and SMIC dropped by 4.13% [1] - The demand side is characterized by explosive growth in the user base for generative AI in China, with local tech companies capturing the majority of market benefits. On the supply side, leading Hong Kong tech firms are evolving from mere users to builders of the industrial chain, covering various sectors including software and hardware, new energy vehicles, and innovative pharmaceuticals [1] Capital Flow and Valuation - There has been a continuous inflow of southbound capital, with a net purchase amount exceeding HKD 1.2 trillion this year, leading to an increasing pricing power of domestic capital. In terms of valuation, the technology sector is significantly undervalued compared to A-shares. Coupled with the Federal Reserve's interest rate cut cycle and the resilience of the domestic economy, the Hong Kong technology sector is expected to achieve excess returns in the fourth quarter [1]