智通财经网·2025-11-04 01:41Group 1 - The Hang Seng Index opened down 0.04%, while the Hang Seng Tech Index fell by 0.19%. Notable declines included Hengan International down over 4%, Zijin Mining down over 2%, and Li Auto down over 1% [1] - According to China Merchants Securities, the "14th Five-Year Plan" outline released by important meetings exceeded market expectations, combined with signs of easing US-China relations and strengthened expectations for Federal Reserve interest rate cuts, these three factors will support the Hong Kong stock market in shifting from "suppressed" to "rising" in the fourth quarter [1] - Galaxy Securities indicated that the current valuation of Hong Kong stocks is at a historically high level, predicting a wide range of fluctuations in the market. They recommend focusing on sectors such as precious metals as safe-haven assets, dividend assets due to changing market styles, and technology and consumer sectors highlighted in the "14th Five-Year Plan" [1] Group 2 - CITIC Securities stated that the restart of the Federal Reserve's interest rate cut cycle will benefit the Hong Kong stock market, particularly favoring the technology sector within the AI industry chain and the potential for valuation expansion due to liquidity overflow. The global AI computing power industry chain is experiencing continuous growth, and Hong Kong, as a hub for domestic AI core assets, is expected to directly benefit from this industry trend [2]