港股进入年末调整阶段，继续看好AI科技及创新药产业

Core Viewpoint - The Hang Seng Index rose by 0.2% while the Hang Seng Tech Index fell by 0.2%, indicating mixed performance in the Hong Kong stock market as it enters a year-end adjustment phase, but remains in a long-term upward trend [1] Market Performance - Bank stocks led the gains, with Huishang Bank rising over 3% [1] - Gold stocks experienced declines, with WanGuo Gold Group and LingBao Gold dropping over 5%, and Shandong Gold and Zijin Mining falling more than 4% [1] Federal Reserve Outlook - Despite a hawkish stance from Powell regarding interest rate cuts, the market's expectations differ, particularly with ongoing government shutdowns and data shortages [1] - The Fed's data-dependent approach suggests that a rate cut in December remains a high probability, especially with weak employment trends and moderate inflation [1] Long-term Investment Opportunities - The current valuation of Hong Kong tech stocks is seen as attractive, with expectations of marginal recovery in EPS for Q1 next year [1] - The end of intense competition among tech leaders is anticipated, with continued optimism for AI technology [1] - The innovative pharmaceutical sector shows a clear upward trend, with future business development expected to catalyze stock price increases [1] Related ETFs - AI Full Industry Chain: Hong Kong Stock Connect Technology ETF (159101) [1] - Leading Pharmaceuticals: Hang Seng Pharmaceutical ETF (159892) [1]