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Core Viewpoint - The outlook for the Hong Kong stock market in 2026 is optimistic, driven by fundamental improvements and the potential for AI industry catalysis, which may enhance the net asset return (ROE) of related sectors, particularly the Hang Seng Technology Index [1][2][3] Market Performance - The Hong Kong stock market rebounded significantly since early 2024, with major indices reaching new highs in 2025. As of November 4, 2023, the Hang Seng Index, Hang Seng Technology Index, and Hang Seng China Enterprises Index have increased by 29.37%, 30.22%, and 25.83% respectively this year [1][2] Market Adjustments - The market experienced notable adjustments in April and October 2023, leading to a high-level consolidation phase. Investors are particularly focused on whether the market can maintain its upward momentum and set new highs in 2026 [2][3] Earnings Growth - Predictions indicate that the revenue growth for non-financial overseas Chinese companies could reach 4% in 2026, with operating profit growth expected to be 13%. This improvement is attributed to cost reduction, efficiency gains, and advancements in AI applications [2][3] Valuation Insights - Current valuations of the Hong Kong stock market are considered low, especially in the technology sector, providing ample room for further upward movement. Historical comparisons suggest significant potential for valuation recovery [3][4] Capital Inflows - There is a high certainty of incremental capital inflows into the Hong Kong market in 2026, with net inflows from southbound funds exceeding 1.27 trillion HKD since 2025, marking a historical high [3][4] Foreign and Domestic Investment - Foreign investment is expected to improve as it is currently underweight in Chinese equity assets. Additionally, domestic institutional investors are increasingly influencing the pricing power in the Hong Kong market, with expectations of continued strong inflows [4][5] Sector Focus - The technology sector, particularly driven by AI advancements, is anticipated to be the main focus for 2026. Other sectors such as innovative pharmaceuticals and brokerage firms are also recommended for investment consideration [5][6] Policy Support - The government is expected to enhance support for the technology sector, particularly in areas like computing infrastructure and AI application development, which may accelerate the growth of the AI industry [6] Investment Strategy - Investors are advised to maintain a focus on growth-oriented technology stocks while also considering value-oriented assets as the market evolves. The potential for a shift towards cyclical stocks is also highlighted as the economic recovery progresses [6]