信银国际：料港股年底前会在24300至27000点区间横行

Group 1 - The Hong Kong stock market is experiencing adjustments due to profit-taking as the year-end approaches and a decline in interest rate cut expectations, with historical trends indicating a "year-end wrap-up" scenario [1] - The Hang Seng Index has accumulated a maximum increase of over 35% this year, prompting some investors to take profits, while the lack of catalysts for interest rate cuts from the Federal Reserve is limiting the index's upward momentum [1] - The market is expected to fluctuate within the range of 24,300 to 27,000 points before the end of the year [1] Group 2 - In the AI sector, large chip companies have reported strong earnings, alleviating some market concerns and suggesting that a bubble may not necessarily form [1] - The current valuation of the US stock market is considered high, with a potential adjustment of about 5% to 10%, which is not seen as a significant correction [1] - A key bottleneck for the AI industry is the substantial electricity demand, raising questions about whether power supply can support future AI development; however, China's electricity costs are the lowest among major countries, which may benefit the future valuation of Chinese AI stocks [1] Group 3 - Due to the decline in interest rate cut expectations, the US dollar may continue to rise, impacting Asian and Hong Kong stock markets in the short term [1]