Group 1 - The Hang Seng Index opened up by 0.59%, while the Hang Seng Tech Index rose by 0.67%. Meituan increased by over 4%, and Alibaba fell by over 2% [1] - Yang Delong believes that the current tech bull market in A-shares and Hong Kong stocks has confirmed its trend, with the potential to continue for two to three years [2] - Liu Gang from CICC states that the strong performance of Hong Kong stocks in 2025 will be driven by liquidity and sentiment, with a focus on "excess liquidity" chasing "scarce return assets" [2] Group 2 - Guotai Junan Securities notes that the recent adjustment in Hong Kong stocks is primarily due to previous significant gains and tightening dollar liquidity, with historical average pullbacks of 7% and 17% under different conditions [2] - Huatai Securities indicates that the Hong Kong market is entering a layout phase, with left-side investors gradually building positions despite rising market volatility [3] - CITIC Securities highlights that the volatility of global risk assets is primarily a liquidity issue, with a reliance on AI narratives leading to necessary valuation corrections [3] Group 3 - Multiple institutions remain optimistic about the Hong Kong market, citing factors such as overseas interest rate cuts, continuous inflow of southbound funds, and the expansion of quality assets as drivers for the market's upward momentum [4] - Zhang Xia from招商证券 points out that the valuation of the Hang Seng Tech Index is still at historically low levels, indicating significant potential for valuation recovery [5] - Zhang Xia also mentions that the Hong Kong market is primarily driven by liquidity, with a favorable long-term outlook as the U.S. enters a rate-cutting cycle and the end of the Fed's balance sheet reduction [6]
港股开盘 | 恒指高开0.59% 耀才证券金融涨12%