智通财经网·2025-11-28 01:36Core Viewpoint - The Hong Kong stock market is experiencing a bullish trend driven by liquidity and sentiment, with expectations for continued growth in technology stocks over the next two to three years, transitioning to a broader bull market by 2026 [2][4]. Group 1: Market Trends - The Hang Seng Index opened up by 0.25%, and the Hang Seng Tech Index rose by 0.43%, with most tech stocks, including SMIC and Alibaba, showing gains [1]. - Analysts suggest that the recent adjustments in the Hong Kong stock market are normal due to previous significant gains and tightening U.S. dollar liquidity, with historical averages indicating small pullbacks of around 7% during bull markets [2][4]. Group 2: Investment Strategies - Key investment directions include focusing on AI-driven industry trends, capacity cycle reversals, and sectors related to export and commodities amid global uncertainties [2]. - The Hong Kong market is seen as a valuation haven, with the Hang Seng Tech Index trading below historical averages, indicating substantial room for valuation recovery [4][5]. Group 3: Future Outlook - The liquidity environment is expected to remain supportive, with potential inflows from both domestic and foreign investors as the U.S. enters a rate-cutting phase [5]. - Despite short-term volatility, the underlying fundamentals of the Hong Kong market remain strong, with many institutions maintaining a positive outlook for the continuation of the bull market [4][5].