智通财经网·2025-12-02 01:35Group 1 - The Hang Seng Index opened up 0.6%, with the Hang Seng Tech Index rising by 0.76%. Notably, tech stocks were active, with Alibaba increasing by 3.36% and Kuaishou by 3.15%, while the new energy vehicle sector saw declines, with Xpeng Motors falling by 1.62% [1] - Guotai Junan Securities believes that the foundation of the Hong Kong stock bull market remains intact, but the evolution is likely to show a "volatile upward trend" rather than a rapid one-sided increase. Three key triggers to watch include potential dovish signals from the Fed in December, the end of the U.S. government shutdown, and policy-driven performance recovery in traditional industries [1] - Dongwu Securities notes that short-term risk factors for Hong Kong stocks are decreasing, but confirmation of a rebound requires catalysts. The current position is attractive for medium to long-term allocation, especially if Fed rate cut expectations rise, which would benefit Hong Kong stocks [1] Group 2 - Everbright Securities suggests that compared to previous bull markets, there is still considerable upside potential for the current index. However, under the government's guidance for a "slow bull" market, the duration of the bull market may be more important than the magnitude of the increase. In the short term, the market may lack strong catalysts, leading to a phase of consolidation [2] - CICC observes that the Hong Kong market has been oscillating without clear direction over the past two months. In this context, dividend stocks have become a preferred choice, with the banking sector rebounding nearly 10% since the end of September. CICC highlights the advantages of the AI industry trend supported by domestic policies, while also noting the need for new catalysts due to high valuations and expectations [2]