A股双创指数大幅反弹，港股科技为何上行乏力？

Group 1 - The A-share technology growth sector experienced a significant rebound, with the ChiNext Index leading the gains, particularly in the AI industry chain, driven by factors such as increased insurance capital and relaxed brokerage leverage restrictions [1] - Key stocks like Zhongji Xuchuang and Tianfu Communication saw their prices break previous highs, indicating strong market performance in the AI-related sectors [1] - In contrast, the Hong Kong stock market showed a lackluster performance, with major indices like the Hang Seng Technology and Hang Seng Internet remaining stagnant [1] Group 2 - Dongwu Securities noted that the Hong Kong market requires new catalysts for a short-term rebound, while acknowledging the attractiveness of current positions for long-term investment [1] - The market anticipates a significant increase in the probability of a Federal Reserve rate cut in December, but there are concerns about potential hawkish signals that could lead to market adjustments [1] - The Bank of Japan's indication of a rate hike in December may trigger a carry trade unwinding, impacting both U.S. and Hong Kong markets [1] Group 3 - The upcoming important domestic meetings in December are expected to influence market performance, with historical data suggesting resilience in dividend styles before meetings and a preference for growth styles afterward in Hong Kong stocks [2] - Haitong International forecasts a rapid expansion cycle for China in 2026, driven by domestic strategies for self-sufficiency in computing power and storage chips, which will boost the semiconductor industry [2] - The Hong Kong Stock Connect Technology Index, which includes major Chinese tech companies, has a high AI content of nearly 70%, making it well-positioned to benefit from global liquidity easing and AI capital expenditure expansion [2]