美联储如期降息25个基点，港股市场高开反弹

Group 1 - The Hong Kong stock market indices opened higher, with the Hang Seng Index rising by 0.66%, the Hang Seng China Enterprises Index increasing by 0.58%, and the Hang Seng Tech Index up by 0.55% [1] - The Federal Reserve's decision to lower interest rates by 25 basis points in December 2025 aligns with market expectations, indicating a pause in rate cuts in January 2024, while maintaining a target rate midpoint of 3.4% for next year [1] - Citic Securities anticipates that the Federal Reserve will pause rate cuts in January, with potential for two more cuts totaling 25 basis points under Powell's leadership, while the market expects a positive outlook for the economy and AI's impact on productivity [1] Group 2 - China's economy is undergoing a critical transformation, with the "14th Five-Year Plan" emphasizing the strengthening of the real economy, promoting technological innovation, and expanding domestic demand [2] - The recent interest rate cut by the Federal Reserve is expected to lead to a resurgence of global capital flows into Hong Kong, which is seen as an attractive investment destination due to its valuation advantages and high dividend characteristics [2] - According to Jianyin International, the investment logic for Hong Kong stocks has shifted from traditional valuation recovery to a revaluation based on new productive forces and high-quality development, with moderate expansion expected in valuations and earnings by 2026 [2] Group 3 - Notable investment targets include the core broad-based Hong Kong stocks: Hang Seng ETF (159920), AI and platform economy: Hang Seng Tech Index ETF (513180), and focusing on Chinese enterprises in Hong Kong: Hang Seng China Enterprises ETF (159850) [3]