调整后的港股机会还远吗？最新解读来了

Core Viewpoint - The recent pullback in the Hong Kong stock market is primarily driven by short-term factors, while the fundamental outlook remains stable, presenting better value for investment in technology and dividend sectors, with a focus on core assets for long-term allocation [1][4]. Group 1: Market Dynamics - The Hong Kong stock market has experienced a decline of nearly 5% in the Hang Seng Index and close to 15% in the Hang Seng Tech Index since early October [1]. - Factors contributing to the market pullback include fluctuations in Federal Reserve interest rate expectations, concerns over AI valuation bubbles, and seasonal liquidity pressures as the year-end approaches [2]. - The market is sensitive to global liquidity, with the recent Fed rate cut and uncertainties in U.S. economic data impacting investor sentiment [2][3]. Group 2: Investment Opportunities - The current market adjustment has made Hong Kong stocks more attractive, with valuations still appealing compared to other major indices, indicating a good time for investment in sectors with long-term growth potential [4]. - Structural opportunities are evident in the market, with expectations of a moderate upward trend driven by continued inflows from mainland investors and supportive domestic liquidity conditions [3][4]. Group 3: Sector Focus - Investment firms highlight several key sectors for potential growth: - Healthcare, benefiting from policy support for innovative drugs [6]. - Technology, particularly in AI applications, which are expected to gain traction [6]. - Cyclical stocks that may benefit from changing supply-demand dynamics [6]. - Dividend stocks, which align well with insurance capital's investment strategies due to their low volatility and high dividend yield [6]. - The long-term investment value of the internet sector remains strong, with increasing AI penetration expected to enhance growth prospects [6][7].