机构称港股从“估值修复”转向“估值重估”，恒生ETF（159920）午盘攀升涨近2%

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend, with the Hang Seng Index and Hang Seng Tech Index both showing gains, indicating a shift in investment logic towards new productivity and high-quality development [1] Market Performance - On December 12, the Hang Seng Index rose by 1.36% and the Hang Seng Tech Index increased by 1.45% [1] - Technology stocks saw widespread gains, while the metals sector led the increases [1] - The Hang Seng ETF (159920) rose nearly 2%, with notable performers including China Life, ZTO Express, China Hongqiao, and CK Infrastructure [1] - Conversely, companies like Hansoh Pharmaceutical, WuXi Biologics, and Zhongsheng Group experienced declines [1] Future Outlook - Jianyin International suggests that the investment logic for Hong Kong stocks has shifted from traditional valuation recovery to a revaluation based on new productivity and high-quality development [1] - There is potential for moderate expansion or improvement in valuations and earnings by 2026 [1] - Key catalysts and event windows include the reassessment of China's economic growth momentum at the start of the 14th Five-Year Plan, the Central Economic Work Conference in mid-December, and developments in US-China relations surrounding Trump's visit and the midterm elections [1] - Progress in AI capital expenditure and profitability is also highlighted as a significant factor [1] Notable Investment Targets - Core broad-based Hong Kong stock: Hang Seng ETF (159920) [1] - AI and platform economy focus: Hang Seng Tech Index ETF (513180) [1] - Focus on the development of Chinese enterprises in Hong Kong: Hang Seng China Enterprises ETF (159850) [1]