港股大金融股全线上涨，香港证券ETF、港股通非银ETF涨超2%

Group 1 - The Hong Kong stock market shows a significant recovery in sentiment, with the Hang Seng Index rising by 1.75% and returning to 26,000 points, supported by gains in major technology stocks and financial sectors [1] - Major technology stocks such as Tencent and Alibaba increased by over 2.3%, while financial stocks like China Pacific Insurance and CITIC Securities also saw notable gains, with HSBC reaching a market capitalization of over HKD 2 trillion [1] - The Hong Kong Securities ETF and the Hong Kong Stock Connect Non-Bank ETF both rose by over 2%, with the former tracking a specific index of leading securities firms [2] Group 2 - Jianyin International suggests that the investment logic for Hong Kong stocks has shifted from traditional valuation recovery to a re-evaluation based on new productive forces and high-quality development, with potential for moderate expansion in valuation and earnings by 2026 [3] - The outlook for 2026 indicates a transition from valuation-driven growth to profit-driven growth, with liquidity remaining supportive despite a potential slowdown in valuation expansion [4] - The new economic dynamics, driven by "new supply creating new demand," are expected to support the Hong Kong market, alongside favorable internal and external policy environments and increased foreign investment [4]