春季躁动行情值得期待，聚焦港股布局“窗口期”

Core Viewpoint - The Hong Kong stock market experienced a significant decline, with major indices hitting recent lows, driven by a drop in large tech and financial stocks, while some sectors like aviation and cosmetics showed resilience [1] Market Performance - The Hang Seng Technology Index fell by 2.41%, and the Hang Seng Index dropped by 1.91%, losing nearly 500 points [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both reached recent low points, indicating a bearish market sentiment [1] Sector Analysis - Large technology stocks, major financial stocks (including banks, insurance, and brokerage firms), and state-owned enterprises collectively pressured the market [1] - Conversely, sectors such as gold, semiconductors, oil, and automotive stocks experienced declines, while some aviation and cosmetics stocks performed well [1] ETF Performance - The Hang Seng ETF (159920) fell over 2% by midday, and the Hang Seng China Enterprises ETF (159850) dropped more than 2.5%, indicating a continued opening of low-position investment opportunities [1] Future Outlook - Guotai Junan Securities believes that the current dollar liquidity issues are short-term disturbances, and the AI wave is not over, suggesting that a bull market for Hong Kong stocks may still be possible after adjustments [1] - Huatai Securities anticipates that seasonal allocation characteristics of southbound funds could support a spring rally in Hong Kong stocks, making the upcoming spring market worth watching [1] Investment Focus - Guotai Junan Securities highlights that technology stocks driven by AI remain the main theme for the Hong Kong market, with leading tech stocks expected to regain relative advantages as the AI industry cycle trends upward [1] - The Hong Kong market's dividend benefits from strengthened policies and low interest rates, along with the scarcity of new consumption and innovative pharmaceutical assets compared to A-shares, are also worth attention [1] Notable Investment Targets - Core broad-based Hong Kong stock: Hang Seng ETF (159920) [1] - AI and platform economy: Hang Seng Technology Index ETF (513180) [1] - Focus on the development of Chinese enterprises in Hong Kong: Hang Seng China Enterprises ETF (159850) [1]