Zhi Tong Cai Jing·2025-12-16 05:48Group 1 - The Hang Seng Tech Index declined today, with an afternoon drop of nearly 3% [1] - Major constituents such as Alibaba (09988) fell by 4.37% to HKD 142.1, SMIC (00981) decreased by 3.63% to HKD 62.35, and Tencent (00700) dropped by 1.74% to HKD 592.5 [1] - Recent liquidity factors and a pullback in the US AI sector have pressured market sentiment in Hong Kong [1] Group 2 - Dongwu Securities' research indicates that southbound capital is currently cautious, with investors waiting for a more aggressive approach after the end of this year [1] - There is a strong consensus for a positive start in the first quarter of next year, with optimism not only in technology but also in the metals sector [1] - In the medium to long term, the valuations of Hong Kong's AI tech leaders are considered reasonable, and a rebound in the Hang Seng Tech Index is expected if new policies or industry catalysts emerge [1] Group 3 - The Bank of Japan is set to hold a monetary policy meeting on December 18-19, with expectations to raise the current policy rate from 0.5% to 0.75%, marking the highest level in 30 years since 1995 [1] - Galaxy Securities notes that the potential interest rate hike by the Bank of Japan could be a significant consideration for the Hong Kong stock market [1] - Despite recent adjustments, the technology sector remains a key investment theme in the medium to long term, with expectations for a rebound supported by multiple favorable factors [1]