智通财经网·2025-12-16 12:55Core Viewpoint - The Hong Kong stock market has not stabilized after recent overseas interest rate cuts, primarily due to two internal liquidity issues: the implementation of new public fund benchmark regulations, which may lead to selling of some Hong Kong stocks, and a significant demand for funds in the Hong Kong market. However, the overall impact of these issues is considered limited [1]. Group 1: Industry and Index Recommendations - Recommended sectors include Internet (930604.CSI), Non-ferrous Metals (931947.CSI), and Hong Kong Stock Connect Non-bank Financials (931024.CSI) [2]. Group 2: Market Performance - The Hong Kong market showed mixed performance last week (12/08-12/12), with the Hang Seng Index declining by 0.42% and the Hang Seng Tech Index down by 0.43%. The AH premium remains at 119.8. Among major sectors, only Financials and Information Technology saw gains, while the Energy sector experienced the largest decline [2]. Group 3: Micro Funding Conditions - For the first time in six months, there was a net outflow of southbound funds, while both Hong Kong and foreign capital saw net inflows. Specifically, southbound funds had a net outflow of 3.4 billion HKD, primarily directed towards non-essential consumption. Foreign capital net bought 260 million USD through ETFs, with cumulative net inflows nearing a new high since 1994. Local Hong Kong ETFs also saw a net inflow of 5.1 billion HKD, totaling 45.9 billion HKD year-to-date [2]. Group 4: Hong Kong Liquidity Changes - The liquidity in the Hong Kong market is becoming more accommodative, with the overnight Hibor at 1.71% and the 3-month Hibor at 3.03%. The USD to HKD exchange rate is at 7.78, approaching the strong-side Convertibility Undertaking [2]. Group 5: Overseas Liquidity Changes - In the U.S., the 2-year Treasury yield is at 3.522% (down 36 basis points), while the 10-year Treasury yield is at 4.182% (up 47 basis points). The U.S. Treasury General Account (TGA) balance is at 80.58 billion USD (a weekly decrease of 10.27 billion USD), and the usage of overnight reverse repos (ONRRP) has decreased to 8.4 billion USD (a weekly decrease of 650 million USD) [3].