中信建投：港股中期交易窗口打开，调整充分的成长板块或成核心主线

Core Viewpoint - The Hong Kong stock market is entering a significant trading window as it approaches the end of the year, following a period of adjustment influenced by fluctuating overseas macro expectations [1] Group 1: Market Conditions - After a unilateral rise in September, the Hong Kong stock market has experienced fluctuations and adjustments since October due to overseas macro expectations [1] - The current market is in the mid-stage of a bull market, with previously adjusted growth sectors expected to lead the market as sentiment improves and macro uncertainties decrease [1] Group 2: Factors Contributing to Trading Window - The recent market adjustment has increased the safety margin, providing ample space for a new round of rebound [1] - Southbound capital continues to show net inflow, which may lead to a resonance of internal and external liquidity as overseas liquidity expectations recover [1] - Recent improvements in China's macro fundamentals, including rising inflation data and marginal improvements in exports, are expected to broaden the valuation recovery beyond just the prosperous sectors [1] - The U.S. new National Security Strategy has not prioritized China, potentially reducing the intensity of confrontation, combined with domestic policies to boost internal demand, which may positively stimulate the Hong Kong stock market [1] Group 3: Relevant ETFs - The Hang Seng Technology Index ETF (513180.SH) is the largest ETF tracking the Hang Seng Technology Index [2] - The Hang Seng Internet ETF (513330.SH) focuses on major internet giants and has the highest number of holders among Hong Kong-related ETFs [2] - The Hong Kong Stock Connect Technology ETF (159101.SZ) covers a wide range of Hong Kong technology sub-sectors, including popular concepts like AI applications, innovative pharmaceuticals, robotics, and smart vehicles [2]