Sou Hu Cai Jing·2025-12-19 01:44Group 1 - The Hong Kong stock market opened strong, driven by a surge in US tech giants, with the Hang Seng Tech Index slightly up and major companies like Tencent, Alibaba, Meituan, Xiaomi, and SMIC all showing gains [1] Group 2 - The latest US core CPI for November rose by 2.6% year-on-year, marking the lowest level since 2021, which has fueled market expectations for more aggressive rate cuts by the Federal Reserve in 2026 [2] - Traders have adjusted their pricing for rate cuts in 2026, maintaining expectations for two cuts totaling 50 basis points next year, with a significant increase in the probability of a cut in March [2] - Micron Technology reported earnings and guidance that significantly exceeded expectations, with management expressing confidence that industry supply will remain below demand in the foreseeable future, suggesting a positive outlook for the AI narrative [2] Group 3 - The Hong Kong Stock Connect Technology ETF (159101.SZ) has shifted its allocation, reducing exposure to consumer retail while increasing investments in pharmaceutical biotechnology (e.g., BeiGene, Innovent Biologics, WuXi Biologics) and hardware (e.g., Xiaomi, BYD Electronics), which may provide greater elasticity in a rebound market [2]