机构称港股“处于盈利修复启动初期”，聚焦恒生ETF（159920）、恒生国企ETF（159850）一键布局

Group 1 - The Hong Kong stock market opened positively on December 19, with the Hang Seng Index rising by 0.53%, the National Enterprises Index by 0.58%, and the Hang Seng Technology Index by 0.81% [1] - Popular ETFs such as the Hang Seng ETF (159920) and the Hang Seng National Enterprises ETF (159850) saw gains of over 1% in early trading [1] - The U.S. core CPI for November increased by 2.6% year-on-year, marking the lowest level since 2021, which has strengthened market expectations for the Federal Reserve to cut interest rates next year [1] Group 2 - CITIC Securities believes that the current bull market for Hong Kong stocks is at a mid-stage, with liquidity cycles leading since global central banks began cutting rates in 2023 [1] - The valuation level has reached the historical upper-middle range, with the Hang Seng Index's PE fluctuating between 10 and 11 [1] - The overall profit recovery for Hong Kong stocks is still in its early stages, with a relatively gentle slope expected for profit recovery, primarily concentrated in structurally prosperous sectors [1] Group 3 - Notable investment targets include the core broad-based Hong Kong stocks: Hang Seng ETF (159920), AI and platform economy: Hang Seng Technology Index ETF (513180), and focusing on the development of Chinese enterprises in Hong Kong: Hang Seng National Enterprises ETF (159850) [2]