美光财报释放AI积极信号、CPI回落提振降息预期，港股科技50ETF（159750）涨近2%

Core Insights - The article highlights a significant rise in Hong Kong stocks, particularly in the technology sector, driven by positive U.S. inflation data and strong earnings from Micron Technology [1] - The current market cycle for Hong Kong stocks is viewed as being in the mid-stage of a bull market, with ongoing earnings recovery expected to gradually expand across various sectors [2] Group 1: Market Performance - Hong Kong stocks opened higher on December 19, with major tech stocks like Tencent, Alibaba, and Netease all experiencing gains, leading to a nearly 2% increase in the Hong Kong Tech 50 ETF [1] - The Hang Seng Index's price-to-earnings (PE) ratio is currently fluctuating between 10-11 times, indicating a recovery in valuation levels [2] Group 2: Catalysts for Growth - The recent market adjustment has increased the safety margin for investors, making valuations of core technology assets more attractive [3] - Southbound capital has seen a net inflow of over 1.4 trillion HKD this year, providing strong support for the market and reflecting long-term investment intentions [6] - Improvements in the domestic macroeconomic environment, such as a 0.7% increase in CPI and a 5.7% growth in exports, are expected to catalyze accelerated earnings recovery across various industries [6]