恒指一个月跌近700点，港股科技股多数回调，华虹半导体、蔚来跌超15%

Market Performance - The Hong Kong stock market has experienced continuous fluctuations and adjustments over the past month, with the Hang Seng Index declining by 2.63%, approximately 700 points [1] - The Hang Seng China Enterprises Index fell by 4.58%, over 400 points, while the Hang Seng Technology Index dropped by 4.83%, nearly 300 points [1] - Notable declines in technology stocks include NIO down 17%, Hua Hong Semiconductor down 15%, SMIC down 12%, and Li Auto down 10% [1] Fundraising and Investment Trends - Since early October, 15 Hong Kong-themed new funds have chosen to end their fundraising early, particularly technology-themed ETFs that rapidly increased stock positions after establishment [3] - Institutional investors share a consensus on the undervaluation of Hong Kong stocks and are actively seizing the opportunity presented by market corrections [4] Market Adjustment Factors - The adjustment in the Hong Kong stock market is attributed to a combination of internal and external factors, with the Hang Seng Index down 5.85% and the Hang Seng Technology Index down 18.01% from October 3 to December 19 [5] - Key factors include fluctuations in liquidity expectations due to hawkish statements from Federal Reserve officials, which have weakened interest rate cut expectations and affected global capital flows [6] - Concerns over the "AI bubble" in the U.S. have also impacted the Hong Kong technology sector [7] - Increased IPO activity has created significant pressure on the capital market, with over HKD 100 billion raised since the new IPO regulations were implemented [7] - A notable slowdown in southbound capital inflows has been observed, with the 10-day moving average dropping from an average of HKD 7 billion to below HKD 1 billion [7] Long-term Outlook - Despite short-term pressures, institutions maintain an optimistic long-term outlook for the Hong Kong stock market, identifying structural investment opportunities [8] - Predictions indicate a "slow bull" market for Hong Kong stocks in 2026, with attractive valuation ratios and improving liquidity conditions as southbound and overseas capital returns [9] - Key investment themes for 2026 include technology and high-end manufacturing, with a focus on sectors such as computing power, semiconductors, and consumer electronics [10] - High dividend yield assets are also favored in a low-interest-rate environment, with institutions highlighting the value of dividend-paying stocks [10] - Opportunities in innovative pharmaceuticals and biotechnology are anticipated, driven by industry acceleration and favorable policy adjustments [10] - Traditional consumer and pharmaceutical sectors may see valuation recovery, as they are currently undervalued and could benefit from policies aimed at boosting domestic demand [11]