降息预期升温+AI进展催化

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, driven by expectations of interest rate cuts from the Federal Reserve and advancements in AI technology, leading to significant gains in major internet stocks [3][4]. Group 1: Market Performance - On December 19, the Hang Seng Index and the Hang Seng Tech Index rose by 0.75% and 1.12% respectively, with major internet companies like Tencent, Kuaishou, and Meituan all gaining over 1% [1]. - The Hong Kong Internet ETF (513770) saw a high opening and increased by 1.54%, with a peak gain of over 2% during trading [1]. Group 2: Economic Indicators - The latest U.S. core CPI for November increased by 2.6% year-on-year, marking the lowest level since 2021, indicating signs of cooling inflation [3]. - Market expectations for aggressive interest rate cuts by the Federal Reserve in 2026 have risen, with traders anticipating two rate cuts totaling 50 basis points next year [3]. Group 3: AI Developments - Meituan has launched and open-sourced its virtual human video generation model, LongCat-Video-Avatar, which supports various core functions including Audio-Text-to-Video [3]. - Tencent has released its Mix Universe Model 1.5, allowing users to create interactive worlds from text or images, and has open-sourced a comprehensive real-time world model framework [3]. Group 4: Investment Insights - The Hong Kong Internet ETF (513770) has attracted a net inflow of 1.33 billion yuan over the past 10 days, indicating strong investor interest [4]. - Dongwu Securities suggests that the current market position is attractive for long-term investment in technology growth stocks, anticipating a rebound in the Hong Kong market [4]. - CITIC Securities remains optimistic about the internet sector's cyclical properties combined with the upward trend of AI, viewing major internet companies as potential beneficiaries [4].