港股开盘 | 恒指高开0.41% 锂矿股走强 科网股走势分化

Group 1 - The Hang Seng Index opened up by 0.41%, and the Hang Seng Tech Index rose by 0.61%. Lithium stocks showed strength, with Tianqi Lithium up by 2.19% and Ganfeng Lithium up by 1.84%. Meituan increased by 1.46% in a mixed performance among tech stocks [1] - According to China Merchants Securities, the recent weakness in Hong Kong stocks is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, the crowding-out effect, concerns over IPO financing, the upcoming peak of lock-up expirations, earnings downgrades, and overseas liquidity disturbances. Looking ahead, with the return of southbound capital and a reduction in crowding behavior, the pressure from IPO supply and lock-up amounts is expected to ease, leading to a potential year-end rally in Hong Kong stocks [1] - According to Ping An International, the market is expected to maintain a volatile trend in the short term, with rotation in styles and investment themes. The lack of new catalysts, combined with uncertainties regarding the Federal Reserve's interest rate cuts next year affecting external liquidity, may lead to a concentration of incremental capital in scarce assets, while the expansion space for valuations is limited. These factors could increase market volatility, making earnings performance more likely to determine market trends [1] Group 2 - Jianyin International suggests buying on dips before the end of 2025 to prepare for the spring rally early next year, gradually increasing offensive positions by early 2026. The focus should be on high-yield stocks, new productivity, and structural reform themes, with a selective approach towards technology, high-end manufacturing, hydrogen energy, nuclear energy, and domestic demand stocks (consumption and services) [1]