智通财经网·2025-12-23 01:33Group 1 - The Hang Seng Index opened up 0.29%, while the Hang Seng Tech Index rose by 0.14%. The materials sector showed strength, with Zijin Mining up 1.19% and Tianqi Lithium up 2.02%. However, Kuaishou fell by 3.3% due to a cyber attack on its platform [1] - Huatai Securities noted that the combination of early-year reallocation and RMB appreciation may support an improvement in the funding environment in the next phase. Defensive dividend assets in the Hong Kong stock market are expected to gain renewed attention as a core option [1] - By 2026, three catalysts related to "expectation differences" are anticipated for the Hong Kong stock market: the formation of consensus on RMB appreciation, a stable Sino-U.S. relationship in the first half of 2026, and breakthroughs in key sectors like AI and semiconductors that could drive independent performance in the tech sector [1] Group 2 - CITIC Securities indicated that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations due to changing overseas macro expectations since October. Quality assets are now entering a high cost-performance range, supported by continuous capital inflow and improved profit expectations [1] - Huatai Securities believes the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally" [2] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is also anticipated to receive significant policy support, with current valuations at relatively low levels, indicating substantial long-term upside potential [2]