Xin Lang Cai Jing·2025-12-23 06:01Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing fluctuations influenced by the decline of Kuaishou, but there is a counter-trend investment as evidenced by the net subscription of 1 million units in the Hong Kong Technology ETF (159751) [1] Group 1: Market Performance - The Hong Kong Technology ETF (159751) saw a net subscription of 1 million units amid market adjustments [1] - As of December 23, 2025, the constituents of the CSI Hong Kong Stock Connect Technology Index (931573) showed mixed performance, with SenseTime-W (00020) leading with a 2.94% increase, while Kuaishou-W (01024) was the biggest loser [1] Group 2: Future Outlook - China Galaxy Securities suggests that with the easing expectations from the People's Bank of China and the Federal Reserve, external risks are diminishing, indicating a potential upward trend for the Hong Kong stock market [1] - The technology sector is viewed as a long-term investment focus, with valuations having corrected and expected to rebound due to multiple favorable factors [1] - The consumer sector is anticipated to receive significant policy support, with current valuations at relatively low levels, indicating substantial medium to long-term upside potential [1] Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index (931573) includes 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of technology leaders in the Hong Kong Stock Connect [2] - The top ten weighted stocks in the index account for 67.26% of the total, including Alibaba-W (09988), Tencent Holdings (00700), and others [2]