南向资金回流，被动外资加速流入港股，机构：科技仍是主线

Economic Indicators - The core CPI in the US increased by 2.6% year-on-year in November, which is lower than the market expectation of 3% [19] - Non-farm employment in the US rose by 64,000 in November, exceeding the market expectation of 50,000; however, the unemployment rate unexpectedly increased to 4.6%, the highest since September 2021 [19] - Federal Reserve officials indicated that with a weakening job market and controlled inflation, there is significant room for interest rate cuts [19] Capital Flows - Southbound capital flow returned with an inflow of HKD 16.27 billion in one week, compared to an outflow of HKD 3.44 billion the previous week [19] - According to EPFR data, active foreign capital saw an outflow of USD 640 million as of last Wednesday, compared to an outflow of USD 220 million the previous week; however, passive foreign capital accelerated inflows, with USD 3.43 billion entering Hong Kong stocks in one week, up from USD 900 million the previous week [19] Market Outlook - Galaxy Securities noted that with the Bank of Japan's recent decisions and a slightly more dovish expectation from the Federal Reserve, external risks are narrowing, suggesting that Hong Kong stocks may experience a volatile upward trend [22] - The technology sector remains a long-term investment focus, with valuations having corrected after previous adjustments, and is expected to rebound due to multiple favorable factors [22] - The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels; attention should be paid to the implementation of policies and improvements in consumer data [22] Index Information - The National Index for Hong Kong Stock Connect Technology selects 30 leading technology companies based on market capitalization, R&D investment, and revenue growth, including major players like Tencent, Alibaba, Xiaomi, Meituan, SMIC, and BYD [2][7] - The index requires constituent stocks to have a compound revenue growth rate exceeding 10% over the past two years or an R&D expense ratio above 5%, balancing scale and growth potential [7] - The index has a flexible sample adjustment mechanism, with quarterly adjustments to maintain competitiveness [7]