智通财经网·2025-12-24 01:39Group 1 - The Hang Seng Index opened slightly higher by 0.02%, while the Hang Seng Tech Index rose by 0.07%. Semiconductor stocks showed strength, with SMIC up over 2% and Hua Hong Semiconductor up over 1%. Conversely, tech stocks like Meituan experienced declines, falling nearly 1% [1] - Huatai Securities indicated that 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 remain, leading to uncertainty regarding the "Santa rally." The first quarter may present a higher probability phase for gains [1] - Guotai Junan Securities noted that as the "Christmas rally" window approaches, historical data shows that U.S. stocks often perform strongly at year-end. Despite ongoing disagreements regarding interest rate hikes and inflation paths for 2026, the recent financing capabilities and capital expenditure commitments from tech giants have instilled confidence in institutional investors regarding the ongoing AI-driven growth narrative [1] - Galaxy Securities recommended focusing on the technology sector as a long-term investment theme, which has seen valuation corrections after previous adjustments and is expected to rebound due to multiple favorable factors. The consumer sector is also anticipated to receive significant policy support, with current valuations at relatively low levels, indicating substantial medium to long-term upside potential [1] Group 2 - GF Fund stated that liquidity disturbances are likely to have a short-term impact, but the adjusted Hong Kong stock market may still be worth monitoring. Amid weak economic data and the upcoming change in the Federal Reserve chair, a rate cut cycle by the Fed is likely to continue next year. Short-term pressures from the Bank of Japan's rate hike signals and significant unlocking pressures in the Hong Kong market may temporarily dampen risk appetite [2] - The upward trend in the AI industry cycle remains unchanged, and if the short-term factors suppressing the Hong Kong market are alleviated, the market structure is expected to remain intact, driven by the influx of new capital and the advantages of scarce assets [2]