人民币汇率破“7”牵引资金南下，港股中长期机遇获共识

Core Viewpoint - The Hong Kong stock market is experiencing a mixed performance with the Hang Seng Index and related indices showing slight declines, while certain stocks are performing better than others. The outlook for 2026 suggests a stable macro-financial environment that could benefit bank operations and overall market performance [1]. Group 1: Market Performance - The Hang Seng Index opened down 0.21%, the National Enterprises Index down 0.23%, and the Hang Seng Technology Index down 0.22% [1]. - The Hang Seng ETF (159920) is down nearly 1% in early trading, with more stocks declining than rising [1]. - Notable decliners include Ctrip Group, NetEase, Pop Mart, Zhongsheng Holdings, and Techtronic Industries, while gainers include Zijin Mining, Sunny Optical Technology, China Hongqiao, and Baidu Group [1]. Group 2: Economic Outlook - CITIC Securities indicates that the recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets. The central bank is expected to adopt more flexible policy tools, focusing on domestic demand [1]. - The banking sector is anticipated to see a stabilization in operating conditions by 2026, with expectations of a bottoming out of bank interest margins and a reduction in risks for the real economy, leading to income and profit recovery [1]. - The absolute return logic for the banking sector is driven by a reassessment of systemic risks and valuation recovery, alongside stable equity returns attracting capital inflows, suggesting a continued upward trend in valuations by 2026 [1]. Group 3: Investment Opportunities - Key investment targets include the core broad-based Hong Kong stocks represented by the Hang Seng ETF (159920) [1]. - The AI and platform economy is highlighted through the Hang Seng Technology Index ETF (513180) [1]. - The focus on the development of Chinese enterprises in Hong Kong is represented by the Hang Seng National Enterprises ETF (159850) [1].