兴业证券：2026年港股市场将延续牛市格局，行情节奏如“火炬登山”般震荡上行

Core Viewpoint - The Hong Kong stock market is expected to continue its bull market trend in 2026, characterized by a "torch climbing" pattern of fluctuating upward movement, with investment focus on "growth momentum and value reconstruction dividends" [1] Group 1: Market Outlook - The net profit growth rate of Hong Kong Stock Connect constituent stocks is projected to reach 7.3% year-on-year in 2026 [1] - Sectors such as information technology, discretionary consumption, and healthcare are expected to lead in profit growth, providing solid support for the market [1] Group 2: Investment Drivers - The appreciation of the Renminbi is anticipated to bring dual returns of "asset appreciation and exchange gains," further attracting global capital back to Hong Kong stocks [1] - This influx of capital is expected to drive deeper valuation recovery in the market [1]