港股周观点 | 一季度“开门红”有望延续

Group 1 - The Hong Kong stock market experienced a "good start" in 2026, driven by technology, with the Hang Seng Index rising by 2.0% and the Hang Seng Tech Index increasing by 4.3% [1][2] - The market's upward movement was primarily supported by overseas and local Hong Kong funds, as the A-share market was closed and southbound trading was inactive [1][2] - The IPO market's negative pressure on the secondary market is more of an amplifier in a weak market rather than a direct factor, with specific projects and industry conditions being more influential than the number of listings [1][2] Group 2 - The probability of successful investment in Hong Kong stocks has increased compared to November, with improved market sentiment and liquidity conditions [2][3] - The sentiment index for Hong Kong stocks dropped to 34.5, indicating a pessimistic range but closer to panic levels, suggesting a potential for recovery [2][3] - The first trading day of the year saw a significant increase in sentiment, with the index slightly recovering to 36 [2][3] Group 3 - A balanced allocation strategy is recommended, focusing on technology chains with strong performance expectations and cash flow assets [3] - The energy chain, particularly upstream resources like lithium and copper, is highlighted as a sector with favorable demand and valuation dynamics [3] - The travel chain is identified as a sector benefiting from domestic demand policies, with a focus on leading companies in hotels, airlines, and online travel agencies [3]