港股迎来估值收缩+盈利增长 两大类行业有望领涨市场

Group 1 - The core view is that the Hong Kong stock market in 2026 will experience valuation contraction combined with profit growth, with leading sectors identified as those undergoing bottom reversal and those benefiting from strengthened industrial trends or long-term logic [1] - The technology sector is highlighted for its mid-to-long-term investment value, with short-term pullbacks providing better allocation opportunities for investors [1] - Key indices such as the Hang Seng Technology Index and the Hang Seng Index show a long-term upward momentum, and the current short-term pullback is seen as a favorable entry point from an institutional allocation perspective [1] Group 2 - The fundamentals driving the Hong Kong technology sector are clear, with the Hong Kong Stock Connect gathering core domestic AI assets across the entire industry chain, including computing power, models, software applications, and hardware terminals [2] - The emergence of DeepSeek is expected to reposition Chinese technology companies in the global competitive landscape, leading to a reassessment of investment opportunities by domestic and foreign investors, which may narrow the valuation gap between Chinese and U.S. tech stocks [2] - It is anticipated that southbound capital will continue to flow into the Hong Kong stock market in 2026, supported by the correlation of Hong Kong stocks with overseas liquidity and the expected continuation of a loose monetary trend following the Federal Reserve's new rate cut cycle starting in September 2025 [2]