Mei Ri Jing Ji Xin Wen·2026-01-05 01:43Core Viewpoint - The Hong Kong stock market is experiencing a rebound, with a shift from traditional economic cycles to sectors like AI applications and new energy, indicating a significant change in market dynamics [1] Group 1: Market Performance - The Hang Seng Index opened higher, with the Hang Seng Tech Index rising by 0.33% and the Guozheng Hong Kong Stock Connect Tech Index increasing by 0.36% [1] - Notable stock performances include Kuaishou-W rising nearly 6%, and Alibaba, SMIC, Bilibili-W, Baidu Group-SW, and Xiaomi Group-W showing significant gains [1] Group 2: Analyst Insights - The Guangfa Securities team, led by Liu Chenming, is optimistic about the Hong Kong stock market's potential for a rebound, noting that the weight of new economy sectors in the Hang Seng Index has increased from 17% to nearly 50% [1] - Liu's team attributes previous market suppression to liquidity and sentiment factors, suggesting that market sentiment may have adjusted sufficiently for a potential rebound in the Hang Seng Tech Index [1] Group 3: Liquidity Outlook - The Guangfa Securities team anticipates a dual easing of monetary and fiscal policies in most countries by 2026, which could lead to a reversal in liquidity [1] - A potential liquidity reversal, combined with seasonal market movements, could create upward momentum for the Hong Kong stock market [1] Group 4: Investment Recommendations - Huaxia Fund recommends focusing on the Guozheng Hong Kong Stock Connect Tech Index, which offers liquidity advantages and a balanced distribution across high-end manufacturing, biotechnology, and internet sectors [1] - The current PE valuation of the Guozheng Hong Kong Stock Connect Tech Index is 26.45 times, which is around the 41st percentile of its historical range over the past decade, significantly lower than valuations of A-share ChiNext, STAR Market, and the Nasdaq 100 [1]